Document:

Exhibit 4.2

 

 

EXECUTION VERSION

 

	 

CCRE
COMMERCIAL MORTGAGE SECURITIES, L.P.,

Depositor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Master Servicer,

 

RIALTO
CAPITAL ADVISORS, LLC,

Special Servicer,

 

U.S.
BANK NATIONAL ASSOCIATION,

Trustee, Certificate Administrator and Paying Agent

 

U.S.
BANK NATIONAL ASSOCIATION,

Custodian,

 

PARK
BRIDGE LENDER SERVICES LLC,

Operating Advisor,

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

Asset Representations Reviewer

 

 

 

 POOLING
AND SERVICING AGREEMENT

Dated as of May 1, 2016

 

 

 

CFCRE
2016-C4 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2016-C4

 

	 

 

     

     

    

 

TABLE
OF CONTENTS

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

 

    -i- 

     

    

 

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

 

    -ii- 

     

    

 

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

 

    -iii- 

     

    

 

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

 

    -iv- 

     

    

 

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

 

    -v- 

     

    

 

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

 

    -vi- 

     

    

 

TABLE
OF EXHIBITS 

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

 

    -vii- 

     

    

 

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

 

    -viii- 

     

    

 

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

 

PRELIMINARY
STATEMENT:

 

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

the meanings specified in Article I hereof)

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     -2-

     

    

 

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

 

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

 

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

 

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

 

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

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan

 

     -3-

     

    

 

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

 

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

 

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

 

	Corresponding

        Certificates
	 	Initial
                    Certificate 

                    Balance or Notional 

                    Amount

	 	Corresponding

Lower-Tier

Regular Interests(1)
	 	Initial
                    Lower-Tier 

                    Principal Balance

	 	Corresponding
        

        Class X 

        Components(1)

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

 

     -4-

     

    

 

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

 

		(2)	Notional
                                         Amount.

 

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

 

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

 

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

 

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

 

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

 

Article
I

DEFINITIONS

 

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

 

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

 

     -5-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     -6-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -7-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -8-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -9-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -10-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -11-

     

    

 

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

 

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

 

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

 

     -12-

     

    

 

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

 

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

 

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

 

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

 

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

 

     -13-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -14-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -15-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(v)          all
Yield Maintenance Charges and prepayment premiums;

 

     -16-

     

    

 

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

 

(vii)       Excess
Interest, and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -17-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -18-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -19-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -20-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -21-

     

    

 

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

 

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

 

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

 

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

 

     -22-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -23-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -24-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -25-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -26-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -27-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -28-

     

    

 

“Closing
Date”: May 18, 2016.

 

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

 

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

 

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

 

“Commission”:
The Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

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

 

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

 

     -29-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -30-

     

    

 

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

 

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

 

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

 

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

 

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

 

     -31-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     -32-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

Bank
Name: JPM Morgan Chase Bank, National Association

Bank
Address: 80 Broadway, New York, NY 10005

Routing
Number: 021000021

Account
Number: 213597397

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -37-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -38-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)    any related mezzanine
intercreditor agreement;

 

(iii)   all related environmental
insurance policies;

 

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

 

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

 

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

 

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

 

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

 

     -39-

     

    

 

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

 

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

 

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

 

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

 

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

 

(k)          a copy
of any zoning reports;

 

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

 

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

 

(n)          a copy
of all UCC searches;

 

(o)          a copy
of all litigation searches;

 

(p)          a copy
of all bankruptcy searches;

 

(q)          a copy
of origination settlement statement;

 

(r)      
    a copy of insurance consultant report;

 

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

 

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

 

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

 

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

 

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

 

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

 

     -40-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -41-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -42-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Eligible Account”:
Any of:

 

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

 

     -43-

     

    

 

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

 

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

 

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

 

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

 

Eligible
Accounts may bear interest.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“IRS”:
The Internal Revenue Service.

 

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

 

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

 

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

 

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

 

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

 

(a)           the
lesser of:

 

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

 

(ii)         $1,000,000;
and

 

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

 

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

 

No Liquidation Fee shall
be payable:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -62-

     

    

 

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

 

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

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
Any of the following:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(j)     
     any determination of an Acceptable Insurance Default;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)          the
Loan Number;

 

(b)          the
Mortgage Loan name;

 

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

 

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

 

(e)          the
original principal balance;

 

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

 

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

 

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(h)          the
Due Date;

 

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

 

(j)      
    the Servicing Fee Rate;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“NRSRO”:
Any nationally recognized statistical ratings organization.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -77-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	
        Class
	
        Pass-Through
Rate

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

 

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        Class
	
        Pass-Through
Rate

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

 

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

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -82-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Pricing Date”:
May 4, 2016.

 

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

 

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

 

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

 

(a)          the
Principal Shortfall for such Distribution Date;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this
Agreement.

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).

 

“Requesting
Holders”: As defined in Section 4.08(b) of this Agreement.

 

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“Requesting
Investor”: As defined in Section 5.05(a) of this Agreement.

 

“Reserve Accounts”:
With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, reserve accounts, if any, established
pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account may be a sub-account of a related Cash
Collateral Account. Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person who is entitled
to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or
Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.
The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable,
or the Collection Account or for the purposes set forth under the related Loan Documents for the related Mortgage Loan or Serviced
Whole Loan.

 

“Resolution
Extension Period”:

 

(a)     for
purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable
Initial Resolution Period;

 

(b)     for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is not a Specially Serviced Loan at the commencement
of, and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing at the
end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the end
of such Initial Resolution Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt of written
notice from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to such
Mortgage Loan subsequent to the end of such Initial Resolution Period;

 

(c)     for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a not a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution Period,
the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day following
the earlier of the end of such Initial Resolution Period and the applicable Mortgage Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)     for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did
not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the
commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during
such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

     -97-

     

    

 

“Resolution
Failure”: As defined in Section 2.03(j).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Defect or Breach has been cured, (ii) the related Mortgage Loan has
been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for
the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
has made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Special Servicer, on behalf
of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under the
related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result of a
sale or other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee, the Certificate
Registrar or the Certificate Administrator, as the case may be, assigned to the Corporate Trust Office of such party and also,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject, in each case, with direct responsibility for the administration of this Agreement
and, in the case of any certification required to be signed by a Responsible Officer, such an officer whose name and specimen signature
appears on a list of corporate trust officers furnished to the Master Servicer by the Trustee, the Certificate Registrar and the
Certificate Administrator, as such list may from time to time be amended.

 

“Restricted
Certificate”: As defined in Section 5.02(k) of this Agreement.

 

“Restricted
Mezzanine Holder”: A holder of a related mezzanine loan that has been accelerated (unless (i) acceleration was automatic
under such mezzanine loan, (ii) the event directly giving rise to the automatic acceleration under such mezzanine loan was not
initiated by such mezzanine lender or an affiliate of such mezzanine lender, and (iii) such mezzanine lender is stayed from exercising
and has not commenced the exercise of remedies associated with foreclosure of the equity collateral under such mezzanine loan)
or as to which the mezzanine lender has initiated foreclosure or enforcement proceedings against the equity collateral pledged
to secure such mezzanine loan.

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to persons other than the Initial Purchasers and any other distributor (as defined in Regulation S) of the Certificates
and (b) the Closing Date.

 

“Revised Rate”:
With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased interest rate
after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated and as set
forth in the related Mortgage Loan.

 

“Rule 144A”:
Rule 144A under the Act.

 

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“Rule 144A Global
Certificate”: Each of the Class X-D, Class X-E, Class X-F, Class X-G, Class D, Class E, Class F and Class G Certificates
issued as such on the Closing Date.

 

“Rule 15Ga-1
Notice”: As defined in Section 2.03(d) of this Agreement.

 

“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(d) of this Agreement.

 

“S&P”:
Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor in
interest. If neither such rating agency nor any successor remains in existence, “S&P” shall be deemed to refer
to such other nationally recognized statistical rating agency or other comparable Person reasonably designated by the Depositor,
notice of which designation shall be given to the other parties hereto, and specific ratings of S&P herein referenced shall
be deemed to refer to the equivalent ratings of the party so designated.

 

“Sarbanes Oxley
Act”: The Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes Oxley
Certification”: As defined in Section 10.08 of this Agreement.

 

“Scheduled Principal
Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions
of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during or, if and
to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and
not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled Payments
with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the Borrower
as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending after the
related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the
Master Servicer as of the Business Day preceding the Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or
the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments
with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each
Mortgage Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or
last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the
Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Secure File
System”: A file system maintained by the Certificate Administrator for secure storage and maintenance of the Diligence
Files delivered to it by the Depositor pursuant to Section 4.10(a) hereof.

 

“Securities
Legend”: As defined in Section 5.02(c)(iii) of this Agreement.

 

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“Sequential
Pay Certificate”: The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C,
Class D, Class E, Class F and Class G Certificates.

 

“Serviced Companion
Loan”: With respect to any Serviced Whole Loan, any related mortgage loan not included in the Trust that is serviced
under this Agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan included in
the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to the related
Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The 215 West 34th Street &
218 West 35th Street Companion Loans, the OZRE Leased Fee Portfolio Companion Loan (prior to the OZRE Leased Fee Portfolio Companion
Loan Securitization Date), the Renaissance Cincinnati Companion Loan, the AvidXchange Companion Loan, the Madbury Commons Companion
Loan, the 3 Executive Campus Companion Loan and the Home Depot – Elk Grove Village Companion Loan are the Serviced Companion
Loans.

 

“Serviced Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced
Companion Loan or Serviced REO Loan as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may
be in electronic form) by each applicable Serviced Companion Loan Rating Agency that a proposed action, failure to act or other
event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating
assigned to any class of such Serviced Companion Loan Securities (if then rated by such Serviced Companion Loan Rating Agency);
provided that upon receipt of a written waiver or other acknowledgment from a Serviced Companion Loan Rating Agency indicating
its decision not to review or declining to review the matter for which the Serviced Companion Loan Rating Agency Confirmation is
sought (such written notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided
in Section 3.30 of this Agreement, the requirement for the Serviced Companion Loan Rating Agency Confirmation from the applicable
Serviced Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Serviced Companion
Loan Noteholder”: Any holder of a Serviced Companion Loan; provided that for so long as a Serviced Companion Loan
is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices or other information
required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion Loan Noteholder”
shall also include the related Other Servicer.

 

“Serviced Companion
Loan Noteholder Register”: As defined in Section 3.27(b) of this Agreement.

 

“Serviced Companion
Loan Rating Agency”: With respect to any Serviced Companion Loan, any rating agency that was engaged by a participant
in the securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.

 

“Serviced Companion
Loan Securities”: With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any successor Serviced
REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan.

 

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Any
reference herein to a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one
or more of the Serviced Companion Loans.

 

“Serviced Companion
Loan Service Provider”: With respect to any Serviced Pari Passu Companion Loan that has been deposited into a securitization
trust, the related Other Trustee, Other Servicer, Other Special Servicer, any sub-servicer and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Serviced Pari
Passu Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that
is serviced under this Agreement and that is generally payable on a pari passu basis with the related Mortgage Loan included
in the Trust to the extent set forth in the related Intercreditor Agreement. The 215 West 34th Street & 218 West 35th Street
Companion Loans, the OZRE Leased Fee Portfolio Companion Loan (prior to the OZRE Leased Fee Portfolio Companion Loan Securitization
Date), the Renaissance Cincinnati Companion Loan, the AvidXchange Companion Loan, the Madbury Commons Companion Loan, the 3 Executive
Campus Companion Loan and the Home Depot – Elk Grove Village Companion Loan are the Serviced Pari Passu Companion Loans.

 

“Serviced Pari
Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Whole Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes
a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in the Trust. References
herein to a Serviced Pari Passu Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes. The
215 West 34th Street & 218 West 35th Street Whole Loan, the OZRE Leased Fee Portfolio Whole Loan (prior to the OZRE Leased
Fee Portfolio Companion Loan Securitization Date), the Renaissance Cincinnati Whole Loan, the AvidXchange Whole Loan, the Madbury
Commons Whole Loan, the 3 Executive Campus Whole Loan and the Home Depot – Elk Grove Village Whole Loan are the only Serviced
Pari Passu Whole Loans.

 

“Serviced REO
Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced REO
Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced Subordinate
Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that is
serviced under this Agreement and that is generally subordinated in right of payment to the related Mortgage Loan included in the
Trust to the extent set forth in the related Intercreditor Agreement. There are no Serviced Subordinate Companion Loans related
to the Trust.

 

“Serviced Whole
Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes a mortgage
note that is included in the Trust and (a) one or more Subordinate Companion Loans not included in the Trust and/or (b) one or
more

 

     -101-

     

    

 

pari
passu mortgage notes not included in the Trust. References herein to a Serviced Whole Loan shall be construed to refer to
the aggregate indebtedness under the related notes. The 215 West 34th Street & 218 West 35th Street Whole Loan, the OZRE Leased
Fee Portfolio Whole Loan (prior to the OZRE Leased Fee Portfolio Companion Loan Securitization Date), the Renaissance Cincinnati
Whole Loan, the AvidXchange Whole Loan, the Madbury Commons Whole Loan, the 3 Executive Campus Whole Loan and the Home Depot –
Elk Grove Village Whole Loan are the only Serviced Whole Loans.

 

“Serviced Whole
Loan Collection Account”: With respect to each Serviced Whole Loan, the separate account or sub-account created and maintained
by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced Companion
Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of U.S.
Bank National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Serviced Whole Loan Collection Account.” Amounts
in any Serviced Whole Loan Collection Account applicable to the related Serviced Companion Loans shall not be assets of the Trust
Fund, but instead shall be held by the Master Servicer on behalf of the Trust Fund (in respect of amounts reimbursable therefrom)
and, the related Serviced Companion Loan Noteholders. Any such account or sub-account shall be an Eligible Account or a sub-account
of an Eligible Account (including a sub-account of the Collection Account).

 

“Serviced Whole
Loan Remittance Amount”: For each distribution date that a Master Servicer is required to make a distribution to a Serviced
Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and related Mortgaged
Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect to a Serviced REO
Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion Loan Noteholder(s)
pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.

 

“Serviced Whole
Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion
Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified, the
Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the
earliest of (A) Master Servicer Remittance Date, (B) the Business Day immediately succeeding the “determination date”
set forth in the related Other Pooling and Servicing Agreement or (C) the date required under the related Intercreditor Agreement;
provided, however, that in no event may any such “determination date” occur prior to (and any such otherwise
earlier “determination date” shall, for purposes of this definition, be deemed to occur on) the sixth day of each month
or, if such sixth day is not a Business Day, the next succeeding Business Day.

 

“Serviced Whole
Loan REO Account”: As defined in Section 3.15(b) of this Agreement.

 

“Serviced Whole
Loan Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect to
a Serviced Whole Loan or any related Serviced REO Property.

 

     -102-

     

    

 

“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by
an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is referenced in the
disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this
term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Servicer Termination
Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing Advance”:
All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses
and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee,
as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case of a Serviced Mortgage
Loan, the related Serviced Companion Loan), other than a Non-Serviced Mortgage Loan, in respect of which a default, delinquency
or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) a Mortgaged Property securing
a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or an REO Property, including, in the case of each of such clause
(a) and clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations
set forth in Section 3.04, (ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any
Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) – (vi)
of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged
Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of any REO Property and
(y) any amount specifically designated herein to be paid as a “Servicing Advance”. Notwithstanding anything to the
contrary, “Servicing Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer,
such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar
internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan
or REO Property. None of the Master Servicer, the Special Servicer or the Trustee shall make any Servicing Advance in connection
with the exercise of any cure rights or purchase rights granted to the holder of a Companion Loan under the related Intercreditor
Agreement or this Agreement.

 

“Servicing Compensation”:
With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if any, and any other fees, charges
or other amounts payable to the Master Servicer under this Agreement for such period.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time.

 

“Servicing Fee”:
With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the Stated Principal
Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the Due Date in the immediately preceding Collection
Period (without giving effect to payments of principal on such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due
Date). The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this

 

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Agreement.
For the avoidance of doubt, with respect to any Subordinate Companion Loan, unless otherwise agreed upon with the holder of the
related Subordinate Companion Loan, no Servicing Fee shall accrue or be payable on the principal balance thereof, and with respect
to each Mortgage Loan, the Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee
Amount”: With respect to the Master Servicer and any date of determination, the aggregate of the products obtained by
multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan, (a) the Stated Principal Balance of such Mortgage Loan
or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the difference between
the Servicing Fee Rate for such Mortgage Loan or Serviced Pari Passu Companion Loan over the servicing fee rate (if any) applicable
to such Mortgage Loan or Serviced Pari Passu Companion Loan as specified in any Sub-Servicing Agreement related to such Mortgage
Loan or Serviced Pari Passu Companion Loan. With respect to each Sub-Servicer and any date of determination, the aggregate of the
products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan serviced by such Sub-Servicer, (a)
the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding
Collection Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement for such Mortgage Loan or the
Serviced Pari Passu Whole Loan.

 

“Servicing Fee
Rate”: (A) With respect to each Mortgage Loan, the sum of the Master Servicing Fee Rate and the related Primary Servicing
Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement and (B) with respect to each
Serviced Companion Loan, the primary servicing fee rate, which is 0.0025% with respect to the 215 West 34th Street &
218 West 35th Street Companion Loans, 0.02% with respect to the Renaissance Cincinnati Companion Loan, 0.0225% with
respect to the AvidXchange Companion Loan, 0.0225% with respect to the Madbury Commons Companion Loan, 0.0225% with respect to
the 3 Executive Campus Companion Loan, 0.0025% with respect to the Home Depot – Elk Grove Village Companion Loan and 0.0225%
with respect to the OZRE Leased Fee Portfolio Companion Loans (until the OZRE Leased Fee Portfolio Companion Loan Securitization
Date).

 

“Servicing File”:
As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement comfort letter
related to any hospitality property following receipt thereof by the Master Servicer.

 

“Servicing Function
Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor or the Asset Representations Reviewer, that, within the meaning of Item 1122 of Regulation AB, is performing
activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage
Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing activity, as
provided for under Regulation AB. No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function Participant retained
by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing Function Participant
in connection with its servicing obligations under this Agreement.

 

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“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee by the Master Servicer or the Special Servicer, as applicable,
as such list may from time to time be amended.

 

“Servicing Standard”:
With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable Mortgage Loans
(other than any Non-Serviced Mortgage Loans) or Serviced Whole Loans, Specially Serviced Loans (other than any Non-Serviced Mortgage
Loans) and Serviced REO Loans for which each is responsible in the best interests of and for the benefit of all of the Certificateholders
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment) in
accordance with applicable law, the terms of this Agreement, the applicable Loan Documents and any related Intercreditor Agreement,
and to the extent consistent with the foregoing, in accordance with the higher of the following standards of care:

 

(a)     the
same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

(b)     the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and
administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.

 

In either case, with
a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans or Serviced Whole Loans
or, in the case of Defaulted Mortgage Loans, the maximization of timely recovery of principal and interest on a net present value
basis (determined in accordance with the Loan Documents or, if the Loan Documents are silent, at the Calculation Rate) on the applicable
Mortgage Loans or Serviced Whole Loans, and the best interests of the Trust and the Certificateholders and, in the case of any
Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders and
Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the pari passu or subordinate nature of such Subordinate Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment in either case, giving
due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured
housing community mortgage loan servicers, but without regard to any potential

 

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conflict
of interest arising from (a) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate
of the Master Servicer or the Special Servicer, may have with the related Borrower, any Mortgage Loan Seller, any other party
to this Agreement or any Affiliate of the foregoing; (b) the ownership of any Certificate or any interest in any Non-Serviced
Companion Loan, Serviced Companion Loan or any mezzanine loan related to a Mortgage Loan by the Master Servicer or the Special
Servicer, as the case may be, or any Affiliate thereof; (c) the Master Servicer’s obligation to make Advances; (d) the Master
Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation for its services hereunder
or with respect to any particular transaction; (e) the ownership, servicing or management for others of any other mortgage loans
or mortgaged properties by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special
Servicer, as applicable; (f) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer
or the Special Servicer, as applicable, has extended to any Borrower or an Affiliate of any Borrower (including, without limitation,
any mezzanine financing); (g) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or Special
Servicer, as the case may be, or any of its affiliates may have; (h) any obligation of the Master Servicer, the Special Servicer
or one of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as Mortgage Loan Seller (if the Master
Servicer or the Special Servicer or one of their respective affiliates is a Mortgage Loan Seller).

 

“Servicing Transfer
Event”: An event specified in the definition of Specially Serviced Loan.

 

“SG”:
Société Générale, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“SG Indemnification
Agreement”: The agreement dated as of the Pricing Date, among SG, the Depositor, the Underwriters and the Initial Purchasers.

 

“SG Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the SG Purchase Agreement.

 

“SG Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of the Closing Date, among SG and the Depositor.

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance
as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group
of cross collateralized and/or cross defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage
Pool (by principal balance as of the Cut-off Date). As of the Closing Date, no Mortgaged Property constitutes a Significant Obligor
related to the Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is 15 days after the Distribution Date (or, in the case of a Serviced Companion Loan, the
“distribution date” under the related Other Pooling and Servicing Agreement) occurring on or immediately

 

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following
the date on which financial statements for such calendar quarter are required to be delivered to the related lender under the
related Loan Documents. The parties to this Agreement acknowledge that in the event the Mortgaged Property securing the related
Serviced Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect
to an Other Securitization that includes such Serviced Companion Loan, the date on which quarterly financial statements are required
to be delivered to the related lender under the related Mortgage Loan documents is, with respect to net operating income information,
for (A) the 215 West 34th Street & 218 West 35th Street Companion Loans, 45 days following the end of
each fiscal quarter, in each case, subject to the terms of the related loan agreement, (B) the Home Depot - Elk Grove Village
Companion Loan, 30 days following the end of each fiscal quarter, (C) the OZRE Leased Fee Portfolio Companion Loans (prior to
the OZRE Leased Fee Portfolio Companion Loan Securitization Date), 30 days following the end of each fiscal quarter, (D) the Renaissance
Cincinnati Companion Loan, 30 days following the end of each fiscal quarter, (E) the AvidXchange Companion Loan, 30 days following
the end of each fiscal quarter, (F) the Madbury Commons Companion Loan, 30 days following the end of each fiscal quarter and (G)
the 3 Executive Campus Companion Loan, 30 days following the end of each fiscal quarter.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after the end
of such calendar year.

 

“Similar Law”:
As defined in Section 5.02(k) of this Agreement.

 

“Small Loan
Appraisal Estimate”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole
Loan having a Stated Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of
the Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

“Sole Certificateholder”:
Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding Certificates (including Certificates
with Certificate Balances that have been actually or notionally reduced by any Realized Losses or Appraisal Reduction Amounts,
but excluding the Class R and Class V Certificates) or an assignment of the Voting Rights thereof; provided, that the Notional
Balances of the Class X-A, Class X-B, Class X-C and Class X-D Certificates and the Certificate Balances of the Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class A-M, Class B, Class C and Class D Certificates
have been reduced to zero; provided, further, that if the Holders of the Class X-E, Class X-F and Class X-G Certificates
have assigned all of the Voting Rights of the Class X-E, Class X-F and Class X-G Certificates to the Holder of 100% of the then
outstanding Class E, Class F and Class G Certificates, then “Sole Certificateholder” shall mean the Holder of 100%
of the Class E, Class F and Class G Certificates.

 

“Special Notice”:
Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement, (b) notice of any request
by at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 3.22(d)
of this Agreement, (c) notice of any request by at least 15% of the Voting Rights of the Certificates to terminate and replace
the Operating Advisor pursuant to Section 7.07(b) of this Agreement and (d) notice transmitted to Certificateholders pursuant
to Section 3.22(c) of this Agreement.

 

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“Special Servicer”:
With respect to (i) each of the Mortgage Loans (other than any Non-Serviced Mortgage Loan and any Excluded Special Servicer Mortgage
Loan) and any Serviced Companion Loans, Rialto Capital Advisors, LLC, or its successor in interest, or any successor special servicer
appointed as provided herein and (ii) with respect to any Excluded Special Servicer Mortgage Loan, if any, the related Excluded
Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable and as the context may require.

 

“Special Servicer
Decision”: Any of the following:

 

(a)     approving
leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements, for leases
in excess of the lesser of (A) 30,000 square feet and (B) 30% of the net rentable area at the related Mortgaged Property;

 

(b)     approving
any waiver regarding the receipt of financial statements (other than any waiver affecting the timing of receipt thereof; provided
that such waiver does not involve permitting delivery of financial statements less than quarterly and more than 60 days after the
end of the calendar quarter);

 

(c)     approving
annual budgets for the related Mortgaged Property that provide for (i) increases in operating expenses in an amount equal to more
than 110% of the amounts budgeted therefor for the prior year or (ii), payments to affiliates of the related borrower (excluding
affiliated managers paid at fee rates agreed to at the origination of the related Mortgage Loan);

 

(d)     approving
material rights-of-way and material easements, and consent to subordination of the related Mortgage Loan or Whole Loan to such
material rights-of-way or easements;

 

(e)     agreeing
to any modification, waiver, consent or amendment of the related Mortgage Loan or Whole Loan in connection with a defeasance if
such proposed modification, waiver, consent or amendment is with respect to a (i) a waiver of a mortgage loan event of default
(but excluding non-monetary events of default other than defaults relating to transfers of interest in the Borrower or the existing
collateral or material modifications of the existing collateral), (ii) a modification of the type of defeasance collateral required
under the Mortgage Loan or Whole Loan documents other than direct, non-callable obligations of the United States would be permitted
or (iii) a modification that would permit a principal prepayment instead of defeasance if the applicable Loan Documents do not
otherwise permit such principal prepayment; provided that the foregoing is not otherwise a Major Decision;

 

(f)     in
circumstances where no lender discretion is permitted other than confirming that the conditions in the applicable Loan Documents
have been satisfied, any requests to incur additional debt in accordance with the terms of the Loan Documents;

 

(g)     any
requests for the disbursement of earnouts or holdback amounts with respect to (i) any Specially Serviced Loan that is not otherwise
a Major Decision and (ii) the Mortgage Loans set forth on Exhibit Y of this Agreement;

 

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(h)     approving
any proposed modification or waiver of any material provision in the related loan documents governing the type, nature or amount
of insurance coverage required to be obtained and maintained by the related borrower;

 

(i)     approving
any casualty insurance settlements or condemnation settlements, and determining whether to apply casualty proceeds or condemnation
awards to the reduction of the debt rather than to the restoration of the Mortgaged Property; and

 

(j)     agreeing
to any modification or amendment to any ground lease or any subordination, non-disturbance and attornment agreement relating to
any ground lease or any entry into a new ground lease with respect to a Mortgaged Property or determining whether to cure any default
by a Borrower under a ground lease.

 

provided, however,
with respect to clause (e) of this definition (1) the Master Servicer shall evaluate and process requests for any modifications
described in sub-clauses (i) and (ii) of such clause (e) and obtain the consent or deemed consent of the Special Servicer as provided
in the this Agreement and (2) the Special Servicer shall evaluate and process and/or consent to requests for any modifications
described in sub-clause (iii) of such clause (e).

 

Notwithstanding the foregoing,
the Master Servicer and Special Servicer may mutually agree as provided in this Agreement that the Master Servicer shall process
any of the foregoing matters (as well as any Major Decision) with respect to any non-Specially Serviced Loan (other than a Non-Serviced
Mortgage Loan). If the Master Servicer and Special Servicer mutually agree that the Master Servicer shall process a Special Servicer
Decision, the Master Servicer shall obtain the Special Servicer’s prior consent to such Special Servicer Decision.

 

“Special Servicer
Servicing Personnel”: The divisions and individuals of any Special Servicer who are involved in the performance of the
duties of such Special Servicer under this Agreement.

 

“Special Servicer
Termination Event”: As defined in Section 7.01(b) of this Agreement.

 

“Special Servicing
Compensation”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any of the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due
to the Special Servicer that are expressly provided for in Section 3.12 of this Agreement.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion thereof),
the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest
accrual methodology that is applied with respect to the Mortgage Rate for such Mortgage Loan for such month) multiplied by the
Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal
on such Specially Serviced Loan or Serviced REO Loan on such Due Date) in the Collection Period prior to such Distribution Date
(or, in the event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the definition of Liquidation
Proceeds has occurred with respect to any such Specially Serviced Loan or Serviced REO Loan on a date that is not a Due Date, on
the

 

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basis
of the actual number of days to elapse from and including the most recently preceding related Due Date to but excluding the date
of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days). For the avoidance of doubt, the
Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect to the Mortgage Loans.

 

“Special Servicing
Fee Rate”: A rate equal to 0.25% per annum.

 

“Specially Serviced
Loan”: Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan with respect to which:

 

(a)     either
(i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default shall have occurred
on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage Loan or Serviced
Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced Companion Loan
at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred with respect to the
related Balloon Payment; provided, that if (A) the related Borrower is diligently seeking a refinancing commitment (and
delivers a statement to that effect to the Master Servicer, who shall promptly deliver a copy to the Special Servicer, the Operating
Advisor and the Directing Certificateholder (but only if no Consultation Termination Event has occurred and is continuing) within
30 days after such default), (B) the related Borrower continues to make its Assumed Scheduled Payment, (C) no other Servicing Transfer
Event shall have occurred with respect to such Mortgage Loan or Serviced Companion Loan and (D) for so long as no Control Termination
Event has occurred and is continuing, the Directing Certificateholder consents, a Servicing Transfer Event will not occur until
60 days beyond the related Maturity Date, unless extended by the Special Servicer in accordance with the Loan Documents, this Agreement
and any related Intercreditor Agreement; and provided, further, if the related Borrower delivers to the Master Servicer,
who shall have promptly delivered a copy to the Special Servicer, the Operating Advisor and the Directing Certificateholder (but
only if no Consultation Termination Event has occurred and is continuing), on or before the 60th day after the related Maturity
Date, a refinancing commitment reasonably acceptable to the Special Servicer, and such Borrower continues to make its Assumed Scheduled
Payments (and no other Servicing Transfer Event shall have occurred with respect to that Mortgage Loan or Serviced Companion Loan),
a Servicing Transfer Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date or extended Maturity
Date and (2) the termination of the refinancing commitment;

 

(b)     any
Periodic Payment (other than a Balloon Payment), or any amount due on a monthly basis as an Escrow Payment or reserve funds, is
60 days or more delinquent;

 

(c)     the
Master Servicer or Special Servicer (and, in the case of a determination by the Special Servicer, for so long as no Control Termination
Event has occurred and is continuing, with the consent of the Directing Certificateholder and, with respect to any Serviced Whole
Loan, in consultation with the related Serviced

 

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Companion Loan Noteholders to the extent provided for in the related Intercreditor
Agreement) determines in its reasonable business judgment, exercised in accordance with the Servicing Standard, that (x) a default
consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant risk of
such default or (y) any other default that is likely to impair the use or marketability of the related Mortgaged Property or the
value of the Mortgaged Property as security for the Mortgage Loan or Serviced Companion Loan is reasonably foreseeable or there
is a significant risk of such default, which monetary or other default, in either case, would likely continue unremedied beyond
the applicable grace period (or, if no grace period is specified, for a period of 60 days) and is not likely to be cured by the
related Borrower within 60 days or, except as provided in clause (a)(ii) above, in the case of a Balloon Payment, for at least
30 days;

 

(d)     the
related Borrower has become a subject of a decree or order of a court or agency or supervisory authority having jurisdiction in
the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the
appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs;

 

(e)     the
related Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities or similar proceedings of or relating to such Borrower of or relating to all or substantially
all of its property;

 

(f)     the
related Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations;

 

(g)     a
default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to pay principal
or interest) and which in the opinion of the Master Servicer or Special Servicer (in the case of the Special Servicer, for so long
as no Control Termination Event has occurred and is continuing, with the consent of the Directing Certificateholder and, with respect
to any Serviced Whole Loan, in consultation with the related Serviced Companion Loan Noteholders to the extent provided for in
the related Intercreditor Agreement) materially and adversely affects the interests of the Certificateholders or any holder of
a Serviced Companion Loan, if applicable, occurs and remains unremedied for the applicable grace period specified in the Loan Documents
for such Mortgage Loan or Serviced Companion Loan (or if no grace period is specified for those defaults which are capable of cure,
60 days); or

 

(h)     the
Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the related Mortgaged
Property;

 

provided, that such Mortgage
Loan or Serviced Companion Loan will cease to be a Specially Serviced Loan (each, a “Corrected Mortgage Loan”)
(i) with respect to the circumstances described in clauses (a) and (b) above, when the related Borrower

 

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thereunder has brought
such Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive full and timely Periodic Payments,
including pursuant to any workout of such Mortgage Loan or Serviced Companion Loan, (ii) with respect to the circumstances described
in clauses (c), (d), (e), (f) and (h) above, when such circumstances cease to exist in the good faith judgment of the Special Servicer,
or (iii) with respect to the circumstances described in clause (g) above, when such default is cured (as determined by the Special
Servicer in accordance with the Servicing Standard) or waived by the Special Servicer; provided, in each case, that at that
time no circumstance exists (as described above) that would cause such Mortgage Loan or Serviced Companion Loan to continue to
be characterized as a Specially Serviced Loan.

 

If a Servicing
Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed to exist
with respect to the related Serviced Companion Loans, and vice versa.

 

“Startup Day”:
In the case of the Upper-Tier REMIC and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of
this Agreement.

 

“Stated Principal
Balance”: With respect to any Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, on any
date of determination, the principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced
Whole Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution
and after application of all scheduled payments of principal and interest due on or before the related Due Date in the month of
substitution, whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments (or P&I
Advances in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this Agreement to, principal
of or with respect to such Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, that are distributed
to the Certificateholders on such Distribution Date or Serviced Companion Loan Noteholders on the related remittance date in the
same calendar month as such Distribution Date or applied to any other payments required under this Agreement or related Intercreditor
Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer (or with respect to a
Non-Serviced Mortgage Loan, by the related Other Special Servicer or other applicable servicer) and other principal losses realized
in respect of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan during the related Collection Period (or with
respect to a Non-Serviced Mortgage Loan, other principal losses realized in respect of such Non-Serviced Mortgage Loan during the
related Collection Period as determined in accordance with the terms of the Other Pooling and Servicing Agreement).

 

A Mortgage Loan or any
related REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution
Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are received, would have been) distributed
to Certificateholders. The Stated Principal Balance of any Mortgage Loan or Serviced Whole Loan with respect to which the Master
Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller
Sub-Servicer and any

 

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primary
servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of this
Agreement.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete
functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Master
Servicer or a Servicing Function Participant.

 

“Subject Loans”:
As defined in Section 11.02(b).

 

“Subordinate
Companion Loan”: With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated
in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement. There are no Subordinate
Companion Loans related to the Trust.

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed
Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed
Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be,
of such Replacement Mortgage Loan(s).

 

“Tax Returns”:
The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including
Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor
forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and the Lower-Tier REMIC due to its
classification as a REMIC under the REMIC Provisions, and the federal income tax return to be filed by the Certificate Administrator
on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E, part I of subchapter J of the Code,
together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders
or filed with the IRS or any other governmental taxing authority under any applicable provisions of federal law or Applicable State
and Local Tax Law.

 

“Terminated
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Terminating
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.

 

“Test”:
As defined in Section 11.01(b)(iii).

 

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“Third Party
Appraiser”: A Person performing an Appraisal.

 

“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II environmental
report, seismic report, engineering report, structural report, property condition report or similar report, if any.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor
Letter”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion
Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage
Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after
the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property;
(v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest
Distribution Account, the Interest Reserve Account and the Trust’s interest in any REO Account, including any amounts on
deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental
indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the
Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating
to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the Depositor
into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-C Certificates and $100 to be deposited
by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D Certificates; and
(xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).

 

“Trust Ledger”:
Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to the Mortgage Loans
or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a) and Section 3.06(b)
of this Agreement, as applicable, and held on behalf of the Trustee on behalf of the Certificateholders or held on behalf of the
Trustee on behalf of the Certificateholders and related Companion Loan Noteholders, as applicable.

 

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“Trust REMICs”:
The Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”:
U.S. Bank National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed as
herein provided.

 

“Trustee Personnel”:
The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

“Underwriters”:
Cantor Fitzgerald & Co., SG Americas Securities LLC, CastleOak Securities, L.P., Citigroup Global Markets Inc. and Goldman,
Sachs & Co. and their respective successors in interest.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower
or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property
in respect of which the Advance was made.

 

“Unscheduled
Payments”: With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds
and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased
pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement, the Substitution Shortfall Amount
with respect to any substitution pursuant to Section 2.03(g) of this Agreement and any other payments under or with respect
to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the Master Servicer (but excluding
Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.

 

“Updated Appraisal”:
An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent to any appraisal performed
on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of which shall be paid as a Servicing
Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.

 

“Updated Valuation”:
With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having a Stated Principal Balance
of $2,000,000 or higher, an Updated Appraisal. With respect to a Mortgage Loan having a Stated Principal Balance of less than $2,000,000,
an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portion
of any other collections (exclusive of payments by Borrowers) received on the Mortgage Loans and any REO Properties on or prior
to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net
income, rents, and

 

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profits
from REO Property or otherwise, that were identified and applied by the master servicer as recoveries of previously unadvanced
principal of the related Mortgage Loan; provided, that all such Liquidation Proceeds and Insurance Proceeds and Condemnation
Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to the Loss of Value Payments
to the extent that such amount was transferred into the Collection Account during the related Collection Period, accrued interest
on Advances and other additional trust fund expenses incurred in connection with the related Mortgage Loan, thus reducing the
Unscheduled Principal Distribution Amount.

 

“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “U.S. Bank National
Association, as Certificate Administrator, for the benefit of U.S. Bank National Association, as Trustee, for the benefit of the
Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Upper-Tier Distribution
Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution Account
shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account, $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
with respect to each of the Class X-C Certificates and the Class X-D Certificates and amounts held therein from time to time.

 

“U.S. Person”:
A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury Regulations),
or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia,
including any entity treated as a corporation or partnership for federal income tax purposes, an estate whose income is subject
to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence
on August 20, 1996 that have elected to be treated as U.S. Persons).

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or
Class of Certificateholders. At all times during the term of this Agreement, the percentage of Voting Rights assigned to each
Class shall be: (a) 98% to be allocated among the Certificateholders of the respective Classes of Sequential Pay Certificates
in proportion to the Certificate Balances (and solely in connection with any vote for purposes of determining whether to
remove the Special Servicer pursuant to Section 7.01(a), the Operating Advisor pursuant to Section 7.07(a) and
the Asset Representations Reviewer pursuant to Section 11.05(a), taking into account any notional reduction in the
Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof)
of their Certificates, (b) 2% to be allocated among the Certificateholders of the Class X-A, Class X-HR, Class X-B, Class
X-C, Class X-D, Class X-E, Class X-F and Class X-G Certificates (allocated to the Class X-A, Class X-HR, Class X-B, Class
X-C, Class X-D, Class X-E, Class X-F and Class

 

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X-G
Certificates on a pro rata basis based on their respective outstanding Notional Amounts at the time of determination) and
(c) 0%, in the case of the Class V and Class R Certificates.

 

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage) the numerator
of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage Loan as of the first
day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan as of the first day of the
related Collection Period, and the denominator of which is the sum of the Stated Principal Balances of all Mortgage Loans as of
the first day of the related Collection Period (after giving effect to any payments received during any applicable grace period).

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22)
or successor provisions.

 

“WHFIT Regulations”:
Treasury Regulations section 1.671-5, as amended.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Whole Loan”:
Each of the OZRE Leased Fee Portfolio Whole Loan, the NMS Los Angeles Portfolio Whole Loan, the One Commerce Plaza Whole Loan,
the AG Life Time Fitness Whole Loan, the GFH Brennan Industrial Portfolio Whole Loan, the Hyatt Regency St. Louis at the Arch Whole
Loan, the 215 West 34th Street & 218 West 35th Street Whole Loan, the Renaissance Cincinnati Whole Loan, the AvidXchange Whole
Loan, the Madbury Commons Whole Loan, the 3 Executive Campus Whole Loan and the Home Depot – Elk Grove Village Whole Loan.

 

“Withheld Amount”:
With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution Date occurring
in January of each calendar year that is not a leap year and February of each calendar year, unless in either case such Distribution
Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage Rate on the respective Stated
Principal Balance as of the Due Date in the month preceding the month in which such Distribution Date occurs, to the extent that
a Periodic Payment or a P&I Advance is made in respect thereof.

 

The Withheld Amount for
each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will be equal to 1/31
of the interest accrued in respect of the immediately preceding Due Date, to the extent a Periodic Payment or P&I Advance is
made in respect thereof.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or, with respect to Servicing Advances, any Serviced Whole
Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan on or before the date such Mortgage
Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute)
a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such
Advance is not reimbursed to the Person who made such Advance on or before the date,

 

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if
any, on which such Mortgage Loan or Serviced Whole Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance
becomes an obligation of the related Borrower to pay such amount under the terms of the modified Loan Documents.

 

“Workout Fee”:
An amount equal to the lesser of (1) 1.0% of each collection of interest and principal (including scheduled payments, prepayments
(provided that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due to a Material Defect or a Material
Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity, but excluding
late payment charges, Excess Interest and Default Interest) received on a Specially Serviced Loan that becomes a Corrected Mortgage
Loan for so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(b) of this Agreement and (2) $1,000,000,
in the aggregate with respect to any particular workout of a Specially Serviced Loan; provided that the Workout Fee with
respect to any Corrected Mortgage Loan shall be capped in accordance with Section 3.12(b) of this Agreement; provided,
further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent
that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially Serviced
Loan” (and no other clause of such definition) and no event of default actually occurs, unless the Mortgage Loan or Serviced
Companion Loan is modified by the Special Servicer in accordance with the terms of this Agreement; provided, further
that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event described in clause
(a) of the definition of “Specially Serviced Loan” and the related collection of principal and interest is received
within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced Companion Loan
being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect a Workout Fee out of the proceeds
received in connection with such workout if such fee would reduce the amount available for distributions to Certificateholders,
but the Special Servicer may collect from the related Borrower and retain (x) a workout fee, (y) such other fees as are provided
for in the related Loan Documents and (z) other appropriate fees in connection with such workout. The total amount of Workout Fees
payable by the Trust with respect to any Corrected Mortgage Loan and with respect to any particular workout (assuming, for the
purposes of this calculation, that such Corrected Mortgage Loan continues to perform throughout its term in accordance with the
terms of the related workout) shall be reduced by the amount of any and all related Offsetting Modification Fees received by the
Special Servicer as additional servicing compensation relating to such Corrected Mortgage Loan; provided that the Special
Servicer shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid such reduced amount.
For the avoidance of doubt, the Mortgage Loan Seller will be required to pay a Workout Fee in connection with a repurchase or substitution
to the extent the Special Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or substitution
or was previously paid by the Trust and was not reimbursed by the related Borrower immediately prior to such repurchase or substitution.
In furtherance of the foregoing, upon a Specially Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall
provide the Master Servicer with a calculation of the total amount of Workout Fees expected to be payable by the Trust with respect
to such Corrected Mortgage Loan throughout its term (which calculation shall be reasonably acceptable to the Master Servicer) and
the total amount of related Offsetting Modification Fees received by the Special Servicer.

 

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“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set forth in the
related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the allocation
set forth under Section 1.02(f) or Section 1.02(g), as applicable.

 

Section 1.02     Certain
Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)          All
calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans) and
of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.
All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided for herein
shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans, with respect
to the calculation of the related Mortgage Rate. The Servicing Fee, the Certificate Administrator/Custodian/Trustee Fee, the CREFC®
Intellectual Property Royalty License Fee and the Operating Advisor Fee for each Mortgage Loan or Serviced Whole Loan, as
applicable, shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced Whole Loan, as applicable.

 

(b)          Any Mortgage Loan
or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer or
the Certificate Administrator; provided, that for purposes of calculating distributions on the Certificates, Principal Prepayments
with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are applied in accordance with
Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan on
which interest accrues.

 

(c)          Except as otherwise
provided in the related Loan Documents or Intercreditor Agreement, any amounts received in respect of a Mortgage Loan or Serviced
Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied to Default Interest
and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.

 

(d)          Allocations of
payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in accordance with the
related Intercreditor Agreement.

 

(e)          If an expense
under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, either Trust REMIC or the Grantor
Trust or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment
of any REMIC tax or expense, or Grantor Trust tax or expense or this Agreement states that any expense is solely “an expense
of the Trust Fund” or words of similar import, then such expense shall not be allocated to, deducted or reimbursed from,
or otherwise charged against any Serviced Companion Loan Noteholder and such Serviced Companion Loan Noteholder shall not suffer
any adverse consequences as a result of the payment of such expense.

 

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(f)          All amounts collected
by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Loan) in the form of payments from the related
Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive, if applicable, in the case of a Mortgage
Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan, pursuant
to the related Intercreditor Agreement) shall be allocated to amounts due and owing under the related Loan Documents (including
for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents and, with
respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related Intercreditor Agreement; provided, absent
such express provisions, all such amounts collected (exclusive, if applicable, in the case of a Mortgage Loan that is part of a
Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related Intercreditor
Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order
of priority:

 

(i)           as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)          as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed
from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal Distribution
Amount);

 

(iii)         to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts
(to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below
on earlier dates);

 

(iv)         to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due and
owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if such Mortgage Loan has
been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)          as
a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of
this Agreement in connection with related Appraisal Reduction Amounts (to the extent

 

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that collections have not been allocated as
recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)         as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)        as
a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)       as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

(ix)         as
a recovery of any late payment charges, Default Interest and Excess Interest then due and owing under such Mortgage Loan;

 

(x)          as
a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)         as
a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated
to Operating Advisor Consulting Fees);

 

(xii)        as
a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and

 

(xiii)        in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that,
to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Loan Seller’s
rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with
a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan) exceeds 125% or would
exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going
concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage Loan (or Serviced
Whole Loan) in the manner permitted by the REMIC Provisions.

 

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(g)          Collections by
or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of operating,
managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an REO Property related to
a Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related
Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the
following order of priority:

 

(i)           as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)          as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to
principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal Distribution Amount);

 

(iii)         to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts
(to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below
on earlier dates);

 

(iv)         to
the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the related Mortgage Loan
to the extent of its entire unpaid principal balance;

 

(v)         as
a recovery of accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts (to the extent that collections have not theretofore been
allocated as a recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)        as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)       as
a recovery of any late payment charges, Default Interest and Excess Interest then due and owing under the related Mortgage Loan;

 

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(viii)      as
a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

(ix)         as
a recovery of any other amounts then due and owing under the related Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then,
allocated to Operating Advisor Consulting Fees); and

 

(x)          in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

(h)          The applications
of amounts received in respect of any Mortgage Loan pursuant to paragraph (f) of this Section 1.02 shall be determined by
the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of any Mortgage
Loan, or any REO Property pursuant to paragraph (g) of this Section 1.02 shall be determined by the Special Servicer in
accordance with the Servicing Standard.

 

(i)          All net present
value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or REO Property
(including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Loan
Documents or, if the Loan Documents are silent, using the Calculation Rate.

 

(j)          For purposes of
calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage Loans notwithstanding
that the related loan documents may provide otherwise.

 

Section 1.03     Certain
Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Certificates outstanding
at any time shall mean the most or next most subordinate Class of Certificates then outstanding as among the Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates.
For purposes of this Agreement, each Class of Certificates (other than the Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class V and Class R Certificates) shall be deemed to be outstanding only to the extent its
respective Certificate Balance has not been reduced to zero. For purposes of this Agreement, the Class V Certificates shall be
outstanding so long as any of the ARD Loans are outstanding. For purposes of this Agreement, the Class R Certificates shall be
outstanding so long as the Trust Fund has not been terminated pursuant to Section 9.01 of this Agreement or any other Class
of Certificates remains outstanding. For purposes of this Agreement, each of the Class X-A, Class X-HR, Class X-B, Class X-C,
Class X-D, Class X-E, Class X-F and Class X-G Certificates shall be deemed to be outstanding until their respective Notional Amounts
have been reduced to zero.

 

Notwithstanding anything
to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer or Special
Servicer that is subject to the consent or approval of the Directing Certificateholder shall in each case be further subject to
the determination by the Master Servicer or Special Servicer that taking or refraining from taking the action as proposed by the
Directing Certificateholder, or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing
Certificateholder fails to

 

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grant
its consent or approval to any action proposed to be taken by the Master Servicer or Special Servicer, in each case, is consistent
with the Servicing Standard. In each case, (a) if the response by the Directing Certificateholder hereunder is inconsistent with
the Servicing Standard, the Master Servicer or the Special Servicer shall take such action as is consistent with the Servicing
Standard, and (b) if the Master Servicer or Special Servicer determines that immediate action is necessary to protect the interests
of the Certificateholder and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective
whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with
respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan)) and has made a reasonable effort to contact the Directing Certificateholder, it may take such action
without waiting for a response from the Directing Certificateholder; provided that the Special Servicer or Master Servicer,
as applicable, shall provide the Directing Certificateholder (or the Operating Advisor, if applicable) with prompt written notice
following such action including a reasonably detailed explanation of the basis for such action.

 

Section 1.04     Certain
Matters Relating to the Non-Serviced Mortgage Loans. Each Other Servicer, Other Special Servicer, Other Depositor, Other Operating
Advisor, Other Asset Representations Reviewer and Other Trustee, and any of their respective directors, officers, employees or
agents (collectively, the “Other Indemnified Parties”), shall be indemnified by the Trust and held harmless
against the Trust’s pro rata share (subject to the related Intercreditor Agreement) of any and all claims, losses,
damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any other costs, liabilities, fees
and expenses incurred in connection with servicing and administration of or any actual or threatened legal action or claim relating
to the related Non-Serviced Mortgage Loan under the related Other Pooling and Servicing Agreement, this Agreement or the related
Intercreditor Agreement (but excluding any such losses allocable to the related Companion Loans); provided that such indemnification
will not extend to any losses, liabilities, costs or expenses: (i) specifically required to be borne by such party, without right
of reimbursement, pursuant to the terms of the related Other Pooling and Servicing Agreement; (ii) incurred in connection with
any legal action or claim against such party resulting from any breach of a representation or warranty made by such person under
the related Other Pooling and Servicing Agreement or (iii) incurred in connection with any legal action or claim against such
party resulting from any willful misfeasance, bad faith or negligence in the performance of such Person’s obligations and
duties under the related Other Pooling and Servicing Agreement or the related Intercreditor Agreement or resulting from negligent
disregard of such obligations and duties.

 

In connection with the
securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and at the expense of)
the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in attempting to cause the
related Borrower to provide information relating to the related Serviced Whole Loan and the related notes, and that such holders
reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

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Article
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01     Conveyance
of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements. (a) The Depositor, concurrently with the execution and
delivery hereof on the Closing Date, does hereby establish a trust designated as “CFCRE 2016-C4 Mortgage Trust,” appoint
the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without recourse
(except to the extent herein provided) all the right, title and interest of the Depositor in and to the Mortgage Loans, including
all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or
personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in all Reserve Accounts,
Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included in the Trust Fund for
the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect
to the Mortgage Loans after the Cut-off Date and, in the case of a Mortgage Loan included in a Whole Loan, is subject to the related
Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the right to service a Non-Serviced Mortgage
Loan is further subject to the terms and conditions of the Other Pooling and Servicing Agreement and the related Intercreditor
Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer, assign, set over and
otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of the Certificateholders
and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and under the Mortgage
Loan Purchase Agreements as provided therein (excluding Sections 6(e)-(g) of each Mortgage Loan Purchase Agreement, the representations,
warranties and covenants in favor of the Depositor set forth in clause (viii) of Section 4(b) of each Mortgage Loan Purchase Agreement
and the Depositor’s rights and remedies with respect to a breach thereof, and excluding the Depositor’s rights and
remedies under the Indemnification Agreements) to the extent related to any Mortgage Loan. The Depositor shall cause the Reserve
Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage Loans to be transferred to and held in the name
of the Master Servicer on behalf of the Trustee as successor to the Mortgage Loan Sellers.

 

With respect to any Mortgage
Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this Section 2.01(a)
serve as an assignment and assumption agreement between the Depositor, as the assignor, and the Trustee on behalf of the Trust,
as the assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all other applicable provisions of this
Agreement) assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee all right, title and interest of
the Depositor in, to and arising out of the related Intercreditor Agreement and the Trustee on behalf of the Trust hereby accepts
(subject to applicable provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of
the Depositor with respect to related Intercreditor Agreement from and after the Closing Date. In addition, the Trustee acknowledges
that any such Mortgage Loan that is a Serviced Mortgage Loan shall be serviced pursuant to the terms of this Agreement.

 

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In connection with such
transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies to the Master Servicer
and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and each Serviced Companion
Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced Whole Loan) so assigned (provided,
the original of documents specified in items (xix) and (xx) shall be delivered to the Master Servicer):

 

(i)           (A)
the original Mortgage Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee
prior to the Trustee or, if none, by the Originator, without recourse, either in blank, and further showing a complete, unbroken
chain of endorsement from the originator or to the order of the Trustee in the following form: “Pay to the order of U.S.
Bank National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C4, without recourse”; and (B) in the case of each related Serviced Companion Loan, a copy of the
executed Mortgage Note for such Serviced Companion Loan;

 

(ii)          the
original (or a copy thereof certified from the applicable recording office) of the Mortgage and, if applicable, the originals (or
copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a complete chain
of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior
to the Trustee, if any, in each case with evidence of recording indicated thereon;

 

(iii)        
(A) an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originator of the
related Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original
assignment of any related security agreement (if such item is a document separate from the related Mortgage) executed by the most
recent assignee thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the
following form: “U.S. Bank National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C4” (in such capacity and, with respect to any Serviced Whole
Loan, on behalf of any related Serviced Companion Loan Noteholders), which assignment may be included as part of the corresponding
Assignment of Mortgage referred to in clause (v) above;

 

(iv)         (A)
stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and
maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or Serviced Whole Loan (and each
assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each case with
evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller (or its agent) at
the time the Mortgage Files were delivered to the Custodian, together with original UCC-3 assignments of financing statements showing
a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent assignee of record
thereof prior to the Trustee, if any, and (B) if any such security

 

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interest is perfected and the earlier UCC financing statements
and continuation statements were in the possession of the related Mortgage Loan Seller, an assignment of UCC financing statement
by the most recent assignee of record prior to the Trustee or, if none, by the Originator, evidencing the transfer of such security
interest, either in blank or in favor of the Trustee in the following form: “U.S. Bank National Association, as Trustee,
for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4”
(in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders);
provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering
such UCC financing statements including, without limitation, evidence of such filed or recorded UCC Financing Statement as shown
on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company,
CT Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized
agents thereof;

 

(v)         an
original or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee, is responsible
for the recording thereof) of an assignment of the Mortgage, in recordable form (except for missing recording information and,
if delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the
Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “U.S. Bank National
Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C4” (and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders);

 

(vi)         the
original or a copy of the Loan Agreement relating to such Mortgage Loan, if any;

 

(vii)        the
original or a copy of the lender’s title insurance policy issued in connection with the origination of the Mortgage Loan,
together with all endorsements or riders (or copies thereof) that were issued with or subsequent to the issuance of such policy,
insuring the priority of the Mortgage as a first lien on the Mortgaged Property, or, subject to Section 2(d) of the applicable
Mortgage Loan Purchase Agreement, a “marked up” commitment to insure marked as binding and countersigned by the related
insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted or
approved as binding in writing by the related title insurance company), or, subject to Section 2(d) of the applicable Mortgage
Loan Purchase Agreement, an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative
of the title company;

 

(viii)       (A)
the original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage)
and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from
the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee,
if any, in each case with evidence of recording thereon; and (B) an original or copy (if the related Mortgage Loan Seller or its

 

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designee, rather than the Custodian and its designee, is responsible for the recording thereof) of an assignment of any related
Assignment of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents and Profits”) (if such
item is a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered
in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or,
if none, by the Originator, either in blank or in favor of the Trustee in the following form: “U.S. Bank National Association,
as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan
Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (v) above;

 

(ix)         the
original or copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the
related Mortgaged Property required in connection with origination of the related Mortgage Loan or Serviced Whole Loan and copies
of Environmental Reports;

 

(x)          copies
of the currently effective Management Agreements, if any, for the Mortgaged Properties;

 

(xi)          if
the Borrower has a leasehold interest in the related Mortgaged Property, the original or copy of the ground lease (or, with respect
to a leasehold interest that is a space lease or an air rights lease, the original of such space lease or air rights lease), and
any related lessor estoppel or similar agreement or a copy thereof; if any;

 

(xii)        if
the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
and the assignment thereof, if any, to the Trustee;

 

(xiii)        if
any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof;
with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified copy of the
UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest in the
Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments of financing
statements assigning such UCC-1 financing statements to the Trustee in the following form: “U.S. Bank National Association,
as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan
Noteholders));

 

(xiv)       originals
or copies of all assumption, modification, written assurance and substitution agreements, if any, with evidence of recording thereon
if appropriate, in those instances where the terms or provisions of the Mortgage, the Mortgage Note or any related security document
have been modified or the Mortgage Loan or Serviced Whole Loan has been assumed;

 

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(xv)        the
original or a copy of any guaranty of the obligations of the Borrower under the Mortgage Loan or Serviced Whole Loan together with,
as applicable, (A) the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any,
and (B) an original assignment of such guaranty executed by the most recent assignee thereof prior to the Trustee or, if none,
by the Originator;

 

(xvi)       the
original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the related Borrower
if the Mortgage, Mortgage Note or other document or instrument referred to above was signed on behalf of the Borrower pursuant
to such power of attorney;

 

(xvii)      with
respect to each Whole Loan, a copy of the related Intercreditor Agreement and, if applicable, a copy of the related Other Pooling
and Servicing Agreement;

 

(xviii)     with
respect to hospitality properties, a copy of the franchise agreement, if any, an original or copy of the comfort letter, if any,
and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer
or assign the benefits of such comfort letter to the Trust, a copy of the notice to the franchisor of the transfer of such Mortgage
Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Trust (in each case, as and to the extent
required pursuant to the terms of such comfort letter), with the original of any replacement comfort letter to be included in the
Mortgage File following receipt thereof by the Master Servicer;

 

(xix)        the
original (or copy, if the original is held by the Master Servicer or applicable Other Servicer pursuant to Section 2.01(c))
of any letter of credit held by the lender as beneficiary or assigned as security for such Mortgage Loan;

 

(xx)         the
appropriate assignment or amendment documentation related to the assignment to the Trust of any letter of credit securing such
Mortgage Loan (or copy thereof, if the original is held by the Master Servicer or applicable Other Servicer pursuant to Section
2.01(c)) which entitles the Master Servicer on behalf of the Trust to draw thereon; and

 

(xxi)        with
respect to any Mortgage Loan with related mezzanine debt or other subordinate debt (other than a Companion Loan), a copy of the
related co-lender agreement, subordination agreement or other intercreditor agreement.

 

The original assignments
referred to in clauses (iii), (iv)(B), (viii)(B) and (xv)(B), may be in the form of one or more instruments in recordable form
in any applicable filing or recording offices.

 

With respect to Serviced
Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the preceding paragraph, only a single original set of
the Loan Documents specified above is required to be delivered. With respect to a Non-Serviced Mortgage Loan, the preceding document
delivery requirements will be met by the delivery by the applicable

 

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Mortgage
Loan Seller to the Custodian of copies of the documents specified above (other than the Mortgage Note and intervening endorsements
evidencing a Non-Serviced Mortgage Loan, with respect to which the originals shall be required), including a copy of the Mortgage
securing the applicable Non-Serviced Mortgage Loan and copies of the companion notes and any assignments or other transfer documents
referred to in clause (i)(B) of the second preceding paragraph as being in favor of the Trustee shall instead be in favor of the
applicable Other Trustee; unless U.S. Bank National Association is also the Custodian on the Other Securitization, in which case
only the original note, allonge and intercreditor agreement shall be delivered; provided that with respect to such Non-Serviced
Mortgage Loan, if U.S. Bank National Association ceases to be Custodian with respect to such Non-Serviced Mortgage Loan, it shall,
upon receipt of a request for release, provide the original note, allonge and intercreditor agreement and copies of all other
Loan Documents specified above to the successor Custodian.

 

With respect to the Mortgage
Loans, within 45 days after the Closing Date, or without limiting the requirement of the second paragraph of Section 2.01(b),
after such later date on which the Mortgage Loan Seller has received all missing filing/recording information, each Mortgage Loan
Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in the case of any Mortgage
Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and submit for recording in favor of the Trustee
in the following form: “U.S. Bank National Association, as Trustee, for the benefit of the Holders of CFCRE 2016-C4 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4” (and with respect to a Serviced Whole Loan, the related
Serviced Companion Loan Noteholders) in the appropriate public recording office (a) each Assignment of Mortgage referred to in
Section 2.01(a)(v) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents
and Profits referred to in Section 2.01(a)(viii)(B) (if not otherwise included in the related Assignment of Mortgage) which
has not yet been submitted for recordation; and (2) complete (to the extent necessary) and file in the appropriate public filing
office each UCC assignment of financing statement referred to in Section 2.01(a)(iv)(B) and (xiii) which has not yet been
submitted for filing or recording. Each such document shall reflect that the recorded original should be returned by the public
recording office to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative) following
recording, and each such document shall reflect that the file copy thereof should be returned to the Custodian or its designee
(or to the Mortgage Loan Seller or its designee as an alternative) following filing; provided that in those instances where
the public recording office retains the original Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits,
the Mortgage Loan Seller shall use commercially reasonable efforts to obtain therefrom a certified copy of the recorded original,
at the expense of the Mortgage Loan Seller. In the event that any such document or instrument in respect of any Mortgage Loan is
lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the related Mortgage Loan Seller shall
promptly prepare or cause the preparation of a substitute thereof or cure or cause the curing of such defect, as the case may be,
and shall thereafter deliver the substitute or corrected document to or at the direction of the Custodian or such other third party
vendor as retained by the Mortgage Loan Seller for recording or filing, as appropriate, at such Mortgage Loan Seller’s expense
(as set forth in the related Mortgage Loan Purchase Agreement). In the event that any Mortgage Loan Seller receives the original
recorded or filed copy, each Mortgage Loan Seller will, promptly upon receipt of the original recorded or filed copy (and in no
event later than five Business Days following such receipt) deliver such original to the

 

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Custodian,
with evidence of filing or recording thereon. Notwithstanding anything to the contrary contained in this Section 2.01,
in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage, Assignment of Leases,
Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the
obligations of the related Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement shall be deemed to have
been satisfied upon delivery to the Custodian of a copy of the recorded original of such Mortgage, Assignment of Mortgage, Assignment
of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable.

 

If a Mortgage Loan Seller
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related lender’s title insurance
policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery requirements
of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be deemed to have
been included in the related Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned by the
title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted
or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter,
and the Mortgage Loan Seller will be required to deliver to the Custodian, promptly following the receipt thereof, the original
related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage, Reassignments
of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held by the Custodian.

 

Subject to the third
preceding paragraph, all original documents relating to the Mortgage Loans which are not delivered to the Custodian are and shall
be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust for the benefit
of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for the benefit of
the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of a Serviced Companion
Loan, the original Mortgage Note, is required pursuant to the terms of this Section to be a part of a Mortgage File in order to
effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.

 

(b)          In connection
with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby represents and warrants
that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement to deliver
to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date, for each
Mortgage Loan so assigned the Mortgage Note (or a copy of the Mortgage Note evidencing each related Serviced Companion Loan), the
original or a copy of the related Mortgage, the original or a copy of the title policy for each Mortgage Loan (subject to the second-to-last
paragraph under Section 2.01(a)), a copy of the related ground lease (or, with respect to a leasehold interest with respect
to a space lease or air rights, a copy of the related space lease or air rights lease), if applicable, for each Mortgage Loan and
an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c)) of any letters of credit
held by the lender as beneficiary or assigned as security for the Mortgage Loan, and, except as otherwise provided in the following
paragraph, within 30 days following the Closing Date, the

 

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remaining
applicable documents referred to in Section 2.01(a) for each such Mortgage Loan or Serviced Companion Loan, in each case,
with copies to the Master Servicer and (ii) the Master Servicer, on or before the Closing Date, all documents and records that
are part of each applicable Servicing File. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as
to any Mortgage Loan, the original Mortgage Note, such Mortgage Loan Seller shall deliver a copy or duplicate original of such
Mortgage Note, together with an affidavit certifying that the original thereof has been lost or destroyed and an indemnification
in favor of the Certificate Administrator, the Trustee and the Custodian.

 

If the applicable Mortgage
Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of any of
the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iv), Section 2.01(a)(v),
Section 2.01(a)(viii), Section 2.01(a)(xiv) and Section 2.01(a)(xvi) and the UCC financing statements and
UCC assignments of financing statements referred to in Section 2.01(a)(xiii), with evidence of recording or filing thereon,
solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered
for recordation or filing, or because such original recorded or filed document has been lost or returned from the recording or
filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have
been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File,
provided that a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which
certificate may relate to multiple documents and/or instruments) by the applicable public recording or filing office, the applicable
title insurance company or the related Mortgage Loan Seller to be a true and complete copy of the original thereof submitted for
recording or filing, as the case may be) has been delivered to the Custodian within 60 days after the Closing Date, and either
the original of such missing document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be,
thereon, is delivered to the Custodian within 180 days after the Closing Date (or within such longer period after the Closing Date
so long as the related Mortgage Loan Seller has provided the Custodian with evidence of such recording or filing, as the case may
be, or has certified to the Custodian as to the occurrence of such recording or filing, as the case may be, and is, as certified
to the Custodian no less often than quarterly, in good faith attempting to obtain from the appropriate county recorder’s
or filing office such original or copy, provided such extensions do not exceed 24 months in the aggregate).

 

(c)          Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix) and Section 2.01(a)(xx)
of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan
will hold) the original of each such document in trust on behalf of the Trust (or the applicable Other Trust with respect to any
Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with
respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the original
of each such document to the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)
who shall forward a copy of the applicable document to the Custodian (or the custodian in the applicable Other Securitization with
respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall pay any costs of assignment or amendment
of such letter

 

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of
credit (which amendment shall change the beneficiary of the letter of credit to the Trust (or the applicable Other Trust with
respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer (or the applicable Other Servicer with respect to any
Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced
Mortgage Loan) to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced
Mortgage Loan). In the event that the documents specified in Section 2.01(a)(xx) of this Agreement are missing with respect
to any Mortgage Loan (other than a Non-Serviced Mortgage Loans) because the related assignment or amendment documents have not
been completed, the applicable Mortgage Loan Seller shall take all necessary steps to enable the Master Servicer to draw on the
related letter of credit on behalf of the Trust including, if necessary, drawing on the letter of credit in its own name pursuant
to written instructions from the Master Servicer and immediately remitting such funds (or causing such funds to be remitted) to
the Master Servicer.

 

(d)          With respect to
the Mortgage Loans (other than a Non-Serviced Mortgage Loan) secured by the Mortgaged Properties identified as Loan Nos. 17, 24
and 34 on the Mortgage Loan Schedule, which are each subject to a franchise agreement with a related comfort letter in favor of
the respective Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related
comfort letter to the Trust or otherwise deliver a new comfort letter issued in the name of the Trust, the related Mortgage Loan
Seller or its designee will be required to provide any such required notice or make any such required request to the related franchisor,
with a copy of such notice or request to the Master Servicer, or take any such required action within 45 days of the Closing Date
(or any shorter period if required by the applicable comfort letter), notify the related franchisor that such Mortgage Loan has
been transferred to the Trust and request a replacement comfort letter (or any such new document or acknowledgement as may be contemplated
under the existing comfort letter), and the Master Servicer shall use reasonable efforts in accordance with the Servicing Standard
to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement as may be contemplated
under the existing comfort letter).

 

(e)          Each Mortgage
Loan Purchase Agreement shall provide that within 60 days of the Closing Date, each Mortgage Loan Seller shall deliver or cause
to be delivered the Diligence Files for each of its Mortgage Loans to the Depositor by uploading such Diligence Files to the Intralinks
Site. Promptly upon completion of such delivery of the Diligence Files (but in no event later than 60 days after the Closing Date),
the applicable Mortgage Loan Seller shall provide to the Depositor (with a copy to the Master Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Custodian, the Directing Certificateholder, the Asset Representations Reviewer and
the Operating Advisor) an officer’s certificate signed by the applicable Mortgage Loan Seller certifying that the electronic
copies of the documents and information uploaded to the Intralinks Site constitute all documents and information required under
the definition of “Diligence File” (the “Diligence File Certification”).

 

Section 2.02     Acceptance
by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to
it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and will hold such
documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage
File are actually delivered to the Custodian) for

 

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any
Mortgage Loan assigned to the Trustee hereunder in trust, upon the conditions herein set forth, for the use and benefit of all
present and future Certificateholders and Serviced Companion Loan Noteholders.

 

The Custodian hereby
certifies to each of the Directing Certificateholder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer,
the Special Servicer, the Operating Advisor and each Mortgage Loan Seller that except as identified in the Custodian’s closing
date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the form attached
as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced Companion Loan)
is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes
or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed (where appropriate)
and (C) purports to relate to such Mortgage Loan and (ii) each of the documents specified in Section 2.01(a)(ii), Section
2.01(a)(vii), Section 2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement have been received, have been executed,
appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially
adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage
Loan Schedule. If the Custodian does not send a closing date certification on the Closing Date, it shall send an email confirmation
to the Trustee that it has received all of the Mortgage Notes (or copies or lost note affidavits as permitted), subject to any
exceptions noted therein, on the Closing Date.

 

On or about the 60th
day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing Date and
monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material exceptions
have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased or substituted for the last affected
Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of the Controlling Class Representative,
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer and each Mortgage Loan Seller in the form attached as Exhibit N-2 to this Agreement that
all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of this Agreement, which shall
be delivered to the Master Servicer and the documents referred to in clauses (iv)(B), (v) and (viii)(B) of
Section 2.01(a) of this Agreement and the assignments of financing statements referred to in clause (xiii) of Section
2.01(a) of this Agreement, which shall be delivered for filing or recording by the related Mortgage Loan Seller as provided
herein) referred to in Section 2.01(a) above (in the case of the documents referred to in Section 2.01(a)(iii), Section
2.01(a)(v), Section 2.01(a)(viii), Section 2.01(a)(ix), Section 2.01(a)(x), Section 2.01(a)(xii)
through Section 2.01(a)(xvi) and Section 2.01(a)(xviii) through Section 2.01(a)(xx) of this Agreement, as
identified to it in writing by the related Mortgage Loan Seller) and any original recorded documents included in the delivery of
a Mortgage File have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as
applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents
relate to the Mortgage Loans identified in the Mortgage Loan Schedule. In so doing, the Custodian may rely on the purported due
execution and genuineness of any such document and on the purported genuineness of any signature thereon. Notwithstanding the

 

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foregoing,
with respect to any Non-Serviced Mortgage Loan, the Custodian shall only be required to certify to each of the Controlling Class
Representative, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller that the document set forth in Section 2.01(a)(i)(A)
has been received.

 

If at the conclusion
of such review any document or documents constituting a part of a Mortgage File have not been executed or received, have not been
recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear not to be
what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall
promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Certificateholder (but
only if no Consultation Termination Event has occurred and is continuing), the Depositor, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the related Mortgage Loan Seller
by providing a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective or
missing document. The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed,
recorded or undamaged document, as applicable, or, if the failure to deliver such document in such form constitutes a Material
Defect, the Depositor shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage Loan
in the manner provided in Section 2.03(e) of this Agreement. None of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting
from any failure to receive any document constituting a portion of a Mortgage File noted on such a report or for any failure by
the Depositor to use its best efforts to deliver any such document.

 

Contemporaneously with
its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to deliver a power of attorney substantially
in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer,
that permits such parties to take such other action as is necessary to effect the delivery, assignment and/or recordation of any
documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required
for enforcement by the Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers
will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective
Loan Documents until the assignment and recordation of all such Loan Documents has been completed.

 

In reviewing any Mortgage
File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master Servicer shall have no responsibility
to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine
whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or
endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether
any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment
is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized
to do so or whether any signature thereon is genuine.

 

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The Custodian shall hold
that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section
9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically
provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained
and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the
Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected
security interest in such instruments.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Section 2.03     Representations,
Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a) The Depositor hereby represents
and warrants that:

 

(i)           The
Depositor is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(ii)          The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement;

 

(iii)         This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and delivery
of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal,
valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws relating to or affecting
creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law);

 

(iv)         The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its partnership agreement or Certificate of Limited Partnership, or any law or regulation to which the Depositor
is subject, or conflict with, result in a breach of or constitute a default under (or an event which with notice or lapse of time
or both would constitute a default under) any of the terms, conditions or provisions of any agreement or instrument to which the
Depositor is a party or by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation
or imposition of any lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability
of the Depositor to carry out the transactions contemplated by this Agreement;

 

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(v)          The
limited partnership agreement of the Depositor provides that the Depositor is permitted to engage in only the following activities:

 

(A)         to acquire, own, hold, sell,
originate, transfer, convey, safekeep, dispose of, assign, issue, pledge, borrow money against, finance, refinance, administer
and otherwise deal with the Mortgage Assets.(a) commercial real estate loans and other related assets, (b) mortgage-backed securities,
mortgage participation certificates, or any other certificate or security, and the beneficial ownership interest evidenced by such
certificate or security, backed by or evidencing an interest in a pool of single family or multifamily commercial or residential
mortgage loans; (c) mortgage loans secured by mortgages, deeds of trust or similar first or junior liens on single family or multifamily
residential properties, commercial properties or real estate projects under construction, whether or not guaranteed or insured,
in whole or in part, by any governmental agency; and (d) related insurance policies, cash, marketable securities and any other
assets designed to assure the servicing or timely distribution of proceeds of such mortgage loans and any proceeds or further rights
associated with any of the foregoing (collectively, the “Mortgage Assets”);

 

(B)          to establish one or more
trusts (each, a “Trust”) to engage in any one or more of the activities described in this Subsection, each of
which Trusts will deliver to the Depositor (or its designee) (“Trust Certificates”) representing the ownership
interest in the assets of such Trust, and to acquire, own, hold, sell, transfer, assign, pledge, finance, and otherwise deal with
any or all of the Trust Certificates in any Trust that it establishes;

 

(C)          to issue, acquire, own, and
hold one or more series of debt obligations (“Bonds”), each issued pursuant to an indenture (“Indenture”)
and collateralized by Mortgage Assets (provided that, unless such Bonds are non-recourse obligations payable solely from the Mortgage
Assets pledged to secure such Bonds, the Bonds of any series other than the initial series issued by the Depositor or any Trust
established by the Depositor have been rated in the same or a higher rating category by the nationally recognized statistical rating
agency or agencies that rated the initial series of Bonds issued by the Depositor or such Trust)

 

(D)          to issue, acquire, assume,
own, hold, sell, transfer, assign, pledge and finance indebtedness that (i) is subordinated to the Bonds; (ii) is nonrecourse to
the Depositor other than to cash flow on the Mortgage Assets securing a series of Bonds issued by the Depositor in excess of amounts
necessary to pay bondholders of such series; and (iii) does not constitute a claim against the Depositor to the extent that funds
are insufficient to pay such indebtedness; and

 

(E)          to engage
in any other lawful act or activity and to exercise any other powers permitted to limited partnerships organized under the laws
of the State of Delaware that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish the
foregoing.

 

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Capitalized terms defined in
this clause (v) shall apply only to such clause;

 

(vi)         There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;

 

(vii)        No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and

 

(viii)       The
Trustee, if not the owner of the related Mortgage Loan, will have a valid and perfected security interest of first priority in
each of the Mortgage Loans and any proceeds thereof.

 

(b)          The Depositor
hereby represents and warrants with respect to each Mortgage Loan that:

 

(i)           Immediately
prior to the transfer and assignment to the Trustee by the Depositor, the Mortgage Note and the Mortgage were not subject to an
assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Mortgage Loan and had full right to transfer
and sell the Mortgage Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;
provided, that, in the case of a Non-Serviced Mortgage Loan, the related Mortgage has been (or will be) assigned to the
Other Trustee under the Other Pooling and Servicing Agreement for the benefit of the holders of securities issued in connection
with the related Other Securitization, as applicable;

 

(ii)          The
Depositor is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any
nature encumbering such Mortgage Loan;

 

(iii)         The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of such Mortgage from the Depositor to the Trustee,
and any related Reassignment of Assignment of Leases, Rents and Profits constitutes the legal, valid and binding assignment from
the Depositor to the Trustee; and

 

(iv)         No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.

 

(c)          It is understood
and agreed that the representations and warranties set forth in this Section 2.03(b) shall survive delivery of the respective
Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders,
any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special
Servicer. Upon discovery by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset

 

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Representations
Reviewer or a Responsible Officer of the Trustee or Certificate Administrator obtaining actual knowledge (or upon written notice
thereof from any Certificateholder) of a breach of any of the representations and warranties set forth in this Section which materially
and adversely affects the interests of the Certificateholders, the Certificate Administrator, the Master Servicer, Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Serviced Companion Loan Noteholders or the Trustee in any Mortgage
Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, the Serviced Companion Loan
Noteholders and the Mortgage Loan Sellers.

 

(d)          If the Master
Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement of
a Mortgage Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase Request”,
and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request, the “Repurchase
Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase Communication of a withdrawal of
a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”), (iii)
receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request has been repurchased or replaced
(a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection of a Repurchase Request (a “Repurchase
Request Rejection”), then such Person shall deliver written notice of such Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection (each such notice, a “Rule 15Ga-1 Notice”) to the Depositor, the
Master Servicer, the Special Servicer and the related Mortgage Loan Seller, in each case within ten Business Days from such party’s
receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request
Rejection, as applicable; provided, however, if the Master Servicer or the Special Servicer, as applicable, receives
notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer or the Master Servicer, as
applicable, the Master Servicer or the Special Servicer, as applicable, shall have no obligation to deliver such notice to any
other party.

 

Each Rule 15Ga-1 Notice
shall include (i) the identity of the related Mortgage Loan, (ii) the date the Repurchase Communication of the Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the case of
a Repurchase Request, (A) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase
Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently
plans to pursue such Repurchase Request.

 

No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1 Notice Provider”) shall
be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product
doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section
2.03(d) is so provided only to assist the related Mortgage Loan Seller, the Depositor and its Affiliates to comply with Rule
15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii) (A)
no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(d)
by a Rule 15Ga-1 Notice Provider,

 

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shall
be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice Provider may have with respect
to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule
15Ga-1 Notice.

 

In the event that the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly
forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Master Servicer, if relating
to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following
statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]” under Section 2.03(d)
of the Pooling and Servicing Agreement relating to the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C4 requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”.
Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer
or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this
Section 2.03(d) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian,
by virtue of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement
in connection with its review of the Mortgage File.

 

(e)          A “Defect”
shall exist with respect to a Mortgage Loan if any document constituting a part of the related Mortgage File has not been delivered
within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been properly executed, is missing,
does not appear to be regular on its face or contains information that does not conform in any material respect with the corresponding
information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach of any representation or warranty
of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement with respect to any Mortgage Loan. If
any party hereto discovers or receives notice of a Defect or a Breach, or in the case of the Trustee of the Certificate Administrator,
to the actual knowledge of a Responsible Officer or if the Trustee or Certificate Administrator has received written notice, and
if such Defect is a Material Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust
Fund, shall give prompt written notice thereof to the related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event
has occurred and is continuing, the Directing Certificateholder. If any such Defect or Breach materially and adversely affects
the value of any Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee in any Mortgage Loan
or Mortgaged Property, or causes the related Mortgage Loan to be other than a Qualified Mortgage, then such Defect shall constitute
a “Material Defect” or such Breach shall constitute a “Material Breach,” as the case may be; provided,
that if any of the documents specified in Section 2.01(a)(i), Section 2.01(a)(ii), Section 2.01(a)(vii), Section
2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement are not delivered as required in

 

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the
related Mortgage Loan Purchase Agreement, it shall be deemed a Material Defect. The Custodian, the Certificate Administrator and
the Trustee shall not be required to make any such determination. Promptly upon receiving written notice of any such Material
Defect or Material Breach with respect to a Mortgage Loan, accompanied by a written demand to take the actions contemplated by
this sentence from the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan Seller
shall, not later than 90 days from the applicable Mortgage Loan Seller’s receipt of such notice of such Material Defect
or Material Breach, as the case may be (or, in the case of a Material Defect or Material Breach relating to a Mortgage Loan not
being a Qualified Mortgage, not later than 90 days after the Mortgage Loan Seller or any party hereto discovering such Material
Defect or Material Breach, provided that the related Mortgage Loan Seller has received notice in accordance with the terms of
the related Mortgage Loan Purchase Agreement) (any such 90-day period, the “Initial Resolution Period”), (i)
cure the same in all material respects, (ii) repurchase the affected Mortgage Loan at the applicable Purchase Price in conformity
with the applicable Mortgage Loan Purchase Agreement or (iii) substitute a Qualified Substitute Mortgage Loan (other than with
respect to the Whole Loans, as applicable, for which no substitution will be permitted) for such affected Mortgage Loan (provided
that, in no event shall such substitution occur later than the second anniversary of the Closing Date) and pay to the Master
Servicer for deposit into the Collection Account (or, with respect to any Serviced Whole Loan, the applicable Serviced Whole Loan
Collection Account) any Substitution Shortfall Amount in connection therewith; provided that if (i) such Material Defect
or Material Breach is capable of being cured but not within the Initial Resolution Period or, with respect to the immediately
preceding proviso, the time period set forth therein, (ii) such Material Defect or Material Breach is not related to any Mortgage
Loan’s not being a Qualified Mortgage, (iii) the Mortgage Loan Seller has commenced and is diligently proceeding with the
cure of such Material Defect or Material Breach within the Initial Resolution Period and (iv) the Mortgage Loan Seller has delivered
to the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Certificate Administrator (who will promptly
deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the Trustee, the Operating Advisor, and,
prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder, an officer’s certificate that
describes the reason the cure was not effected within the initial 90-day period, then the Mortgage Loan Seller shall have an additional
period equal to the applicable Resolution Extension Period to complete such cure or, failing such cure, to repurchase the Mortgage
Loan or substitute a Qualified Substitute Mortgage Loan. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a
Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a Borrower), healthcare facility, nursing home,
assisted living facility, self-storage facility, theatre or fitness center (operated by a Borrower), then the failure to deliver
to the Custodian copies of the UCC financing statements with respect to such Mortgage Loan shall not be a Material Defect. With
respect to the Non-Serviced Mortgage Loans, the related Mortgage Loan Seller agrees that any Defect as such term is defined in
the related Other Pooling and Servicing Agreement (other than a Defect related to the promissory note for the related Companion
Loan) will constitute a Defect under this Agreement.

 

Notwithstanding the foregoing,
if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan,
the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan if (i) the

 

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affected
Mortgaged Property may be released pursuant to the terms of any partial release provisions in the related Loan Documents (and
such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set
forth in the Loan Documents and the Mortgage Loan Seller provides an Opinion of Counsel to the effect that such release would
not cause an Adverse REMIC Event to occur and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

If a Mortgage Loan Seller,
in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a Material Breach) pertaining
to a Mortgage Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and
the Special Servicer on behalf of the Trust (and with the consent of the Directing Certificateholder if no Control Termination
Event has occurred and is continuing) (each such payment, a “Loss of Value Payment”) with respect to such Mortgage
Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance
with Section 3.06(e) of this Agreement. In connection with any such determination with respect to any Non-Specially Serviced
Loan, the Master Servicer shall promptly provide the Special Servicer, but in any event within the time frame and in the manner
set forth in Section 3.23, with the Servicing File and such other information, documents and records reasonably requested
by the Special Servicer pursuant to Section 3.23(a) in order to permit the Special Servicer to calculate the Loss of Value
Payment. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders
and the Trust on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation of the Mortgage Loan
Seller to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected Mortgage Loan based
on such Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement
or settlement between the applicable Mortgage Loan Seller and the Trust, provided, that (i) prior to any such agreement
or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising any of its rights
related to a Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage Loan Purchase Agreement
or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute for such Mortgage
Loan), (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage Loan; and (iii) a
Material Defect or a Material Breach as a result of a Mortgage Loan not constituting a Qualified Mortgage may not be cured by a
Loss of Value Payment.

 

If any Breach pertains
to a representation or warranty that the related Mortgage Loan documents or any particular Mortgage Loan document requires the
related Borrower to bear the costs and expenses associated with any particular action or matter under such Mortgage Loan document(s),
then the related Mortgage Loan Seller may cure such Breach within the applicable cure period (as the same may be extended) by reimbursing
the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such costs and expenses incurred
by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Fund that are incurred as
a result of such Breach and have not been reimbursed by the related Borrower; provided, however, that in the event
any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either repurchase or substitute
for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in the proviso to the immediately
preceding sentence, the related Mortgage Loan Seller

 

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shall
remit the amount of such costs and expenses and upon its making such remittance, the related Mortgage Loan Seller shall be deemed
to have cured such Breach in all respects. To the extent any fees or expenses that are the subject of a cure by the related Mortgage
Loan Seller are subsequently obtained from the related Borrower, the portion of the cure payment made by the related Mortgage
Loan Seller equal to such fees or expenses obtained from the related Borrower shall promptly be returned to the related Mortgage
Loan Seller.

 

(f)          In connection
with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03, (A) the Custodian, the Master
Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan) shall each
tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian) and the Servicing
File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining to such Mortgage
Loan possessed by it, upon delivery (i) to each of the Master Servicer or the Special Servicer, as applicable, of a trust receipt
and (ii) to the Custodian by the Master Servicer or the Special Servicer, as applicable, of a Request for Release and an acknowledgement
by the Master Servicer or Special Servicer, as applicable, of its receipt of the Purchase Price or the Substitution Shortfall Amount
from the applicable Mortgage Loan Seller, (B) each document that constitutes a part of the Mortgage File that was endorsed or assigned
to the Trustee shall be endorsed or assigned without recourse in the form of endorsement or assignment provided to the Custodian
by the applicable Mortgage Loan Seller, as the case may be, to the applicable Mortgage Loan Seller as shall be necessary to vest
in the applicable Mortgage Loan Seller the legal and beneficial ownership of such Mortgage Loan to the extent such ownership was
transferred to the Trustee (provided, that the Master Servicer or Special Servicer, as applicable, shall use reasonable
efforts to cooperate in furnishing necessary information to the extent in its possession to the Mortgage Loan Seller in connection
with such Mortgage Loan Seller’s preparation of such endorsement or assignment) and (C) the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall release, or cause a release of, any escrow payments and reserve funds held by
the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, or on the Trustee’s,
the Certificate Administrator’s, the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in
respect of such Mortgage Loan to the applicable Mortgage Loan Seller.

 

(g)          The Master Servicer
(with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall, for the benefit of
the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations of the applicable Mortgage Loan Seller
under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including, without limitation, the legal
prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable costs of such enforcement:
first, pursuant to Section 3.06 of this Agreement (with respect to the related Mortgage Loan), out of the related
Purchase Price or Substitution Shortfall Amount, as applicable, to the extent that such expenses are a specific component thereof;
and second, if at the conclusion of such enforcement action it is determined that the amounts described in clause first
are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections on the Mortgage Loans on deposit
in the Collection Account in each case with interest thereon at the Reimbursement Rate from the time such expense was incurred
to, but excluding, the date such expense was reimbursed. To the extent the applicable Mortgage Loan

 

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Seller
prevails in such proceeding, such Mortgage Loan Seller shall be entitled to reimbursement from the Trust for all necessary and
reasonable costs and expenses incurred in connection with such proceeding, including reasonable attorneys’ fees. For the
avoidance of doubt, neither the Trustee nor the Certificate Administrator shall be obligated to enforce the obligations of the
applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement.

 

So long as document exceptions
are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee,
the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Controlling Class Representative (as identified to the Custodian by the Certificate Administrator) and the applicable Mortgage
Loan Seller, a document exception report setting forth the then current status of any Defects related to the Mortgage Files pertaining
to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As to any Qualified Substitute
Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian for such Qualified Substitute
Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage Note endorsed as required
by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute Mortgage Loans in or prior to the
month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer, shall be remitted by the Master
Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the month of repurchase or substitution,
distributions to Certificateholders will include the Periodic Payment(s) due on the related Removed Mortgage Loan, if and to the
extent received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase
or substitution, as applicable, and such Mortgage Loan Seller shall be entitled to retain all amounts received thereafter in respect
of such Removed Mortgage Loan.

 

In any month in which
a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed Mortgage Loans, the
Master Servicer will determine the applicable Substitution Shortfall Amount and promptly notify the Certificate Administrator thereof.
Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller to deposit into the
Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal to such amount concurrently
with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any reimbursement thereof. The Certificate
Administrator shall also direct such Mortgage Loan Seller to give written notice to the Depositor, the Trustee and the Master Servicer
of such deposit. The Certificate Administrator shall cause its Distribution Date Statement to reflect the removal of each Removed
Mortgage Loan and, if applicable, the substitution of the Qualified Substitute Mortgage Loan. Upon any such substitution, the Qualified
Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects.

 

It is understood and
agreed that Section 6 of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders and
the Trust on behalf of the Certificateholders respecting any Breach (including a Breach with respect to a Mortgage Loan failing
to constitute a Qualified Mortgage) or any Defect.

 

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(h)         In the event that
any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach of any of the
Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves the right to conduct
the defense of such litigation at its expense and shall not be required to obtain any consent from the Master Servicer, the Special
Servicer or the Directing Certificateholder, unless such defense results in any liability of the Master Servicer, the Special Servicer
or the Directing Certificateholder, as applicable.

 

(i)          If for any reason
a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with respect to any
Mortgage Loan, the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced
Loans) shall use reasonable efforts in enforcing any obligation of such Mortgage Loan Seller to cure, repurchase or substitute
for such Mortgage Loan under the terms of the related Mortgage Loan Purchase Agreement all at the expense of such Mortgage Loan
Seller.

 

(j)          (i) In the event
an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) that a Mortgage
Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage
Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party
shall promptly forward that Certificateholder Repurchase Request to the Special Servicer, and the Special Servicer shall promptly
forward that Repurchase Request to the related Mortgage Loan Seller and each other party to this Agreement and take the actions
required under Section 2.03(e). Subject to Section 2.03(k), the Special Servicer (the “Enforcing Servicer”)
shall be the Enforcing Party with respect to the Certificateholder Repurchase Request.

 

(ii)         In
the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor (solely in its capacity as operating advisor) or the Directing Certificateholder has actual knowledge of a Material Defect
with respect to a Mortgage Loan (without implying any duty of such person to make, or to attempt to make, such a discovery), that
party shall deliver prompt written notice of such Material Defect to each other party to this Agreement and the related Mortgage
Loan Seller, identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA Party Repurchase
Request” and, each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, a “Repurchase
Request”). The Enforcing Servicer shall act as the Enforcing Party and enforce the rights of the Trust against the related
Mortgage Loan Seller with respect to a PSA Party Repurchase Request.

 

(iii)        In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(a “Resolution Failure”), then the provisions described below shall apply. Receipt of the Repurchase Request
shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage Loan Seller. A Resolved
Repurchase Request shall not preclude the Special Servicer from exercising any of its rights related to a Material Defect in the
manner and

 

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timing
otherwise set forth in this Agreement, in the related Mortgage Loan Purchase Agreement or as provided by law.

 

(k)         (i) After a Resolution
Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request was initiated by
an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer will be required to send a notice
(a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address specified
in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator, who shall make such
notice available to all other Certificateholders and Certificate Owners (by posting such notice on the Certificate Administrator’s
Website) indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request (the “Proposed
Course of Action”). Such notice shall include (a) a request to Certificateholders to indicate to the Enforcing Servicer
their agreement with or dissent from such Proposed Course of Action by clearly marking “agree” or “disagree”
to the Proposed Course of Action on such notice within 30 days of the date of such notice and a disclaimer that responses received
after such 30-day period will not be taken into consideration, (b) a statement that in the event any Certificateholder disagrees
with the Proposed Course of Action, the Enforcing Servicer shall be compelled to follow (either as the Enforcing Party or as the
Enforcing Servicer in circumstances where a Certificateholder is acting as the Enforcing Party) the course of action agreed to
and/or proposed by the majority of the responding Certificateholders that involves referring the matter to mediation or arbitration,
as the case may be, (c) a statement that responding Certificateholders will be required to certify their holdings in connection
with such response, (d) a statement that only responses clearly marked “agree” or “disagree” with such
Proposed Course of Action will be taken into consideration and (e) instructions for responding Certificateholders to send their
responses to the applicable Enforcing Servicer and the Certificate Administrator. The Certificate Administrator shall within fifteen
(15) Business Days after the expiration of the 30-day response period, tabulate the responses received from the Certificateholders
and share the results with the Enforcing Servicer. The Certificate Administrator shall only count responses timely received and
clearly indicating agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language
shall not be taken into consideration for purposes of determining whether the related Certificateholder agrees or disagrees with
the Proposed Course of Action. The Certificate Administrator shall be under no obligation to answer any questions from Certificateholders
regarding such Proposed Course of Action. For the avoidance of doubt, the Certificate Administrator’s obligations in connection
with this Section 2.03(k) shall be limited solely to tabulating Certificateholder responses of “agree” or “disagree”
to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate
Administrator. The Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation
of the majority of the responding Certificateholders. If (a) the Enforcing Servicer’s intended course of action with respect
to the Repurchase Request does not involve pursuing further action to exercise rights against the related Mortgage Loan Seller
with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or
Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration,
or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights against the applicable
Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other
Certificateholder or Certificate Owner

 

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does not agree with the dispute resolution method selected by the Enforcing Servicer, then
the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver to the Enforcing
Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days from the date
the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute Resolution
Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration. In
the event any Certificateholder or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice, and the Enforcing
Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s
initial Proposed Course of Action, such responses shall be considered Preliminary Dispute Resolution Election Notices supporting
the Proposed Course of Action for purposes of determining the Proposed Course of Action proposed by a majority of Certificateholders.

 

(ii)         If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers a Preliminary
Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner shall
have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the sole party
entitled to determine a course of action, including, but not limited to, enforcing the Trust’s rights against the related
Mortgage Loan Seller, subject only to the consent or consultation rights of the Directing Certificateholder pursuant to Section
6.08.

 

(iii)        Promptly
and in any event within 10 Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the Initial
Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a) and (b), a
“Requesting Certificateholder”), the Enforcing Servicer will be required to consult with each Requesting Certificateholder
regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding arbitration) or
arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”)
so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase
Request and possible dispute resolution methods, such discussions to occur and be completed no later than 10 Business Days following
the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish procedures the Enforcing Servicer deems
to be in good faith to be appropriate relating to the timing and extent of such consultations. No later than 5 Business Days after
completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide a final notice to the Enforcing
Servicer indicating its decision to exercise its right to refer the matter to either mediation or arbitration (“Final
Dispute Resolution Election Notice”).

 

(iv)        If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

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(v)         If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,
then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or
Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect a Requesting Certificateholder,
any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the facts
and circumstances known to such party at the time when the Proposed Course of Action Notice is delivered to the Enforcing Servicer,
and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause
(ii), then the Special Servicer shall again become the Enforcing Party and, as such, shall be the sole party entitled to enforce
the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)        Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)       In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller as further described herein

 

(viii)      For
the avoidance of doubt, the Depositor, the Mortgage Loan Sellers and any of their respective Affiliates shall not be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(ix)         The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the
Requesting Certificateholder may not elect to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(x)           If
(i) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Defect, (ii) a Resolution
Failure is deemed to occur with respect to such Repurchase Request, and (iii) if either (A) a mediation or

 

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arbitration
is undertaken with respect to such Repurchase Request or (B) the Certificateholders and Certificate Owners cease to have a right
to refer such Repurchase Request to mediation or arbitration, in either case in accordance with the provisions of this Agreement,
then no Certificateholder or Certificate Owner may make any subsequent Repurchase Request with respect to such Mortgage Loan based
on the same alleged Material Defect unless there is a material change in the facts and circumstances known to such party and that
could not have been known to such party with the exercise of reasonable diligence at the time when the Proposed Course of Action
Notice is posted on the Certificate Administrator’s Website.

 

(l)          If the Enforcing
Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)          The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
(such provider, the “Meditation Services Provider”) in accordance with published mediation procedures (the
“Mediation Rules”) promulgated by the Meditation Services Provider.

 

(ii)         The
mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and, if possible, commercial real estate finance or commercial mortgage-backed securitization matters
or other complex commercial transactions, and who will be appointed from a list of neutrals maintained by the Mediation Services
Provider. Upon being supplied a list of at least ten potential qualified mediators by the Mediation Services Provider each party
will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators in order
of preference. The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the
preference choices of the parties to the extent possible.

 

(iii)         Prior
to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)        The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(v)         The
expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)        Out
of pocket costs and expenses of the Special Servicer for mediation or arbitration, to the extent not agreed to be paid by the
Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case
of arbitration) shall be reimbursable as a Servicing Advance.

 

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(m)         If the Enforcing
Party selects third-party arbitration, the following provisions will apply:

 

(i)           The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller (such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures
(the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)         The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters
and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied a list
of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory
challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services Provider
will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent
possible.

 

(iii)         Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)        After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of
Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post
hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)         Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding
Rule 30b-6 witnesses), and (C) expert witness depositions, provided, that the arbitrator shall have the ability to grant
the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such
additional discovery is reasonable and necessary.

 

(vi)        The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those

 

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agreements
in any way or award remedies not consistent with those agreements. The arbitrator will not have the power to award punitive damages
or consequential damages in any arbitration conducted by them. Interest on any monetary award shall bear interest from the date
of the Final Dispute Resolution Election Notice at the Prime Rate. In its final determination, the arbitrator shall determine
and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration,
and administrative fees) and shall award reasonable attorneys’ fees to the parties to the arbitration as determined by the
arbitrator in its reasonable discretion. The determination of the arbitrator shall be by a reasoned decision in writing and counterpart
copies will be promptly delivered to the parties. The final determination of the arbitrator shall be final and non-appealable,
except for actions to confirm or vacate the determination permitted under federal or state law, and may be enforced in any court
of competent jurisdiction.

 

(vii)       By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)      No
person may bring a putative or certificated class action to arbitration.

 

(n)         The following
provisions will apply to both mediation and third-party arbitration:

 

(i)          Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(ii)         If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have subject
matter jurisdiction, or if the Southern District of New York has no jurisdiction, then it the Supreme Court of the State of New
York for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)        The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course
of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other

 

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party
with a reasonable opportunity to object to the production of its confidential information.

 

(iv)        In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to
any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such
proceeding shall be determined by such Enforcing Servicer in consultation with the Directing Certificateholder, provided
that a Consultation Termination Event has not occurred and is continuing, and in accordance with the Servicing Standard. All amounts
recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection
Account. The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder
is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached
in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses
allocated to the Requesting Certificateholder.

 

(v)         In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required to pay any
expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear
in the mediation proceedings.

 

(vi)        The
Trust (or the Enforcing Party acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted to redact any
personally identifiable customer information included in any information provided for purposes of any mediation or arbitration.
Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase Request and
the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)       For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Directing Certificateholder
(including without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted
pay off or deed in lieu of foreclosure, or bankruptcy or other litigation).

 

(viii)      In
the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect to then
utilize the alternative method.

 

(ix)         For
the avoidance of doubt, any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation
or arbitration shall be reimbursable as Additional Trust Fund Expenses.

 

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Section
2.04     Representations, Warranties and Covenants of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Asset
Representations Reviewer. (a) The Master Servicer, as Master Servicer, hereby represents and warrants with respect to
itself to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate
Administrator, the Special Servicer, the Asset Representations Reviewer and the Operating Advisor and the Serviced Companion
Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each state (within the United States of America)
in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents or (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations
under this Agreement or its financial condition;

 

(iii)        The
Master Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Depositor, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;

 

(v)         The
Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Master Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Master Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)        No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from

 

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entering
into this Agreement or, in the Master Servicer’s good faith and reasonable judgment is likely to materially and adversely
affect either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition of
the Master Servicer;

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the
transactions of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which
has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Master Servicer
to perform its obligations hereunder;

 

(viii)      Each
officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

(b)         The Special Servicer,
as Special Servicer, hereby represents and warrants to and covenants with the Trustee, for its own benefit and the benefit of the
Certificateholders, and to the Depositor, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset
Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of Delaware,
and the Special Servicer is in compliance with the laws of each state (within the United States of America) in which any related
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C)
violate any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject, which,
in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Special Servicer to perform
its obligations under this Agreement or its financial condition;

 

(iii)        The
Special Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly
executed and delivered this Agreement;

 

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(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation
of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally,
and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The
Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Special Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)        No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under
this Agreement or the financial condition of the Special Servicer;

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement or the consummation of
the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval, authorization or order
which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Special Servicer
to perform its obligations hereunder; and

 

(viii)      Each
officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

(c)         [Reserved].

 

(d)         The Trustee hereby
represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Serviced Companion Loan Noteholders as of the Closing Date, that:

 

(i)          The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement.

 

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(ii)         This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law).

 

(iii)        Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with
such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation,
judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms
of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement.

 

(iv)        The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on
the Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would
materially and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties.

 

(v)         No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder.

 

(vi)        To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated as of the Pricing Date, among the Trustee, the Depositor and the Underwriters.

 

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(e)         The Certificate
Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America and has full power, authority and legal right to own its properties and conduct its business as
presently conducted and to execute, deliver and perform the terms of this Agreement.

 

(ii)         This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

(iii)        Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions
of any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its
properties or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument
or indenture to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement.

 

(iv)        The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which,
in any such event, would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement.

 

(v)         No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not
obtained, would have a materially

 

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adverse
effect on the Certificate Administrator’s ability to perform its obligations hereunder.

 

(vi)        To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated as of the Pricing Date, between the Certificate Administrator, the Depositor and the Underwriters.

 

(f)          The Operating
Advisor hereby represents and warrants to the Trustee, the Depositor, the Certificate Administrator, the Master Servicer, the Special
Servicer, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of New York and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement.

 

(ii)         The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents or (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C)
violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject, which,
in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or its financial condition;

 

(iii)        The
Operating Advisor has the full limited liability company power and authority to enter into and consummate all transactions to
be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement,
and has duly executed and delivered this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, and the Depositor, constitutes a valid, legal and binding obligation of the Operating Advisor, enforceable
against the Operating Advisor in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization,
receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The
Operating Advisor is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Operating Advisor’s reasonable judgment,

 

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is
likely to materially and adversely affect the financial condition or operations of the Operating Advisor or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)        No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations
under this Agreement or the financial condition of the Operating Advisor; and

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Operating Advisor, or compliance by the Operating Advisor with, this Agreement or the consummation of the
transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval, authorization or order
which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Operating
Advisor to perform its obligations hereunder.

 

(g)         The Asset Representations
Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of the Closing
Date, that:

 

(i)          The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational
documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable
to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations
Reviewer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial condition;

 

(iii)        The
Asset Representations Reviewer has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement,
and has duly executed and delivered this Agreement;

 

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(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)         The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)        No
litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the Asset Representations
Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in the Asset Representations
Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Asset Representations
Reviewer to perform its obligations under this Agreement; and

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance
by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially
adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(viii)      The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

Section 2.05     Execution
and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee acknowledges the assignment to it of the
Mortgage Loans and the delivery of the Mortgage Files to the Custodian (to the extent the documents constituting the Mortgage
Files are actually delivered to the Custodian), subject to the provisions of Section 2.01 and Section 2.02 of this
Agreement and, concurrently with such delivery, (i) acknowledges and hereby declares that it holds the Mortgage Loans for the
benefit of (y) the Holders of the Class R Interest (in respect of the Class LTR Interest) and (z) the Holders of the Lower-Tier
Regular Interests; (ii) in exchange for the Mortgage Loans, acknowledges the issuance of the Lower-Tier Regular Interests and
the Class LTR Interest represented by the Class R Certificates; (iii) acknowledges the contribution by the Depositor of the Lower-Tier
Regular Interests to the

 

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Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular
Interests on behalf of the Upper-Tier REMIC and the Holders of the Certificates; and (iv) in exchange for the Lower-Tier Regular
Interests, the $100 deposit by the Depositor in respect of the Class X-C Certificates and the $100 deposit by the Depositor in
respect of the Class X-D Certificates, has caused to be executed and caused to be authenticated and delivered to or upon the order
of the Depositor, or as directed by the terms of this Agreement, the Regular Certificates and the Class R Certificates, in authorized
denominations; and the Depositor hereby acknowledges the receipt by it or its designees of the Regular Certificates, the Class
V Certificates and the Class R Certificates, which Certificates evidence ownership of the entire Trust Fund.

 

The Depositor, as of
the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the
right, title and interest of the Depositor in and to the Excess Interest to the Trustee for the benefit of the holders of the Class
V Certificates. The Trustee (i) acknowledges the assignment to it of the Excess Interest, (ii) declares that it holds and will
hold such Excess Interest in trust for the exclusive use and benefit of all present and future Holders of the Class V Certificates
and (iii) has caused the Certificate Administrator to execute, and has caused the Authenticating Agent to authenticate and to deliver
to or upon the order of the Depositor, in exchange for the Excess Interest, and the Depositor hereby acknowledges the receipt by
it or its designees of the Class V Certificates in authorized Denominations.

 

Section 2.06     Miscellaneous
REMIC and Grantor Trust Provisions. (a) The Lower-Tier Regular Interests issued hereunder are hereby designated as the “regular
interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LTR Interest, represented
by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC
within the meaning of Section 860G(a)(2) of the Code. The Regular Certificates are hereby designated as “regular interests”
in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class UTR Interest, represented by the Class
R Certificates is hereby designated as the sole Class of “residual interests” in the Upper-Tier REMIC within the meaning
of Section 860G(a)(2) of the Code. The Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Lower-Tier Regular
Interests and the Regular Certificates for purposes of Section 860G(a)(l) of the Code is the Rated Final Distribution Date.

 

(b)         None of the Depositor,
the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any arrangement by which
the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated herein.

 

(c)         The Class V Certificates
shall represent undivided beneficial interests in its corresponding portion of the Trust Fund consisting of the Class V Specific
Grantor Trust Assets. The Grantor Trust shall be treated as a “grantor trust” within the meaning of subpart E, part
I of subchapter J of the Code.

 

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Article
III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section
3.01     The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special
Servicer; Administration of the Mortgage Loans and the Serviced Companion Loans. (a) The Master Servicer (generally with
respect to Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Companion Loans that are not Specially
Serviced Loans) and the Special Servicer (generally with respect to Specially Serviced Loans and Serviced REO Loans), each as
an independent contractor servicer, shall service and administer the Mortgage Loans (other than a Non-Serviced Mortgage Loan)
and the Serviced Companion Loans on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders) and, in
the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to
any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of
such Serviced Subordinate Companion Loan)), in each case, in accordance with the Servicing Standard.

 

The Master Servicer’s
or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the
case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof). To
the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer
and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Notes; provided,
that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special Servicer
of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the Servicing Standard, the Master
Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers (subject to paragraph
(c) of this Section 3.01, to the related sub-servicing agreement with each sub-servicer and to Section 3.02 of this
Agreement), to do or cause to be done any and all things in connection with such servicing and administration that it may deem
consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders, including,
without limitation, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan, and in the case of the Serviced
Whole Loans, in the best interests of the Certificateholders and the Serviced Companion Loan Noteholders, as a collective whole
as if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single
lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the
subordinate nature of such Serviced Subordinate Companion Loan)) to prepare, execute and deliver, on behalf of the Certificateholders
and Serviced Companion Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation statements
and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) any modifications,
waivers, consents or amendments to or with respect to any documents contained in the related Mortgage File; and (iii) any and all
instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments,
with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding the foregoing, neither the Master Servicer nor
the

 

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Special Servicer shall modify, amend,
waive or otherwise consent to any change of the terms of any Mortgage Loan except under the circumstances described in Section
3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26 and Section
3.27 hereof. The Master Servicer (with respect to Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Companion
Loans that are not Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans and Serviced REO
Loans) shall provide to the Borrowers related to such Mortgage Loans that it is servicing any reports required to be provided
to them pursuant to the related Loan Documents. Subject to Section 3.11 of this Agreement, the Trustee shall, upon the
receipt of a written request of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable,
any powers of attorney (substantially in the form attached hereto as Exhibit DD, or such other form as mutually agreed
to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents (including but not limited
to other powers of attorney) prepared by the Master Servicer and Special Servicer, as applicable, and necessary or appropriate
(as certified in such written request) to enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing
and administrative duties hereunder. The Trustee shall not be held liable for any misuse of any such power of attorney or such
other documents by the Master Servicer and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary,
none of the Master Servicer or the Special Servicer shall, without the Trustee’s written consent: (i) initiate any action,
suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s,
as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction in which any
such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided that the
Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice to the
Trustee of the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required in the judgment
of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing
such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the Master Servicer’s
or the Special Servicer’s, as applicable, representative capacity); or (ii) take any action with the intent to cause, and
that actually causes, the Trustee to be registered to do business in any state.

 

(b)         Unless otherwise
provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any partial Principal
Prepayment received on a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan, as applicable, on
a date other than a Due Date to the Stated Principal Balance of such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or
Serviced Companion Loan, as applicable, as of the Due Date immediately following the date of receipt of such partial Principal
Prepayment. Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall
apply any amounts received on U.S. Treasury obligations in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the Stated Principal Balance of and interest
on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the receipt of such amounts.

 

(c)         The Master Servicer
and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its respective obligations

 

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hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material respects with all of
the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this Agreement, the terms
of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Intercreditor Agreement, (ii) if such
Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides that (x) the failure of
such Sub-Servicer to comply with any of the requirements under Article X of this Agreement applicable to such Sub-Servicer,
including the failure to deliver any reports or certificates at the time such report or certification is required under Article
X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required by Items 1122 and
1123 of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates offered by the
Depositor or backed by a Serviced Companion Loan shall constitute an event of default by such Sub-Servicer upon the occurrence
of which the Master Servicer shall (and the Depositor may) immediately terminate the related Sub-Servicer under the related Sub-Servicing
Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer retained by the Master Servicer or the Special Servicer,
as applicable, shall be permitted to make Major Decisions or otherwise grant any modification, waiver, extension, forbearance or
amendment to any Mortgage Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage without the approval of the
Master Servicer or the Special Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures
set forth in Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26, Section
3.27, (as applicable), (iv) such agreement shall be consistent with the Servicing Standard and (v) with respect to any Sub-Servicing
Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer,
such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing
Agreement may permit the Sub-Servicer to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements
with such agents or Subcontractors are consistent with the provisions of this Section 3.01(c) (including, for the avoidance
of doubt, that no such agent or Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function
Participant, at the time the related sub-servicing agreement is entered into). Any monies received by a Sub-Servicer pursuant to
a Sub-Servicing agreement (other than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received
by such Sub-Servicer.

 

Any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed or terminated
by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller Sub-Servicer so long as such
Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement) if the Trustee has assumed the
duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable,
without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except
to the extent they arose prior to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant
to Section 7.02 (it being understood that any such obligations shall be the obligations of the terminated Master Servicer
or Special Servicer, as applicable, only).

 

Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans involving a Sub-Servicer,
shall be

 

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deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the
Trustee, the Certificate Administrator, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer, the Certificateholders
and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have no claims, rights (except
as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(c)(ii)
and Section 3.01(d).

 

Any Sub-Servicing Agreement
as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor
Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause pursuant to such Sub-Servicing
Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding the provisions
of any Sub-Servicing Agreement and this Section 3.01, in no event shall the Trust Fund, the Trustee, the Certificate Administrator,
the Depositor or any Serviced Companion Loan Noteholder bear any termination fee required to be paid to any Sub-Servicer as a result
of the termination of any Sub-Servicing Agreement. In the case of the Limited Sub-Servicing Agreement, dated May 1, 2016, between
the Master Servicer and Berkeley Point Capital LLC (“Berkeley Point”), in the event such agreement is terminated,
the Master Servicer shall continue to pay to Berkeley Point the servicing fees that would have been due to Berkeley Point under
such agreement as though such agreement remained in full force and effect; provided that such servicing fees shall be paid
solely out of the Servicing Fee and only for so long as the Master Servicer receives a Servicing Fee pursuant to this Agreement.

 

Notwithstanding any other
provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance
by third parties of any or all of its obligations herein, without the consent of the Directing Certificateholder for so long as
no Control Termination Event has occurred and is continuing, except to the extent necessary for the Special Servicer to comply
with applicable regulatory requirements.

 

(d)         If the Trustee
or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor Special Servicer
assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the Trustee, the successor
Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee, the successor
Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02, shall, without
act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, succeed
to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such event,
such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s interest, as
applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer or the Special
Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special Servicer, as
applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned
to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any
liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

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If the Trustee or any
successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer or the Special
Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable, shall at
its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b), at the expense
of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master Servicer or the Special
Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to such successor all documents
and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the Serviced Companion Loans, as applicable,
then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any, and shall otherwise
use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to such successor.
The Master Servicer shall not be required to assume the obligations of the Special Servicer and nothing in this paragraph shall
imply otherwise.

 

(e)         The parties hereto
acknowledge that each Whole Loan is subject to the terms and conditions of the related Intercreditor Agreement and, with respect
to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions of the Other Pooling
and Servicing Agreement. The parties hereto further recognize the respective rights and obligations of each Companion Loan Noteholder
under the related Intercreditor Agreement, including, without limitation with respect to (A) the allocation of collections (and
all other amounts received in connection with the related Whole Loan) on or in respect of the related Mortgage Loan and (B) the
allocation of Default Interest on or in respect of the related Mortgage Loan.

 

Notwithstanding anything
herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to the Serviced Whole Loans are limited by and subject to the terms of the related Intercreditor Agreement and, with respect to
any Non-Serviced Mortgage Loan, the rights of the Other Servicer and the Other Special Servicer under the Other Pooling and Servicing
Agreement. The Master Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as
holder of a Non-Serviced Mortgage Loan) under the related Intercreditor Agreement and the Other Pooling and Servicing Agreement.
The parties hereto acknowledge that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered
under the related Other Pooling and Servicing Agreement and the Other Servicer will make any Servicing Advances required thereunder
in respect of such Non-Serviced Whole Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust.
None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority
to supervise the related Other Servicer, the related Other Special Servicer or the related Other Trustee or to make Servicing Advances
with respect to any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related Other
Pooling and Servicing Agreement, the Controlling Class Representative may have certain information and consultation rights relating
to the servicing of the Non-Serviced Whole Loan pursuant to the terms of the related Intercreditor Agreement and the related Other
Pooling and Servicing Agreement. Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information
and collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Serviced Whole
Loan shall be dependent on

 

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its receipt of the corresponding information and collections from the related Other Servicer or the
related Other Special Servicer. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect
to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations
with respect to such Non-Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or
conditions of an Intercreditor Agreement related to a Non-Serviced Whole Loan and the provisions, terms or conditions of this Agreement,
the related Intercreditor Agreement shall govern.

 

If any Mortgage Loan
included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration of such Serviced Whole
Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer and, if such Serviced Whole
Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such capacities under such separate
servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or the Special Servicer, as the
case may be, and shall contain servicing and administration, limitation of liability, indemnification and servicing compensation
provisions substantially similar to the corresponding provisions of this Agreement, except that such Serviced Whole Loan and the
related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered thereunder and the sole
source of funds thereunder and except that there shall be no further obligation of any Person to make P&I Advances. All amounts
due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon) pursuant to this Agreement
and the applicable Intercreditor Agreement shall be paid to the Master Servicer, the Trustee and the Special Servicer by the successor
Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on the first Master Servicer Remittance
Date following termination. In addition, until such time as a separate servicing agreement with respect to such Serviced Whole
Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related
Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer
and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue to service such Serviced Whole Loan
or any related Serviced REO Property, as the case may be, under this Agreement as if it were a separate servicing agreement. Nothing
herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders
thereunder and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans.
In the event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related
to a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor Agreement shall govern,
and as to any matter on which such Intercreditor Agreement is silent or makes reference to this Agreement, this Agreement shall
govern.

 

Section 3.02     Liability
of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable,
and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting
as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily
liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and,

 

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with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of
the Mortgage Loans and Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor
or any other Person acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions
as if the Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans and
Serviced Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with
any sub-servicer providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer,
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification
shall be deemed to limit or modify this Agreement.

 

Section 3.03     Collection
of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) and the Serviced Companion Loans (other than Specially Serviced Loans) that the Master Servicer
is servicing) and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to collect all
payments called for under the terms and provisions of the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and the
Serviced Companion Loans each is obligated to service hereunder, and shall follow the Servicing Standard with respect to such
collection procedures; provided, that nothing herein contained shall be construed as an express or implied guarantee by
the Master Servicer or the Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans; provided,
further, that with respect to such Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans, as
applicable, that have Anticipated Repayment Dates, so long as the related Borrower is in compliance with each provision of the
related Loan Documents, the Master Servicer and Special Servicer (including the Special Servicer in its capacity as a Certificateholder,
if applicable) shall not take any enforcement action with respect to the failure of the related Borrower to make any payment of
Excess Interest, other than requests for collection, until the final maturity date of such Mortgage Loan or Serviced Whole Loan,
as applicable, or the outstanding principal balance of such Mortgage Loan or Serviced Whole Loan, as applicable, has been paid
in full, however, consistent with the applicable Servicing Standard, the Master Servicer, or the Special Servicer each may in
its discretion waive the Excess Interest (even at the final maturity date) in connection with any Mortgage Loan it is obligated
to service hereunder if taking such action is in the best interest of the Certificateholders as a collective whole. With respect
to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall use its reasonable efforts, consistent
with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents and
the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with a copy to the Special Servicer) to the
Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced Mortgage Loan). Consistent with the foregoing,
the Master Servicer (with respect to each Performing Loan) or the Special Servicer (with respect to Specially Serviced Loans)
may in their discretion waive any late payment charge or Default Interest in connection with any delinquent Periodic Payment or
Balloon Payment with respect to any Mortgage Loan or Serviced Companion Loan that it is servicing. In addition, the Special Servicer
shall be entitled

 

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to take such actions with respect to the collection of payments on the Mortgage Loans and the
Serviced Companion Loans as are permitted or required under this Agreement.

 

Section 3.04     Collection
of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer, in the case of all Mortgage Loans (other
than a Non-Serviced Mortgage Loan) that it is servicing, shall maintain accurate records with respect to each related Mortgaged
Property reflecting the status of taxes, assessments and other similar items that are or may become a lien thereon and the status
of insurance premiums payable with respect thereto. With respect to each Specially Serviced Loan, the Special Servicer shall use
its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as
required by the Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case
of all Mortgage Loans (other than a Non-Serviced Mortgage Loan) that it is servicing, shall use reasonable efforts consistent
with the Servicing Standard to, from time to time, (i) obtain all bills for the payment of such items (including renewal premiums),
and (ii) effect, or, if the Special Servicer, to use reasonable efforts to cause the Master Servicer to effect, payment of all
such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing
for such purpose Escrow Payments as allowed under the terms of the related Loan Documents for the related Mortgage Loan or Serviced
Companion Loan. If a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) fails to make any such payment on
a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination
date, the Master Servicer shall advance the amount of any shortfall as a Servicing Advance unless the Master Servicer determines
in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance (provided that with respect
to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions of the second
to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer and the Trustee, as applicable, shall be entitled
to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant to this Section
3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced Whole Loan respecting
which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06
of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged
Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced Companion Loan Noteholders, be
added to the amount owing under the related Mortgage Loans or Serviced Companion Loans, notwithstanding that the terms of such
Mortgage Loans or Serviced Companion Loans so permit.

 

The parties acknowledge
that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided
for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced Mortgage
Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall be entitled
to reimbursement for nonrecoverable Servicing Advances (as such term or similar term may be defined in the related Other Pooling
and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related Other Pooling
and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor Agreement
and Section 3.06(a)(v) of this Agreement.

 

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(b)         The Master Servicer
shall segregate and hold all funds collected and received pursuant to any Mortgage Loan (other than any Non-Serviced Mortgage Loans)
or any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and
general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”)
into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds and maintained
in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance with
the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted
Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds or Liquidation
Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage
Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan Documents require
it to be held in an account that is not an Eligible Account); provided, if the ratings of the financial institution holding
such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the related Loan Documents
require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30 days (or such longer time
as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating to the Certificates and any
related Serviced Companion Loan Securities) to transfer such account to an Eligible Account. Escrow Accounts shall be entitled,
“Wells Fargo Bank, National Association, as Master Servicer, on behalf of U.S. Bank National Association, as Trustee, for
the benefit of the Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C4 and Various Borrowers and, if applicable, Serviced Companion Loan Noteholders”. Withdrawals
from an Escrow Account may be made by the Master Servicer only:

 

(i)          to
effect timely payments of items constituting Escrow Payments for the related Mortgage;

 

(ii)         to
transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account thereof)
to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable,
which represent late collections of Escrow Payments thereunder;

 

(iii)        for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and/or
Serviced Whole Loan, as applicable, and the Servicing Standard;

 

(iv)        to
clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan and/or
Serviced Whole Loan, as applicable;

 

(v)         to
pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow Account
if such income is required to be

 

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paid
to the related Borrower under law or by the terms of the Loan Documents for such Mortgage Loan or Serviced Whole Loan, or otherwise
to the Master Servicer; or

 

(vi)        to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers
determined to be overages.

 

(c)         The Master Servicer
shall, as to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and each Serviced Companion Loan that it is servicing,
(i) maintain accurate records with respect to the related Mortgaged Property reflecting the status of real estate taxes, assessments
and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable
in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm) the payment
of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower
to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting
any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the
related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or Serviced Companion Loan
does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents
(if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard to cause
the related Borrower to comply with the requirement of the related Loan Documents that the Borrower make payments in respect of
such items at the time they first become due and, in any event, prior to the institution of foreclosure or similar proceedings
with respect to the related Mortgaged Property for nonpayment of such items). Subject to Section 3.21 of this Agreement,
the Master Servicer shall timely make a Servicing Advance with respect to the Mortgage Loans (other than Non-Serviced Mortgage
Loans) and Serviced Whole Loans that it is servicing, if any, to cover any such item which is not so paid, including any penalties
or other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05     Collection
Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts.
(a) The Master Servicer shall establish and maintain a Collection Account, for the benefit of the Certificateholders and the Trustee
as the Holder of the Lower-Tier Regular Interests with respect to the Mortgage Loans that it is servicing. The Collection Account
shall be established and maintained as an Eligible Account. Amounts attributable to Excess Interest will be assets of the Grantor
Trust. Amounts attributable to the Companion Loans will not be assets of the Trust Fund.

 

The Master Servicer shall
deposit or cause to be deposited in the Collection Account within two Business Days following receipt of properly identified funds
of the following payments and collections received or made by or on behalf of it on or with respect to the Mortgage Loans subsequent
to the Cut-off Date:

 

(i)          all
payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), including
the principal component of all Unscheduled Payments;

 

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(ii)         all
payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) (net of
the related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges, Excess Interest and the
interest component of all Unscheduled Payments;

 

(iii)        any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized
on Permitted Investments with respect to funds held in the Collection Account;

 

(iv)        all
Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to Section
3.15(b) of this Agreement;

 

(v)         any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the Mortgage Loans
(other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the Master Servicer
as provided herein;

 

(vi)        all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than any Mortgage
Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related to a Serviced Whole Loan),
other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the Mortgage
Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant to
Section 9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related to a Serviced
Whole Loan); provided, that any Liquidation Proceeds related to a sale, pursuant to Section 3.16 hereof or pursuant
to the related Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into
the Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Available Funds;

 

(vii)       Penalty
Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to offset
interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(c) of this Agreement;

 

(viii)     any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement
in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgage
Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

(ix)        any
other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from the
Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans or any
mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement
obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable, other

 

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than
in respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special Servicer;

 

(x)         any
Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any Non-Serviced
Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(c) of this Agreement;

 

(xi)        any
Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xii)       in
the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced Whole
Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In the case of Gain-on-Sale
Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall
hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit of the Certificateholders (other
than the Holders of the Class V Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests and (iii) for the
benefit of any Serviced Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately from
any other amounts held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion
Loan also identified separately).

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Intercreditor
Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension
fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master
Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special
Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received
with respect to the Mortgage Loans that it is servicing as additional compensation.

 

If the Master Servicer
deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from
the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i), (ii), (v) and (vi) of this Agreement above with respect to any Specially Serviced Loan which
is not a Serviced REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except,
if such amounts are not properly identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts
within one Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance
with the second paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent with
the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate
reason. Any such amounts received by

 

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the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO
Property related to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the
Master Servicer for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any
related Serviced Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With respect to any
such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty
such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

(b)        The Certificate
Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit of the Trustee,
for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Lower-Tier Distribution
Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(c)         With respect to
each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Master Servicer Remittance
Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)
of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant to Section 3.06 of this Agreement.
Upon receipt from the Master Servicer of such amounts held in the Collection Account, the Certificate Administrator shall deposit
in (A) the Lower-Tier Distribution Account (i) the amount of Available Funds to be distributed pursuant to Section 4.01
of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to any Mortgage Loan to be deposited
into the Lower-Tier Distribution Account (which the Certificate Administrator shall then deposit in the Gain-on-Sale Reserve Account)
pursuant to Section 3.06 of this Agreement, (B) the Interest Reserve Account as part of the Lower-Tier REMIC, the amount
of any Withheld Amounts to be deposited pursuant to Section 3.05(e) of this Agreement and (C) in the Excess Interest Distribution
Account, the Excess Interest to be distributed to the Holders of the Class V Certificates.

 

(d)         If any Loss of
Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant to or as contemplated
by Section 2.03(e) of this Agreement, the Special Servicer shall establish and maintain one or more non-interest bearing
accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders,
for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible
Account or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve
Fund all Loss of Value Payments received by it. The Certificate Administrator shall account for the Loss of Value Reserve Fund
as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of either Trust REMIC
or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out
of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as contributed to and distributed by
the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage
Loan Seller as distributions by the Trust Fund to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund.
The applicable Mortgage Loan Seller will

 

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be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes,
and shall be taxable on all income earned thereon.

 

(e)         The Certificate
Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the Trustee, for the
benefit of the Certificateholders (other than the Holders of the Class V Certificates) and the Trustee as the Holder of the Lower-Tier
Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible Account or as a sub-account
of an Eligible Account.

 

On each Master Servicer
Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each calendar year,
unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the Certificate Administrator
shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate Administrator shall, with respect
to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months, withdraw or be deemed
to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account an amount
equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If the Certificate Administrator
shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time withdraw such
amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the Master Servicer
Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month), the Certificate
Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest
Reserve Account.

 

(f)          The Certificate
Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the Trustee and
for the benefit of the Certificateholders. The Upper-Tier Distribution Account shall be established and maintained as an Eligible
Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator shall withdraw
or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Upper-Tier Distribution
Account on or before such date the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance
Charges for such Distribution Date to be distributed in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a)
and Section 4.01(c) of this Agreement on such date.

 

(g)        With respect to
each Serviced Whole Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to be maintained, a
Serviced Whole Loan Collection Account in which the Master Servicer shall deposit or cause to be deposited within two Business
Days following receipt of properly identified funds the following payments and collections received or made by or on behalf of
it on such Serviced Whole Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)          all
payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

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(ii)         all
payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums,
Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)        any
amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments
with respect to funds held in such Serviced Whole Loan Collection Account;

 

(iv)        all
Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

(v)         any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such Serviced
Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)        all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any related
Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase
of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution
Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of such Serviced Whole Loan; provided, that any Liquidation Proceeds
related to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of a Mortgage Loan
included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses relating
to that Mortgage Loan and to Available Funds and any Liquidation Proceeds related to a sale of a related Serviced Companion Loan
included in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and applied solely to pay
expenses relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion Loan Noteholder;

 

(vii)       Penalty
Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made by a
Serviced Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

(viii)      any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in connection
with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced Whole Loan;

 

(ix)        any
other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine indebtedness
that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set
forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the applicable
Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer;

 

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(x)         any
cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and

 

(xi)        any
Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The foregoing
requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section
3.12 hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction fees,
extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the applicable Serviced
Whole Loan Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable
law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled
to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation. If the Master
Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required to be deposited therein, it
may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision herein to the contrary notwithstanding.

 

Each Serviced
Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created for mortgage
backed securities of other series and the other accounts of the Master Servicer; provided, that such Serviced Whole Loan
Collection Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a ledger basis
but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection Account shall
be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Upon receipt
of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole Loan for
so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit within one Business
Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance with
the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable Servicing
Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any
such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall
initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer
for deposit into the applicable Serviced Whole Loan Collection Account pursuant to Section 3.15(b). With respect to any
such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially Serviced
Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such
check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into the applicable
Whole Loan REO Account.

 

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(h)          Notwithstanding
anything to the contrary contained herein, with respect to each Due Date and any related Serviced Companion Loan, on each Serviced
Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced Whole Loan Collection
Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder by wire transfer
in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor appearing on the
Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or, if no such account
so appears or information relating thereto is not provided at least five (5) Business Days prior to the date such amounts are required
to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder or its agent appearing
on the Serviced Companion Loan Noteholder Register) the portion of the applicable Serviced Whole Loan Remittance Amount allocable
to such Serviced Companion Loan Noteholder.

 

(i)          Prior to the Master
Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received, the Certificate Administrator
shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts, to be held in its own name
for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class V Certificates),
and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders, and the Trustee as holder of the
Lower-Tier Regular Interests. Each account that constitutes an Gain-on-Sale Reserve Account shall be an Eligible Account or a sub-account
of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account
or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the applicable Serviced Whole Loan Collection
Account, and remit to the Certificate Administrator (i) in the case of the Mortgage Loans (other than the Serviced Whole Loans),
for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate Administrator shall then deposit
in the Gain-on-Sale Reserve Account), and (ii) in the case of the Serviced Whole Loans, for deposit in the Gain-on-Sale Reserve
Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination Date immediately prior to
such Master Servicer Remittance Date which are allocable to a Mortgage Loan or Serviced Whole Loan; provided that on the
Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve Account
and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced Companion Loan as provided in Section
4.01(e)), for distribution on such Distribution Date, any and all amounts then on deposit in the Gain-on-Sale Reserve Account
attributable to the Mortgage Loans.

 

(j)          Funds in the Collection
Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale
Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the provisions of Section 3.07
of this Agreement; provided, however, that for so long as U.S. Bank National Association is the Certificate Administrator,
funds on deposit in the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale Reserve Account shall not be invested.

 

The Master Servicer shall
give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account
number of the

 

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Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as of the Closing Date and shall
notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing on or prior
to the Closing Date and prior to any subsequent change thereof. In addition, the Master Servicer shall provide notice to each affected
holder of a Serviced Companion Loan of the location and account number of the relevant Serviced Whole Loan Collection Account as
well as notice in writing on or prior to the Closing Date and prior to any subsequent change thereof. The Certificate Administrator
shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account
number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date and shall notify the Depositor, the
Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.

 

(k)         The Certificate
Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for the benefit of the Holders
of the Class V Certificates, with respect to the Excess Interest, which shall be an asset of the Grantor Trust and beneficially
owned by the Holders of the Class V Certificates and shall not be an asset of either Trust REMIC. The Excess Interest Distribution
Account shall be established and maintained as an Eligible Account or as a subaccount of an Eligible Account. Following the distribution
of Excess Interest to the Class V Certificateholders on the first Distribution Date after which there are no longer any Mortgage
Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess
Interest Distribution Account.

 

Section
3.06     Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection
Accounts and the Distribution Accounts; Trust Ledger. (a) The Master Servicer shall maintain a separate Trust Ledger with
respect to the Mortgage Loans that it is servicing on which it shall make ledger entries as to amounts deposited (or
credited) or withdrawn (or debited) with respect thereto. On each Master Servicer Remittance Date (or such other date as may
be specified below or on which funds are available for such purpose as specified below), with respect to each Mortgage Loan
(other than any Mortgage Loan related to a Serviced Whole Loan unless otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii), (xiii), (xv), (xvi)
and (xvii) of this Section 3.06(a)), the Master Servicer shall make withdrawals from amounts allocated thereto
in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order set forth below
not constituting an order of priority for such withdrawals):

 

(i)          on
or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, (A) to remit to the Certificate Administrator
the amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the Serviced Whole
Loan Collection Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (including without limitation
the aggregate of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale Proceeds) which the Certificate
Administrator shall then deposit into the Upper-Tier Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve
Account, pursuant to Section 3.05(f), Section 3.05(e) and Section 3.05(i) of this Agreement, respectively
and (B) to remit to the Certificate Administrator an amount equal to the Excess Interest received in the Collection Period to
be deposited into the Excess Interest Distribution Account;

 

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(ii)         to
pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to
the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating Advisor, unpaid
Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect
of each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included
in a Serviced Whole Loan), as applicable, the Master Servicer’s, the Operating Advisor’s or Special Servicer’s,
as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation Fees and Workout
Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or Serviced REO Loan (exclusive
of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, being limited to amounts received
on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether in the form of payments, Liquidation
Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) the Special Servicer,
any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or Serviced REO
Loan, as applicable, remaining unpaid out of general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties,
but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan
Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts
on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders),
(C) each month to the Other Servicer or Other Special Servicer, as applicable, the Trust’s pro rata portion (based
on the related Mortgage Loan’s Stated Principal Balance) of any unpaid special servicing fees, liquidation fees, workout
fees and additional trust expenses in respect of a Non-Serviced Mortgage Loan remaining unpaid (including amounts payable to such
parties under Section 1.04 of this Agreement), out of general collections on the Mortgage Loans, Specially Serviced Loans
and REO Properties, (D) the Operating Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent such Operating
Advisor Consulting Fees were received from the related Borrower) and (E) the Asset Representations Reviewer, any (i) unpaid Asset
Representations Reviewer Monitor Fee or (ii) any Asset Representation Reviewer Asset Review Fee payable in connection with any
Asset Review that was performed as a result of an Affirmative Asset Review Vote;

 

(iii)        to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances, which are
reimbursable pursuant to clause (v) below , and exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced
Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited
to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage Loan or Serviced
REO Loan included in the Serviced Whole Loan; provided that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan

 

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as
to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be reimbursed on a pro rata
basis with any reimbursement to the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest
advances with respect to the applicable Serviced Companion Loan, from collections on the related Serviced Whole Loan allocable
to such Serviced Subordinate Companion Loan) during the applicable period; provided, further, that if such P&I
Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed from amounts
recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse such Workout-Delayed
Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all of the Mortgage Loans
and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal
to the extent provided in clause (v) below;

 

(iv)        to
reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive of the
Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced Whole
Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive payment
pursuant to this clause (iv) with respect to any Mortgage Loan or Serviced REO Property being limited to, as applicable, payments
received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced REO Property; provided,
that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be
reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of
the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries
of principal to the extent provided in clause (v) below;

 

(v)         (A)
to reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), (1) with respect
to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds,
if any, received on the related Mortgage Loan and related REO Properties, second, out of the principal portion of general
collections on the Mortgage Loans and REO Properties, and then, to the extent the principal portion of general collections
is insufficient and with respect to such deficiency only, subject to any election at its sole discretion (or at the Trustee’s
sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this Section 3.06(a) of
this Agreement, out of other collections on the Mortgage Loans and REO Properties and (2) with respect to the Workout-Delayed
Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of
such amounts being reimbursed pursuant to the preceding clause (1) above, but in the case of either clause (1) or (2) above with
respect to each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection
Account are insufficient

 

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therefor
after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer
shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion
Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion (or such other amount as may be set forth in the related Intercreditor
Agreement) of such amount representing Servicing Advances allocable to the related Serviced Companion Loans from the related Companion
Loan Noteholders), and (B) to pay itself or the Special Servicer out of general collections on the Mortgage Loans and REO Properties,
with respect to any Mortgage Loan or Serviced REO Property any related earned Servicing Fee, Special Servicing Fee, Liquidation
Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination
made with respect to such Mortgage Loan or Serviced REO Property and the deposit into the Collection Account of all amounts received
in connection therewith, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders) and (C) to reimburse the related Other Servicer, the related Other Special Servicer and the
related Other Trustee, as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s
pro rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance) of nonrecoverable servicing
advances previously made with respect to the related Non-Serviced Mortgage Loans;

 

(vi)        (A)
at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property),
for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement
Amount) made with respect to a Mortgage Loan pursuant to clause (iii) above, to pay itself or the Trustee, as applicable, any
Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing Advances (including any such Advance that
constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan or Serviced REO Property pursuant to
clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon
or (3) any Nonrecoverable P&I Advances made with respect to a Mortgage Loan or Serviced REO Property and any Nonrecoverable
Servicing Advances made with respect to a Mortgage Loan or REO Property or any Workout-Delayed Reimbursement Amounts pursuant
to clause (v) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon,
in each case, first, from Penalty Charges as provided in Section 3.12(c) and then, from general collections, but in the
case of a Serviced Whole Loan only to the extent that such Nonrecoverable Advance has been reimbursed and only to the extent that
amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account
any allocation set forth in the related Intercreditor Agreement (provided that the Master

 

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Servicer
shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion
Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion of such amount representing Advance Interest Amounts on Servicing
Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (B) at such time as
it reimburses the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, for
any nonrecoverable servicing advances made with respect to any related Non-Serviced Mortgage Loan or the related REO Property
pursuant to clause (v) above, to pay the related Other Servicer, the related Other Special Servicer and the related Other Trustee,
as applicable, any interest accrued and payable thereon;

 

(vii)       to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any
unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or substitution
obligation of the applicable Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 6 of the applicable
Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance of its duties under
Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution obligation or any other obligation
of the Mortgage Loan Seller, together with interest thereon at the Reimbursement Rate, each such Person’s right to reimbursement
pursuant to this clause (vii) with respect to any Mortgage Loan exclusive of any Mortgage Loan included in the Serviced Whole
Loan) subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan, then such Person’s right to reimbursement
shall be limited to that portion of the Purchase Price that represents such expense in accordance with clause (f) of the definition
of Purchase Price, or (b) if no Purchase Price is paid or if an amount less than the Purchase Price is paid and proceedings are
instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant to the applicable Mortgage Loan
Purchase Agreement or if a Loss of Value Payment is made, then such Person shall be entitled to reimbursement from the Trust following
the adjudication of such proceedings in favor of such Mortgage Loan Seller, settlement of the Breach or Defect claim, or payment
of such Loss of Value Payment, as the case may be;

 

(viii)      to
pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan included
in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)        (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest
and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section
3.12 of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for any
period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on the
Mortgage Loans that are not Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced
Whole Loan), but only to the extent collected from the

 

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related
Borrower and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan have been paid
and are not needed to pay interest on Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional
Trust Fund Expenses incurred with respect to such Mortgage Loan during or prior to the related Collection Period (including Special
Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay the Special Servicer, as additional servicing compensation in
accordance with Section 3.12, Net Default Interest and any other Penalty Charges on Specially Serviced Loans (exclusive
of any Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan), but only to the extent collected from the related
Borrower and only to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan have
been paid and are not needed to pay interest on Advances or Additional Trust Fund Expenses (including Special Servicing Fees,
Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)         to
pay itself, the Special Servicer, the Depositor, the Operating Advisor or any of their respective directors, officers, members,
managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a)
of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related
Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the
Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts
to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata
portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders));
provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed
allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage
Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xi)        to
pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit
in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set
forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts
on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan
Noteholders)); provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall
be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular
Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

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(xii)       to
pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed on
the Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses,
to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement,
except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be reimbursed, first,
out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Companion Loan and the related
Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain
unreimbursed, out of the Collection Account; provided, that for the purposes of allocating Additional Trust Fund Expenses,
(i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b)
if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal
Balances of the Mortgage Loans;

 

(xiii)      to
reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans and REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely
to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan
Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans;
provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated,
(a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro
rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xiv)      to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 of this Agreement with respect to each Mortgage
Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant
to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xv)       to
pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Asset
Representations Reviewer or the Depositor, as the case may be, any amount specifically required to be paid to such Person at the
expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this Section
3.06(a) of this Agreement (and, in the case of an amount specifically related to a Serviced Whole Loan, only to the extent
that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into
account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after
receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders)), it being acknowledged that this clause (xv) shall not be construed to modify any limitation
or

 

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requirement
otherwise set forth in this Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount
or as to the funds from which any such payment or reimbursement is permitted to be made; provided, that (i) any amounts
so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related
to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of
the Mortgage Loans;

 

(xvi)      to
withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto (including
any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

(xvii)     to
pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income
earned on funds deposited in the Collection Account;

 

(xviii)    to
transfer Gain-on-Sale Proceeds allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the Certificate
Administrator into the Gain-on-Sale Reserve Account in accordance with Section 3.05(i) of this Agreement;

 

(xix)       to
pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan,
if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement,
all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution,
with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month
of substitution, in accordance with the third paragraph of Section 2.03(g) of this Agreement;

 

(xx)        to
pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this
Agreement; provided, that any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan,
to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based
on the respective Stated Principal Balances of the Mortgage Loans;

 

(xxi)       pursuant
to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty License
Fee to CREFC® on a monthly basis; and

 

(xxii)      to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

The Master Servicer shall
pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly upon receipt of a
certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special Servicer is entitled.
The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.
The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and Serviced REO Loan and any
related

 

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Serviced Companion Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for
withdrawal from the Collection Account.

 

The Master Servicer shall
keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts allocable to each
Mortgage Loan, and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal, debit or credit
from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the Certificate Administrator
such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine
the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess Interest; and (iii) the
Companion Loans.

 

The Master Servicer shall
pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special Servicer,
the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts permitted to be paid to
such person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a responsible officer of
the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of an officer of the Operating Advisor,
a certificate of an officer of the Asset Representations Reviewer, a certificate of a Servicing Officer or a certificate of the
Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such Person is entitled (unless
such payment to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special
Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically required pursuant
to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this Agreement, in which
case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and shall have no duty to
recalculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC®, the Operating Advisor, the Asset
Representations Reviewer and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12)
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Custodian/Trustee
Fees, Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty
License Fee, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting
Fees are actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee, Advances, Advance Interest
Amounts (for each of such Persons other than CREFC®), their respective indemnification payments (if any) pursuant
to Section 6.03, Section 8.05 or Section 12.02 of this Agreement (for each of such Persons other than CREFC®),
their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit
in the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees)
for which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund and
paid from amounts on deposit in the Collection Account on behalf of such party pursuant to this Agreement. In addition, the Certificate
Administrator, the Trustee, the Special Servicer, the Master Servicer, the Operating Advisor and

 

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the Asset Representations Reviewer
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement and payment of any federal, state or local taxes imposed on either Trust REMIC.

 

Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances, the Serviced
Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer
or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining
amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement immediately,
may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the Collection Period
ending on the then-current Determination Date for successive one-month periods for a total period not to exceed 12 months (with
the consent of the Directing Certificateholder, for so long as no Control Termination Event has occurred and is continuing, for
any deferral in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in its
sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon),
then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in
the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in such
a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described above
prior to payment from other collections). In connection with a potential election by the Master Servicer or the Trustee to refrain
from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period ending
on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized (in
its sole discretion) to wait for principal collections on the Mortgage Loans and Serviced Companion Loans to be received before
making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof)
until the end of such Collection Period; provided, the Master Servicer or the Trustee shall give notice of its election
to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to it of Nonrecoverable Advances from
amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee determines
in its sole discretion that waiting 15 days after such a notice could jeopardize its ability to recover Nonrecoverable Advances,
(2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee that could affect
or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable
Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has not timely received from the Certificate
Administrator information requested by the Master Servicer or the Trustee to consider in determining whether to defer reimbursement
of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee shall give
notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest
on the Mortgage Loans as soon as reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to 

 

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Section 3.14(d) of this Agreement).
Neither the Master Servicer nor the Trustee shall have any liability for any loss, liability or expense resulting from any notice
provided to each Rating Agency contemplated by the immediately preceding sentence.

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section
3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer
or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral
as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Accounts for such Distribution Date.
Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance
or portion thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Reimbursement
Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master
Servicer’s or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set
forth above is an accommodation to the Certificateholders and, as applicable, the Serviced Companion Loan Noteholders and shall
not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders
or the Serviced Companion Loan Noteholders. Nothing herein shall be deemed to create in the Certificateholders or the Serviced
Companion Loan Noteholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as
applicable, right to reimbursement for Advances (deferred or otherwise). In all events, the decision to defer reimbursement or
to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and
neither the Master Servicer, the Trustee nor the other parties to this Agreement shall have any liability to one another or to
any of the Certificateholders or any of the Serviced Companion Loan Noteholders for any such election that such party makes as
contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic or other effects that may arise
from such an election.

 

None of the Master Servicer,
the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination, or to prohibit any such
other authorized Person from making a determination, that an Advance constitutes, or would constitute a Nonrecoverable Advance.

 

If the Master Servicer,
the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general collections for any
unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest Amount), then (for
purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been
made: first, out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance
and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date and, second,
out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest
Amount, would be included in Available Funds for any subsequent Distribution Date.

 

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 If
and to the extent that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable
Advance or to pay the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced,
to not less than zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable
Advance, (ii) such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated
above and (iii) the particular item for which such Advance was originally made is subsequently collected out of payments or other
collections in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that corresponds
to the Collection Period in which such item was recovered shall be increased by an amount equal to the lesser of (A) the amount
of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution Date as contemplated
in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the Advance Interest Amount.

 

(b)           The
Master Servicer shall maintain a separate Trust Ledger with respect to the Serviced Whole Loans that it is servicing on which
it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master
Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified
below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in
the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)          to
make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the applicable
Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders within the time frame specified in,
and otherwise in accordance with Section 3.05(h) and (B) to the Collection Account for the benefit of the Trust in respect
of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor Agreement (after
taking into account the amounts permitted to be withdrawn from the Serviced Whole Loan Collection Account pursuant to this Section
3.06(b)) provided that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan by the related seller
thereof shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation Proceeds relating
to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall be remitted solely
to the Collection Account;

 

(ii)          to
pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees
to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to the Special Servicer
unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO
Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to payment of Servicing
Fees, Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with respect to
such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect of such
Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or

 

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Condemnation
Proceeds), or such Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation
Proceeds), that are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered
by clause (ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole
Loan or related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account as provided
in Section 3.06(a)(ii) of this Agreement;

 

(iii)          to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage Loan
and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with
respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced
Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received
in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement), during the applicable period; provided, that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be
reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided,
further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)          to
reimburse the Trustee or itself, in that order, as applicable (with respect to such Serviced Whole Loan or Serviced REO Property),
for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property, the Master Servicer’s
or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being limited to, as applicable, related
payments by the applicable Borrower with respect to such Servicing Advance, Liquidation Proceeds, Insurance Proceeds and Condemnation
Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided, that if such Servicing Advance becomes a
Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be reimbursed in
accordance with clause (v) below;

 

(v)          (A)
to reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property), as applicable
(x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds
and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second, out of general collections
in the Collection Account as provided in Section 3.06(a) and (y) with respect to the Workout-Delayed Reimbursement Amounts,
first, out of the principal portion of the general collections on the Serviced Whole Loan and related REO Properties, net
of such amounts being reimbursed pursuant to the subclause first in the preceding clause (x) above and second out
of general collections in the Collection Account as provided in Section 3.06(a); 

 

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provided
that in the case of both clause (x) and clause (y) of this clause (v), prior to making any reimbursement from general collections,
such reimbursements shall be made first, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any,
and then from collections on, and proceeds of the related Mortgage Loan, or in the case of a Serviced Pari Passu Whole Loan with
a Serviced Pari Passu Companion Loan, on a pro rata basis as between the Mortgage Loan and any related Serviced Pari Passu
Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s
principal balance) and then from general collections of the Trust (provided that, in the case of a Servicing Advance that
is a Nonrecoverable Advance, the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account,
if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on
behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion
of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) or (B) to pay itself
or the Special Servicer out of general collections on such Serviced Whole Loan and related REO Properties, any related earned
Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause
(ii) above following a Final Recovery Determination made with respect to such Serviced Whole Loan or related REO Property and
the deposit into the applicable Serviced Whole Loan Collection Account of all amounts received in connection therewith; provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (v) with respect to
any such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount that is a P&I Advance, being limited (except to the
extent set forth in Section 3.06(a)) to amounts on deposit in the applicable Serviced Whole Loan Collection Account that
were received in respect of the particular Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the
related Intercreditor Agreement) in the related Serviced Whole Loan as to which such Nonrecoverable Advance or such Workout-Delayed
Reimbursement Amount were incurred (provided, that to the extent such amounts are insufficient to repay such Advances on
any Mortgage Loan as to which there is a related Subordinate Companion Loan, such P&I Advances may be reimbursed from collections
on the related Serviced Whole Loan allocable to such Subordinate Companion Loan);

 

(vi)          at
such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I Advance with
respect to the applicable Mortgage Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) or
any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause (iii)
above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest Amounts
accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed
Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the Special Servicer or the Trustee, as the case may be, any
Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself,
the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as the case may be, any Advance Interest Amounts
accrued and payable thereon, with such

 

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amounts
payable in the case of clauses (A), (B) and (C) above, first, from Penalty Charges pursuant to Section 3.12(c),
then, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then, from collections on, and
proceeds of on a pro rata basis as between the Mortgage Loan and any related other Serviced Pari Passu Companion Loans (based
on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance),
provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (vi) with
respect to any such interest on P&I Advances (including any such P&I Advance that is a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount) being limited to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received
in respect of the particular Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement) in the related Serviced Whole Loan as to which such advance relates (provided, that any Mortgage Loan as to which there
is a related Subordinate Companion Loan, such interest on P&I Advances may be reimbursed from collections on the related Serviced
Whole Loan allocable to such Subordinate Companion Loan);

 

(vii)          to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as applicable,
for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to the Mortgage
Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage
Loan Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage loan purchase agreement, including,
without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such Person’s right to
reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited to that portion of the Purchase
Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e) of the definition of Purchase
Price (or, with respect to a Serviced Companion Loan, a comparable expense);

 

(viii)         to
pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced Whole
Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)          (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest and investment income
earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole Loan Collection Account
as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such Serviced Whole
Loan Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date)
and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by the related
Intercreditor Agreement and other than Specially Serviced Loans) but only to the extent collected from the related Borrower and
to the extent that all amounts then due and payable with respect to the Serviced Whole Loans have been paid and are not needed
to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion Loan Service Provider
and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related

 

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Intercreditor
Agreement; and (B) to pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph of
Section 3.12, the portion of any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the
extent prohibited by the related Intercreditor Agreement), during the period it is a Specially Serviced Loan (but only to the
extent collected from the related Borrower and to the extent that all amounts then due and payable with respect to the related
Specially Serviced Loan have been paid and are not needed to pay interest on Advances, interest on debt service advances made
by the related Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12
and the related Intercreditor Agreement);

 

(x)            to
recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;

 

(xi)           to
pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and
agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b), to the
extent that such amounts relate to such Serviced Whole Loans;

 

(xii)          to
pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a), 3.15(b) and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loans;

 

(xiii)         to
pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state and local
taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all incidental
costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate Administrator
nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to the related Mortgage
Loan or to the Serviced Companion Loans (but only to the extent that any Serviced Companion Loan is included in a REMIC);

 

(xiv)         to
reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;

 

(xv)          to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 with respect to the Mortgage Loan included in such
Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent
to the date of purchase relating to periods after the date of purchase;

 

(xvi)         to
deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan included in such Serviced Whole Loan required
to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);

 

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(xvii)        to
pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the case may
be, to the extent that such amounts relate to the Mortgage Loan included in such Serviced Whole Loan, any amount specifically
required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is
not made in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall not be construed
to modify any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor Agreement as to
the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment
or reimbursement is permitted to be made;

 

(xviii)       to
pay the related Mortgage Loan Seller with respect to the Mortgage Loan included in such Serviced Whole Loan, if any, previously
purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts
received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect
to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution,
in accordance with the third paragraph of Section 2.03(g); and

 

(xix)         to
clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.

 

In
the case of the amounts payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if
such amount is not specifically payable, pursuant to the terms of this Agreement or the related Intercreditor Agreement, out of
collections or proceeds allocable to any particular note that is a part of such Serviced Whole Loan, such amount shall be paid
from collections on, and proceeds of the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and
proceeds of, on a pro rata basis as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans
(based on the related Mortgage Loan’s principal balance or the related Serviced Pari Passu Companion Loan’s principal
balance), and then, to the extent provided for in this Agreement, from general collections.

 

The
Master Servicer shall keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate,
for the purpose of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to
any Serviced Whole Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then,
from the Master Servicer’s Collection Account to the extent permitted by Section 3.06(a). Upon request, the Master
Servicer shall provide to the Certificate Administrator such records and any other information in the possession of the Master
Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC and the Companion
Loans.

 

The
Master Servicer shall pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid
to it therefrom promptly upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and
amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall
have no duty to recalculate the amounts stated therein. The Special Servicer

 

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shall
keep and maintain separate accounting for each Specially Serviced Loan included in the Serviced Whole Loan and related REO Loan,
on a loan by loan and property by property basis, for the purpose of justifying any request for withdrawal from any Serviced Whole
Loan Collection Account.

 

Any
permitted withdrawals under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to
an Other Trustee shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent
of the Other Trustee, if any.

 

Notwithstanding
anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from
the related Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with
respect to any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement,
within two Business Days of receipt thereof and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business Day
after the receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments on such Serviced
Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior to 3:00 p.m. (New
York City time) (provided, however, that to the extent any such amounts are received after 3:00 p.m. (New York City
time) on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such amounts within one
Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such amounts within two
Business Days of receipt of properly identified funds) on the related Due Date therefor (exclusive of any portion of such amount
payable or reimbursable to any third party in accordance with the related Intercreditor Agreement or this Agreement), unless such
amount would otherwise be included in the monthly remittance to the holder of such Serviced Companion Loan for such month.

 

If
the Master Servicer fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date or any other date a remittance
is required to be made, to remit to the Certificate Administrator (in respect of the related Mortgage Loan) or the Serviced Companion
Loan Noteholders (in respect of any related Serviced Companion Loan) any amounts required to be so remitted hereunder by such
date (including any P&I Advance pursuant to Section 4.07 and any Gain-on-Sale Proceeds allocable to the Serviced Companion
Loans pursuant to Section 4.01(d)(i), the Master Servicer shall pay to the Certificate Administrator (in respect of the Mortgage
Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loan), for the account of the Certificate
Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion
Loans), interest, calculated at the Prime Rate, on such amount(s) not timely remitted, from the time such payment was required
to be made (without regard to any grace period) until (but not including) the date such late payment is received by the Certificate
Administrator or the Serviced Companion Loan Noteholders, as applicable.

 

(c)          On
each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or
the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master
Servicer or the Special Servicer, as applicable.

 

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(d)           With
respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion Loan
exceed amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable
to such Serviced Companion Loan. The Master Servicer or Special Servicer, as applicable, shall seek (on behalf of the Trust Fund,
subject to the related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate Companion
Loan, if any, and then for the pro rata portion of such expenses allocable to the Serviced Pari Passu Companion Loan from the
related Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization, out of
general collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.

 

(e)           If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related
Serviced REO Property, then the Special Servicer shall (provided that, (1) with respect to clause (iv) below, the Special
Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect to
clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five Business
Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof)
from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes:

 

(i)         to
reimburse the Master Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for any Nonrecoverable
Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with the Advance
Interest Amount);

 

(ii)        to
pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value
Payments, would constitute an Additional Trust Fund Expense;

 

(iii)       to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be
(as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan
or any related successor REO Loan;

 

(iv)       following
the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property and any related
transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any other
Mortgage Loan or Serviced REO Loan; and

 

(v)        On
the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above, to each Mortgage
Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage

 

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Loan
Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are attributable to such Mortgage
Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred with respect to the Mortgage
Loan related to such contribution.

 

Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be treated
as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect thereto
for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant
to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage
Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated
by clauses (i)-(iv) of the prior paragraph.

 

(f)          The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following
purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid
from the Collection Account:

 

(i)            to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges distributable
pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions on the
Class R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)           to
pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fees;

 

(iii)          to
pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account
pursuant to Section 3.07(b) of this Agreement;

 

(iv)          to
pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case
may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c) and
Section 8.05(d) of this Agreement;

 

(v)           to
recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)          to
clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

(g)           The
Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)            to
make distributions to Certificateholders (other than Holders of the Class V Certificates) (in the case of the Holders of the Class
R Certificates, in respect of the

 

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Class UTR Interest) on each Distribution Date pursuant to Section 4.01 or Section
9.01 of this Agreement, as applicable;

 

(ii)           to
recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)          to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

Section
3.07     Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts,
the Cash Collateral Accounts and the Reserve Accounts. (a) The Master Servicer (with respect to the Collection Account,
and any Serviced Whole Loan Collection Account and any Borrower Accounts (as defined below and subject to the second succeeding
sentence)), the Special Servicer (with respect to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator
(with respect to the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale Reserve Account) may direct any
depository institution maintaining the Collection Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve
Account, any Borrower Accounts, any REO Account, any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution
Accounts (each such account, for purposes of this Section 3.07, an “Investment Account”), to invest
the funds in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that
mature, unless payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn
from such Investment Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Master
Servicer, the Special Servicer or the Certificate Administrator shall be documented in writing and shall provide evidence that
such investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the
case of any Escrow Account, Lock-Box Account, Cash Collateral Account or Reserve Account (the “Borrower Accounts”),
the Master Servicer shall act upon the written request of the related Borrower or Manager to the extent that the Master Servicer
is required to do so under the terms of the respective Loan Documents, provided that in the absence of appropriate written
instructions from the related Borrower or Manager meeting the requirements of this Section 3.07, the Master Servicer shall
have no obligation to, but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All
such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account
shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate
Administrator shall have sole control (except with respect to investment direction which shall be in the control of the Master
Servicer or the Special Servicer, with respect to any REO Accounts, as an independent contractor to the Trust Fund) over each
such investment and any certificate or other instrument evidencing any such investment shall be delivered directly to the Certificate
Administrator or its agent (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary
to transfer title to such investment to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall
have any responsibility or liability with respect to the investment directions of the Master Servicer, the Special Servicer, any
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall
have no

 

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responsibility
or liability with respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall
have no responsibility or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator,
the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the
event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master
Servicer (or the Special Servicer or the Certificate Administrator, as applicable) shall:

 

(x)          consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount
required to be withdrawn on such date; and

 

(y)          demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer or the Certificate
Administrator, as applicable) that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter
on deposit in the related Investment Account.

 

(b)          All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer
(except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for the benefit of the related
Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable law, (ii) any REO Account
and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the Gain-on-Sale Reserve Account,
the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the Certificate Administrator) and,
if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution Account shall be subject
to withdrawal by the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, in accordance with
Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer, or with respect to any REO
Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve Account, the Distribution
Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account, applicable Serviced Whole
Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account, the Interest Reserve
Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such Permitted Investment
immediately upon realization of such loss; provided, that the Master Servicer, the Special Servicer or the Certificate
Administrator, as applicable, may reduce the amount of such payment to the extent it forgoes any investment income in such Investment
Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower Account immediately
upon realization of such loss the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts
are invested at the direction of or for the benefit of the Borrower under the terms of the related Loan Documents for the Mortgage
Loan, Serviced Whole Loan or applicable law; provided that neither the Master Servicer nor the Special Servicer shall be
required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of
the insolvency of the federal or state chartered depository

 

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institution
or trust company that holds such Investment Account, so long as such depository institution or trust company has satisfied the
qualifications set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) 30 days prior
to such insolvency.

 

(c)          Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, the Trustee may, and
upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings. If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of
the Master Servicer, (ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer or (iii)
the Certificate Administrator, if such Permitted Investment was for the benefit of the Certificate Administrator, shall pay or
reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in
connection therewith.

 

Section
3.08    Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a) In the
case of each Mortgage Loan or Serviced Whole Loan, as applicable (but excluding any REO Loan and any Non-Serviced Mortgage Loan),
the Master Servicer shall use commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower,
with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Whole Loans that it is servicing, to
maintain the following insurance coverage (including identifying the extent to which such Borrower is maintaining insurance coverage
and, if such Borrower does not so maintain, the Master Servicer will itself cause to be maintained with Qualified Insurers) for
the related Mortgaged Property: (x) except where the Loan Documents permit a Borrower to rely on self-insurance provided by a
tenant, a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an
amount that is at least equal to the lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced
Whole Loan, as applicable, and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable,
but, in any event, in an amount sufficient to avoid the application of any co-insurance clause and (y) all other insurance coverage
(including, but not limited to, coverage for acts of terrorism) that is required, subject to applicable law, under the related
Loan Documents; provided, that:

 

(i)            the
Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property unless
the Trustee has an insurable interest and (x) such insurance policy was in effect at the time of the origination of the related
Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy was required by the related Loan Documents and
is available at commercially reasonable rates, provided that the Master Servicer shall require the related Borrower to
maintain such insurance in the amount, in the case of clause (x), maintained at origination, and in the case of clause (y), required
by such Mortgage Loan or Serviced Whole Loan, in each case, to the extent such amounts are available at commercially reasonable
rates and to the extent the Trustee has an insurable interest;

 

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(ii)           if
and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master Servicer
shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance coverage
from Qualified Insurers;

 

(iii)          the
Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause any
Borrower to maintain the insurance required to be maintained under the Loan Documents; provided, that this clause shall
not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)          except
as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)           to
the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer
will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially
reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)          any
explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer in
accordance with the Servicing Standard, (unless the Special Servicer, with the consent of the Directing Certificateholder if no
Control Termination Event has occurred and is continuing, has consented to a waiver (including a waiver to permit the Master Servicer
to accept insurance that does not comply with specific requirements contained in the Loan Documents) in writing of that provision
in accordance with the Servicing Standard); provided that the Special Servicer shall promptly notify the Master Servicer
in writing of such waiver.

 

The
Master Servicer shall notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Certificateholder
if the Master Servicer determines in accordance with the Servicing Standard that a Borrower under a Mortgage Loan (other than
a Non-Serviced Mortgage Loan) has failed to maintain insurance required under the Loan Documents and such failure materially and
adversely affects the interests of the Certificateholders or if a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) has notified the Master Servicer in writing that the Borrower does not intend to maintain such insurance and that the Master
Servicer has determined in accordance with the Servicing Standard that such failure materially and adversely affects the interests
of the Certificateholders.

 

Subject
to Section 3.15(b) of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable
efforts and only if the Trustee has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the
right of the Special Servicer to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage
that the Special Servicer determines to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified
Insurers to the extent

 

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reasonably
available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a) a fire and casualty extended
coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the
lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of the Mortgage Loan, Serviced
REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required by the related Loan Documents
(unless such amount is not available or, if no Control Termination Event has occurred and is continuing, the Directing Certificateholder
has consented to a lower amount)), but, in any event, in an amount sufficient to avoid the application of any co-insurance clause,
(b) a comprehensive general liability insurance policy with coverage comparable to that which would be required under prudent
lending requirements and in an amount not less than $1.0 million per occurrence, and (c) to the extent consistent with the Servicing
Standard, a business interruption or rental loss insurance covering revenues or rents for a period of at least 12 months; provided
that the Special Servicer shall not be required in any event to maintain or obtain insurance coverage described in this paragraph
beyond what is reasonably available at a commercially reasonable rate and consistent with the Servicing Standard.

 

All
such insurance policies maintained as described above shall contain (if they insure against loss to property) a “standard”
mortgagee clause, with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with
respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured,
with loss payable to the Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property).
Any amounts collected by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to
be applied to the restoration or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to
the related Borrower, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or,
in the case of the Serviced Whole Loans, in the applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant
to Section 3.06 of this Agreement, in the case of amounts received in respect of a Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan, or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant
to Section 3.15 of this Agreement, in the case of amounts received in respect of a Serviced REO Property. Any cost incurred
by the Master Servicer or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating
monthly distributions to Certificateholders or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of
the related Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan
so permit; provided, that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf
of the Trust Fund to enforce any obligations of the related Borrower under such Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan. Any costs incurred by the Master Servicer in maintaining any such insurance policies in respect
of the Mortgage Loans or Specially Serviced Loans (other than REO Properties) (i) if the Borrower defaults on its obligation to
do so, shall be advanced by the Master Servicer as a Servicing Advance and will be charged to the related Borrower and (ii) shall
not, for purposes of calculating monthly distributions to Certificateholders, be added to the Stated Principal Balance of the
related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit.

 

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Any
cost incurred by the Special Servicer in maintaining any such insurance policies with respect to Serviced REO Properties shall
be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with
the allocation provisions of the related Intercreditor Agreement) payable out of the related REO Account (or Serviced Whole Loan
REO Account, as applicable) or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as
a Servicing Advance (or paid from the Collection Account if the Master Servicer determines such Advance would be a Nonrecoverable
Advance, subject to Section 3.21(d) of this Agreement).

 

(b)          If
either:

 

(x)
the Master Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master
force-placed policy insuring against hazard losses on all of the Mortgage Loans (other than Non-Serviced Mortgage Loans), Serviced
Whole Loans or Serviced REO Properties, as applicable, then, to the extent such policy

 

(i)          is
obtained from a Qualified Insurer, and

 

(ii)         provides
protection equivalent to the individual policies otherwise required, or

 

(y)
the Master Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt
obligations or deposit accounts that are rated not lower than “A2” by Moody’s and “A-” by Fitch
or (B) one NRSRO (which may include Moody’s and/or Fitch) and A.M. Best Company), and the Master Servicer or Special Servicer
self-insures for its obligation to maintain the individual policies otherwise required,

 

then
the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard insurance
to be maintained on the related Mortgaged Properties or Serviced REO Properties, as applicable.

 

Such
a blanket or master force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the
Master Servicer or Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained
on any Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced REO Property thereunder
a hazard insurance policy complying with the requirements of Section 3.08(a) of this Agreement, and there shall have been
one or more losses that would have been covered by such an individual policy, promptly deposit into the Collection Account (or,
in the case of a Serviced Whole Loan, in the related Serviced Whole Loan Collection Account), from its own funds, the amount not
otherwise payable under the blanket or master force-placed policy in connection with such loss or losses because of such deductible
clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or
the related Serviced Whole Loan, as applicable (or, in the absence of any such deductible limitation, the deductible limitation
for an individual policy which is consistent with the Servicing Standard). The Master Servicer and Special Servicer shall prepare
and present, on behalf of itself, the Trustee, Certificateholders and, if applicable the Serviced Companion Loan

 

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Noteholders,
claims under any such blanket or master force-placed policy maintained by it in a timely fashion in accordance with the terms
of such policy. If the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property securing a Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or Serviced REO Property to be covered by such “force-placed” insurance
policy, the incremental costs of such insurance applicable to such Mortgaged Property or Serviced REO Property (i.e., other
than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or Serviced REO Property is
covered thereby) shall be paid as a Servicing Advance.

 

(c)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, that is subject
to an Environmental Insurance Policy, if the Master Servicer has actual knowledge of any event giving rise to a claim under an
Environmental Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall
take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance
Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect
to each Specially Serviced Loan and Serviced REO Property that is subject to an Environmental Insurance Policy, if the Special
Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy, such Special Servicer
shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate
Companion Loan, if any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing
Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer
or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.

 

(d)          The
Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties
as to which it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity bond
in such form and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable,
shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by
the terms of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the
case may be. Such fidelity bond shall provide that it may not be canceled without ten days’ prior written notice to the
Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent
if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not
lower than “A2” by Moody’s, “A-” by Fitch and no lower than its equivalent by KBRA if then rated
by KBRA, the Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the fidelity bond coverage
required as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.

 

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The
Master Servicer and Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of
the Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO
Properties exist as part of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance covering
loss occasioned by the errors and omissions of its officers and employees in connection with their servicing obligations hereunder,
which policy or policies shall be in such form and amount as are consistent with the Servicing Standard. The Master Servicer or
the Special Servicer, as applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has
such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or
Special Servicer, as the case may be. Any such errors and omissions policy shall provide that it may not be canceled without ten
days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the
Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate
parent), as applicable, are rated not lower than “A2” by Moody’s, “A-” by Fitch, and no lower than
its equivalent by KBRA if then rated by KBRA, the Master Servicer or the Special Servicer, as applicable, may self-insure with
respect to the errors and omissions coverage required as described above, in which case it shall not be required to maintain an
insurance policy with respect to such coverage.

 

Section
3.09     Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions.
(a) If any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan contains a provision in the nature
of a “due-on-sale” clause (including, without limitation, sales or transfers of Mortgaged Properties (in full or
part) or the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners), which by
its terms:

 

(i)           provides
that such Mortgage Loan or Serviced Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale
or other transfer of an interest in the related Mortgaged Property (including, without limitation, the sale, transfer, pledge
or hypothecation of direct or indirect interests in the Borrower or its owners),

 

(ii)          provides
that such Mortgage Loan or Serviced Whole Loan may not be assumed without the consent of the related mortgagee in connection with
any such sale or other transfer, or

 

(iii)         provides
that such Mortgage Loan or Serviced Whole Loan may be assumed or transferred without the consent of the mortgagee, provided
certain conditions set forth in the Loan Documents are satisfied,

 

then,
for so long as such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (or related Mortgage Loan)
is included in the Trust Fund, subject to the rights of the Directing Certificateholder, the Special Servicer, on behalf of the
Trust Fund, shall not be required to enforce any such due-on-sale clauses and in connection therewith shall not be required to
(x) accelerate payments thereon or (y) withhold its consent to such an assumption if (1) such provision is not exercisable under
applicable law or if the Special Servicer determines, subject to the rights of the Directing Certificateholder, that the enforcement
of such provision is reasonably likely to result in meritorious legal action by the Borrower or (2) the Master Servicer (with
the consent of the Special Servicer) or the Special Servicer, as applicable, determines, in

 

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accordance with the Servicing Standard
and subject to the rights of the Directing Certificateholder, that granting such consent would be likely to result in a greater
recovery, on a present value basis (discounting at the related Calculation Rate), than would enforcement of such clause. The Special
Servicer shall be responsible for determining whether (i) to enforce any such due-on-sale clauses or (ii) to provide its consent
to such an assumption, and for the handling of all related processing and documentation, or, if mutually agreed to by the Master
Servicer and the Special Servicer, the Master Servicer shall be required to process such request subject to the consent of the
Special Servicer. If the Special Servicer determines that (A) granting such consent would be likely to result in a greater recovery,
(B) such provision is not legally enforceable, or (C) that the conditions described in clause (a)(iii) above relating to the assumption
or transfer of a related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan have been satisfied, the
Special Servicer is authorized to take or enter into an assumption agreement from or with the Person to whom the related Mortgaged
Property has been or is about to be conveyed, and to release the original Borrower from liability upon such Mortgage Loan and
substitute the new Borrower as obligor thereon, provided that (a) the credit status of the prospective new Borrower is
in compliance with the Servicing Standard and the terms of the related Mortgage and (b) the Special Servicer has followed the
Rating Agency Confirmation process pursuant to Section 3.30 relating to the Certificates and Serviced Companion Loan Securities,
if any, with respect to Moody’s, Fitch or KBRA in the case of any such Mortgage Loan that (1) represents more than 5% of
the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000,
(2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups
of cross-collateralized Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000
or (4) is a Mortgage Loan as to which the related Serviced Companion Loan represents one of the ten largest mortgage loans in
the related Other Securitization based on outstanding principal balance (provided, that the Master Servicer or Special Servicer,
as applicable, shall be entitled to reasonably rely upon the written notification provided by the master servicer, special servicer,
trustee or certificate administrator of the applicable Other Securitization as to whether such Serviced Companion Loan is one
of the 10 largest mortgage loans in such Other Securitization). In addition, with respect to a Serviced Companion Loan, the Special
Servicer shall not waive any rights under a due on sale clause unless it first obtains a Rating Agency Confirmation with respect
to the related Serviced Companion Loan Securities. The Master Servicer and the Special Servicer shall be entitled to rely on the
master servicer and/or the special servicer of the Other Securitization to determine whether a No Downgrade Confirmation is required
with respect to the Serviced Companion Loans under the Other Securitization. In connection with each such assumption or substitution
entered into by the Special Servicer, the Special Servicer shall give prior notice thereof to the Master Servicer. The Special
Servicer shall notify the Trustee, the Master Servicer, the Certificate Administrator and the Directing Certificateholder that
any such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy to the Master Servicer,
the Certificate Administrator, the Trustee and the Directing Certificateholder, as applicable) the original copy of such agreement,
which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File
to the same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Loan
Documents, the Special Servicer shall not approve an assumption or substitution without requiring the related Borrower to pay
any fees owed to the Rating Agencies associated with the approval of such assumption or substitution.

 

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However, if the related
Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case of any Serviced
Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement);
provided that in the case of a Serviced Whole Loan the Master Servicer (if such Serviced Whole Loan is a Performing Loan)
or the Special Servicer (if such Serviced Whole Loan is a Specially Serviced Loan) shall be required, after receiving payment
from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related
Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced
Companion Loan from the holders of such Serviced Companion Loan.

 

(b)           If
any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms:

 

(i)           provides
that such Mortgage Loan or Serviced Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the
creation of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect ownership interest in the
borrower (including, unless specifically permitted, any mezzanine financing of the Borrower or the Mortgaged Property or any sale
or transfer of preferred equity in the Borrower or its owners),

 

(ii)          requires
the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged Property (including,
without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity
in the Borrower or its owners), or

 

(iii)         provides
that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its
owners), provided certain conditions set forth in the Loan Documents are satisfied,

 

then,
subject to Section 3.25, the Special Servicer, on behalf of the Trust Fund, shall not be required to enforce such due-on-encumbrance
clauses and in connection therewith, will not be required to (i) accelerate the payments on the related Mortgage Loan or Serviced
Whole Loan or (ii) withhold its consent to such lien or encumbrance, if the Special Servicer, subject to the rights of the Directing
Certificateholder, (x) determines, in accordance with the Servicing Standard that such enforcement would not be in the best interests
of the Trust Fund or the holder of the related Serviced Companion Loan, if applicable (giving due regard to the junior nature
of the related Subordinate Companion Loan, if any), or that in the case of a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan described in clause (b)(iii) above that the conditions to further encumbrance have been satisfied
and (y) as to any Mortgage Loan or Serviced Whole Loan, follows the Rating Agency Confirmation procedure pursuant to Section
3.30 with respect to Moody’s, Fitch or KBRA in the case of any such Mortgage Loan that (1) represents more than 2% of
the aggregate Stated Principal Balance of the Mortgage Loans then outstanding, (2) has a Stated Principal Balance that is more
than $20,000,000, (3)

 

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represents one of the ten largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based
on Stated Principal Balance, (4) has an aggregate loan-to-value ratio (including any existing and proposed additional debt) that
is equal to or greater than 85%, (5) has an aggregate Debt Service Coverage Ratio (in each case, determined based upon the aggregate
of the Stated Principal Balance of the related Mortgage Loan, any existing additional debt and the principal amount of the proposed
additional lien) that is less than 1.20x or (6) is a Mortgage Loan as to which the related Serviced Companion Loan represents
one of the ten largest mortgage loans in the related Other Securitization based on outstanding principal balance (provided, that
the Master Servicer or Special Servicer, as applicable, shall be entitled to reasonably rely upon the written notification provided
by the master servicer, special servicer, trustee or certificate administrator, as applicable, of the applicable Other Securitization
as to whether such Serviced Companion Loan is one of the 10 largest mortgage loans in such Other Securitization); provided
that with respect to clauses (1), (3), (4), (5) and (6), such Mortgage Loan shall have a Stated Principal Balance of at least
$10,000,000 for the requirement of a Rating Agency Confirmation to apply. In addition, with respect to each Serviced Companion
Loan, the Special Servicer shall not waive any rights under a due-on-encumbrance clause unless it first obtains a Rating Agency
Confirmation with respect to the related Serviced Companion Loan Securities. To the extent not precluded by the Loan Documents,
the Special Servicer shall not approve an assumption or substitution without requiring the related Borrower to pay any fees owed
to the Rating Agencies associated with the approval of such lien or encumbrance. However, if the related Borrower is required
but fails to pay such fees, such fees shall be an expense of the Trust Fund; provided that in the case of a Serviced Whole
Loan the Master Servicer (if such Serviced Whole Loan is a Performing Loan) or the Special Servicer (if such Serviced Whole Loan
is a Specially Serviced Loan) shall be required, after receiving payment from amounts on deposit in the Collection Account, if
any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise
on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for
a pro rata portion of such amount allocable to the related Serviced Companion Loans from the holders of such Serviced Companion
Loans. The Special Servicer shall be responsible for determining whether (i) to enforce any such due-on-encumbrance clauses or
(ii) to provide its consent to such a lien or due-on-encumbrance, and for the handling of all related processing and documentation
or, if mutually agreed to by the Master Servicer and the Special Servicer, the Master Servicer shall be required to process such
request subject to the consent of the Special Servicer.

 

(c)         Notwithstanding
any other provision of this Agreement, the Special Servicer may not waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause relating to any Mortgage Loan without, if no Control Termination Event has occurred
and is continuing, the consent of the Directing Certificateholder. The Directing Certificateholder shall have 10 Business Days
after receipt of notice along with the Special Servicer’s recommendation and analysis with respect to such waiver and any
additional information the Directing Certificateholder may reasonably request from the Special Servicer of a proposed waiver or
consent under any “due-on-sale” or “due-on-encumbrance” clause in which to grant or withhold its consent
(provided that if the Special Servicer fails to receive a response to such notice from the Directing Certificateholder in writing
within such period, then the Directing Certificateholder shall be deemed to have consented to such proposed waiver or consent).

 

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(d)         The
Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly post such waivers
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the related Other
17g-5 Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)          Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien
or other encumbrance with respect to such Mortgaged Property.

 

(f)          In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall not
agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a) of
this Agreement shall contain any terms that are different from, any term of any Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.

 

(g)         With
respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan which permits release of Mortgaged
Properties through defeasance:

 

(i)            Subject
to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions and Section 3.26(o)
with respect to actions that are Special Servicer Decisions, the Master Servicer shall process all defeasances of non-Specially
Serviced Mortgage Loans (other than any Non-Serviced Mortgage Loan) and related Serviced Companion Loans in accordance with the
terms of the related Loan Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that
for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification
Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding
anything herein to the contrary, the Master Servicer shall process such defeasances without the consent of the Special Servicer
(or Directing Certificateholder, if applicable), subject only to the Special Servicer’s consent rights (including any required
Directing Certificateholder approval of Special Servicer actions) with respect to any modification, waiver or amendment that constitutes
a Major Decision, Special Servicer Decision or is otherwise material.

 

(ii)           If
such Mortgage Loan or Serviced Whole Loan requires that the lender purchase the required government securities, then the Master
Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the related Borrower’s
expense, in accordance with the terms of such Mortgage Loan; provided that the Master Servicer shall not accept the amounts
paid by the related Borrower to effect defeasance until acceptable government securities have been identified.

 

(iii)          To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower
to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee

 

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has
a first priority perfected security interest in the defeasance collateral (including the government securities) and the assignment
of the defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

(iv)         To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at
the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government
securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity)
on such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.

 

(v)          Prior
to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related Borrower’s
expense, a Rating Agency Confirmation; provided, the Master Servicer shall not be required to obtain such Rating Agency
Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage Loan that (together
with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans by Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $20,000,000 or (z) a Mortgage Loan that
represents 5% or more of the Stated Principal Balance of all Mortgage Loans.

 

(vi)         Prior
to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to
the effect that such release will not cause an Adverse REMIC Event; provided that to the extent not inconsistent with the
Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise
be a Servicing Advance).

 

(vii)        No
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any Companion
Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day
of any REMIC holding such Companion Loan.

 

(viii)         The
Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold the
U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion Loan
Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations
to the Collection Account (or Serviced Whole Loan Collection Account) in respect of the defeased Mortgage Loan or Serviced Whole
Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)          The
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing
requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

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(x)           To
the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion,
the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government
securities related to one or more of the Mortgage Loans, to act as a successor borrower.

 

(xi)          The
Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury Regulations
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the
Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not cause an Adverse REMIC
Event.

 

(xii)          Neither
the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents
in the event that the Loan Documents provide for such a fee limitation.

 

(h)        With
respect to all Specially Serviced Loans and Performing Loans, the Special Servicer shall, prior to waiving its rights or granting
its consent to any proposed action of the Master Servicer under this Section 3.09, and prior to itself taking such an action,
obtain the written consent of the Directing Certificateholder, which consent shall be deemed given 10 Business Days after receipt
(unless earlier objected to) by the Directing Certificateholder of the Master Servicer’s and/or Special Servicer’s,
as applicable, written analysis and recommendation with respect to such action together with such other information reasonably
requested by the Directing Certificateholder. When the Special Servicer’s consent is requested under this Section 3.09,
such consent shall be deemed given 15 Business Days (or such longer time period pursuant to the terms of the related Intercreditor
Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Certificateholder approval)
after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written
analysis and recommendation with respect to such proposed action together with such other information reasonably required by the
Special Servicer.

 

Section
3.10          Appraisals; Realization upon Defaulted Mortgage Loans. (a)
Other than with respect to a Non-Serviced Mortgage Loan, contemporaneously with the earliest of (i) the effective date of any
(A) modification of the Maturity Date or extended Maturity Date, a Mortgage Rate, principal balance or amortization terms of any
Mortgage Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity
Date or extended Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section 3.26 of this Agreement,
or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms
of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a default in the
payment of a Balloon Payment for which an extension is not granted, or (iv) the date on which the Special Servicer, consistent
with the Servicing Standard, requests an Updated Valuation, the Special Servicer shall use commercially reasonable efforts to
obtain an Updated Valuation (or a letter update for an existing appraisal which is less than two years old) within 60 days of
such request, the cost of which shall constitute a Servicing Advance; provided, that the Special Servicer shall not be
required to obtain an Updated Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for
which there exists an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate which is

 

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less
than nine months old unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent
with the Servicing Standard, would call into question the validity of such Appraisal, Updated Appraisal or Small Loan Appraisal
Estimate. For so long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, the Special Servicer shall use
commercially reasonable efforts to obtain letter updates to each Updated Valuation every 9 months (i) within 30 days of the end
of each nine-month period following the related Appraisal Reduction Event and (ii) upon its determination that the value of the
related Mortgaged Property has materially changed, and the Master Servicer shall recalculate the Appraisal Reduction Amount prior
to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with
respect to the same Mortgage Loan or Serviced Whole Loan. Subject to any required consent from the Directing Certificateholder,
nothing herein is intended to limit the Special Servicer’s ability to pursue multiple strategies contemporaneously if the
Special Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer shall update, in accordance
with the timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so long as an Appraisal Reduction
Event exists with respect to the related Mortgage Loan or Serviced Whole Loan and the Master Servicer shall recalculate the Appraisal
Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal. The Special Servicer shall send all
such letter updates and Updated Valuations to the Master Servicer, the Trustee, the Operating Advisor, the 17g-5 Information Provider
(who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event
has occurred, the Directing Certificateholder.

 

The
Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over
a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action
in cooperation with the Borrower if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including
without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent
with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory
arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the
Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and 3.09(b)
of this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of
the Directing Certificateholder if no Control Termination Event has occurred and is continuing) and with the Servicing Standard,
accelerate such Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged
Property or Properties, provided that the Special Servicer determines that such acceleration and foreclosure are more likely
to produce a greater recovery to Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole
as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders, constituted a single lender) (and with
respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan) on a present value basis (discounting at the related Calculation Rate) than would a waiver of such
default or an extension or modification in accordance with the provisions of Section 3.26 hereof. In connection with causing
the Trust to foreclose on collateral that consists of multiple properties held for sale to customers by the

 

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related
Borrower (such as unsold condominium units in a single project), the Special Servicer directing such foreclosure shall consider
the effect of the bidding price for the properties on the tax basis of such properties if such properties are likely to be treated
in the hands of the Trust as properties held for sale to customers. The Master Servicer shall pay the costs and expenses in any
such proceedings as a Servicing Advance unless the Master Servicer or the Special Servicer, as applicable, determines, in its
good faith judgment, that such Servicing Advance would constitute a Nonrecoverable Advance; provided, if such Servicing
Advance would constitute a Nonrecoverable Advance but the Special Servicer determines that such payment would be in best interests
of the Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders
and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single lender (with the Master Servicer
permitted to conclusively rely upon any such determination by the Special Servicer), the Special Servicer shall direct the Master
Servicer to make such payment from the Collection Account (or, if applicable, the applicable Serviced Whole Loan Collection Account),
which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively rely upon any determination
of the Master Servicer or Special Servicer that a Servicing Advance, if made, would constitute a Nonrecoverable Advance. If the
Master Servicer does not make such Servicing Advance in violation of the second preceding sentence, the Trustee shall make such
Servicing Advance, unless the Trustee determines that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer
and the Trustee, as applicable, shall be entitled to reimbursement of Servicing Advances (with interest at the Reimbursement Rate)
made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.

 

(b)          If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Borrower or
any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure
or (ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained
will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination
is evidenced by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)          In
the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate
of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include the Special Servicer)
or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding any such acquisition of title and cancellation of
the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage Loan or Serviced Whole Loan, as applicable, shall
(except for purposes of Section 9.01 of this Agreement) be considered to be a Serviced REO Loan until such time as the
related Serviced REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent
with the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan or Serviced Whole Loan, as applicable,
shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan, as applicable:

 

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(i)          it
shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)          subject
to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have
been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable Intercreditor
Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement, be deemed
to have been received first, in payment of the accrued interest that remained unpaid on the date that the related Serviced
REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained
unpaid on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments
of principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable
in accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full
and then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed
the Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable.

 

(d)          Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:

 

(i)          such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund; or

 

(ii)         the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier
REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause an Adverse REMIC Event
(and such Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed part of an
“outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner of such personal
property for federal income tax purposes to be designated at such time).

 

(e)          Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to
any direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge agreement
unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the
Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions
of the related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other equity interest
by the Trust Fund will not cause an Adverse REMIC Event.

 

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(f)        Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the
Trust Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to
any direct or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the beneficial
owner of a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to
acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the
Trustee, for the Trust Fund, the Certificateholders or Serviced Companion Loan Noteholders, if applicable, would be considered
to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with
the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts
environmental audits (which report shall be an expense of the Trust), performed within six months prior to any such acquisition
of title or other action that:

 

(i)          such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders (and with respect to the Serviced Whole Loans, the Serviced
Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring
such Mortgaged Property in compliance therewith, and

 

(ii)          there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Serviced Companion Loan holders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan holders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), to take
such actions with respect to the affected Mortgaged Property.

 

In
the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates
that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present
but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted
by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests
of Certificateholders and, if

 

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applicable,
the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the environmental assessment obtained by the Special
Servicer for purposes of this Section 3.10.

 

(g)          The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as
soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly
conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by
the Special Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and
delivery by the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the
cost of preparation of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good
faith judgment, that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer or the Trustee, as applicable,
shall be entitled to reimbursement of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to the preceding
sentence to the extent permitted by Section 3.06. The Special Servicer shall provide written reports and a copy of any
environmental assessments in electronic format to the Directing Certificateholder (if no Consultation Termination Event has occurred
and is continuing), the Master Servicer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider
(who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement), monthly regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a
Defaulted Mortgage Loan or defaulted Serviced Companion Loan as to which the environmental testing contemplated by Section
3.10(f) of this Agreement has revealed that either of the conditions set forth in clauses (i) and (ii) of the first sentence
thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction of both such conditions, (ii) repurchase
of the related Mortgage Loan by the Mortgage Loan Seller or (iii) release of the lien of the related Mortgage on such Mortgaged
Property.

 

(h)          If
the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not in compliance
with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced
Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender, to take such actions as are necessary to bring such Mortgaged
Property in compliance therewith, or if the Special Servicer determines pursuant to Section 3.10(f)(ii) of this Agreement
that the circumstances referred to therein relating to Hazardous Materials are present but that it is in the best economic interest
of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole
as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender, to take such
action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is
required by law or regulation, the Special Servicer shall (with the consent of the Directing Certificateholder if no Control Termination
Event has occurred and is continuing) take such action as it deems to be in the best economic interest of the Trust Fund (and
with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders constituted a single lender, but only if the Certificate Administrator
has mailed notice to the Holders of the Regular Certificates and the related

 

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Serviced
Companion Loan Noteholders of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Certificate
Administrator does not receive, within 30 days of such notification, instructions from the Holders of Regular Certificates entitled
to a majority of the Voting Rights and, with respect to Serviced Whole Loans, the applicable Serviced Companion Loan Noteholders
directing the Special Servicer not to take such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines
that it is likely that within such 30-day period irreparable environmental harm to such Mortgaged Property would result from the
presence of such Hazardous Materials and provides a prior written statement to the Trustee and the Certificate Administrator setting
forth the basis for such determination, then the Special Servicer may take or cause to be taken such action to remedy such condition
as may be consistent with the Servicing Standard. None of the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer shall be obligated to take any action or not take any action pursuant to this Section 3.10(h) at the direction
of the Certificateholders or with respect to any Serviced Whole Loan, at the direction of the Certificateholders and the related
Serviced Companion Loan Noteholders unless the Certificateholders and, with respect to any Serviced Companion Loan, the Serviced
Companion Loan Noteholders agree to indemnify the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer with respect to such action or inaction. The Master Servicer shall advance the cost of any such compliance, containment,
clean-up or remediation as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that such Advance
would constitute a Nonrecoverable Advance.

 

(i)          The
Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Master Servicer with
all information regarding forgiveness of indebtedness and required to be reported with respect to any Mortgage Loan (other than
a Non-Serviced Mortgage Loan) or Serviced Whole Loan which is abandoned or foreclosed and the Master Servicer shall report to
the IRS and the related Borrower, in the manner required by applicable law, such information and the Master Servicer shall report,
via Form 1099C or Form 1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer
by the Special Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)          The
costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Servicing
Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first, from
the applicable Serviced Whole Loan Collection Account and second, to the extent amounts in the Serviced Whole Loan Collection
Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided that
the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders.

 

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Section
3.11          Custodian to Cooperate; Release of Mortgage Files. Upon
the payment in full of any Mortgage Loan or Serviced Whole Loan, or the receipt by the Master Servicer of a notification that
payment in full has been escrowed in a manner customary for such purposes, the Master Servicer shall immediately notify the Custodian
by a certification (which certification shall include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Collection Account or the applicable Serviced Whole Loan
Collection Account, as applicable, pursuant to Section 3.05 of this Agreement have been or will be so deposited) of a Servicing
Officer and shall request delivery to it of the related Mortgage File. Any expense incurred in connection with any instrument
of satisfaction or deed of reconveyance that is not paid by the related Borrower shall be chargeable to the Trust Fund. The Master
Servicer agrees to use reasonable efforts in accordance with the Servicing Standard to enforce any provision in the relevant Loan
Documents that require the Borrower to pay such amounts. No expenses incurred in connection with any instrument of satisfaction
or deed of reconveyance shall be an expense of the Custodian.

 

From
time to time upon request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release,
the Custodian shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the
Master Servicer or the Special Servicer, as applicable, or its designee. Upon return of the foregoing to the Custodian, or in
the event of a liquidation or conversion of the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the
event of a substitution of a Mortgage Loan pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a
certificate of a Servicing Officer stating that such Mortgaged Property was liquidated and that all amounts received or to be
received in connection with such liquidation which are required to be deposited into the Collection Account or the applicable
Serviced Whole Loan Collection Account, as applicable, have been so deposited, or that such Mortgage Loan or Serviced Whole Loan
has become a Serviced REO Property, or that the Master Servicer has received a Qualified Substitute Mortgage Loan and the applicable
Substitution Shortfall Amount, the Custodian shall deliver a copy of the Request for Release to the Master Servicer or the Special
Servicer, as applicable. If from time to time, pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling
and Servicing Agreement, and as appropriate for enforcing the terms of the related Non-Serviced Mortgage Loan, the Other Servicer
or the Other Special Servicer requests delivery to it of the original Mortgage Note by providing the Trustee and the Custodian
a Request for Release, then the Custodian shall release or cause the release of such original Mortgage Note to the Other Servicer
or the Other Special Servicer or its designee.

 

Within
five (5) Business Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after
receipt of a written certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with
respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings,
requests for a trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys, necessary to
the foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against
any Borrower on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided
by the Mortgage Note or Mortgage or otherwise available at law or in equity. Each such certification shall include a request that
such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings are

 

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required,
that the proposed action is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee
will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of
the foreclosure or trustee’s sale.

 

Section
3.12     Servicing Fees, Certificate Administrator/Custodian/Trustee Fees and Special Servicing Compensation. (a)
As compensation for its activities hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each
Mortgage Loan and Serviced Companion Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole
or in part except in connection with the transfer of all of the Master Servicer’s responsibilities and obligations under
this Agreement or as provided in the second succeeding paragraph with respect to the Excess Servicing Fee.

 

In
addition, the Master Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent permitted by applicable
law and the related Loan Documents and any related Intercreditor Agreement, (i) all investment income earned on amounts on deposit
in the Collection Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan Collection Account) and
certain Reserve Accounts (to the extent consistent with the related Loan Documents), (ii) any Net Default Interest and any other
Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing
Loan (and the related Serviced Companion Loan, if applicable), in each case, remaining after application thereof during such Collection
Period to pay the Advance Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing
Loan incurred during or prior to such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated
to the related Mortgage Loan in the related Intercreditor Agreement and as further described in Section 3.12(c), (iii)
to the extent permitted by applicable law and the related Loan Documents, (A) with respect to any Mortgage Loan (and the related
Serviced Companion Loans) that is a non-Specially Serviced Loan, (1) 100% of any Modification Fees which do not involve a Major
Decision or Special Servicer Decision and (2) 50% of any Modification Fees which involve a Major Decision or Special Servicer
Decision (whether or not processed by the Special Servicer) and (B) with respect to any Specially Serviced Loans, 0% of any Modification
Fees, (iv) 100% of any defeasance fees provided that for the avoidance of doubt, any such defeasance fee will not
include any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to hereunder,
(v) (A) with respect to any Mortgage Loan (and the related Serviced Companion Loans) that is a non-Specially Serviced Loan, (1)
100% of Assumption Fees and consent fees which do not involve a Major Decision or Special Servicer Decision and (2) 50% of Assumption
Fees and consent fees which involve a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer)
and (B) with respect to Specially Serviced Loans, 0% of Assumption Fees and consent fees, (vi) 100% of beneficiary statement charges,
demand fees or similar items (but not including Prepayment Premiums or Yield Maintenance Charges) on all Mortgage Loans (and the
related Serviced Companion Loans) that are non-Specially Serviced Loans, (vii) 100% of assumption application fees with respect
to Mortgage Loans (and the related Serviced Companion Loans) for which the Master Servicer is processing the underlying assumption
related transaction (whether or not the consent of the Special Servicer is required), (viii) any amounts collected for checks
returned for insufficient

 

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funds
(with respect to any Mortgage Loan or Specially Serviced Loan) and (ix) 50% of any fee paid in connection with any Major Decision
or Special Servicer Decision for a non-Specially Serviced Loan (regardless of whether the Master Servicer or Special Servicer
processes the related request) and 0% of any fee paid in connection with any Major Decision or Special Servicer Decision for a
Specially Serviced Loan. The Master Servicer shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii)
or 3.07(b) of this Agreement, as applicable, to withdraw from the Collection Account and to receive from any Borrower
Accounts (to the extent not payable to the related Borrower under the Mortgage Loan or applicable law), Net Prepayment Interest
Excess, if any, that accrue on the Mortgage Loans that it is servicing and any interest or other income earned on deposits therein.
In addition, the Master Servicer shall be entitled to the portion of Net Default Interest and any late payment fees or penalty
charges collected by the Other Servicer servicing a Non-Serviced Mortgage Loan that are allocated to such Non-Serviced Mortgage
Loan remaining after application thereof to reimburse interest on related P&I Advances and to reimburse the Trust for certain
expenses of the Trust, if applicable, as provided in this Agreement. Except as specified in the preceding sentence and except
with respect to clause (i) in this paragraph, the Master Servicer will not be entitled to the compensation set forth in clauses
(iii) and (iv) in this paragraph with respect to a Non-Serviced Mortgage Loan. Notwithstanding anything to the contrary, the Master
Servicer and the Special Servicer will each be entitled to charge reasonable review fees in connection with any borrower request
to the extent such fees are not prohibited under the related Mortgage Loan Documents and are actually paid by or on behalf of
the related Borrower.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not
to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have
the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master
Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee,
the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part
of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall
nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the
Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

The
Master Servicer and any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor
REO Loans with respect to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or
otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer
or Institutional Accredited Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment
shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification
requirements of the Act and any applicable state securities laws and is otherwise made in accordance with the Act and such state
securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form
attached as Exhibit AA-1 hereto, and (iii) the prospective transferee shall have delivered to the Master Servicer and the
Depositor a certificate substantially in the form attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee,
the Certificate

 

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Administrator, the Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar is obligated
to register or qualify an Excess Servicing Fee Right under the Act or any other securities law or to take any action not otherwise
required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration
or qualification. The Master Servicer and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge
or other assignment of such Excess Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an
Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection
with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Trust,
the Depositor, the Underwriters, the Certificate Administrator, the Trustee, the Master Servicer, the Certificate Registrar, the
Operating Advisor, the Asset Representations Reviewer and the Special Servicer against any liability that may result if such transfer
is not exempt from registration and/or qualification under the Act or other applicable federal and state securities laws or is
not made in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph. By its
acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information
in any manner that could result in a violation of any provision of the Act or other applicable securities laws or that would require
registration of such Excess Servicing Fee Right or any Certificate pursuant to the Act. From time to time following any transfer,
sale, pledge or assignment of an Excess Servicing Fee Right, the Master Servicer with respect to the related Mortgage Loan or
successor REO Loan with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out of each amount paid to
the Master Servicer as Servicing Fee with respect to such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing
Fees to the holder of such Excess Servicing Fee Right within one Business Day following the payment of such Servicing Fee to the
Master Servicer, in each case in accordance with payment instructions provided by such holder in writing to the Master Servicer.
The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding
sentences of this paragraph. None of the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the Asset
Representations Reviewer, the Depositor, the Special Servicer or the Trustee shall have any obligation whatsoever regarding payment
of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

As
compensation for its activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect
to each Mortgage Loan to its portion of the Certificate Administrator/Custodian/Trustee Fee, which shall be payable from amounts
on deposit in the Lower-Tier Distribution Account. The Certificate Administrator shall pay each of the Trustee the Custodian their
respective portion of the Certificate Administrator/Custodian/Trustee Fee. The Certificate Administrator’s rights to the
Certificate Administrator/Custodian/Trustee Fee may not be transferred in whole or in part except in connection with the transfer
of all of its responsibilities and obligations under this Agreement.

 

Except
as otherwise provided herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its
servicing activities hereunder, including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers).
Except as otherwise provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it
in connection with its activities hereunder.

 

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As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan
and Serviced REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection
Account or the Serviced Whole Loan Collection Account, as applicable, as set forth in Section 3.06 of this Agreement. The
Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in connection with
the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the Special
Servicer shall be entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and the related
Loan Documents, (i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer
during a Collection Period accrued on any Specially Serviced Loan remaining after application thereof during such Collection Period
(and in the case of the Serviced Whole Loans, as set forth in and subject to the terms of the related Intercreditor Agreement
and Section 3.12(c) herein) to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior
to such Collection Period on such related Specially Serviced Loan (but not NSF check fees and the like, which shall be paid to
the Master Servicer) as further described below in this subsection (b), (ii) (a) 100% of any Modification Fees related to the
Specially Serviced Loans, (b) 50% of any Modification Fees on Mortgage Loans (and the related Serviced Companion Loans) that are
non-Specially Serviced Loans which involve a Major Decision or Special Servicer Decision (whether or not processed by the Special
Servicer) and (c) 0% of any Modification Fees on Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially
Serviced Loans which do not involve a Major Decision or Special Servicer Decision, (iii)(a) 100% of any Assumption Fees and consent
fees on Specially Serviced Loans, (b) 50% of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced
Companion Loans) that are non-Specially Serviced Loans which involve a Major Decision or Special Servicer Decision (whether or
not processed by the Special Servicer) and (c) 0% of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced
Companion Loans) that are non- Specially Serviced Loans which do not involve a Major Decision or Special Servicer Decision, (iv)
100% of assumption application fees received with respect to the Mortgage Loans (and the related Serviced Companion Loans) for
which the Special Servicer is processing the underlying assumption related transaction, (v) 100% of beneficiary statement charges,
demand fees or similar items (but not including Prepayment Premiums or Yield Maintenance Charges) on Specially Serviced Loans,
and (vi) any interest or other income earned on deposits in the REO Accounts,. Notwithstanding anything to the contrary, the Master
Servicer and the Special Servicer will each be entitled to charge reasonable review fees in connection with any borrower request.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not
to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have
the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master
Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee,
the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part
of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee,

 

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the
Special Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have
been entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged
by the Special Servicer.

 

Except
as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities
hereunder, including all fees of any sub-servicers retained by it.

 

In
addition, the Special Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected
by the Other Special Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage
Loan remaining after application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced
Mortgage Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation
Fees) incurred during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not NSF check fees and
similar fees, which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding
sentence, the Special Servicer will not be entitled to the compensation set forth in this Section 3.12 with respect to
a Non-Serviced Mortgage Loan.

 

(b)          In
addition, a Workout Fee will be payable to the Special Servicer with respect to each Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Serviced Whole Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each
such Mortgage Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including
scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan
for so long as it remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole
Loan will cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes
a Serviced REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced
Whole Loans again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns
with respect to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with
respect to the Mortgage Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing
such Specially Serviced Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as
of the time that the Special Servicer is terminated the borrower has not made three consecutive monthly debt service payments
and subsequently the Specially Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation
(and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout
Fee for any such loan ceases to be payable in accordance with the preceding sentence.

 

A
Liquidation Fee will be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased
by a Mortgage Loan Seller, (ii) each Specially Serviced Loan or REO Loan, or (iii) each Defaulted Mortgage loan that is a Non-Serviced
Mortgage Loan sold by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement, in each
case, as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser
or Mortgage Loan

 

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Seller,
as applicable, and, except as otherwise described below, with respect to any Specially Serviced Loan or REO Property as to which
the Special Servicer recovered any Liquidation Proceeds; provided, however, for clarification, in the case of clause
(iii), should the Non-Serviced Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to
such Other Special Servicer. As to each such Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Resolution
Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e) of this Agreement or Specially
Serviced Loan and Serviced REO Property, the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding
anything to the contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the
extent set forth in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the
extent not prohibited by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related
mezzanine intercreditor agreement provide that if a Mortgage Loan is purchased by the related mezzanine lender on a date that
is more than 90 days following the date that the related option first becomes exercisable, such mezzanine lender shall be required
to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under this Agreement with
respect to a liquidation of such Mortgage Loan (provided, that such Liquidation Fee shall in all circumstances be payable
by the related mezzanine lender and shall not, under any circumstances, be payable out of the Trust unless the Master Servicer
fails to require the related mezzanine intercreditor agreement to require the mezzanine lender to pay such amounts in breach of
its obligation to do so under this paragraph). If Liquidation Proceeds are received with respect to any Specially Serviced Loan
as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the
portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding anything herein to the contrary,
the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to Liquidation
Proceeds received on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special Servicer resigns or has been terminated,
and (ii) either prior or subsequent to such resignation or termination, either (A) a Specially Serviced Loan was liquidated or
modified pursuant to an action plan submitted by the initial Special Servicer and approved (or deemed approved) by the Directing
Certificateholder or the Special Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored
by the Special Servicer subsequently became a Corrected Mortgage Loan, then in either such event the Special Servicer shall be
paid the related Workout Fee or Liquidation Fee, as applicable.

 

The
total amount of Workout Fees and Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole
Loan or Serviced REO Loan through the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap
of $1,000,000. For the purposes of determining whether any such cap has been reached with respect to a Special Servicer and a
Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees paid to such Special Servicer
with respect to such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into account, and any Workout Fees
or Liquidation Fees for any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall not be taken into account (and
any Workout Fees or Liquidation Fees paid to a predecessor or successor special servicer or Other Special Servicer shall also
not be taken into account).

 

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The
Special Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing
to any of its sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy
obtained by it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums
are reimbursable pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable
directly out of the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection
Account or the applicable REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement
therefor except as expressly provided in this Agreement.

 

The
Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of
a Mortgage Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection
with the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any
REO Property, or the performance of any other special servicing duties under this Agreement, other than as expressly provided
in this Section 3.12; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(c)          In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor
Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default
Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”)
to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage
Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion
Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that
accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect
to such Mortgage Loan or Serviced Whole Loan previously paid to the Master Servicer, the Trustee or to any Serviced Companion
Loan Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement, and (iii) the Trust
Fund for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) with respect
to such Mortgage Loan or Serviced Whole Loan paid in the Collection Period that such Penalty Charges were collected and not previously
paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer
and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise
have been entitled to receive during such period with respect to such Mortgage Loan without any such application. Except as set
forth in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation
Fees with respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty
Charges allocated to a

 

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Mortgage
Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor Agreement and, if applicable,
the Other Pooling and Servicing Agreement) shall be allocated in accordance with clauses (i), (ii) and (iii) above (except that,
Advances in clauses (i) and (ii) shall mean P&I Advances).

 

(d)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the
Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Intercreditor
Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second,
to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in
the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan
Collection Account from collections on the related Serviced Pari Passu Companion Loan and the related Mortgage Loan on a pro
rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of
the Collection Account) for the costs and expenses incurred by them in the performance of their duties under this Agreement which
are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii).
Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and
appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly
identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs
and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.

 

(e)          No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise
incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of
their rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds
would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections
on or in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk
or liability.

 

If
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee receives a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which
would, in the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s,
the Asset Representations Reviewer’s or the Trustee’s good faith business judgment require the assistance of Independent
legal counsel or other consultant to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced
Companion Loan Noteholder hereunder, then the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Trustee, as the case may be, shall not be required to take any action in response
to such request

 

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or
inquiry unless such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment
of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s,
the Asset Representations Reviewer’s or the Trustee’s expenses associated with such counsel (including, without limitation,
posting an advance payment for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer or the Trustee, as the case may be, in its sole discretion. Unless such
arrangements have been made, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee, as the case may be, shall have no liability to any Person for the failure to
respond to such request or inquiry.

 

Section
3.13      Reports to the Certificate Administrator; Collection Account Statements. (a) The
Master Servicer shall deliver to the Certificate Administrator no later than 3:00 p.m. (New York City time) one Business Day prior
to the Master Servicer Remittance Date prior to each Distribution Date (beginning June 2016), the CREFC® Loan Periodic
Update File with respect to all of the Mortgage Loans that it is servicing for the related Distribution Date (which shall include,
without limitation, the amount of Available Funds allocable to the Mortgage Loans) including information therein that states the
anticipated P&I Advances for the related Distribution Date. The Master Servicer’s responsibilities under this Section
3.13(a) with respect to Serviced REO Loans shall be subject to the satisfaction of the Special Servicer’s obligations
under Section 3.23 of this Agreement. The Master Servicer shall (no later than the time(s) that it or any portion thereof
is made available to the Certificate Administrator) make available to each Serviced Companion Loan Noteholder with respect to
the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective Other Servicer, the CREFC®
Investor Reporting Package (CREFC® IRP) (excluding any templates) pursuant to the terms of this Agreement
on a monthly basis.

 

(b)          For
so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any
Serviced Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward
to the Certificate Administrator a statement prepared by the Master Servicer setting forth the status of each of the Collection
Account and each Serviced Whole Loan Collection Account as of the close of business on the last Business Day of the prior Collection
Period and showing the aggregate amount of deposits into and withdrawals from the Collection Account and each Serviced Whole Loan
Collection Account of each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category
of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related Collection Period, in each case for
the Mortgage Loans (including the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator and its agents and
attorneys may at any time during normal business hours, upon reasonable notice, inspect and copy the books, records and accounts
of the Master Servicer solely relating to the Mortgage Loans and the performance of its duties hereunder.

 

(c)          Beginning
in June 2016, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s
Website pursuant to Section 4.02(b)(iii)(B) of this Agreement), the Serviced Companion Loan Noteholders and the Operating
Advisor the following reports (in electronic

 

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form)
with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties), providing the required
information as of the immediately preceding Determination Date: (i) to the extent the Master Servicer has received the most recent
CREFC® Special Servicer Loan File from the Special Servicer at the time required, the most recent CREFC®
Delinquent Loan Status Report, CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the
CREFC® Loan Setup File (with respect to the first Distribution Date) and CREFC® REO Status Report
received from such Special Servicer, (ii) the most recent CREFC® Property File, CREFC® Financial
File, CREFC® Comparative Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in
each case incorporating the data required to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC®
Servicer Watch List with information that is current as of such Determination Date and (iv) the CREFC® Advance
Recovery Report.

 

The
information that pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon
the reports delivered by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has
the primary responsibility to generate) no later than the related Determination Date in the form required by Section 3.13(g)
of this Agreement or shall be provided by means of such reports so delivered by the Special Servicer to the Master Servicer
in the form so required. In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without
investigation or inquiry, the information and reports delivered to it by the Special Servicer, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports and any
information provided by the Certificate Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate
any of the amounts and other information stated therein.

 

(d)          The
Master Servicer (with respect to the Performing Loans and Specially Serviced Loans) or the Special Servicer (with respect to REO
Properties) shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Serviced Companion Loan
Noteholders, the Underwriters, the Initial Purchasers and the Operating Advisor the following materials, in each case to the extent
that such materials or the information on which they are based have been received by the Master Servicer or the Special Servicer,
as applicable, with respect to the Mortgage Loans or REO Properties, as applicable, that the Master Servicer or the Special Servicer,
as applicable, is servicing:

 

(i)          Within
30 days after receipt of any quarterly operating statement, if any, commencing within 30 days of receipt of such quarterly operating
statement for the quarter ending September 30, 2016, with respect to each Performing Loan (other than any Non-Serviced Mortgage
Loan), Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written
format or in electronic media) in the case of any Serviced REO Loan), a CREFC® Operating Statement Analysis Report
for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together with copies
of the related operating statements and rent rolls (but only to the extent the related Borrower is required by the Mortgage to
deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for Specially
Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to the extent the
annual

 

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CREFC® Operating Statement Analysis Report is delivered as described under clause (b) below, then such delivery shall
satisfy the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report for the quarter
ending June 30 of each year, commencing in 2017. The Master Servicer (or the Special Servicer in the case of Specially Serviced
Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said quarterly and other periodic operating
statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any
Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such quarterly and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents; provided, however, that any analysis or update with respect to the first calendar quarter
of each year shall not be required to the extent such analysis or update is not required to be provided under the then current
applicable CREFC® guidelines.

 

(ii)          At
least annually, on or before June 30 of each year, beginning with June 30, 2017, with respect to each Mortgage Loan (other than
a Non-Serviced Mortgage Loan), Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the
Special Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan),
a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of
the end of the preceding calendar year (initially, year-end 2016), together with copies of the related operating statements and
related rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to
provide such information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO
Properties, only to the extent received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date,
provided, however, that with respect to any obligation of the Master Servicer or Special Servicer, as applicable,
to provide a year end analysis or update, such analysis or update shall not be required to the extent such analysis or update
is not required to be provided under the then current applicable CREFC® guidelines. The Master Servicer (or the
Special Servicer in the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts
to obtain said annual and other periodic operating statements and related rent rolls, which efforts shall include a letter sent
to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting
such annual and other periodic operating statements and related rent rolls until they are received to the extent such action is
consistent with applicable law and the terms of the related Loan Documents. Upon receipt of such annual and other periodic operating
statements (including year-to-date statements) and related rent rolls, the Master Servicer shall promptly update the CREFC®
Operating Statement Analysis Report (commencing with the quarter ending September 30, 2016).

 

(iii)          Within
45 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially
Serviced Loan or Serviced REO Property) of any annual year-end operating statements and related rent rolls with respect to any
Mortgaged Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared by
and received from the Special Servicer

 

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in the case of any Specially Serviced Loan or Serviced REO Property), commencing within
45 or 60 days, as applicable, of receipt of such statements for year-end 2016, a CREFC® NOI Adjustment Worksheet
for such Mortgaged Property (with the annual year-end operating statements attached thereto as an exhibit). The Master Servicer
will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update the full
year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements received
with respect to any Mortgaged Property (other than any Mortgaged Property which is a Serviced REO Property or constitutes security
for a Specially Serviced Loan or a Non-Serviced Mortgage Loan) to update the CREFC® Operating Statement
Analysis Report for such Mortgaged Property; provided, however, that any analysis or update with respect to the
year-end or first quarter of each year shall not be required to the extent such analysis or update is not required to be provided
under the then current applicable CREFC® guidelines.

 

Except
with respect to a request received through the Rating Agency Q&A Forum and Document Request Tool, upon request for receipt
of any such items from any Rating Agency, the Master Servicer shall forward such items to the 17g-5 Information Provider (who
shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The
Master Servicer shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and
shall not be required to maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced
REO Property (to the extent prepared by and received from the Special Servicer in the case of any Serviced REO Property or any
Mortgaged Property constituting security for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The
CREFC® Operating Statement Analysis Report for each Mortgaged Property (other than any such Mortgaged Property
that secures a Non-Serviced Mortgage Loan or that is a Serviced REO Property or constitutes security for a Specially Serviced
Loan) is to be updated with trailing 12-month information, as available, or year-to-date information until 12-month trailing information
(commencing with the quarter ending September 30, 2016) is available by the Master Servicer and such updated report shall be delivered
to the Trustee, the Certificate Administrator, the Operating Advisor, the Directing Certificateholder and any related Serviced
Companion Loan Noteholder in the calendar month following receipt by the Master Servicer of such updated trailing or year-to-date
operating statements and related rent rolls for such Mortgaged Property.

 

The
Special Servicer shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required
of it pursuant to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)          In
connection with their servicing of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced REO Properties,
the Master Servicer and the Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate
Administrator, written notice of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property
that the Master Servicer or the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have
a material adverse effect on such Mortgage Loan or Serviced REO Property, which notice shall include an explanation as to the
reason for such material adverse effect.

 

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(f)          The Master Servicer
or the Special Servicer, as applicable, shall make available to the Controlling Class Representative copies of all rent rolls,
operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly statements
or rent rolls, within 15 Business Days of receipt.

 

(g)          On or before 2:00
p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Master Servicer
and, upon the request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Controlling
Class Representative or any Rating Agency, to such requesting party, the CREFC® Special Servicer Loan File
with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the required
information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form acceptable
to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable the Master
Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented in
writing and in an electronic format acceptable to the Master Servicer.

 

(h)          The Special Servicer
shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator,
the Operating Advisor, the Depositor, the Controlling Class or any Rating Agency, to such requesting party, without charge, the
following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each case to the extent that such
materials or the information on which they are based have been received by the Special Servicer:

 

(i)          At
least annually, on or before June 1 of each year, commencing in 2017, with respect to each Specially Serviced Loan and Serviced
REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO
Property as of the end of the preceding calendar year (initially year-end December 31, 2016) together with copies of the operating
statements and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar
year (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such
information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties,
only to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The
Special Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent
rolls with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)          Within
45 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged Property relating to
a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet for such Mortgaged
Property or Serviced REO Property (with the annual operating statements attached thereto as an exhibit); provided, that,
with the consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to the Master
Servicer. The Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment
Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use
any operating statements received with respect to any Mortgaged

 

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Property relating to a Specially Serviced Loan or Serviced REO
Property to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property.

 

Except with respect to
a request received through the Rating Agency Q&A Forum and Document Request Tool, upon request for receipt of any such items
from any Rating Agency, the Special Servicer shall forward such items to the 17g-5 Information Provider (who shall promptly post
such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer
shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially
Serviced Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged
Property securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated
report delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for
each such Mortgaged Property; provided, that, the Special Servicer may instead provide data files in an electronic form
acceptable to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable
CREFC® format.

 

(i)          If the Master
Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any provision
of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may satisfy
such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making such
statement, report or information available on the Master Servicer’s website, unless this Agreement expressly specifies a
particular method of delivery or such statement, report or information must be filed with the Commission as contemplated in Article
X; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance
with clause (x).

 

(j)          The Master Servicer
may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13 available each month
on the Master Servicer’s website only with the use of a password, in which case the Master Servicer shall provide such password
to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed not to disclose
such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests such password,
and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection
with providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of
a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the
extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability,
use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage
that may arise therefrom.

 

(k)          With respect to
each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two Business
Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the Certificate
Administrator, without charge and on the same day as the Master Servicer is required

 

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to deliver the CREFC® Investor
Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format
or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master Servicer on
its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer
or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer
Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section
3.14     Access to Certain Documentation. (a) The Master Servicer and Special Servicer, as
applicable, shall provide to any Certificateholders and any Serviced Companion Loan Noteholders that are federally insured
financial institutions, the Operating Advisor (but only if a Control Termination Event has occurred and is continuing), the
Directing Certificateholder (but only if no Consultation Termination Event has occurred and is continuing), the Federal
Reserve Board, the FDIC and the Office of the Comptroller of the Currency and the supervisory agents and examiners of such
boards and such corporations, and any other federal or state banking or insurance regulatory authority that may exercise
authority over any Certificateholder or Serviced Companion Loan Noteholder is subject, access to the documentation regarding
the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required by applicable regulations of the Federal
Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or state banking or regulatory authority,
such access being afforded without charge but only upon reasonable written request and during normal business hours at the
offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer or the Special
Servicer, such access may be afforded to such Person identified above by the delivery of copies of information as requested
by such Person and the Master Servicer or the Special Servicer shall be permitted to require payment (other than from the
Directing Certificateholder and the Trustee and the Certificate Administrator on its own behalf or on behalf of the
Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making
such copies. Such access shall (except as described in the preceding sentence) be afforded without charge but only upon
reasonable prior written request and during normal business hours at the offices of the Certificate Administrator or the
Custodian. In addition, upon reasonable prior written notice to the Master Servicer or the Special Servicer, as the case may
be, the Trustee, the Certificate Administrator, the Operating Advisor (but only if a Control Termination Event has occurred
and is continuing), the Depositor or their accountants or other representatives shall have reasonable access to review the
documents, correspondence and records in the possession of the Master Servicer or the Special Servicer, as the case may be,
as they relate to a Mortgaged Property and any Serviced REO Property during normal business hours at the offices of the
Master Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the
obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information
with respect to the Borrowers, and the failure of the Master Servicer and Special Servicer to provide access as provided in
this Section 3.14 as a result of such obligation shall not constitute a breach of this Section 3.14.

 

(b)          In connection
with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced Companion
Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced

 

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Companion Loan Noteholder,
the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion Loan Noteholder
(to the extent permitted in the related Intercreditor Agreement) of a sum sufficient to cover the reasonable costs and expenses
of providing such information or access, including copy charges and reasonable fees for employee time and for space; provided
that no charge may be made if such information or access was required to be given or made available under applicable law. In connection
with providing Certificateholders or Serviced Companion Loan Noteholders access to the information described in the preceding paragraph
the Master Servicer and the Special Servicer, as applicable, may require (prior to affording such access) a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or the Special
Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates or a beneficial holder of Book-Entry
Certificates or is a Serviced Companion Loan Noteholder or a regulator or governmental body and will keep such information confidential.

 

(c)          Upon the reasonable
request of (1) any Certificateholder identified to the Master Servicer or the Special Servicer, as applicable, to the Master Servicer’s
or the Special Servicer’s, as applicable, reasonable satisfaction (or, with respect to any Serviced Companion Loan, the request
of any Serviced Companion Loan Noteholder), the Master Servicer or the Special Servicer, as applicable, may provide (or forward
electronically) (at the expense of such Certificateholder or Serviced Companion Loan Noteholder) copies of any appraisals, operating
statements, rent rolls and financial statements obtained by the Master Servicer or the Special Servicer, as applicable, or (2)
any Controlling Class Certificateholder identified to the Master Servicer or the Special Servicer, as applicable, to the Master
Servicer’s or the Special Servicer’s, as applicable, reasonable satisfaction, the Master Servicer or the Special Servicer,
as applicable, shall provide (or forward electronically) (at the expense of such Controlling Class Certificateholder) any Excluded
Information in the Master Servicer’s or the Special Servicer’s, as applicable, possession (available on the Certificate
Administrator’s Website but not accessible to such Controlling Class Certificateholder through the Certificate Administrator’s
Website on account of it constituting Excluded Information) relating to any Excluded Controlling Class Mortgage Loan in which such
Controlling Class Certificateholder is not a Borrower Party; provided that, in connection therewith, the Master Servicer
or the Special Servicer, as applicable, may require a written confirmation executed by the requesting Person substantially in such
form as may be reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person is a
Holder of Certificates or a Serviced Companion Loan or a beneficial holder of Book-Entry Certificates or a regulator or a governmental
body and will keep such information confidential and will use such information only for the purpose of analyzing asset performance
and evaluating any continuing rights the Certificateholder may have under this Agreement. For the avoidance of doubt, neither the
Master Servicer nor the Special Servicer, as applicable, shall make any Asset Status Reports available to any Certificateholders
on its website.

 

(d)          The 17g-5 Information
Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to the 17g-5 Information
Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@usbank.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and

 

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uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “CFCRE 2016-C4 Mortgage Trust, Series 2016-C4” and an identification of the type of information
being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties
hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial
(provided, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then
the 17g-5 Information Provider shall promptly notify the applicable delivering party thereof, whereupon such party shall promptly
deliver the subject information in such format):

 

(i)           any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)          any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement and
notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)         any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)         any
environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)          any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section
10.12 of this Agreement;

 

(vi)         any
annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

(vii)        any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)       any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating
Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant
to Section 3.30 of this Agreement;

 

(ix)          copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;

 

(x)          any
requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30
of this Agreement;

 

(xi)          any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08 of this Agreement;

 

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(xii)        any
notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;

 

(xiii)        any
notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.03 of this Agreement;

 

(xiv)       any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)        any
notice of the merger or consolidation of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer pursuant to Section 6.02 of this Agreement;

 

(xvi)       any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08
of this Agreement;

 

(xvii)      any
notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

(xviii)     any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication
was with;

 

(xix)        the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)         such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen
(15) days of the Closing Date.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall
be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the
parties hereto in writing). Information shall be posted on the same Business Day of receipt provided that such information is received
by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time. The 17g-5
Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered
is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether
such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information)
the information set forth in clauses (i) through (xix) above) is required to be posted on the 17g-5 Information Provider’s
Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the 17g-5 Information Provider
may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider
have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the
17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and
to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which certification may

  

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be submitted
electronically via the 17g-5 Information Provider’s Website). Questions regarding delivery of information to the 17g-5 Information
Provider may be directed to (312) 332-7458 and 17g5informationprovider@usbank.com (or such other address as the 17g-5 Information
Provider shall specify by written notice to the other parties hereto).

 

Upon request of the Depositor
or the Rating Agencies (through the Rating Agency Q&A Forum and Document Request Tool) or if otherwise required under this
Agreement, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional information
requested by the Depositor (including any pre-closing material from the Depositor’s Rule 17g-5 website) or the Rating Agencies
or if otherwise required under this Agreement to the extent such information is delivered to the 17g-5 Information Provider electronically
in accordance with this Section 3.14 of this Agreement. In no event shall any party to this Agreement disclose on the 17g-5
Information Provider’s Website which Rating Agency requested such additional information.

 

The 17g-5 Information
Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information
was received and that it has been posted. The 17g-5 Information Provider shall provide a mechanism to notify each NRSRO that has
provided a NRSRO Certification each time a document is posted to the 17g-5 Information Provider’s Website.

 

The 17g-5 Information
Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency
Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website,
where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date Statement,
submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant
to this Section 4.02(d), the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or the Mortgaged Properties or submit
inquiries to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special
Servicer as to which the Operating Advisor has consultation rights pursuant to Section 3.31, whether or not referenced in
such Operating Advisor Annual Report, (ii) view Inquiries that have been previously submitted and answered, together with the answers
thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to
the Certificate Administrator, Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and in the case of
an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement,
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating
to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Certificate Administrator, the Operating Advisor, Master Servicer or Special Servicer shall
be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period
following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable)
to the 17g-5 Information

 

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Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request
may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the
question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or
the Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable Loan
Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or
the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering any Inquiry
would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in
good faith, in the case of the Certificate Administrator or the Operating Advisor) that the performance of such duties or the payment
of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Operating Advisor, Master
Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the
case of the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify
the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and
Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A
Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of
the Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator or the Trustee or any of their respective Affiliates and no such party shall have any responsibility
or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5
Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole
discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect
questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the
17g-5 Information Provider’s Website.

 

In connection with providing
access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is
not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “CFCRE 2016-

 

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C4 Mortgage
Trust, Series 2016-C4” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information
Provider’s Website; provided, if such information is not in electronic format readable and uploadable (that is not
locked or corrupted), then the 17g-5 Information Provider shall promptly notify the applicable delivering party thereof, whereupon
such party shall promptly deliver the subject information in such format.

 

The 17g-5 Information
Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other
party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any
errors or defects in the information supplied by any such party.

 

The 17g-5 Information
Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific
obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance
of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each
Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives
in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information
Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information
Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this
Agreement.

 

(e)          Each of the Master
Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also deliver, produce
or otherwise make available through its website or otherwise, any additional information identified in Section 3.14(d) of
this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers, for review by
the Depositor, the Underwriters, the Initial Purchasers and any other Persons who deliver an Investor Certification in accordance
with this Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Certificateholder and the
Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information is
simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d)
of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this
Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii)
require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or other confidentiality
agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer
or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent
access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer
and the Special Servicer may

 

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require registration and the acceptance of a reasonable and customary disclaimer and/or an additional
or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of
the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality
agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder
(or a licensed or registered investment advisor acting on behalf of such Certificateholder), an Investor Certification executed
by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except
that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other
Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person
confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential));
and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor
acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a prospective purchaser
of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates
and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide
such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting
on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the
investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information
and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith,
fraud and/or negligence.

 

In connection with the
delivery by the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall provide
electronic confirmation to the Master Servicer or the Special Servicer, as applicable, of when such information, report, notice
or document has been posted to the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as
applicable, may, but is not obligated to, send such information report, notice or other document to the applicable Rating Agency
or Rating Agencies following the earlier of (a) receipt of confirmation from the 17g-5 Information Provider that such information,
report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the
first Business Day following the date the Master Servicer or the Special Servicer, as applicable, has provided such information,
report, notice or other document to the 17g-5 Information Provider.

 

(f)          The Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee
shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any

 

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Mortgage Loan, Serviced
Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property; provided
that such party summarizes the information provided to the Rating Agencies in such communication and provides the 17g-5 Information
Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures set forth
in Section 3.14(d) of this Agreement the same day such communication takes place; provided that the summary of such
oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider shall post
such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.14(d)
of this Agreement.

 

(g)          None of the foregoing
restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written communications,
or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special
Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or
NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or
primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer’s, as applicable, servicing operations in general; provided,
that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall
not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with
such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are
redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5
Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has in fact provided such information
to such Rating Agency in accordance with Section 3.14(f); or (z) the Rating Agency confirms in writing that it does not
intend to use such information in undertaking credit rating surveillance with respect to the Certificates provided, however,
that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly
available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such
Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s
Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section
3.14(g).

 

(h)          The costs and
expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the Trustee and
any other party hereto shall not be Additional Trust Fund Expenses.

 

Section
3.15     Title and Management of REO Properties and REO
Accounts. (a) If title to any Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired
for the benefit of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan
Noteholders) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or
certificate of sale shall be taken in the name of the Trust where permitted by applicable law or regulation and

 

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consistent
with customary servicing procedures, and otherwise in the name of the Trustee, or its nominee (which shall not include the
Master Servicer), or a separate Trustee or co-Trustee, on behalf of the Trust Fund (and, in the case of the Serviced Whole
Loans, the related Serviced Companion Loan Noteholders). The Special Servicer, on behalf of the Trust Fund (and, in the case
of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property
prior to the close of the third calendar year following the year in which the Trust Fund acquires ownership of such Serviced
REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the Lower-Tier
REMIC has applied for an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in which case
the Special Servicer shall sell such Serviced REO Property within the applicable extension period or if the Special Servicer
has applied for extension as provided in this clause (i) but such request has not yet been granted or denied, the
additional time specified in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel
(which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan, such expenses shall be
allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement), addressed to the
Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust Fund of such
Serviced REO Property for an additional specified period will not cause such Serviced REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the
exception applicable for purposes of Section 860D(a) of the Code) at any time that any Certificate is outstanding, in which
event such period shall be extended by such additional specified period subject to any conditions set forth in such Opinion
of Counsel. The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related
Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property held by the Trust Fund prior to the last day
of such period (taking into account extensions) by which such Serviced REO Property is required to be disposed of pursuant to
the provisions of the immediately preceding sentence in a manner provided under Section 3.16 hereof. In the case of
the Trust Fund’s beneficial interest in any REO Property acquired by the Other Trustee pursuant to an Other Pooling and
Servicing Agreement, the Special Servicer shall coordinate with the Other Special Servicer with respect to any REO extension
on behalf of the Trust Fund. The Special Servicer shall manage, conserve, protect and operate each Serviced REO Property for
the Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) solely
for the purpose of its prompt disposition and sale in a manner which does not cause such Serviced REO Property to fail to
qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard
to the exception applicable for purposes of Section 860D(a) of the Code) and such that income from the operation or sale of
such property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in Section
860F(a)(2)(B) of the Code with respect to such property.

 

(b)          The Special Servicer
shall have full power and authority, subject only to the Servicing Standard and the specific requirements and prohibitions of this
Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the manner in which the
Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its Affiliates, all on
such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and, in the case
of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection

 

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therewith, the Special Servicer
shall agree to the payment of management fees that are consistent with general market standards. Consistent with the foregoing,
the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net income from foreclosure
property,” within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC Provisions, only if
it has determined, and has so advised the Trustee and the Certificate Administrator in writing, that the earning of such income
on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders (and, in
the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation
or rental of such Serviced REO Property that would not be subject to such a tax.

 

The Special Servicer
shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from its own
funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial account
(each, an “REO Account”), each of which shall be an Eligible Account and shall be entitled “Rialto Capital
Advisors, LLC, as Special Servicer, on behalf of U.S. Bank National Association, as Trustee, for the benefit of the Holders of
CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 and the related Serviced Companion Loan
Noteholders REO Account,” to be held for the benefit of the Certificateholders and the related Serviced Companion Loan Noteholders.
The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds deposited
in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause
to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan REO Account within two Business Days after
receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom funds necessary for the proper operation,
management and maintenance of such Serviced REO Property and for other Property Protection Expenses with respect to such Serviced
REO Property, including:

 

(i)          all
insurance premiums due and payable in respect of any Serviced REO Property;

 

(ii)          all
real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;

 

(iii)         all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property
including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and

 

(iv)         any
taxes imposed on the Lower-Tier REMIC, as applicable, in respect of net income from foreclosure property in accordance with Section
4.05, and with respect to a Serviced Whole Loan, such expenses shall be allocated pro rata to the Mortgage Loan and
any related Serviced Companion Loans based on each loan’s Stated Principal Balance and only to the extent any such Serviced
Companion Loan is included in a REMIC.

 

To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer shall make such
Advance unless the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard, that such Servicing
Advance would constitute a Nonrecoverable Advance (provided that with respect to

 

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advancing insurance premiums or delinquent
tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d)
of this Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual
knowledge of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master
Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The
Trustee shall be entitled to rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable,
that an Advance, if made, would be a Nonrecoverable Advance. The Trustee, when making an independent determination whether or not
a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee,
as applicable, shall be entitled to reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the
preceding sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from
each REO Account or Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the Collection
Account or the applicable Serviced Whole Loan Collection Account, as applicable, on a monthly basis on the later of the date that
(x) is on or prior to the related Determination Date or (y) is two (2) Business Days after such amounts are received and properly
identified and determined to be available, the Net REO Proceeds received or collected from each Serviced REO Property, except that
in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account reasonable reserves for
repairs, replacements and necessary capital improvements and other related expenses.

 

Notwithstanding
the foregoing, the Special Servicer shall not:

 

(i)          permit
any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;

 

(ii)         permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)        authorize
or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion of a building
or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement
was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the
Code; or

 

(iv)       Directly
Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after its date of acquisition
by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee
(which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced Companion Loan,
such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) to the effect
that such action will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the
meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for

 

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purposes of Section 860D(a)
of the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified
in such Opinion of Counsel.

 

The Special Servicer
shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund
(and, in the case of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of
the related Intercreditor Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property,
within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the
Certificate Administrator with an Opinion of Counsel that the operation and management of any Serviced REO Property other than
through an Independent Contractor shall not cause such Serviced REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case of
a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), provided that:

 

(i)           the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(ii)          any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such Serviced REO Property, including those listed above, and remit all related
revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following
the receipt thereof by such Independent Contractor;

 

(iii)         none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect
to the operation and management of any such Serviced REO Property; and

 

(iv)         the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of such Serviced REO Property.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

(c)          Promptly following
any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer shall notify
the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation thereof,
but only if any Updated Valuation with respect thereto is more than 9 months old and the Special Servicer has no actual knowledge
of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity

 

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of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify the Depositor
and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any, and of the
results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute standards
and the cost thereof shall be an expense of the Trust Fund and allocated to the Classes of Sequential Pay Certificates in the following
order, in each case until the Certificate Balance of such Class of Certificates is reduced to zero: first, to the Class
G Certificates; second, to the Class F Certificates; third, to the Class E Certificates; fourth, to the Class
D Certificates; fifth, to the Class C Certificates; sixth, to the Class B Certificates; seventh, to the Class
A-M Certificates; and then to Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-HR, pro rata based
on their respective Certificate Balances. In the case of any Serviced Pari Passu Whole Loan such expenses shall be allocated in
accordance with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer shall obtain a
new Updated Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)          When and as necessary,
the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer setting forth the
amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation and management of
a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any other amount
not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Sections 3.15(a) and
3.15(b) of this Agreement.

 

(e)          Upon the disposition
of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate the Gain-on-Sale
Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with such sale.

 

Section
3.16     Sale of Specially Serviced Loans and REO Properties. (a) The parties hereto may sell
or purchase, or permit the sale or purchase of, a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole
Loan only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided
in or contemplated by Section 2.03(e) and Section 9.01 of this Agreement or in an applicable Intercreditor
Agreement.

 

(b)          If the Special
Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and, in the case of a Serviced Whole Loan, the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective
whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender to attempt
to sell a Defaulted Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loan, the Special
Servicer shall use reasonable efforts to solicit offers for each such Defaulted Mortgage Loan on behalf of the Certificateholders
and, if applicable, the related Serviced Companion Loan Noteholders in such manner as will be reasonably likely to realize a fair
price. In the case of a Non-Serviced Mortgage Loan, to the extent that such Non-Serviced Mortgage Loan is not sold together with
the related Non-Serviced Companion Loan by the Other Special Servicer for the related Non-Serviced Whole Loan and, if permitted
under the related

 

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Intercreditor Agreement, the Special Servicer will be entitled to sell for a Liquidation Fee (with the consent
of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event) such Non-Serviced Mortgage
Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders.
The Special Servicer shall accept the first cash offer received from any Person that constitutes a fair price for such Defaulted
Mortgage Loan. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes a
fair price for such Defaulted Mortgage Loan during the period designated by the Special Servicer for receipt of offers, the Special
Servicer shall accept the highest price.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and the Directing Certificateholder,
not less than ten Business Days’ prior written notice of its intention to sell any such Defaulted Mortgage Loan, and notwithstanding
anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for
or purchase any such Defaulted Mortgage Loan pursuant to this Agreement.

 

(c)          Whether any cash
offer constitutes a fair price for such Defaulted Mortgage Loan, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person, unless (i) the offer is equal to or greater than the applicable Purchase Price, (ii) it is the highest offer received and
(iii) at least two other offers are received from independent third parties. In determining whether any offer received from an
Interested Person represents a fair price for any such Defaulted Mortgage Loan, the Trustee shall be supplied with and shall rely
on the most recent Appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period
or in the absence of any such Appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by (i) the
Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to such Defaulted
Mortgage Loan, (ii) by the Master Servicer if the Special Servicer is making such an offer unless the Master Servicer and Special
Servicer are Affiliates or (iii) the Operating Advisor if the Master Servicer and Special Servicer are Affiliates and the Special
Servicer is making an offer. The cost of any such Updated Appraisal or narrative appraisal shall be covered by, and shall be reimbursable
as, a Servicing Advance. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person,
an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in
valuing or investing in loans similar to the subject Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected
with reasonable care by the trustee to determine such fair price and will be permitted to conclusively rely on the opinion of such
third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the
Trustee’s duties therewith shall be reimbursable by such Interested Person.

 

In determining whether
any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Mortgage Loan, the Special
Servicer shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it
may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested
Person constitutes a fair price for any such Defaulted Mortgage Loan, any appraiser shall be instructed to take into account, as
applicable,

 

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among other factors, the period and amount of the Delinquency on such Defaulted Mortgage Loan, the period and amount
of the occupancy level and physical condition of the related Mortgaged Property, the state of the local economy in the area where
the Mortgaged Property is located, the expected recovery from such Defaulted Mortgage Loan if the Special Servicer were to pursue
a workout strategy, and the time and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special
Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided
that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the
Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially
affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer
may consider available objective third party information obtained from generally available sources, as well as information obtained
from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and
the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer
may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports
of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience
in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer,
in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).

 

The Purchase Price (which,
in connection with the administration of a Defaulted Mortgage Loan related to a Serviced Whole Loan, shall be construed and calculated
as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted Mortgage
Loan shall in all cases be deemed a fair price.

 

(d)          Subject to subsection
(c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the case
of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary
or appropriate in connection with the sale of any such Defaulted Mortgage Loan, and the applicable collection of all amounts payable
in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and
may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining
to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account or, in
the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted Mortgage
Loan shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those
representations and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters),
and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer,
the Depositor, the Certificate Administrator, the Operating

 

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Advisor, the Asset Representations Reviewer or the Trustee shall have
any liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted by the
Special Servicer or the Trustee.

 

(e)          Any sale of such
Defaulted Mortgage Loan shall be for cash only.

 

(f)          The parties hereto
may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to the conditions
set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor Agreement.

 

(g)          The Special Servicer
shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders and, in the case
of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such manner as will be reasonably likely to realize
a fair price within the time period provided for by Section 3.15(a) of this Agreement. The Special Servicer (with the consent
of the Directing Certificateholder) shall accept the first cash offer received from any Person that constitutes a fair price for
such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes
a fair price for such Serviced REO Property during the period designated by the Special Servicer for receipt of offers, the Special
Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and reasonable judgment, that it
will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed by Section 3.15(a)
of this Agreement, then the Special Servicer (with the consent of the Directing Certificateholder) shall dispose of such Serviced
REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery
thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless of from
whom received.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Directing Certificateholder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced
REO Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of
its Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)          Whether any cash
offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person; provided, that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received.
In determining whether any offer received from an Interested Person represents a fair price for any such Serviced REO Property,
the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with
this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by
an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is
not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special Servicer is making such an
offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered
by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than an Interested

 

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Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account (in addition to
the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within
the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Serviced
REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount
of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of the local economy
and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a) of this Agreement.
The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced Whole Loan, shall
be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder)
for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted to retain,
at the expense of the related Interested Person, an independent third party to determine such fair price and will be permitted
to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection
with an offer by an Interested Person and the Trustee’s duties therewith shall be reimbursable by such Interested Person.

 

(i)          Subject to subsections
(g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the
case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary
or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection of all amounts payable in
connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and may
retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining
to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the case of any
Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced REO Property shall be final
and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the
Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to
the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)          Any sale of a
Serviced REO Property shall be for cash only.

 

(k)          Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest
cash offer if the Special Servicer determines, (in consultation with the Directing Certificateholder (unless a Consultation Termination
Event exists) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion
Loan Holder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the
Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective
whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with
respect to any Serviced

 

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Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan), and the Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate)
if it determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the
Certificateholders (for example, if the prospective buyer making the lower offer is more likely to perform its obligations or the
terms offered by the prospective buyer making the lower offer are more favorable) and, in the case of a Serviced Whole Loan, the
related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan).

 

(l)          With respect to
each defaulted Serviced Companion Loan, the Special Servicer shall generally have the right to sell such defaulted Serviced Companion
Loan together with the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement as if such Mortgage Loan
and Serviced Companion Loans were one whole loan on behalf of the Certificateholders and the related Serviced Companion Loan Noteholders.
The Special Servicer shall provide notice and other information required under the related Intercreditor Agreement to the applicable
Other Special Servicer as soon as practicable following its decision to attempt to sell, and prior to commencement or marketing
of, any Serviced Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall be required to obtain the consent
of any holder of a related Serviced Companion Loan prior to a sale of such Serviced Whole Loan, unless (i) such holder is the related
Borrower or an Affiliate or agent of the related Borrower or (ii) the Special Servicer delivers to such holders of the related
Serviced Companion Loans: (A) at least fifteen (15) Business Days’ prior written notice of any decision to attempt to sell
the related Serviced Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together
with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale;
(C) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced Whole Loan, and
any documents in the servicing file reasonably requested by the holders of the applicable Serviced Companion Loans that are material
to the sale price of such Serviced Whole Loan; and (D) until the sale is completed, and a reasonable period of time (but not less
time than is afforded to other offerors and the Directing Certificateholder) prior to the proposed sale date, all information and
other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer in
connection with the proposed sale. The holders of the Serviced Companion Loans (or, in any case, their respective representatives)
shall be permitted to submit an offer at any sale of such related Serviced Whole Loan; however, the related Borrower and its agents
and Affiliates shall not be permitted to submit an offer at such sale.

 

Section
3.17     Additional Obligations of the Master Servicer and the Special Servicer; Inspections.
(a) The Master Servicer (at its own expense) (or, with respect to Specially Serviced Loans and Serviced REO Properties, the
Special Servicer) shall inspect or cause to be inspected each Mortgaged Property securing a Mortgage Loan (other than a
Non-Serviced Mortgage Loan) that it is servicing at such times and in such manner as is consistent with the Servicing
Standard, but in any event shall inspect each Mortgaged Property with a Stated Principal Balance (or in the case of a
Mortgage Loan secured by more than one Mortgaged Property, having an Allocated Loan Amount) of (A) $2,000,000 or more at
least once every 12

 

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months (commencing in 2017) and (B) less than $2,000,000 at least once every 24 months (commencing in
2018), (or, in each case, at such decreased frequency as each Rating Agency shall have provided a Rating Agency Confirmation
relating to the Certificates and Serviced Companion Loan Securities, if any); provided, that if a physical inspection
has been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a
material change in the Mortgaged Property since such physical inspection, the Master Servicer will not be required to perform
or cause to be performed, such physical inspection; provided, further, that if any scheduled payment becomes
more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be
inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced
Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each
such inspection performed in accordance with the Servicing Standard by the Special Servicer shall be paid by the Master
Servicer as a Servicing Advance; provided, that if such Advance would be a Nonrecoverable Advance, then the cost of
such inspections shall be an expense of the Trust payable out of general collections. With respect to a Serviced Whole Loan,
the costs described in the preceding sentence above that relate to the applicable Serviced Whole Loan shall be paid out of
amounts on deposit in the Serviced Whole Loan Collection Account related to such Serviced Whole Loan (allocated in accordance
with the expense allocation provision of the related Intercreditor Agreement). If funds in the applicable Serviced Whole Loan
Collection Account relating to a Serviced Whole Loan are insufficient, then any deficiency shall be paid from amounts on
deposit in the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on
deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use
commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to
obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders. The Master Servicer or the Special Servicer, as applicable, shall prepare a written
report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property securing a
Mortgage Loan that it is servicing and specifying the existence of any material vacancies in such Mortgaged Property, any
sale, transfer or abandonment of such Mortgaged Property of which it has actual knowledge, any material adverse change in the
condition of the Mortgaged Property, or any visible material waste committed on applicable Mortgaged Property. The Master
Servicer or Special Servicer, as applicable, shall send such reports to the 17g-5 Information Provider (who shall promptly
post such reports to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
the related Other 17g-5 Information Provider (if any) and, upon request, to the Underwriters and the Initial Purchasers
within 35 days of completion of the inspection report, each inspection report.

 

(b)          With respect to
each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, the Master Servicer (or the
Special Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with the Servicing
Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)          If, with respect
to any Mortgage Loan (other than a Non-Serviced Mortgage Loan, a Specially Serviced Loan or a previously Specially Serviced Loan
with respect

 

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to which the Special Servicer has waived or amended the prepayment restrictions such that the related Borrower is
not required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid through and including the last
day of the interest accrual period occurring following the date of such prepayment) or Serviced Pari Passu Companion Loan, the
Master Servicer accepts a voluntary Principal Prepayment (other than (i) in accordance with the terms of the related Loan Documents,
(ii) in connection with the payment of insurance proceeds or condemnation proceeds unless the Master Servicer did not apply the
proceeds thereof in accordance with the terms of the related Loan Documents and such failure caused the shortfall, (iii) subsequent
to a default under the related Loan Documents (provided that the Master Servicer reasonably believes that acceptance of
such prepayment is consistent with the Servicing Standard), or if the Mortgage Loan or Serviced Whole Loan is a Specially Serviced
Loan, (iv) at the request of or with the consent of the Special Servicer or, so long as a Control Termination Event has not occurred
or is not continuing, and with respect to the Mortgage Loans other than an Excluded Loan, the Directing Certificateholder, or (v)
pursuant to applicable law or a court order) resulting in a Prepayment Interest Shortfall, then the Master Servicer shall deliver
to the Certificate Administrator on each Master Servicer Remittance Date for deposit in the Lower-Tier Distribution Account (or,
in the case of a Prepayment Interest Shortfall with respect to a Serviced Pari Passu Companion Loan, remit to the holder of the
Serviced Companion Loan a pro rata portion of the following amount allocated to that Serviced Whole Loan)), without any
right of reimbursement therefor, a cash payment (the “Compensating Interest Payment”), in an amount equal to
the lesser of (x) the aggregate amount of those above described Prepayment Interest Shortfalls incurred in connection with such
voluntary Principal Prepayments received in respect of the Mortgage Loans (other than a Non-Serviced Mortgage Loan or a Specially
Serviced Loan) or Serviced Companion Loans (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan) for the related
Distribution Date, and (y) the aggregate of (A) the portion of its Master Servicing Fee (calculated for this purpose at 0.0025%
(0.25 basis points per annum)) that is being paid in such Collection Period with respect to the Mortgage Loans or Serviced
Companion Loans serviced by it (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan), (B) all Prepayment Interest
Excess received during the related Collection Period on the Mortgage Loans or Serviced Companion Loans (other than a Non-Serviced
Mortgage Loan or a Specially Serviced Loan) and (C) to the extent earned on principal prepayments, net investment earnings payable
to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect to
the Mortgage Loan or any related Serviced Pari Passu Companion Loan, as applicable, subject to such prepayment; provided
that if any Prepayment Interest Shortfall occurs with respect to any Mortgage Loan as a result of the Master Servicer’s failure
to enforce the related Loan Documents (other than in connection with (a) a Specially Serviced Loan, (b) a Non-Serviced Mortgage
Loan, (c) a previously Specially Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment
restriction such that the related Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the
amount prepaid through and including the last day of the interest accrual period occurring following the date of such prepayment
or (d) the circumstances covered in clauses (i), (ii), (iii), (iv) or (v) above), the Master Servicer shall be required to pay
an amount equal to the entire Prepayment Interest Shortfall with respect to that Mortgage Loan. The Master Servicer’s obligation
to pay the Compensating Interest Payment, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest
Shortfalls against those amounts, shall not be cumulative.

 

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(d)          The Master Servicer
shall, as to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is secured by the interest
of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease,
such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify the related ground
lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement and inform such ground
lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest that is a space lease
or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the Master Servicer.

 

(e)          The Master Servicer
shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply any funds with
respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other
similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default or reasonably
foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default or reasonably
foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the Master Servicer
as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

(f)          Within a reasonable
time period after the execution of any amendment or modification of any of the Intercreditor Agreements related to the OZRE Leased
Fee Portfolio Whole Loan, the Hyatt Regency St. Louis at the Arch Whole Loan, the One Commerce Plaza Whole Loan, the AG Life Time
Fitness Portfolio Whole Loan, the GFH Brennan Industrial Portfolio Whole Loan, the NMS Los Angeles Multifamily Whole Loan, the
215 West 34th Street and 218 West 35th Street Whole Loan, the Renaissance Cincinnati Whole Loan, the AvidXchange
Whole Loan, the Madbury Commons Whole Loan, the 3 Executive Campus Whole Loan or the Home Depot – Elk Grove Village Whole
Loan, the Master Servicer or the Special Servicer, as applicable, shall provide to the Certificate Administrator a copy of any
such modification or amendment of any such Intercreditor Agreement, and such amendment or modification shall be a Reportable Event
as set forth in Section 10.09.

 

Section
3.18     Authenticating Agent. The Certificate Administrator may appoint an Authenticating
Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be a
corporation organized and doing business under the laws of the United States of America or any state, having a principal
office and place of business in a state and city acceptable to the Depositor, having a combined capital and surplus of at
least $15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or
state authorities. The Certificate Administrator shall serve as the initial Authenticating Agent.

 

Any corporation into
which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the
corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any
paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

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The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator,
the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating
Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving
a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating
Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities
of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section
3.19     Appointment of Custodians. U.S. Bank National Association shall be the initial
Custodian hereunder. The Certificate Administrator may appoint one or more additional Custodians to hold all or a portion of
the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article II, by entering into
a Custodial Agreement with any Custodian who is not the Depositor. The Certificate Administrator agrees to comply with the
terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of
the Certificateholders. The Certificate Administrator shall not be liable for any act or omission of the Custodian under the
Custodial Agreement. Each Custodian shall be a depository institution subject to supervision by federal or state authority,
shall have a combined capital and surplus of at least $10,000,000, shall have a long-term debt rating of at least
“Baa2” from Moody’s, “BBB” from Fitch and at least the equivalent by KBRA to the extent rated
by KBRA. Each Custodial Agreement may be amended only as provided in Section 12.08 of this Agreement. Any compensation
paid to the Custodian shall be an unreimbursable expense of the Certificate Administrator. If the Custodian is an entity
other than U.S. Bank National Association, the Custodian shall maintain a fidelity bond in the form and amount that are
customary for securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed
to have complied with this provision if one of its Affiliates has such fidelity bond coverage and, by the terms of such
fidelity bond, the coverage afforded thereunder extends to the Custodian. In addition, the Custodian shall keep in force
during the term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of
its officers and employees in connection with its obligations hereunder in the form and amount that are customary for
securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of errors and
omissions insurance obtained under this Section 3.19 shall be issued by a Qualified Insurer.

 

Section
3.20     Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts.
The Master Servicer shall administer each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in
accordance with the related

 

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Mortgage or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any
relating to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans it is servicing.

 

Section
3.21     Servicing Advances. (a) The Master Servicer (or, to the extent provided in Section
3.21(c) of this Agreement, the Trustee) to the extent specifically provided for in this Agreement, shall make any
Servicing Advances as and to the extent otherwise required pursuant to the terms hereof with respect to the Mortgage Loans
(other than Non-Serviced Mortgage Loans) or Serviced Whole Loans that it is servicing. For purposes of distributions to
Certificateholders and compensation to the Master Servicer, the Special Servicer or the Trustee, Servicing Advances shall not
be considered to increase the Stated Principal Balance of any such Mortgage Loan or Serviced Whole Loan, notwithstanding that
the terms of such Mortgage Loan or Serviced Whole Loans so provide.

 

(b)          Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’
written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master
Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided,
that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in
respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing
Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect
to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other
Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following
the making of such Servicing Advance.

 

(c)          The Master Servicer
shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one Business Day after,
becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms hereof, and in connection
therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it is to be paid, and the circumstances
and purpose of such Servicing Advance, and shall set forth therein information and instructions for the payment of such Servicing
Advance, and, on the date specified in such notice for the payment of such Servicing Advance, or, if the date for payment has passed
or if no such date is specified, then within five Business Days following such notice, the Trustee, subject to the provisions of
Section 3.21(d) of this Agreement, shall pay the amount of such Servicing Advance in accordance with such information and
instructions.

 

(d)          The Special Servicer
shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession regarding
the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes
of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer shall
have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the
absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall
remain with the Master Servicer or Trustee, as applicable.

 

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Notwithstanding anything
herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing
Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither
the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the
Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making
such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance
or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration,
is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related
Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under
consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount
which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms
of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer)
regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal
of the related Mortgaged Property shall not have been obtained within the prior 9 month period (and the Master Servicer and the
Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence)
or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good
faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master
Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal,
the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the
allocation provisions of the related Intercreditor Agreement).

 

Any determination by
the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing
Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee
that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case
of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee,
the Directing Certificateholder (but only if no Consultation Termination Event has occurred and is

 

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continuing), the Operating Advisor,
the Certificate Administrator, any related Companion Loan holder(s) and the Depositor and, in the case of the Trustee, by a certificate
of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Certificateholder (but only if no Consultation
Termination Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, any related Companion
Loan holder(s), the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination
and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination
(such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property
inspections and other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such
determination, together with any existing Appraisal or any Updated Appraisal); provided, that the Special Servicer may,
at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed
to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator, the Directing Certificateholder
(but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the Trustee, the related
Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of such determination. Any such
determination may be relied upon and shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.
Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative determination that any Advance
is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that such an Advance is
a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or the Trustee, as applicable. If the Special
Servicer makes a determination that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable
Servicing Advance, the Master Servicer and the Trustee shall each have the right to make its own subsequent determination that
any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust
(and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent
bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders
and the Serviced Companion Loan Noteholders.

 

The Trustee, in determining
whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing
Advance shall use its reasonable judgment.

 

With respect to the payment
of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance
of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of

 

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such determination to the
Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect
to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is not a Specially Serviced Loan) and
the Special Servicer (with respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance
of the Master Servicer) whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii)
would be in the best interests of the Certificateholders and, in the case of any Serviced Companion Loans, the related Serviced
Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into
account the subordinate nature of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines
that the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests
of the Certificateholders and, in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder, the
Special Servicer (in the case of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such
payment and the Master Servicer shall make such payment, to the extent of available funds, from amounts in the Collection Account
or, if a Serviced Whole Loan is involved, from amounts in the applicable Serviced Whole Loan Collection Account.

 

Notwithstanding anything
to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment
out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has
determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with
respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such
expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or being sold
at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any
security for the related Mortgage Loan; provided that in each instance, the Master Servicer determines in accordance with
the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator)
that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the
related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain
reimbursement of Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

(e)          The Master Servicer
and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made by any of them to the extent
permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any related Advance Interest Amount in
respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee each hereby covenants and agrees
to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers to the extent permitted by
applicable law and the related Loan Documents.

 

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The parties acknowledge
that, pursuant to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing
Advances with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent
it has made an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling
and Servicing Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the
pro rata portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related
Subordinate Companion Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro
rata portion of accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner
set forth in the Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.

 

With respect to any Serviced
Whole Loan, if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed Servicing Advance
with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or the Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days
after such determination or such longer time period permitted by the applicable Intercreditor Agreement.

 

Section
3.22     Appointment and Replacement of Special Servicer. (a) Rialto Capital Advisors, LLC is
hereby appointed as the initial Special Servicer to service each Specially Serviced Loan and related REO Property.

 

(b)          For so long as
no Control Termination Event has occurred and is continuing, the Directing Certificateholder shall be entitled to terminate the
rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and obligations of the
Special Servicer under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant to Section 7.02
of this Agreement, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee; provided that, with
respect to any Serviced Whole Loan, the related Directing Certificateholder’s right to terminate the rights and obligations
of the Special Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth
in the related Intercreditor Agreement.

 

(c)          Following the
occurrence of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor determines
that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the
Servicing Standard, the Operating Advisor shall deliver to the Trustee and to the Certificate Administrator, with a copy to the
Special Servicer, a written report setting forth the reasons supporting its recommendation (along with any information the Operating
Advisor considered relevant to its recommendation) and recommending a replacement special servicer; provided, that in no
event shall the information or any other content included in such written recommendation contravene any provision of this Agreement.
In such event, the Certificate Administrator shall promptly post notice to all Certificateholders of such recommendation and the
related report on the Certificate Administrator’s Website, and by mail (or through the DTC

 

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system, as applicable), and shall
conduct the solicitation of votes of all Certificates in such regard. Subsequently, upon (i) the written direction of Holders of
Sequential Pay Certificates evidencing at least a majority of the aggregate Voting Rights (taking into account the application
of any Realized Losses and Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances) (which vote shall
occur not more than 180 days from the date the Certificate Administrator posts such recommendation on the Certificate Administrator’s
Website; provided that if such written direction is not provided within 180 days of the posting of the initial request for
a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect) and (ii) receipt
of a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and, if such successor Special Servicer
shall also specially service a Serviced Whole Loan, any class of related Serviced Companion Loan Securities, by the Trustee following
satisfaction of the foregoing clause (i), the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint a successor Special Servicer approved by the Certificateholders; provided such termination
is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation,
reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing
Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses associated with administering
such vote shall be an Additional Trust Fund Expense. If the Trustee does not receive greater than 50% of the requested votes, then
the Trustee shall not remove the Special Servicer. Prior to the appointment of any replacement special servicer, such replacement
special servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement and to act as the
Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated Special Servicer with respect
to any termination pursuant to this Section 3.22(c).

 

(d)          If a Control Termination
Event has occurred and is continuing and upon (a) the written direction of holders of Sequential Pay Certificates evidencing not
less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce
the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) of the Sequential Pay Certificates
requesting a vote to replace the Special Servicer with a new special servicer designated in such written direction, (b) payment
by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and any Rating Agency
fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote and (c) delivery
by such holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating Agency with respect
to the Certificates and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, any class of related
Serviced Companion Loan Securities, the Certificate Administrator shall promptly provide written notice to all Certificateholders
of such request by posting such notice on the Certificate Administrator’s Website, and by mail (or through the DTC system,
as applicable), and conduct the solicitation of votes of all Certificates in such regard. Subsequently, if a Control Termination
Event has occurred and is continuing, upon the written direction of (i) holders of Sequential Pay Certificates evidencing at least
75% of a Certificateholder Quorum of Certificates or (ii) holders of Non-Reduced Certificates evidencing more than 50% of the Voting
Rights of each Class of Non-Reduced Certificates, the Trustee shall (x) terminate all of the rights and obligations of the Special
Servicer under this Agreement and appoint the successor Special Servicer designated by such Certificateholders, provided
such

 

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termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and
other compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly
notify such outgoing Special Servicer of the effective date of such termination; provided that if such written direction
is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate and replace
the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket costs associated
with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include on each Distribution
Date Statement a statement that each Certificateholder and Certificate Owner may access notices on the Certificate Administrator’s
Website and each Certificateholder and Certificate Owner may register to receive email notifications when such notices are posted
on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement
from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(e)          The Trustee shall,
promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to terminate pursuant
to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator, the related Serviced
Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the Special Servicer and appointment
of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until (i) the Trustee receives from
each Rating Agency a Rating Agency Confirmation or, if such successor Special Servicer shall also specially service a Serviced
Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer has assumed all of its responsibilities,
duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the Trustee, (iii) receipt by the Trustee of
an Opinion of Counsel to the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance
with this Agreement, (y) such replacement will be bound by the terms of this Agreement and (z) this Agreement will be enforceable
against such replacement in accordance with its terms, (iv) the replacement Special Servicer certifies that such replacement special
servicer satisfies all related qualifications set forth in the Intercreditor Agreement relating to such Serviced Companion Loan
and (v) receipt by the Certificate Administrator (with a confirmation of such receipt delivered to the Trustee) of notice and information
required to be delivered by the successor Special Servicer under Section 10.03 of this Agreement. Any successor Special
Servicer shall make the representations and warranties provided for in Section 2.04(b) of this Agreement mutatis
mutandis. In no event may a successor Special Servicer be a current or former Operating Advisor or any Affiliate of such
current or former Operating Advisor or a current or former Asset Representations Reviewer. Further, such successor shall be a Person
that (i) satisfies all of the eligibility requirements applicable to the Special Servicer contained in this Agreement, (ii) is
not the Operating Advisor, the Asset Representations Reviewer or an affiliate of the Operating Advisor or the Asset Representations
Reviewer, (iii) is not obligated or allowed to pay the Operating Advisor any fees or otherwise compensate the Operating Advisor
(x) in respect of its obligations under this Agreement or (y) for the appointment of the successor Special Servicer or the recommendation
by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iv) is not entitled to receive any
compensation from the Operating Advisor other than compensation that is not material and is unrelated to the Operating Advisor’s
recommendation that such party

 

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be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the
Operating Advisor for its appointment as successor Special Servicer, in each case, unless expressly approved by 100% of the Certificateholders,
(vi) is not a special servicer that has been cited by Moody’s as having servicing concerns as the sole or material factor
in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a
ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination,
(vii) currently has a special servicer rating of at least “CSS3” from Fitch, and (viii) is not a special servicer that
has been cited by KBRA as having servicing concerns as the sole or a material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities
in a transaction serviced by the applicable servicer prior to the time of determination. In addition, any replacement Special Servicer
that will service any Serviced Whole Loan shall meet any requirements specified in the related Intercreditor Agreement or, if applicable,
the related Other Pooling and Servicing Agreement.

 

The existing Special
Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer
hereunder; provided, that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall
have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation and
it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive
all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified
in Section 3.12(b) of this Agreement if the Special Servicer is terminated and any indemnification rights that the Special
Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special
Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special
Servicer’s responsibilities and rights hereunder, including without limitation the transfer within two Business Days to the
successor Special Servicer for administration by it of all cash amounts that are thereafter received with respect to the Mortgage
Loans and, if applicable, Whole Loans.

 

(f)          The appointment
of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations to
make Advances as set forth herein; provided, that neither the Trustee nor the Master Servicer shall be liable for any actions
or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and it is acknowledged
that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid by the Certificateholders
or the Directing Certificateholder, as applicable, so terminating the Special Servicer and shall not in any event be an expense
of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the Directing Certificateholder).

 

(g)          If a replacement
special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property in accordance with this
Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context clearly
requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or the performance
of such duties and obligations, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer,
insofar as such duties

 

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and obligations relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall
mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided, that in Section 3.14
and Article VII of this Agreement, the term “Special Servicer” shall mean each of the Serviced Whole Loan Special
Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds,
documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable Serviced Whole Loan
Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced
Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer, in all other cases; (iii) when used
in the context of granting the Special Servicer the right to purchase Defaulted Mortgage Loans pursuant to Section 3.16
of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used
in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by
the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General
Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant to this Section 3.22
by the applicable Directing Certificateholder, the term “Special Servicer” shall mean the General Special Servicer
or the Serviced Whole Loan Special Servicer, if applicable; (vi) when used in the context of granting the Special Servicer any
protections, limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean
each of the Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when used in the context of requiring
indemnification from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation,
warranty or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations
hereunder or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any
of the foregoing, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer or the
General Special Servicer, as applicable.

 

(h)          References in
this Section 3.22 to “General Special Servicer” mean the Person performing the duties and obligations of special
servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to which a different Serviced
Whole Loan Special Servicer has been appointed with respect thereto).

 

(i)          No penalty or
fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 3.22. All
costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.

 

Notwithstanding anything
to the contrary contained in this Section 3.22, with respect to any Excluded Special Servicer Mortgage Loan, if any, the
Special Servicer shall resign with respect to such Excluded Special Servicer Mortgage Loan. Prior to the occurrence and continuance
of a Control Termination Event, if the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan, the Controlling
Class Representative shall appoint (and replace with or without cause) the Excluded Special Servicer, as successor to the resigning
Special Servicer, for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If such Excluded Special
Servicer Mortgage Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder (by Certificate Balance)
that is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause) the

 

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 Excluded Special Servicer
for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If a Control Termination Event has occurred
and is continuing, neither the Controlling Class Representative nor any other Controlling Class Certificateholder shall be entitled
to remove or replace the Excluded Special Servicer with respect to any Excluded Special Servicer Mortgage Loan. If a Control Termination
Event has occurred and is continuing and prior to a Consultation Termination Event, the largest Controlling Class Certificateholder
that is not an Excluded Controlling Class Certificateholder shall have the right to appoint the Excluded Special Servicer.

 

If a Consultation Termination
Event has occurred and is continuing, upon resignation of the Special Servicer with respect to an Excluded Special Servicer Mortgage
Loan, such resigning Special Servicer shall use reasonable efforts to appoint the related Excluded Special Servicer. The Special
Servicer shall not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with
respect to the identity of the applicable Excluded Special Servicer.

 

If at any time the Special
Servicer that had acted as the Special Servicer for a Excluded Special Servicer Mortgage Loan prior to it becoming a Excluded Special
Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property
becoming REO Property) with respect to an Excluded Special Servicer Mortgage Loan, (1) the related Excluded Special Servicer shall
resign, (2) the related Mortgage Loan shall no longer be an Excluded Special Servicer Mortgage Loan, (3) such Special Servicer
shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled
to all special servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage Loan
is no longer an Excluded Special Servicer Mortgage Loan.

 

The Excluded Special
Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage Loan and
will be entitled to all special servicing compensation with respect to such Excluded Special Servicer Mortgage Loan earned during
such time as the related Mortgage Loan is an Excluded Special Servicer Mortgage Loan (provided that the Special Servicer
shall remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that
are not Excluded Special Servicer Mortgage Loans during such time).

 

If a Servicing Officer
or Special Servicing Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer,
as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class
Mortgage Loan or an Excluded Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Special Servicer
or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

Section
3.23     Transfer of Servicing Between the Master Servicer and the Special Servicer; Record
Keeping; Asset Status Report. (a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan
with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan of which the Master
Servicer may have notice, the Master Servicer shall promptly give notice thereof to the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor, the Asset Representations

 

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Reviewer, the related Mortgage Loan Seller, if
no Consultation Termination Event has occurred and is continuing, the Directing Certificateholder and, if applicable, the
related Serviced Companion Loan Noteholders and shall use efforts in accordance with the Servicing Standard to provide the
Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage File) and
records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and
reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting
through a sub-servicer. The Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the
preceding sentence within five Business Days of the date it has notice of the occurrence of any event specified in
the definition of Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such
Mortgage Loan or Serviced Whole Loan, until the Special Servicer has commenced the servicing of such Mortgage Loan or
Serviced Whole Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records
referred to in the preceding sentence. With respect to each Mortgage Loan or Serviced Whole Loan that becomes a Specially
Serviced Loan, the Master Servicer shall instruct the related Borrower to continue to remit all payments in respect of such
Mortgage Loan or Serviced Whole Loan to the Master Servicer. The Master Servicer shall forward any notices it would otherwise
send to the Borrower of a Specially Serviced Loan to the Special Servicer, who shall send such notice to the related
Borrower.

 

Upon determining that
a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced
Loan in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation
to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and
administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced
Loan shall resume.

 

(b)          In servicing any
Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within the definition
of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the possession of
the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with the related
Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies
of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)          Not later than
two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section 3.13(a)
of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator, with a
copy to the Trustee, the Operating Advisor, the Asset Representations Reviewer and the Master Servicer, a written statement describing,
on a loan by loan basis, (i) the amount of all payments on account of interest received on each Specially Serviced Loan, the amount
of all payments on account of principal, including Principal Prepayments, on each Specially Serviced Loan, the amount of Net Insurance
Proceeds and Net Liquidation Proceeds received with respect to each Specially Serviced Loan, and with respect to REO Properties,
the amount of net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a
non-

 

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customary service to the tenants of, or the receipt of any rental income that does not constitute Rents from Real Property
with respect to the Serviced REO Property relating to each applicable Specially Serviced Loan, in each case in accordance with
Section 3.15 of this Agreement (it being understood and agreed that to the extent this information is provided in accordance
with Section 3.13(g) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional
information relating to the Specially Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee reasonably
request, to enable it to perform its duties under this Agreement. Such statement and information shall be furnished to the Master
Servicer in writing and/or in such electronic media as is acceptable to the Master Servicer.

 

(d)          Notwithstanding
the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect
to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer
and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor to perform
its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required
by the Master Servicer to perform its duties under this Agreement.

 

(e)          No later than
60 days after a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver to the
Master Servicer, the Directing Certificateholder (only if no Consultation Termination Event has occurred and is continuing), with
respect to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included in a securitization
transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold or to the
holder of the related Serviced Companion Loan, the Operating Advisor (but only if a Control Termination Event has occurred and
is continuing), the Controlling Class Representative (so long as such Mortgage Loan is not an Excluded Mortgage Loan), the 17g-5
Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement), each related Serviced Companion Loan Noteholder, and upon request, the Underwriters and the Initial
Purchasers, a report (the “Asset Status Report”) with respect to such Mortgage Loan or Serviced Whole Loan and
the related Mortgaged Property; provided, the Special Servicer shall not be required to deliver an Asset Status Report to
the Directing Certificateholder if the Special Servicer and the Directing Certificateholder are the same entity. A summary of each
Asset Status Report shall be provided to the Certificate Administrator and the Trustee. Such Asset Status Report shall set forth
the following information to the extent reasonably determinable:

 

(i)     
     summary of the status of such Specially Serviced Loan and any negotiations with the related
Borrower;

 

(ii)          a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the related Mortgage Loan or Serviced Whole Loan and whether outside legal counsel has been retained;

 

(iii)          the
most current rent roll and income or operating statement available for the related Mortgaged Property;

 

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(iv)         (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Mortgage Loan or Serviced
REO Property), (B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or
are being considered by the Special Servicer in connection with the proposed or taken actions;

 

(v)          the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Mortgage Loan, any proposed
workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults
under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)         a
description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;

 

(vii)        the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)       an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

(ix)          the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

(x)          such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

For so long as no Control
Termination Event has occurred and is continuing, if within 10 Business Days of receiving an Asset Status Report, the Directing
Certificateholder does not disapprove such Asset Status Report in writing, the Directing Certificateholder will be deemed to have
approved such Asset Status Report and the Special Servicer shall implement the recommended action as outlined in such Asset Status
Report; provided, that such Special Servicer may not take any action that is contrary to applicable law, this Agreement,
the Servicing Standard (taking into consideration the best interests of all the Certificateholders and, with respect to any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), the terms of the applicable Loan
Documents or any related

 

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Intercreditor Agreement. For so long as no Control Termination Event has occurred and is continuing, if
the Directing Certificateholder disapproves such Asset Status Report within such 10 Business Day period, the Special Servicer will
revise such Asset Status Report and deliver to the Directing Certificateholder, the Master Servicer, the 17g-5 Information Provider
(who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement) and each related Serviced Companion Loan Noteholder, a new Asset Status Report as soon as practicable, but in no event
later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status Report as described above in this
Section 3.23(e) until the Directing Certificateholder fails to disapprove such revised Asset Status Report in writing within
10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination consistent with
the Servicing Standard, that such objection is not in the best interests of all the Certificateholders and, with respect to any
Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). In any event,
for so long as no Control Termination Event has occurred and is continuing, if the Directing Certificateholder does not approve
an Asset Status Report within 60 Business Days from the first submission of an Asset Status Report, the Special Servicer may act
upon the most recently submitted form of Asset Status Report if consistent with the Servicing Standard. The Special Servicer may,
from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such report
shall have been prepared, reviewed and not rejected pursuant to the terms of this Section, and in particular, shall modify and
resubmit such Asset Status Report to the Directing Certificateholder (with a copy to the Trustee and the Certificate Administrator)
if (i) the estimated sales proceeds, foreclosure proceeds, workout or restructure terms or anticipated debt forgiveness varies
materially from the amount on which the original report was based or (ii) the related Borrower becomes the subject of bankruptcy
proceedings. Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event with
respect to the related Mortgaged Property, take any action set forth in such Asset Status Report before the expiration of a 10
Business Day period if the Special Servicer has reasonably determined that failure to take such action would materially and adversely
affect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan
Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan)), and it has made a reasonable effort to contact the Directing Certificateholder
and, if any Serviced Whole Loan is involved, the related Serviced Companion Loan Noteholders and (ii) in any case, shall determine
whether such affirmative disapproval is not in the best interests of all the Certificateholders and, with respect to any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) pursuant to the Servicing Standard,
and, upon making such determination, shall implement the recommended action outlined in the Asset Status Report. The Asset Status
Report is not intended to replace or satisfy any specific consent or approval right which the Directing

 

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Certificateholder may have.
Any Asset Status Report delivered with respect to an Excluded Controlling Class Mortgage Loan shall be sent via email (or such
other electronic means mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Excluded
Information” followed by the applicable loan number and loan name to the Certificate Administrator (in the same manner as
the monthly report information is transmitted) with a copy to cmbs.transactions@usbank.com.

 

The Special Servicer
shall have the authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing
Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset
Status Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement,
applicable law or the related Loan Documents.

 

During the period when
a Control Termination Event has occurred and is continuing, the Special Servicer shall consult on a non-binding basis with the
Operating Advisor in connection with each Asset Status Report prior to finalizing and executing such Asset Status Report and the
Operating Advisor shall propose, by written notice, alternative courses of action within 10 days of receipt of each Asset Status
Report to the extent the Operating Advisor determines such alternatives to be in the best interest of the Certificateholders (including
any Certificateholders that were previously included in the Control Eligible Certificates), as a collective whole as if such Certificateholders
constituted a single lender. This determination shall be made pursuant to the Operating Advisor Standard. The Special Servicer
shall consider any such proposals from the Operating Advisor and determine whether any changes to its proposed Asset Status Report
should be made, such determination being made in accordance with the Servicing Standard and the other terms of this Agreement.
In addition, with respect to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding consultation rights,
if any, that the holders of the related Pari Passu Companion Loans have pursuant to the related Intercreditor Agreement.

 

During the period when
a Control Termination Event has occurred and is continuing and for so long as no Consultation Termination Event has occurred and
is continuing, the Special Servicer shall consult on a non-binding basis with the Directing Certificateholder in connection with
each Asset Status Report prior to finalizing and executing such Asset Status Report and the Directing Certificateholder shall have
the right to propose, by written notice, alternative courses of action within 10 days of receipt of each Asset Status Report. The
Special Servicer shall consider any such proposals from the Directing Certificateholder and determine whether any changes to its
proposed Asset Status Report should be made, such determination being made in accordance with the Servicing Standard and the other
terms of this Agreement.

 

If neither the Operating
Advisor nor the Directing Certificateholder proposes alternative courses of action within 10 days after receipt of such Asset Status
Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

Notwithstanding anything
to the contrary herein, if a Consultation Termination Event has occurred and is continuing, the Directing Certificateholder shall
have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to any matter set
forth therein. If a Control Termination Event has occurred and is continuing, the

 

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Directing
Certificateholder shall have no right to consent to any Asset Status Report under this Section 3.23.

 

No direction, advice,
consent, approval or disapproval of the Directing Certificateholder or Operating Advisor shall (a) require, permit or cause the
Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any
provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section
3.25 and the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC
status of the Lower-Tier REMIC and the Upper-Tier REMIC and the Grantor Trust status of the Grantor Trust, or (b) result in the
imposition of a “prohibited transaction” or “contribution” tax under the REMIC Provisions, or (c) expose
the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying Agent, the
Operating Advisor, the Trustee or their respective officers, directors, employees or agents to any claim, suit or liability or
(d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master
Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any direction of the
Directing Certificateholder described in this paragraph.

 

(f)          Unless a Control
Termination Event has occurred and is continuing, the Special Servicer shall deliver to the Operating Advisor only each Final Asset
Status Report.

 

Section
3.24     Special Instructions for the Master Servicer and/or Special Servicer. (a) Prior to
taking any action with respect to a Mortgage Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a
“one-action” state, the Master Servicer or Special Servicer, as applicable, shall consult with legal counsel, the
fees and expenses of which shall be an expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense
shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).

 

(b)          The Master Servicer
shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related Manager and
clearing bank relating to a Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing that,
if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any related
Lock-Box Agreement.

 

(c)          Without limiting
the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under the related
Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions of
the Loan Documents relating to the Mortgage Loans (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing
with respect to the collection of Prepayment Premiums and Yield Maintenance Charges.

 

(d)          If a Rating Agency
shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require the related Borrower
(other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with the applicable Loan
Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional Trust Fund Expense
in the same manner as Realized Losses as set forth in Section 4.01(e) of this Agreement) and, (1) in the case of a Serviced
Pari

 

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Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan), allocated in accordance
with the allocation provisions of the related Intercreditor Agreement, the costs of which may be advanced as a Servicing Advance.

 

(e)          The Master Servicer
shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of the Trust any right
of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant to the related Intercreditor
Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02). The cost of such enforcement
on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

(f)          With respect to
a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with a Stated Principal Balance equal to or greater
than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000, or with respect
to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent not inconsistent
with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise affiliation
with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced hereunder
or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage
Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates and Serviced
Companion Loan Securities, if any.

 

Section
3.25     Certain Rights and Obligations of the Master Servicer and/or the Special Servicer.
(a) In addition to its rights and obligations with respect to Specially Serviced Loans, the Special Servicer has the right,
whether or not the applicable Mortgage Loan (other than a Non-Serviced Mortgage Loan) is a Specially Serviced Loan, to
process or approve (i) certain modifications to the extent described under Section 3.26 of this Agreement and (ii) certain
waivers of due-on-sale or due-on-encumbrance clauses as described above under Section 3.09 of this Agreement. With
respect to Performing Loans (other than Non-Serviced Mortgage Loans), the Master Servicer shall notify the Special Servicer
of any request for approval (a “Request for Approval”) received relating to the Special Servicer’s
above-referenced processing or approval rights and, unless the Special Servicer and the Master Servicer mutually agree that
the Master Servicer shall process such request, the Master Servicer shall take no further action, and shall have no
obligation to take any further action other than to cooperate with the Special Servicer to the extent required pursuant to
the terms of this Agreement, with respect to such borrower request. If the Special Servicer and the Master Servicer mutually
agree that the Master Servicer shall process such borrower request, the Master Servicer shall prepare and forward to the
Special Servicer its written recommendation and analysis and any other information or documents reasonably requested by the
Special Servicer (to the extent such information or documents are in the Master Servicer’s possession). Subject to Section
3.09(h) of this Agreement, the Special Servicer shall have 15 Business Days (from the date that the Special Servicer
receives the information it requested from the Master Servicer) to analyze and make a recommendation with respect to a
Request for Approval with respect to a Performing Loan and, prior to the end of such 15 Business Day period, for so long as
no Control Termination Event has occurred and is continuing, is required to notify the Directing Certificateholder and each
Serviced Companion Loan Noteholder of such Request for Approval and its recommendation

 

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with respect thereto. Following such
notice, the Directing Certificateholder shall have 10 Business Days from the date it receives the Special Servicer
recommendation and any other information it may reasonably request to approve any recommendation of the Special Servicer
relating to any Request for Approval. In any event, if the Directing Certificateholder does not respond to a Request for
Approval by 5 p.m. on the 10th Business Day after such request, the Special Servicer or the Master Servicer, as applicable,
may deem such Request for Approval or recommendation, as the case may be, approved by the Directing Certificateholder and if
the Special Servicer does not respond to a Request for Approval within the required 15 Business Days (or such longer period
as provided under a related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth
therein for Directing Certificateholder approval), the Master Servicer may deem its recommendation approved by the Special
Servicer. With respect to a Specially Serviced Loan, the Special Servicer must notify the Directing Certificateholder of any
Request for Approval received relating to the Directing Certificateholder’s above-referenced approval rights and its
recommendation with respect thereto. The Directing Certificateholder shall have 10 Business Days (after receipt of all
information reasonably requested) to approve any recommendation of the Special Servicer relating to any such Request for
Approval. In any event, if the Directing Certificateholder does not respond to any such Request for Approval by 5 p.m. on the
10th Business Day after such request, the Special Servicer may deem its recommendation approved by the Directing
Certificateholder. Notwithstanding the foregoing, (i) with respect to any Whole Loan, the procedure and timing for approval
by the Directing Certificateholder (to the extent it is the related Companion Loan Noteholder) of the related Request for
Approval shall be governed by the terms of the related Intercreditor Agreement and (ii) if the Special Servicer determines
that immediate action is necessary to protect the interests of the Certificateholders and, with respect to any Serviced Whole
Loan, the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to
any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan) and the Special Servicer has made a reasonable effort to contact the Directing Certificateholder,
it need not wait for a response from the Directing Certificateholder.

 

(b)          Notwithstanding
any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain
from taking any action pursuant to instructions from the Directing Certificateholder or a Non-Controlling Note Holder, or due to
any failure to approve an action by the Directing Certificateholder or a Non-Controlling Note Holder, or due to any objection by
the Directing Certificateholder or a Non-Controlling Note Holder that would (i) cause any one of them to violate applicable law,
the terms of any Loan Documents, any Intercreditor Agreement, including the Servicing Standard, or the REMIC Provisions of the
Code, (ii) expose the Master Servicer, the Special Servicer, the Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust
Fund, the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator (in any of its capacities),
or the Custodian or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (iii)
materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities, or (iv) cause the
Master Servicer or the Special Servicer to act, or fail to act, in a manner that is not in the best interests of the Certificateholders.

 

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(c)          The Master Servicer
and the Special Servicer, as applicable, shall discuss with the Directing Certificateholder, on a monthly basis, the performance
of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has been placed on a “Watch
List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating performance.

 

Section
3.26     Modification, Waiver, Amendment and Consents. (a)
Subject to Sections 3.25, 3.26(f) and 3.27, and, if applicable, each Intercreditor Agreement, (i) with
respect to any Mortgage Loan that is not a Specially Serviced Loan and actions that do not involve Major Decisions or Special
Servicer Decisions (other than the items listed in clause (e)(i) and clause (e)(ii) of Special Servicer
Decisions, which the Master Servicer shall process, subject to the Special Servicer’s consent or deemed consent as set
forth in Section 3.09 and Section 3.26(n)), the Master Servicer or (i)(A) with respect to any
Specially Serviced Loans or (B) as to Major Decisions or Special Servicer Decisions (other than the items listed in clause
(e)(i) and clause (e)(ii) of Special Servicer Decisions, which the Master Servicer shall process, subject to the
Special Servicer’s consent or deemed consent as set forth in Section 3.09 and Section 3.26(m))
irrespective of whether such Mortgage Loan is a Specially Serviced Loan, in each case subject to the rights of the Directing
Certificateholder and, in the case of the Special Servicer, consultation with the Operating Advisor (if no Control
Termination Event has occurred and is continuing and to the extent the Operating Advisor has consultation rights pursuant to Section
3.23(e), Section 3.31 and Section 6.07 of this Agreement), may modify, waive, amend, consent or take such
other action with respect to any term of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan
if such modification, waiver, amendment, consent or other action (A) is consistent with the Servicing Standard and (B) would
not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury
Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event; provided, however, that
notwithstanding the foregoing, the Master Servicer and Special Servicer may mutually agree as set forth in Section 3.25 that
the Master Servicer will process any of the foregoing matters that are Major Decisions or Special Servicer Decisions with
respect to any Mortgage Loan that is not a Specially Serviced Loan. Each of the Master Servicer and the Special Servicer may
conclusively rely on an Opinion of Counsel in meeting this requirement. In order to meet the foregoing requirements, in the
case of a release of real property collateral securing a Mortgage Loan, the Master Servicer or Special Servicer, as
applicable, shall observe the REMIC requirements of the Code with respect to a required payment of principal if the
loan-to-value ratio immediately after the release exceeds 125% with respect to the related real property collateral.
In connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the
related Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power
of eminent domain or condemnation, if the Loan Documents require the Master Servicer or the Special Servicer, as applicable,
to calculate (or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged
Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property
or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan or Serviced Whole Loan, then such
calculation shall, unless permitted by the REMIC provisions, exclude the value of any personal property and going concern
value, if any as determined by an appropriate third party. If, following any such release or taking, the loan-to-value ratio
as so calculated is greater than 125%, the Master Servicer or Special Servicer, as applicable, shall

 

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require payment of
principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions, unless
the related Borrower provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail
to be a Qualified Mortgage.

 

(b)          Neither the Master
Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or Specially Serviced
Loan beyond the date that is the date occurring later than the earlier of (1) five years prior to the Rated Final Distribution
Date and (2) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely or primarily by the
related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the Borrower is the lessee
and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years prior to the
expiration date of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space
lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date of such lease if
the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such ground lease (or,
with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights lease, such space
lease or air rights lease) and such extension is in the best interest of the Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders and (with respect
to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan))
and, if no Control Termination Event has occurred and is continuing, with the consent of the Directing Certificateholder).

 

(c)          Neither the Master
Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, which collateral constitutes real property, unless the Master
Servicer or the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.

 

(d)          Any payment of
interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes hereof,
including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion Loan
Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding that
the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

(e)          Except for waivers
of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) or Serviced Whole Loans in accordance with this Section 3.26 or Section 3.27 of
this Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

(f)          The Master Servicer
or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Directing Certificateholder
(other than if a Consultation Termination Event has occurred and is continuing), the Operating Advisor (only if

 

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a Control Termination
Event has occurred and is continuing), the Depositor, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), in writing, of any modification, waiver, material consent or amendment of any term of any Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and the date thereof, and shall deliver to the Custodian for deposit
in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver, material consent
or amendment, promptly (and in any event within 10 Business Days) following the execution thereof.

 

(g)          The Master Servicer
or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower for consent,
modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the
terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the terms
of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable
and customary fee for the additional services performed in connection with such request (provided that the charging of such
fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the
meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall
the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from
the related Borrower.

 

(h)          Notwithstanding
the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions
of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations
Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(g) of this Agreement.

 

(i)          Notwithstanding
anything herein or in the related Loan Documents to the contrary (but subject to the consent rights and process set forth in Section
6.07(a) with respect to Major Decisions or Special Servicer Decisions), the Master Servicer may permit the substitution of
direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of
1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency
securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any
Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided
that, the Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the
related Loan Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense
of the Borrower to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute
a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section
1.860G-2(b) and would not otherwise cause an Adverse REMIC Event and provided, that the requirements set forth in Section
3.09(g) of this Agreement are satisfied.

 

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(j)          If required under
the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish and maintain
one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”), into
which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall
be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance
Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master Servicer permit
such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested
by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required
or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance
collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable,
in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution Amount, and not as a prepayment
of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account for a period in excess of 365 days.

 

(k)          Any right to take
any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing Certificateholder
under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing
Certificateholder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer,
as applicable. Upon delivery of any such notice of waiver given by the Directing Certificateholder, any time period (exclusive
or otherwise) afforded the Directing Certificateholder to exercise any such right, make any such election or grant or withhold
any such consent shall thereupon be deemed to have expired with the same force and effect as if the specific time period set forth
in this Agreement applicable thereto had itself expired. If the Master Servicer or Special Servicer determines that a refusal to
consent by the Directing Certificateholder or any advice from the Directing Certificateholder would cause the Master Servicer or
Special Servicer, as applicable, to violate applicable law, the terms of the applicable Loan Documents, any related Intercreditor
Agreements, the REMIC Provisions or the terms of this Agreement, including without limitation, the Servicing Standard, the Master
Servicer or Special Servicer shall disregard such refusal to consent or advice and notify the Directing Certificateholder, the
Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider
(who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement) of its determination, including a reasonably detailed explanation of the basis therefor.

 

(l)          Any modification,
waiver or amendment of or consents or approvals relating to a Mortgage Loan or Serviced Whole Loan that is a Specially Serviced
Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent provided
in this Agreement and/or the applicable Intercreditor Agreement, shall

 

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be subject to the consent of the related Directing Certificateholder,
and (iii) shall be structured so as to be consistent with the allocation and payment priorities in the related Loan Documents and
Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor a holder of any related Serviced
Companion Loan gains a priority over the other such holder that is not reflected in the related Loan Documents and Intercreditor
Agreement.

 

(m)          In addition, with
respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to taking action with respect
to any Major Decision (or making a determination not to take action with respect to a Major Decision) or any Special Servicer Decision,
shall refer the request to the Special Servicer, which shall process the request directly or, if mutually agreed to by the Special
Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the Special Servicer) process such request
(other than the items listed in clause(e)(i) and clause (e)(ii) of Special Servicer Decisions, which the Master Servicer
shall process, subject to the Special Servicer’s consent or deemed consent as set forth in Section 3.09 and Section
3.26(m)). If the Master Servicer processes such request, the Master Servicer shall prepare and submit its written recommendation
and analysis to the Special Servicer with all information in the Master Servicer’s possession that the Special Servicer may
reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject
to the consultation rights of the Operating Advisor or the consent or consultation rights of the Directing Certificateholder) to
approve or disapprove any modification, waiver or amendment that constitutes a Major Decision or Special Servicer Decision. When
the Special Servicer’s processing and/or consent is required hereunder, such consent shall be deemed given 15 Business Days,
or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business Days
after the time period set forth therein for Directing Certificateholder approval, (or in connection with an Acceptable Insurance
Default, 90 days) after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s
written analysis and recommendation with respect to such proposed action together with such other information reasonably required
by the Special Servicer. With respect to all Specially Serviced Loans and Performing Loans (other than Non-Serviced Mortgage Loans),
the Special Servicer shall, prior to consenting to such a proposed action of the Master Servicer, and prior to itself taking such
an action, obtain the written consent of the related Directing Certificateholder, which consent shall be deemed given 10 Business
Days after receipt (or in connection with an Acceptable Insurance Default, 30 days) (unless earlier objected to) by such Directing
Certificateholder of the Master Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation
with respect to such action together with such other information reasonably required by such Directing Certificateholder.

 

(n)          For the avoidance
of doubt, and without limiting the generality of the foregoing, any request for the disbursement of earnouts or holdback amounts
with respect to (i) any Specially Serviced Loan shall be processed by the Special Servicer and (ii) any Mortgage Loan listed on
Exhibit Y received by the Master Servicer shall be processed by the Master Servicer and submitted to the Special Servicer
for approval. For purposes of this Agreement, “disbursement of earnouts or holdback amounts” shall mean the disbursement
or funding to a borrower of previously unfunded, escrowed or otherwise reserved portions of the loan proceeds of the applicable
Mortgage Loan until certain conditions precedent thereto relating to the satisfaction of performance-related criteria (i.e.,
project reserve thresholds, lease-up

 

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requirements, sales requirements, etc.), as set forth in the applicable loan documents, have
been satisfied.

 

(o)          The Master Servicer
shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under a ground lease
where the collateral for the Mortgage Loan is the ground lease, and the Special Servicer will determine in accordance with the
Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

Section
3.27     Certain Intercreditor Matters Relating to the Serviced Whole Loans. (a) With respect
to Serviced Whole Loans, except for those duties to be performed by, and notices to be furnished by, the Trustee under this
Agreement, the Master Servicer or the Special Servicer, as applicable, shall perform such duties and furnish such notices,
reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or the obligation of the master
servicer or the special servicer, as applicable, following securitization, under the related Intercreditor Agreement.

 

(b)          The Master Servicer
shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master Servicer shall
record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions for such Serviced Companion
Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer by a Serviced
Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer of its name, address,
taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained in the
related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address
of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master
Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until
it receives notice of transfer or of any change in information.

 

In no event shall the
Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than
the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the
event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer,
the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have
no obligation to recover and redirect such payment.

 

The Master Servicer shall
promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan
Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively
rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)          The Directing
Certificateholder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder
(including the Controlling Class Representative, if applicable) or any noteholder of a Serviced Whole Loan. The Directing Certificateholder
will not have any liability to the Certificateholders (including the

 

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Controlling Class Representative, if applicable) or any other
noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the
giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)          With respect to
any Serviced Whole Loan, the Directing Certificateholder shall be entitled to exercise the consent rights, cure rights and purchase
rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related
Intercreditor Agreement and this Agreement.

 

(e)          The Special Servicer
(if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master Servicer (otherwise),
as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to Section 3.13 and
Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports and other information
with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO Property required to
be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in any case pursuant to
and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor agreement existing on the Closing
Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing on the Closing Date that is provided
to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding anything herein to the contrary, the following
considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)       
   none of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with
respect to the Serviced Companion Loan; and

 

(ii)          the
Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan
Noteholder(s) to the extent required by the related Intercreditor Agreement.

 

The Master Servicer or
Special Servicer, as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices
required to be delivered to such Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement, and the Special
Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special
Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If any Serviced Companion
Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within
the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any
action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status
of such grantor trust as a grantor trust.

 

The parties hereto acknowledge
that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the
Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders
for any action taken, or for refraining from the taking of any action pursuant to the related Intercreditor Agreement or the giving
of any consent or for errors in

 

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judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests
or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict
with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced Companion
Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or
conflicts, and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the
interest of its affiliates.

 

The parties hereto recognize
and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each
of the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by
a designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which
such party may conclusively rely) and the contact details of the designee.

 

Notwithstanding anything
herein or in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may
require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable
law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s
or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Depositor, a Mortgage Loan Seller, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent, the
Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope
of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing
any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage)
shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.

 

To the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced
Whole Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those
provisions as if set forth herein in full.

 

For purposes of exercising
any rights that the Directing Certificateholder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under
the related Intercreditor Agreement, the Directing Certificateholder shall be the designee of the Trust, as such noteholder, and
the Trustee shall, upon request, take such actions as may be necessary under the related Intercreditor Agreement to effect such
designation. The Certificate Administrator shall provide notice of the identity of the Controlling Class Representative (to the
extent the Certificate Administrator has received notice of a change in the identity of the Controlling Class Representative),
upon request, to the other parties to the related Intercreditor Agreement, to the extent the identity and contact information of
such parties to such Intercreditor Agreement are actually known to the Certificate Administrator.

 

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(f)          With respect to
a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information in Section
3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and Section 3.13(d)
and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d), to the extent such
Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing Agreement.

 

Promptly following the
Closing Date, the Certificate Administrator shall send written notice substantially in the form of Exhibit EE hereto, accompanied
by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan to each applicable Other Servicer,
Other Special Servicer and Other Trustee stating that, as of the Closing Date, the Trustee is the holder of the applicable Non-Serviced
Mortgage Loan and directing each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination
Date all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no
later than one (1) Business Day after each Determination Date all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to, the holder of the applicable Non-Serviced Mortgage Loan under
the related Intercreditor Agreement and Other Pooling and Servicing Agreement. Such notice shall also provide contact information
for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Directing Certificateholder, the
17g-5 Information Provider and the Rating Agencies.

 

With respect to a Non-Serviced
Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the
terms of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement
that receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special
Servicer or Other Trustee, as the case may be.

 

With respect to each
Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and,
if applicable, related Non-Directing Certificateholder (or its designee or representative), within the same time frame and to the
same extent it is required to provide such information and materials to the Certificateholders or the Directing Certificateholder,
as applicable, hereunder with (1) copies of each financial statement received by the Master Servicer pursuant to the terms of the
related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms of the Loan Documents,
copies of any other documents or information relating to the Serviced Whole Loan (including, without limitation, property inspection
reports, loan servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers to the related
Directing Certificateholder and copies of any other notice, information or report that it is required to provide to the Directing
Certificateholder pursuant to this Agreement with respect to any Major Decision or with respect to any “major decisions”
or “major actions” as set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to such Serviced Whole Loan. Any copies to be furnished by the Master Servicer or the
Special Servicer may be furnished by hard copy or electronic means.

 

(g)          With respect to
each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined
in the related Other

 

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Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master
Servicer, the Special Servicer, the Trustee and the Custodian, as applicable, shall reasonably cooperate with the Other Asset Representations
Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by providing the
Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset
Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but at the expense
of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party to the Other Pooling
and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other requesting party has
not been able to obtain such documents from the related mortgage loan seller or any party to the related Other Pooling and Servicing
Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian,
as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee or the Custodian
(i) shall have any further obligations with respect to any such asset review nor shall any such party be bound by the results of
any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination,
would be a violation of this Agreement or any related Intercreditor Agreement.

 

Section
3.28     Directing Certificateholder Contact with the Master Servicer and the Special
Servicer. Each of the Master Servicer and the Special Servicer shall, not more frequently than once per month, without
charge, make a knowledgeable Servicing Officer via telephone available during normal business hours to verbally answer
questions from the Directing Certificateholder (for so long as no Consultation Termination Event has occurred) and the
Operating Advisor (for so long as a Control Termination Event has occurred and is continuing) regarding the performance and
servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the Special Servicer, as the case may
be, is responsible.

 

Section
3.29     Controlling Class Certificateholders and the Controlling Class Representative; Certain
Rights and Powers of the Directing Certificateholder.  (a) Each Certificateholder and Certificate Owner of a Control
Eligible Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership
interest in such Certificate) to provide its name and address to the Certificate Registrar and to notify the Certificate
Registrar of the transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible
Certificate), the selection of a Controlling Class Representative or the resignation or removal thereof. Any such
Certificateholder (or Certificate Owner) or its designee at any time appointed Controlling Class Representative is
hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership
interest in a Control Eligible Certificate) to notify the Certificate Registrar when such Certificateholder (or Certificate
Owner) or designee is appointed Controlling Class Representative and when it is removed or resigns. Upon receipt of such
notice, the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the
Depositor, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Serviced Companion Loan Noteholder of
the identity of the Controlling Class Representative, any resignation or removal thereof and/or any new Holder or Certificate
Owner of a Control Eligible Certificate.

 

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On the Closing Date,
the initial Controlling Class Representative shall deliver a certification substantially in the form of Exhibit L-1G to
this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling Class
Representative shall also deliver a certification substantially in the form of Exhibit L-1G to this Agreement prior to being
recognized as the new Controlling Class Representative.

 

In addition, upon the
request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or, for
so long as no Consultation Termination Event has occurred, the Directing Certificateholder, the Certificate Registrar shall promptly
(but no later than five (5) Business Days after such request) provide to the requesting party the identity of the then-current
Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any Controlling Class Certificateholder
is listed as being the Depository, then the Certificate Administrator shall promptly (but in no event more than five (5) Business
Days following such request) request from the Depository, the list of Certificate Owners of the Controlling Class, and the Certificate
Administrator shall provide such list to the requesting party promptly upon receipt; provided that, if any Controlling Class
Certificateholder is listed as the Depository and the Certificate Administrator has actual knowledge of the identity of the related
Certificate Owner, then the Certificate Administrator shall include such Certificate Owner in the list provided to any requesting
party pursuant to first sentence of this paragraph. The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor
and the Directing Certificateholder shall be entitled to conclusively rely on any such information so provided. Any expenses incurred
in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses
arise in connection with an event as to which the Directing Certificateholder (or Controlling Class Representative) has review,
consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this
Agreement or the related Other Pooling and Servicing Agreement and (ii) the requesting party has not been notified of the identity
of the Directing Certificateholder (or Controlling Class Representative) or reasonably believes that the identity of the Directing
Certificateholder (or Controlling Class Representative) has changed, then such expenses shall be at the expense of the Trust.

 

To the extent the Master
Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then
the Master Servicer shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)          Once a Controlling
Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent and each
other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless a majority of
the Controlling Class Certificateholders, by Certificate Balance, or such Controlling Class Representative shall have notified
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Paying Agent and each other Controlling Class Certificateholder, in writing, of the resignation of such Controlling
Class Representative or the selection of a new Controlling Class Representative. Upon the resignation of a Controlling Class Representative,

 

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the Certificate Administrator shall request the Controlling Class Certificateholders to select a new Controlling Class Representative.

 

(c)          Until it receives
notice to the contrary, each of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer and the Trustee, shall be entitled to rely on the most recent notification
with respect to the identity of the Controlling Class Certificateholder and the Controlling Class Representative.

 

(d)          The Master Servicer,
Special Servicer, Trustee, Operating Advisor and Asset Representations Reviewer shall be entitled to request that the Certificate
Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days after such request)
provide (i) for so long as no Consultation Termination Event has occurred, the identity of the Controlling Class Representative,
including names and addresses and, to the extent reasonably available, a list of Controlling Class Certificateholders and (ii)
confirmation as to whether a Control Termination Event or Consultation Termination Event has occurred in the 12 months preceding
any such request or any other period specified in such request. In addition to the foregoing, (i) within two (2) Business Days
of receiving notice of the selection of a new Controlling Class Representative or the existence of a new Controlling Class Certificateholder
or (ii) within ten (10) days of the commencement or cessation of any Consultation Termination Event or Control Termination Event,
the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer
and the Special Servicer. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting
party, except that if such expenses arise in connection with an event as to which the Directing Certificateholder (or Controlling
Class Representative) has review, consent or consultation rights with respect to an action taken by, or report prepared by, the
requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement, then such expenses shall be at
the expense of the Trust.

 

At any time more than
50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold
an election for a Controlling Class Representative, the Certificate Administrator shall hold such election as soon as practicable
at the expense of such requesting Certificateholders.

 

(e)          If to the extent
the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate Administrator
shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(f)          Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Certificateholder may have special relationships
and interests that conflict with those of Holders of one or more Classes of Certificates or Companion Loan Noteholders; (ii) the
Directing Certificateholder may act solely in the interests of the Holders of the Controlling Class (or, in the case of a Whole
Loan, in the interests of one or more Companion Loan Noteholders); (iii) the Directing Certificateholder does not have any liability
or duties to the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing Certificateholder may
take actions that favor the interests of the Directing Certificateholder or one or more Classes of the Certificates including the
Holders of the Controlling Class (or, in the case of a Whole Loan, one or more Companion Loan Noteholders)

 

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over the interests of
the Holders of one or more Classes of Certificates and other Companion Loan Noteholders; and (v) the Directing Certificateholder
shall have no liability whatsoever to any Certificateholder, the Trust, any Companion Loan Noteholder any party hereto or any other
Person (including any Borrower under a Mortgage Loan) for having so acted as set forth in clauses (i) through (iv) of this paragraph,
and no Certificateholder or Companion Loan Noteholder may take any action whatsoever against the Directing Certificateholder or
any director, officer, employee, agent or principal thereof for having so acted.

 

(g)          The Certificate
Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business Days of a request
from the Master Servicer, Special Servicer, Trustee, the Operating Advisor, the Certificate Administrator or any Certificateholder
and provide such information to the requesting party.

 

(h)          At any time when
the most senior Class of Control Eligible Certificates is the Controlling Class, the Holder of more than 50% of the Controlling
Class (by Certificate Balance) may waive its right to act as, or appoint a representative to act as, the Controlling Class Representative
and to exercise any of the rights of the Controlling Class Representative or cause the exercise of any of the rights of the Controlling
Class Representative by irrevocable written notice delivered to the Depositor, Certificate Administrator, Certificate Registrar,
Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer. Any such waiver shall remain
effective with respect to such Holder and the most senior Class of Control Eligible Certificates until such time as that Certificateholder
has (i) sold a majority of the most senior Class of Control Eligible Certificates (by Certificate Balance) to an unaffiliated third
party and (ii) certified to the Depositor, Certificate Administrator, Certificate Registrar, Trustee, Master Servicer, Special
Servicer, Operating Advisor and Asset Representations Reviewer, that (a) the transferor retains no direct or indirect voting rights
with respect to the most senior Class of Control Eligible Certificates that it does not own, (b) there is no voting agreement between
the transferee and the transferor and (c) the transferor retains no direct or indirect controlling interest in the most senior
Class of Control Eligible Certificates. During such waiver period a Consultation Termination Event shall be deemed to exist and
the rights of the Controlling Class to appoint a Controlling Class Representative and the rights of the Controlling Class Representative
shall not be operative (notwithstanding whether a Control Termination Event or a Consultation Termination Event is or would otherwise
then be in effect). Following any transfer of more than 50% of the most senior Class of Control Eligible Certificates, the successor
Holder of more than 50% of the most senior Class of Control Eligible Certificates, if the most senior Class of Control Eligible
Certificates is the Controlling Class (by Certificate Balance) shall again have the right to act as, or appoint a representative
to act as, the Controlling Class Representative without regard to any prior waiver by the predecessor Certificateholder. The successor
Certificateholder shall also have the right to irrevocably waive its right to act as or appoint a Controlling Class Representative
or to exercise any of the rights of the Controlling Class Representative or cause the exercise of any of the rights of the Controlling
Class Representative. No successor Certificateholder described above shall have any consent rights with respect to any Mortgage
Loan that became a Specially Serviced Loan prior to its acquisition of a majority of the most senior Class of Control Eligible
Certificates that had not also become a corrected loan prior to such acquisition until such Mortgage Loan becomes a Corrected Mortgage
Loan.

 

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Section
3.30     Rating Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage
Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this Agreement
requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a
request to any Rating Agency for such Rating Agency Confirmation and, within 10 Business Days of the Rating Agency
Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to
such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor
waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to confirm (through
direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that
the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the
related Rating Agency Confirmation again (which may also be through direct communication). The circumstances described in the
preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.” Once the Requesting
Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting Party, may, but
shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section
3.11.

 

If there is no response
to such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No-Response Scenario or if such
Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement
for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency
Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than
as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as
if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case
may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination
(made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would
still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer,
such condition shall be deemed not to apply (as if such requirement did not exist) if (i)(A) the applicable replacement master
servicer or special servicer has been appointed as a master servicer or special servicer, as applicable, on a transaction-level
basis on the Closing Date of a commercial mortgage loan securitization and, as of the date of such determination, is the master
servicer or special servicer, as applicable, of such securitization, with respect to which Moody’s rated one or more classes
of certificates and one or more classes of such certificates are still outstanding and rated by Moody’s and (B) Moody’s
has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or
withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of
securities rated by Moody’s in a commercial mortgage-backed securitization transaction serviced by the applicable master
servicer or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the
applicable replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer)
or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating

 

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Agency or (iii) KBRA has not
cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced
by the applicable replacement master servicer or special servicer prior to the time of determination, if KBRA is the non-responding
Rating Agency.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of
the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

(b)          Notwithstanding
anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance
(including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any
collateral, any Rating Agency Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special
Servicer would have been required to make the determination described in Section 3.30(a), or to waive obtaining such a determination,
shall be deemed not to apply regardless of any such determination by the Requesting Party (or, if the Requesting Party is the related
Borrower, the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans and Serviced REO Loans), as applicable); provided, that the Requesting Party (or the Master Servicer or the
Special Servicer, as applicable) shall in any event review the other conditions required under the related Loan Documents with
respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that
such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)          For all other
matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall deliver a
Rating Agency Confirmation from each Rating Agency.

 

(d)          Notwithstanding
the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor Agreement, with
respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the
servicing and administration of the related Whole Loan or any related REO Property (the “Relevant Action”) requires
delivery of a Rating Agency Confirmation as a

 

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condition precedent to such action pursuant to this Agreement, then, except as set
forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation
as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating
Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party
is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a
Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will
be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master
Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation,
shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other
17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as
applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the
extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request
for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under
this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately
the same time that such materials are forwarded to the 17g-5 Information Provider, and (iii) any other materials that the applicable
Serviced Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation
promptly following receipt of such request from the Other Trustee.

 

The Certificate Administrator
shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to
the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer,
the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section
3.31     Appointment and Duties of the Operating Advisor.

 

(a)          Park Bridge Lender Services LLC is hereby appointed to serve
as the initial Operating Advisor.

 

(b)          The Operating
Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of Specially
Serviced Loans, consult, in certain circumstances with the Special Servicer and perform each other obligation of the Operating
Advisor as set forth in this Agreement solely on behalf of the Trust Fund and in the best interest of, and for the benefit of,
the Certificateholders and, with respect to any Serviced Whole Loan for the benefit of the related Companion Loan Noteholders (as
a collective whole as if such Certificateholders and Companion Loan Noteholders constituted a single lender (and with respect to
any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate
Companion Loan)), and not any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise of
its good faith and reasonable judgment), but without regard to any conflict of interest arising from any

 

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relationship that the
Operating Advisor or any of its affiliates may have with any of the Borrowers, the Mortgage Loan Seller, the Depositor, the Master
Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Certificateholder or any of their affiliates
(the “Operating Advisor Standard”). The Operating Advisor shall not owe any fiduciary duty to the Master Servicer,
the Special Servicer or any other Person in connection with this Agreement. By purchasing a Certificate, Certificateholders are
deemed to acknowledge and agree that there could be multiple strategies to resolve any Specially Serviced Loan and that the goal
of the Operating Advisor’s participation is to provide additional oversight relating to the Special Servicer’s compliance
with the Servicing Standard in making its determinations as to which strategy to execute.

 

(c)          With respect to
each Mortgage Loan (other than any Non-Serviced Mortgage Loan and the OZRE Leased Fee Portfolio Mortgage Loan) or Serviced Whole
Loan, if no Control Termination Event has occurred and is continuing, the Operating Advisor shall:

 

(i)           promptly
review all information available to Privileged Persons on the Certificate Administrator’s Website relevant to the Operating
Advisor’s obligations under this Agreement;

 

(ii)          promptly
review each Final Asset Status Report; and

 

(iii)         review
any Appraisal Reduction Amount and net present value calculations pursuant to Section 3.31(e) of this Agreement.

 

(d)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, while a Control Termination
Event has occurred and is continuing, the Operating Advisor shall:

 

(i)           consult
(on a non-binding basis) with the Special Servicer in connection with any Major Decision pursuant to Section 6.07 of this
Agreement;

 

(ii)          review,
recalculate and verify the accuracy of any Appraisal Reduction Amount and net present value calculations pursuant to Section
3.31(f) of this Agreement;

 

(iii)         in
connection with the preparation of the Operating Advisor Annual Report (defined below), review, in accordance with the Operating
Advisor Standard, the Special Servicer’s operational practices on a Platform-Level Basis in respect of Specially Serviced
Loans in order to formulate an opinion as to whether or not those operational practices generally satisfy the Servicing Standard
with respect to the resolution and/or liquidation of the Specially Serviced Loans;

 

(iv)         within
120 days of the end of the prior calendar year (if any such Mortgage Loans were Specially Serviced Loans during the prior calendar
year), deliver an annual report setting forth the Operating Advisor’s assessment of the Special Servicer’s performance
of its duties under this Agreement on a Platform-Level Basis with respect to the resolution and liquidation of Specially Serviced
Loans during the prior calendar year (the “Operating Advisor Annual Report”) to the Trustee, the Master Servicer,
the Certificate Administrator (which shall promptly post such Operating Advisor Annual

 

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Report on the Certificate Administrator’s
Website), the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Each Operating
Advisor Annual Report shall be substantially in the form of Exhibit BB of this Agreement (which form may be modified or
altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and
provisions of this Agreement) and shall be based on the Operating Advisor’s review of any annual compliance statement and
any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.11 of this Agreement, as applicable,
any attestation report delivered to the Operating Advisor pursuant to Section 10.13 of this Agreement, any Asset Status
Report, other information (other than any communications between the Directing Certificateholder and the Special Servicer that
would be Privileged Information) delivered to the Operating Advisor by the Special Servicer and oral communications with the Special
Servicer; provided that in no event shall the information or any other content included in the Operating Advisor Annual
Report contravene any provision of this Agreement. Subject to the restrictions in this Agreement, including, without limitation,
Section 3.31(b) of this Agreement, each such Operating Advisor Annual Report shall (A) identify any material deviations
(i) from the Servicing Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the
resolution or liquidation of Specially Serviced Loans and (B) comply with all of the confidentiality requirements applicable to
the Operating Advisor described in this Agreement. Promptly upon receipt of each Operating Advisor Annual Report, the Certificate
Administrator shall post such Operating Advisor Annual Report on the Certificate Administrator’s Website. Each of the Special
Servicer and the Directing Certificateholder (for so long as no Consultation Termination Event has occurred) shall be given an
opportunity to review any Operating Advisor Annual Report at least five Business Days prior to its delivery to the Trustee and
the Certificate Administrator; provided, that the Operating Advisor shall have no obligation to consider any comments to
such Operating Advisor Annual Report that are provided by the Special Servicer or Directing Certificateholder. Notwithstanding
the foregoing, no Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer
if during the prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced
Loan or Serviced REO Property.

 

Notwithstanding anything
in this Agreement to the contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance shall
be based on the provisions of this Agreement, (ii) so long as Rialto Capital Advisors, LLC is acting as Special Servicer, it shall
not be required to provide its written policies and procedures to the Operating Advisor, except that, in the event the Operating
Advisor’s assessment determines that the Special Servicer has not materially performed its obligations under this Agreement
with respect to a particular Mortgage Loan, and Rialto Capital Advisors, LLC rebuts or defends such assessment based upon its compliance
with its written policies and procedures, Rialto Capital Advisors, LLC shall produce to the Operating Advisor the relevant portions
of Rialto Capital Advisors, LLC’s written policies and procedures, and (iii) the Operating Advisor’s assessment may
not take into account the fact that the Operating Advisor did not have access to the Rialto Capital Advisors, LLC written policies
and procedures. The Operating Advisor shall be permitted to review such portions of the policies and procedures but shall not be
permitted to retain hard copies. The

 

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Operating Advisor shall keep all information contained in the policies and procedures strictly
confidential, except (A) the Operating Advisor may disclose such information if (i) such information becomes generally available
and known to the public other than as a result of a disclosure directly or indirectly by the Operating Advisor, or (ii) such disclosure
is required by applicable law, rule, order or regulation (as demonstrated by evidence reasonably satisfactory to the Special Servicer)
and (B) the Operating Advisor may disclose a particular portion of the policies and procedures solely when necessary to support
specific conclusions (i) in the Operating Advisor Annual Report, or (ii) in connection with a recommendation by the Operating Advisor
to replace Rialto Capital Advisors, LLC as the Special Servicer pursuant to the provisions of this Agreement. Notwithstanding the
foregoing, the Operating Advisor will be permitted to share such information with its Affiliates and any subcontractors of the
Operating Advisor to the extent reasonably necessary to perform the Operating Advisor’s obligations under this Agreement
and provided such Operating Advisor affiliate and subcontractors agree in writing prior to receiving such information to
be bound by the same confidentiality provisions applicable to the Operating Advisor. Nothing set forth herein shall limit or affect
the scope of the Operating Advisor’s platform level review in connection with its preparation of the Operating Advisor Annual
Report, provided that the Operating Advisor’s access to or reliance upon Rialto Capital Advisors, LLC’s written
policies and procedures shall be subject to the terms of the immediately preceding sentence. Notwithstanding the foregoing, no
Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer if during the
prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or
REO Property.

 

(e)          With respect to
each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, if no Control Termination Event has occurred
and is continuing, the Special Servicer will forward any Appraisal Reduction Amount and net present value calculations used in
the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a
Specially Serviced Loan to the Operating Advisor after such calculations have been finalized. The Operating Advisor shall review
such calculations but may not opine on, or otherwise call into question, such Appraisal Reduction Amount and/or net present value
calculations (except that if the Operating Advisor discovers a mathematical error contained in such calculations, then the Operating
Advisor shall notify the Special Servicer and the Controlling Class Representative (other than with respect to Excluded Mortgage
Loans) of such error).

 

(f)          With respect to
each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, while a Control Termination Event has occurred
and is continuing, after the calculation but prior to the utilization by the Special Servicer of any of the calculations related
to (A) Appraisal Reduction Amounts or (B) net present value, the Special Servicer shall forward such calculations, together with
any supporting material or additional information necessary in support thereof (including such additional information reasonably
requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged
Information), to the Operating Advisor promptly, but in any event no later than 2 Business Days after finalizing the preparation
of such calculations, and the Operating Advisor shall promptly, but no later than 3 Business Days after receipt of such calculations
and any supporting or additional materials, recalculate and verify the accuracy of the

 

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mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this
Section 3.31(f), if the Operating Advisor does not agree with the mathematical calculations or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer
shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations or any disagreement within 5 Business Days of delivery
of such calculations to the Operating Advisor. If the Operating Advisor and Special Servicer are not able to resolve such inaccuracies
or disagreement prior to the end of such 5 Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator
of such disagreement and the Certificate Administrator shall examine the calculations and supporting materials provided by the
Special Servicer and the Operating Advisor and shall determine which calculation is to apply. In making such determination, the
Certificate Administrator may hire an independent third-party to assist with any such calculation at the expense of the Trust and
shall be entitled to conclusively rely on such third party’s determination (provided such third party has been selected with
reasonable care by the Certificate Administrator).

 

(g)          Subject to the
requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.02(c) of this Agreement.

 

(h)          The Operating
Advisor shall keep all Privileged Information confidential and shall not disclose such Privileged Information to any Person (including
Certificateholders other than the Controlling Class Representative, other than (1) to the extent expressly required by this Agreement,
to the other parties to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant
to a Privileged Information Exception. Each party to this Agreement that received Privileged Information from the Operating Advisor
with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person
without the prior written consent of the Special Servicer, the Controlling Class Representative and the Directing Certificateholder
other than pursuant to a Privileged Information Exception. Subject to the terms and conditions in this Agreement related to Privileged
Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant to the terms
of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

(i)          On each Master
Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on deposit in the
Collection Account pursuant to Section 3.06 of this Agreement, as applicable. In addition, the Operating Advisor Consulting
Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor has consultation
rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds on deposit in the
Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor Consulting Fee
only to the extent such Operating Advisor Consulting Fee is actually received from the related Borrower. When the Operating Advisor
has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer, as

 

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applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Operating
Advisor Consulting Fee from the related Borrower in connection with such Major Decision, but only to the extent not prohibited
by the related Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Borrower if it determines that such full or partial waiver is in accordance with
the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect
to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.

 

Section 3.32     Delivery
of Excluded Information to the Certificate Administrator.

 

(a)          Any
Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate
Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator
via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded
Information” followed by the applicable loan name and loan file to the Certificate Administrator (in the same manner as
the monthly report information is transmitted) with a copy to cmbs.transactions@usbank.com. For the avoidance of doubt, any information
that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately posted as Excluded
Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate
Administrator pursuant to this Section shall be posted on the Certificate Administrator’s Website under the “Excluded
Information” section, as provided under Section 4.02(b). When so posted, Excluded Controlling Class Holders shall
be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Mortgage Loans on the Certificate
Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case
such access shall only be prohibited with respect to the related Excluded Controlling Class Mortgage Loan(s)). None of the Master
Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded
Information in accordance with this Section 3.32 until such party has received notice with respect to the related Excluded Controlling
Class Mortgage Loan in the form of Exhibit L-1E to this Agreement. Nothing set forth in this Agreement shall prohibit the
Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded
Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class Representative
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the
Certificate Administrator’s Website, such Controlling Class Representative or Controlling Class Certificateholder that is
not a Borrower Party with respect to the related Excluded Controlling Class Mortgage Loan shall be permitted to obtain such information
in accordance with Section 3.14(c).

 

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Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01Distributions.     (a)
On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn (to the extent of the Available
Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus
any amount withdrawn from the Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of
all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier Distribution Amount”). On each Distribution
Date, distributions in respect of principal shall be deemed to have been made on each Class of Lower-Tier Regular Interests in
an amount equal to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section
4.01(b) of this Agreement. As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Lower-Tier
Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of Regular Certificates
on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 of this Agreement shall be deemed to have
first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest
set forth in the Preliminary Statement to this Agreement; provided that each Lower-Tier Regular Interest shall be deemed
to have received distributions in respect of interest in an amount equal to the Interest Accrual Amount and Interest Shortfalls
in respect of the Class X Strip Rate of its Corresponding Component, in each case to the extent actually distributed to the related
Class of Corresponding Certificates thereon as provided in Section 4.01(b) of this Agreement.

 

All distributions of
reimbursements of Realized Losses and Additional Trust Fund Expenses made in respect of any Class of Sequential Pay Certificates
on each Distribution Date pursuant to Section 4.01(b) of this Agreement shall be deemed to have first been distributed from
the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary
Statement to this Agreement; provided, that distributions of reimbursements of Realized Losses and Additional Trust Fund
Expenses shall be made in sequential order of the priority set forth in this Section 4.01(a) for principal distributions,
up to the amount of Realized Losses and Additional Trust Fund Expenses previously allocated to a particular Lower-Tier Regular
Interest corresponding to such Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on
deposit in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier
Regular Interests in proportion to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on
such Distribution Date pursuant to this Section 4.01(a).

 

The Certificate Administrator
shall be deemed to deposit the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance
Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier Distribution Account. Any
amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account on each Distribution Date after the
deemed distribution

 

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described
in the preceding sentence shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest)
(but only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution Account, if any).

 

(b)          On each Distribution
Date occurring prior to the Cross-Over Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account
the amounts deposited in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant Section 4.01(a)
of this Agreement, and distribute such amount to the Holders of the Regular Certificates in the amounts and in the order of priority
set forth below:

 

(i)          First,
to the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D,
Class X-E, Class X-F and Class X-G Certificates, in respect of interest, concurrently, as follows:

 

(A)          to the
Class A-1, Class A-SB, Class A-2, Class A-3 and Class A-4 Certificates, from the Available Funds attributable to the Mortgage Loans
in Loan Group 1 for such Distribution Date, up to an amount equal to, and pro rata in accordance with, the respective aggregate
Interest Distribution Amount for such Classes;

 

(B)          to the
Class A-HR Certificates, from the Available Funds attributable to the Mortgage Loans in Loan Group 2 for such Distribution Date,
up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amount for such Class; and

 

(C)          to the
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-G Certificates, from the Available Funds
for such Distribution Date, without regard to Loan Group, up to an amount equal to, and pro rata in accordance with, the
respective aggregate Interest Distribution Amount for such Classes;

 

provided, however,
if on any Distribution Date, the Available Funds are insufficient to pay in full the total amount of interest to be paid to any
of the Classes described in this clause First, the Available Funds available for such Distribution Date shall be allocated
among all those Classes up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution
Amount for such Classes, without regard to Loan Groups;

 

(ii)          Second,
to the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-4 and Class A-HR Certificates, in reduction of the Certificate Balances
thereof, in the following priority:

 

(A)          to the
Class A-1, Class A-SB, Class A-2, Class A-3 and Class A-4 Certificates, in an amount up to the Loan Group 1 Principal Distribution
Amount for such Distribution Date and, after the Certificate Balance of the Class A-HR Certificates has been reduced to zero, the
Loan Group 2 Principal Distribution Amount remaining after payments to the Class A-HR Certificates have been made on such Distribution
Date, in the following priority:

 

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(1)          first,
to the Class A-SB Certificates, until the Certificate Balance of such Class is reduced to the Class A-SB Planned Principal Balance;

 

(2)          second,
to the Class A-1 Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(3)          third,
to the Class A-2 Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(4)          fourth,
to the Class A-3 Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(5)          fifth,
to the Class A-4 Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(6)          sixth,
to the Class A-SB Certificates, until the Certificate Balance of such Class is reduced to zero;

 

(B)          to the
Class A-HR Certificates, in an amount up to the Loan Group 2 Principal Distribution Amount for such Distribution Date and, after
the Certificate Balances of the Class A-1, Class A-SB, Class A-2, Class A-3 and Class A-4 Certificates have been reduced to zero,
the Loan Group 1 Principal Distribution Amount remaining after payments to the Class A-1, Class A-2, Class A-SB, Class A-3 and
Class A-4 Certificates have been made on such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(iii)          Third,
to the Class A-1, Class A-SB, Class A-2, Class A-3, Class A-4 and Class A-HR Certificates, up to an amount equal to, and pro
rata based upon, the aggregate unreimbursed Realized Losses previously allocated to those Classes of Certificates;

 

(iv)          Fourth,
to the Class A-M Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(v)           Fifth,
to the Class A-M Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class A-M is reduced to zero;

 

(vi)          Sixth,
to the Class A-M Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(vii)         Seventh,
to the Class B Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(viii)        Eighth,
to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

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(ix)           Ninth,
to the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(x)            Tenth,
to the Class C Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xi)           Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xii)          Twelfth,
to the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xiii)         Thirteenth,
to the Class D Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xiv)         Fourteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xv)          Fifteenth,
to the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xvi)         Sixteenth,
to the Class E Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xvii)        Seventeenth,
to the Class E Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount,
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xviii)       Eighteenth,
to the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xix)          Nineteenth,
to the Class F Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xx)          Twentieth,
to the Class F Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxi)         Twenty-first,
to the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;;

 

(xxii)        Twenty-second,
to the Class G Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

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(xxiii)       Twenty-third,
to the Class G Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxiv)       Twenty-fourth,
to the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class; and

 

(xxv)        Twenty-fifth,
to the Class R Certificates (in respect of the Class UTR Interest), any amounts remaining in the Upper-Tier Distribution Account.

 

Notwithstanding the foregoing,
on each Distribution Date occurring on and after the Cross-Over Date, regardless of the allocation of principal payments described
in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed to the Class
A-1, Class A-SB, Class A-2, Class A-3, Class A-4 and Class A-HR Certificates, pro rata, based on their respective Certificate
Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class of Certificates
is reduced to zero.

 

(c)          On each Distribution
Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular Interests pursuant
to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment Premiums
and Yield Maintenance Charges received in the related Collection Period from amounts deposited in the Upper-Tier Distribution Account
pursuant to Section 3.05(f) of this Agreement, as follows:

 

Prepayment Premiums and
Yield Maintenance Charges received with respect to the Mortgage Loans shall be distributed to the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates in an amount equal to, in the case of each
such Class, the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal
to such Class on such Distribution Date, and whose denominator is the total amount distributed as principal to the Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates on such Distribution Date,
(b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates and (c) the aggregate amount
of the Prepayment Premiums or the Yield Maintenance Charges, as applicable, collected on such Principal Prepayment during the related
Collection Period.

 

Any Yield Maintenance
Charges or Prepayment Premiums collected during the related Collection Period remaining after such distributions described in the
preceding paragraphs (the “IO Group YM Distribution Amount”) shall be allocated and distributed in the following
manner:

 

(i)          to
the Class X-A Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-M Certificates on such Distribution
Date and the denominator of which is the total amount of principal distributed to the holders of the Class A-1 through

 

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Class D
Certificates for such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(ii)          to
the Class X-HR certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class A-HR certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(iii)          to
the Class X-B Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class B Certificates on such Distribution Date and the denominator of which is the total amount
of principal distributed to the holders of the Class A-1 through Class D Certificates for such Distribution Date, multiplied by
(b), the IO Group YM Distribution Amount; and

 

(iv)          to
the Class X-C Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class C Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(v)          to
the Class X-D Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class D Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(vi)          to
the Class X-E Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class E Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(vii)          to
the Class X-F Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class F Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount; and

 

(viii)          to
the Class X-G Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders of the Class X-A,
Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates described in (i) through (vii) above.

 

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(d)          On each Distribution
Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (or sub-account thereof) and shall
distribute such amounts in the following manner:

 

(i)          (A)
from amounts in the Gain-on-Sale Reserve Account allocable to a Mortgage Loan (other than a Mortgage Loan related to a Serviced
Whole Loan), to reimburse the Holders of the Regular Certificates (other than the Class X-A, Class X-HR, Class X-B, Class X-C,
Class X-D, Class X-E, Class X-F and Class X-G Certificates) (in the same order as that set forth in Section 4.01(b) of this
Agreement, up to an amount equal to all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to them
and unreimbursed after application of Available Funds for such Distribution Date; and (B) from amounts in the Gain-on-Sale Reserve
Account allocable to the Serviced Whole Loans, first, in accordance with the terms of the related Intercreditor Agreement,
and then, to the extent allocated to the related Mortgage Loan, pursuant to the terms of such Intercreditor Agreement, to
reimburse the Holders of the Regular Certificates (other than Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E,
Class X-F and Class X-G Certificates), up to an amount equal to all Realized Losses and Additional Trust Fund Expenses, if any,
previously allocated to them and unreimbursed after application of Available Funds for such Distribution Date; and

 

(ii)          any
amounts remaining in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable
to the Mortgage Loans, shall be held and maintained in such account and applied to offset future Realized Losses and Additional
Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans, shall be remitted within one Business
Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall remit to the Serviced
Companion Loan Noteholders in accordance with Section 3.05(h)). On any Distribution Date, amounts held in the Gain-on-Sale
Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor
Agreement) that exceed amounts reasonably required (as determined by the Certificate Administrator) to offset future Realized Losses
and Additional Trust Fund Expenses shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR
Interest) and upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts
allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed
by the Certificate Administrator to the Class R Certificates (in respect of the Class LTR Interest). Amounts paid with respect
to the Mortgage Loans from the Gain-on-Sale Reserve Account pursuant to the preceding clauses (i) and (ii) shall first be deemed
to have been distributed to the Lower-Tier Regular Interests in reimbursement of Realized Losses and Additional Trust Fund Expenses
previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement. Amounts paid from the
Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Regular Certificates receiving such distributions.

 

(e)          On each Distribution
Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the Certificate Administrator
shall calculate the amount, if any, of Realized Losses. Any allocation of Realized Losses to any Class of Regular

 

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Certificates
(other than the Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-G Certificates) shall
be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized Losses so allocated to any Class
of Regular Certificates (other than the Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class
X-G Certificates) shall be allocated among the respective Certificates of such Class in proportion to the Percentage Interests
evidenced thereby. The allocation of Realized Losses shall constitute an allocation of losses and other shortfalls experienced
by the Trust Fund. Reimbursement of previously allocated Realized Losses will not constitute distributions of principal for any
purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates in respect of which
any such reimbursement is made. To the extent any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal
collections on the Mortgage Loans and previously resulted in a reduction of the Principal Distribution Amount are subsequently
recovered on the related Mortgage Loan, the amount of such recovery will be added to the Certificate Balance of the Classes of
Regular Certificates (other than the Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-G
Certificates) that previously were allocated Realized Losses, first, to the Class A-1, Class A-SB, Class A-2, Class A-3,
Class A-4 and Class A-HR Certificates, pro rata, then to the remainder of the Regular Certificates (other than the
Class X Certificates) in sequential order, in each case up to the amount of the unreimbursed Realized Losses allocated to such
Class of Certificates. If the Certificate Balance of any Class of Certificates is so increased, the amount of unreimbursed Realized
Losses of such Class of Certificates shall be decreased by such amount.

 

The Certificate Balances
of each Class of Sequential Pay Certificates will be reduced without distribution on any Distribution Date as a write-off to the
extent of any Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be applied
to the Classes of Sequential Pay Certificates in the following order, in each case until the Certificate Balance of such Class
is reduced to zero: first, to the Class G Certificates; second, to the Class F Certificates; third, to the
Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Certificates; sixth, to the
Class B Certificates; seventh, to the Class A-M Certificates; and finally, to the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4 and Class A-HR Certificates, pro rata, based on their respective Certificate Balances. Any amounts
recovered in respect of amounts previously written off as Realized Losses shall be distributed on the Classes of Sequential Pay
Certificates as a recovery of Realized Losses previously allocated to such Classes of Sequential Pay Certificates in reverse order
of allocation of Realized Losses thereto in accordance with Section 4.01(b) of this Agreement. Additional Trust Fund Expenses
and shortfalls in Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction
in the Mortgage Rate on a Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable
powers, or otherwise, shall be treated as and allocated in the same manner as Realized Losses.

 

With respect to any Distribution
Date, any Realized Losses allocated pursuant to Section 3.06 of this Agreement with respect to such Distribution Date shall
reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among the Lower-Tier
Regular Interests in the same priority as the Class of Corresponding Certificates.

 

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(f)          All amounts distributable
to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated pro rata among
the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions shall be made
on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by
wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States
and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing
at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor
in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

(g)          Except as otherwise
provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall, as soon as
reasonably practicable within the month preceding the month in which the final distribution with respect to any Class of Certificates
is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)          the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(B)          if such
final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;

 

provided, that the Class R Certificates
shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.

 

Any funds not distributed
to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder
or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(g) shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final distribution with
respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such
Holders shall be paid out of such funds. Subject to state laws regarding escheatment, if within two years after the second notice
any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator
all amounts distributable to the Holders thereof, and the Certificate Administrator

 

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shall
thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund
and distribution of such amounts to the Holders of the Class R Certificates. No interest shall accrue or be payable to any Holder
on any amount held hereunder or by the Certificate Administrator as a result of such Holder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with this Section 4.01(g). Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(h)          Shortfalls in
Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and Compensating Interest Payments
shall be deemed distributed to, each Class of Regular Certificates and, in each case, correspondingly to the respective Class of
Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to each such
Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls. Compensating Interest Payments shall be
deposited by the Master Servicer into the Collection Account on or prior to the Master Servicer Remittance Date.

 

(i)          On the final Master
Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator
who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing
and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Master Servicer
Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

(j)          On the first Distribution
Date only, the Certificate Administrator shall withdraw $100 from the Upper-Tier REMIC Distribution Account and distribute $100
to the Class X-C Certificates. Such distribution shall be deemed a payment of principal on the principal balance of the REMIC regular
interest represented by the Class X-C Certificates (such principal balance being $100) for federal income tax purposes.

 

(k)           On the first
Distribution Date only, the Certificate Administrator shall withdraw $100 from the Upper-Tier REMIC Distribution Account and distribute
$100 to the Class X-D Certificates. Such distribution shall be deemed a payment of principal on the principal balance of the REMIC
regular interest represented by the Class X-D Certificates (such principal balance being $100) for federal income tax purposes.

 

(l)          On each Distribution
Date, any Excess Interest received with respect to each ARD Loan during the related Collection Period shall be distributed to the
Holders of the Class V Certificates from the Excess Interest Distribution Account established pursuant to Section 3.05(k).
Any Excess Interest remaining in the Excess Interest Distribution Account on the final Distribution Date shall be distributed to
the Holders of the Class V Certificates.

 

Section
4.02     Statements to Certificateholders; Reports by Certificate Administrator; Other
Information Available to the Holders and Others. (a) On each Distribution Date, the Certificate Administrator shall
prepare and make available pursuant to Section 4.02(b) on the Certificate Administrator’s Website to any
Privileged Person a statement (substantially in the form set forth as Exhibit K hereto and based in part upon
information supplied to the

 

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Certificate
Administrator in the related CREFC® Investor Reporting Package (CREFC® IRP) in accordance with CREFC®
guidelines) as to the distributions made on such Distribution Date (each, a “Distribution Date Statement”)
which shall include:

 

(i)           the
Record Date, Interest Accrual Period and Determination Date for such Distribution Date;

 

(ii)          the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
in reduction of the Certificate Balance of those Certificates;

 

(iii)         the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
allocable to (A) the Interest Accrual Amount, and/or (B) Interest Shortfalls;

 

(iv)         the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)          the
aggregate amount of compensation paid to the Trustee, the Certificate Administrator, CREFC®, the Operating
Advisor, the Asset Representations Reviewer and servicing compensation paid to the Master Servicer and the Special Servicer for
the related Determination Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)         (A)
the Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions, as well as
any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Regular Certificates
with respect to such Distribution Date and (C) any other cash flows received on the Mortgage Loans and applied to pay fees and
expenses (including the components of the Available Funds, or such other cash flows);

 

(vii)        the
amount of the distribution on the Distribution Date to the holders of any Class of Regular Certificates allocable to Prepayment
Premiums and Yield Maintenance Charges;

 

(viii)       the
accrued Interest Accrual Amount in respect of each Class of Regular Certificates for such Distribution Date;

 

(ix)         the
Pass-Through Rate for each Class of Regular Certificates for the Distribution Date and the next succeeding Distribution Date;

 

(x)          the
Principal Distribution Amount for the Distribution Date;

 

(xi)         the
aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class
R Certificates), immediately before and immediately after such Distribution Date, separately identifying

 

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any reduction in the aggregate
Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation of any
Realized Loss and/or Additional Trust Fund Expenses on such Distribution Date;

 

(xii)        the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance,
and the denominator of which is the related initial aggregate Certificate Balance, for each Class of Regular Certificates immediately
following the Distribution Date;

 

(xiii)       the
amount of any Appraisal Reduction Amounts allocated during the related Collection Period on a loan-by-loan basis; and the total
Appraisal Reduction Amounts as of such Distribution Date on a loan-by-loan basis;

 

(xiv)       the
number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the
previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage Loan terms,
fees, penalties or payments during the Collection Period or that have cumulatively become material over time);

 

(xv)        the
amount of any remaining unpaid Interest Shortfalls for each Class of Regular Certificates as of the Distribution Date;

 

(xvi)       an
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and
Insurance Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate
amount of Principal Prepayments made during the related Collection Period;

 

(xvii)      an
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;

 

(xviii)     the
amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses;

 

(xix)        as
to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related Collection
Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation
Proceeds and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in
the Available Funds for such Distribution Date;

 

(xx)         the
amount on deposit in each of the Interest Reserve Account and the Gain-on-Sale Reserve Account before and after giving effect to
the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi)        the
then-current credit support levels for each Class of Sequential Pay Certificates;

 

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(xxii)       [Reserved];

 

(xxiii)      with
respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar month,
the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

(xxiv)      with
respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan
Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

(xxv)       with
respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery
Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss attributable to the related
Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect of such Serviced REO Property during
the related Collection Period and the portion thereof included in the Available Funds for such Distribution Date, (D) the date
of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve Account for such Distribution Date;

 

(xxvi)      the
amount of the distribution on the Distribution Date to the holders of the Class V and Class R Certificates;

 

(xxvii)     material
breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate Administrator
has received or delivered written notice;

 

(xxviii)    the
identity of the Operating Advisor;

 

(xxix)      the
amount of Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred with respect to the Mortgage
Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed
or paid);

 

(xxx)        an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;

 

(xxxi)       the
identity of the Controlling Class;

 

(xxxii)      the
identity of the Controlling Class Representative; and

 

(xxxiii)     such
other information as contemplated by Exhibit K to this Agreement.

 

In the case of information
furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed as a
dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance or
Notional Amount, as the case may be.

 

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The Certificate Administrator
may omit any information from the Distribution Date Statement that the Certificate Administrator regards as confidential, so long
as such information is not required to be disclosed pursuant to Item 1125 of Regulation AB. None of the Master Servicer, the Special
Servicer, the Trustee or the Certificate Administrator shall be responsible for the accuracy or completeness of any information
supplied to it by a Borrower, the Depositor, any Sponsor, any party to this Agreement or a master servicer, a special servicer
or other similar party under an Other PSA or other third party that is included in any reports, statements, materials or information
prepared or provided by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.
The Certificate Administrator shall be entitled to rely on such information provided to it by the Master Servicer or the Special
Servicer without independent verification.

 

If and for so long as
the Trust is subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of any SEC
filing shall include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available
to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed
with respect to the Class R Certificates on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed
to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the
Code as from time to time in force.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s Website.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided
to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year or
applicable portion thereof during which such person was a Certificateholder, together with such other information that the Certificate
Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable such
Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount
accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information
regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided
pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution
Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format
to psastatements@ccre.com (or to such other address as the Depositor shall specify by written notice to the Certificate
Administrator).

 

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Upon receipt of any Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.04(e), the
Certificate Administrator shall include such summary in Item 1B on the Form 10-D in accordance with Section 10.04 for such period
in which the Asset Review Report Summary was delivered.

 

(b)          The Certificate
Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided
that the Prospectus, the Distribution Date Statements and the SEC filings will be made available to the general public, and provided,
further that any Privileged Person that is a Borrower Party shall only be entitled to access documents made available to
the general public) the following items, in each case to the extent received by the Certificate Administrator:

 

(i)            the
following “deal documents”:

 

(A)          the
Prospectus;

 

(B)          this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)          the
CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)           the
following “SEC EDGAR filings”:

 

(A)          any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;

 

(iii)          the
following “periodic reports”:

 

(A)          the
Distribution Date Statements;

 

(B)          the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File),
to the extent it has received or prepared such report or file; and

 

(C)          all
Operating Advisor Annual Reports.

 

(iv)          the
following “additional documents”:

 

(A)          the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format; and

 

(B)          any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;

 

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(v)           the
following “special notices”:

 

(A)          any
notice with respect to a release pursuant to Section 3.10(h);

 

(B)          all
Special Notices;

 

(C)          notice
of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)          notice
of final payment on the Certificates;

 

(E)          all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;

 

(F)          notice
of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee);

 

(G)          any
notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report
prepared by the Operating Advisor in connection with such recommendation;

 

(H)          any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer or the Operating
Advisor;

 

(I)          notice
of the Certificate Administrator’s determination that an Asset Review Trigger is in effect and any other notice required
to be delivered to the Certificateholders pursuant to Section 11.01;

 

(J)          any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;

 

(K)          any
notice of the termination of the Trust;

 

(L)          any
notice of the occurrence and continuance of a Control Termination Event;

 

(M)          any
notice of the occurrence of a Consultation Termination Event;

 

(N)          any
notice of the occurrence of an Operating Advisor Termination Event;

 

(O)          any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

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(P)          any
Proposed Course of Action Notice;

 

(Q)          all
of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the
Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement; and

 

(R)          all
of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since
the Closing Date pursuant to Section 10.13 of this Agreement;

 

(vi)          the
Investor Q&A Forum; and

 

(vii)         solely
to Certificateholders and Certificate Owners, the Investor Registry.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
(and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons
other than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded
Controlling Class Mortgage Loans).

 

Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings on the Certificate
Administrator’s Website, and (b) in the case of the Controlling Class Representative or a Controlling Class Certificateholder,
if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in
the forms of Exhibit L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of
an investor certification substantially in the form of Exhibit L-1F, which shall include each of the user ID’s for
the Certificate Administrator’s website associated with such Excluded Controlling Class Holder, all information (other than
Excluded Information) available on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed
by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited with
respect to the related Excluded Controlling Class Mortgage Loans).

 

In the case of the Controlling
Class Representative or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of
an investor certification substantially in the form of Exhibit L-1B hereto, such Controlling Class Representative or Controlling
Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor
certification in the form of Exhibit L-1B hereto from the Controlling Class Representative or a Controlling Class Certificateholder
to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit
L-1D hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such

 

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Person
is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage Loan(s). In the event
the Controlling Class Representative or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such
party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
and the Trustee in writing substantially in the form of Exhibit L-1E that such party is an Excluded Controlling Class Holder
and identify the Excluded Controlling Class Mortgage Loan(s) and thereafter shall not be entitled to any Excluded Information
related to such Excluded Controlling Class Mortgage Loan(s) and made available on the Certificate Administrator’s Website.
With respect to any Excluded Information, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark
or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate
Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and may be segregated
on loan-by-loan basis) from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively
assume that the Controlling Class Representative and all beneficial owners of the Certificates of the Controlling Class are not
Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor
or the Certificate Administrator, as applicable, has received such notice from the Controlling Class Representative or a Controlling
Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer,
the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Controlling Class Representative
or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the
Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage
Loan is an Excluded Controlling Class Mortgage Loan (including, in the case of an Asset Status Report or Final Asset Status Report
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to
label any such information provided to the Certificate Administrator).

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any
written notice from the Controlling Class Representative or a Controlling Class Certificateholder that it is no longer an Excluded
Controlling Class Holder and (ii) any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, substantially in the form of Exhibit L1-B that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Controlling Class Representative or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any information related to the Excluded Controlling Class Mortgage Loan to the related Borrower
or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Controlling Class Representative or Controlling
Class Certificateholder or any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged
Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related

 

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Borrower,
and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the
obligations described in clause (i) above.

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed by the Certificate Administrator
for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness
of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials
or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without
any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection
with providing access to the Certificate Administrator’s Internet website, the Certificate Administrator may require registration
and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith. Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Excluded Information
to the extent such information was included in the Asset Status Report or the Final Asset Status Report delivered to the Certificate
Administrator for posting to the Certificate Administrator’s Website and not properly identified as Excluded Information.

 

The Certificate Administrator
shall have no any liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website
of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement
if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this
Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans
at a website maintained by the Master Servicer.

 

(c)          The Certificate
Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor Q&A Forum”
shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders and Certificate Owners
who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the Distribution Date Statement,
(B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to this Section 4.02(c), the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan
or related Mortgaged Properties) and (C) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports
or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or
not referenced in any Operating Advisor Annual Reports or other reports prepared by the Operating Advisor (collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto.
Upon receipt of an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator
shall forward the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (and in the case
of an inquiry relating to a Non-Serviced Mortgage Loan, to the

 

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applicable
party under the Other Pooling and Servicing Agreement) in each case within a commercially reasonable period following receipt
thereof. Following receipt of an Inquiry, the Certificate Administrator, the Master Servicer, the Special Servicer (other than
with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties) or the Operating Advisor, as applicable, unless
it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, Special
Servicer or the Operating Advisor shall be sent by email to the Certificate Administrator. The Certificate Administrator shall
post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry
and the related answer to the Investor Q&A Forum. If the Certificate Administrator, the Master Servicer, the Special Servicer
or the Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope outlined above,
(ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any
Inquiry would be in violation of applicable law, this Agreement or the applicable Loan Documents, (iv) answering any Inquiry would
materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the
Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (v) answering such inquiry would require the disclosure
of Privileged Information (subject to the Privileged Information Exception), (vi) answering such inquiry would or is reasonably
expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or (vii) answering any
Inquiry is otherwise not advisable for any reason, it shall not be required to answer such Inquiry and, in the case of the Master
Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator, and the Certificate
Administrator shall not post such Inquiry on the Investor Q&A Forum. In addition, no party shall post or otherwise disclose
information known to such party to be Privileged Information as part of its response to any Inquiry. The Certificate Administrator
shall notify the Person who submitted such Inquiry if the Inquiry will not be answered. The Certificate Administrator shall not
be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator determines,
in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions, answers
and other communications between the Certificate Administrator or other Person which are not submitted via the Investor Q&A
Forum. In addition, no party is permitted to post or otherwise disclose direct communication with the Directing Certificateholder
as part of its response to any questions. In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate
Administrator shall make reasonable efforts to obtain an answer from the related non-serviced master servicer or the related non-serviced
special servicer, as applicable; provided that the Certificate Administrator shall not be responsible for the content of
such answer or any delay or failure to obtain such answer.

 

(d)          The Certificate
Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry. The “Investor Registry”
shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders and Certificate
Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Certificate Owner
that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a Certificateholder
or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information
available on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders
and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields

 

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such
as the individual’s name, the company name and email address, as well as certain optional fields such as address, phone,
and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator that
it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate
Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying
or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any
information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor
Registry.

 

(e)          The Master Servicer
may at its sole cost and expense, but is not required to, make any of the reports or files it delivers pursuant to this Agreement
available on the Master Servicer’s website only with the use of a password, in which case the Master Servicer shall provide
such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed
not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests
such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be, has delivered
an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with providing access
to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer and otherwise
(subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master Servicer
deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure
of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.
The Master Servicer shall not be liable for dissemination of this information in accordance with this Agreement, provided
that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information
or reports. The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable
disclaimer with respect to information provided, or any assumptions required to be made by such report. Notwithstanding anything
herein to the contrary, the Master Servicer may, at its sole cost and expense, make available by electronic media, bulletin board
service or Internet website any reports or other information the Master Servicer is required or permitted to provide to any Borrower
with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent such action does not conflict with the
terms of this Agreement, the terms of the related Loan Documents or applicable law. If the Master Servicer is required to deliver
any statement, report or other information under any provision of this Agreement, then, the Master Servicer may satisfy such obligation
by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information
in a commonly used electronic format, or (z) making such statement, report or information available on its website, unless this
Agreement expressly specifies a particular method of delivery; provided that all reports required to be delivered to the
Certificate Administrator shall be delivered in accordance with clause (x) or (y) or, upon request, clause (z).

 

(f)          Subject to Section
3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master Servicer)
provide the Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties as
may be reasonably necessary for the Master Servicer to prepare each report

 

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and
any supplemental information to be provided by the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator
nor the Depositor shall have any obligation to recompute, verify or recalculate the information provided thereto by the Master
Servicer. Unless the Certificate Administrator has actual knowledge that any report or file received from the Master Servicer
contains erroneous information, the Certificate Administrator is authorized to rely thereon in calculating and making distributions
to Certificateholders and allocating Realized Losses, to the Certificates in accordance with Section 4.01 of this Agreement
and preparing the statements to Certificateholders required by Section 4.02(a) of this Agreement.

 

(g)          As soon as reasonably
practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator shall provide
the requesting Certificateholder with such information that is in the Certificate Administrator’s possession or can reasonably
be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying applicable reporting
requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate Administrator shall
have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information so furnished
to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or accuracy of
any information so furnished which was prepared or delivered to them by another.

 

(h)          The Certificate
Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days prior notice,
for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged Person (solely with respect
to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan), originals or copies of
documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession, including, without limitation,
the following items (except to the extent prohibited by applicable law or under any of the related Loan Documents):

 

(i)          any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions set forth in clauses (i)
and (ii) thereof was satisfied;

 

(ii)          the
most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been made
available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the Master Servicer
or the Special Servicer in respect to each Mortgaged Property;

 

(iii)         the
Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Whole Loan
entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)         any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

 

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The Certificate Administrator
may require a Privileged Person to execute a confidentiality agreement prior to granting access to such information, which may
be in the form of a “click-through” confirmation. Copies of any and all of the foregoing items will be available from
the Certificate Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting
party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available
and providing any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make available
any document is subject to the Certificate Administrator’s receipt of such document.

 

The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)          The Depositor
hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor chosen
by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-2
to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered
or made available pursuant to this Section 4.02 to Privileged Persons.

 

Section 4.03     Compliance
with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with
all federal withholding requirements with respect to payments to Certificateholders and other payees of interest, original issue
discount or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders
or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount from interest,
original issue discount payments or other amounts or advances thereof to any Certificateholder or payee pursuant to federal withholding
requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee. Any amount so withheld shall
be treated as having been distributed to such Certificateholder for all purposes of this Agreement.

 

Section 4.04     REMIC
Compliance. (a) The parties intend that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that
the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a “real
estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions at all times any Certificates
are outstanding, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention,
the Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as
agent, of each such Trust REMIC and shall on behalf of each such Trust REMIC:

 

(i)          make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC on
Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)          prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such Trust
REMIC as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

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(iii)          prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)          if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section
4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC and the Upper-Tier
REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared and signed and filed
or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the Code or comparable provisions
of state and local law;

 

(v)          within
30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC
on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811 or as
otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact for tax
information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC for this
purpose), together with such additional information as may be required by such Form, and shall update such information at the time
or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide
any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and necessary
to make such filing); and

 

(vi)         maintain
such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing returns, schedules,
statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual
basis.

 

The Holder of the largest
Percentage Interest in the Class R Certificates shall be the tax matters person pursuant to Treasury Regulations Section 1.860F-4(d)
and the “partnership representative” (within the meaning of Code Section 6223, to the extent such provision applies
to the Trust REMICs) of each Trust REMIC. If more than one Holder shall hold an equal Percentage Interest in the Class R Certificates
larger than that held by any other Holder, the first such Holder to have acquired such Class R Certificates shall be such tax matters
person and “partnership representative”. The Certificate Administrator shall act as attorney-in-fact and agent for
the tax matters person and “partnership representative” of the Lower-Tier REMIC and the Upper-Tier REMIC, and each
Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented to the Certificate
Administrator’s appointment in such capacities and agrees to execute any documents required to give effect thereto, and any
fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative or judicial proceeding
shall be paid by the Trust Fund.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would

 

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cause
the termination of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier
REMIC or the Upper-Tier REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement).
Notwithstanding any provision of this paragraph to the contrary, the Certificate Administrator shall not be required to take any
action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement,
nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or
authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability
with respect to any act or omission of the Depositor, the Trustee, the Master Servicer or the Special Servicer which does not
enable the Certificate Administrator to comply with any of clauses (i) through (vi) of the first paragraph of this Section
4.04(a) or which results in any action contemplated by clauses (i) or (ii) of the next succeeding sentence. In this regard
the Certificate Administrator shall (i) exercise reasonable care not to allow the occurrence of any “prohibited transactions”
within the meaning of Section 860F(a) of the Code, unless the party seeking such action shall have delivered to the Certificate
Administrator an Opinion of Counsel (at such party’s expense) that such occurrence would not (A) result in a taxable gain,
(B) otherwise subject the Lower-Tier REMIC or the Upper-Tier REMIC to tax (other than a tax at the highest marginal corporate
tax rate on net income from foreclosure property), or (C) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive any contributions, or any income from the
performance of services or from assets not permitted under the REMIC Provisions to be held by a REMIC (provided, that the
receipt of any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause).
None of the Master Servicer, the Special Servicer, the Trustee or the Depositor shall be (i) permitted to take any action that
the Certificate Administrator would not be permitted to take pursuant to the preceding two sentences or (ii) responsible or liable
(except in connection with taking any act or omission referred to in the two preceding sentences or the following sentence) for
any failure by the Certificate Administrator to comply with the provisions of this Section 4.04. The Depositor, the Trustee,
the Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying
any information within the Depositor’s, the Trustee’s, the Master Servicer’s or the Special Servicer’s
control (other than any confidential information) that is reasonably necessary to enable the Certificate Administrator to perform
its duties under this Section 4.04.

 

The Certificate Administrator
shall be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information
contained therein and is hereby directed to execute such IRS Form W-9; provided, that the Certificate Administrator shall
be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.

 

The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 (or successor provisions) to any REMIC and (ii) to
avoid payment by any Trust REMIC under Section 6225 (or successor provisions) of any tax, penalty, interest or other amount imposed
under the Code that would otherwise be imposed on any Holder of any Class R Certificate, past or present. A Holder of any Class
R Certificate agrees, by acquiring such interest, to any such elections and to the Certificate

 

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Administrator’s
acting as agent for any tax matters person or other representative of a REMIC that can be designated under the Code.

 

(b)          The following
assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating the original
yield to maturity and original issue discount with respect to the Regular Certificates: (i) each Mortgage Loan will pay principal
and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided that
the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the Master
Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling Class
will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund; and (iii)
no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase Agreement.

 

Section 4.05     Imposition
of Tax on the Trust Fund. If any tax, including interest, penalties or assessments, additional amounts or additions to tax,
is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise distributable
to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property pursuant
to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be treated as an expense
of the related Serviced REO Property in determining Net REO Proceeds with respect to the Serviced REO Property (and until such
taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account (and, in the case of any
Serviced Whole Loan, from amounts in the Serviced Whole Loan REO Account) allocable to the Mortgage Loans and transfer to the
Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes, which
the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate Administrator shall
send to the Special Servicer for deposit in the REO Account (or, if applicable, the Serviced Whole Loan REO Account) the excess
determined by the Certificate Administrator from time to time of the amount in such account over the amount necessary to pay such
taxes) and shall be paid therefrom; provided that any such tax imposed on net income from foreclosure property that exceeds
the amount in any such reserve shall be retained from Available Funds as provided in Section 3.06(a)(xii) or, in the case
of any Serviced Whole Loan, in Section 3.06(b)(xiii), and the next sentence. Except as provided in the preceding sentence,
the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Available Funds sufficient
funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable REMIC (but such
authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund or in the case of a Serviced Whole
Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related Mortgage Loan and any related
Serviced Pari Passu Companion Loan (based on their respective outstanding principal balances)) any such tax in appropriate proceedings,
and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate Administrator
is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest bearing account, (i) the net
income allocable to the Mortgage Loans from any “prohibited transaction” under Section 860F(a) of the Code or (ii)
the amount of any contribution to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day that is subject to tax under
Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof,
if any, to the

 

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Collection
Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution Account). To the extent that any such tax is paid
to the IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders
of the Class R Certificates, as the case may be, and shall distribute such retained amounts to the Holders of Regular Certificates,
or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed and then to the Holders of the Class
R Certificates. Neither the Master Servicer, the Special Servicer, the Certificate Administrator, nor the Trustee shall be responsible
for any taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC except to the extent such tax is attributable to a breach
of a representation or warranty or the negligence or willful misconduct of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee in contravention of this Agreement, provided, further, that such breach, act or omission could result
in liability under Section 6.03 of this Agreement, in the case of the Master Servicer, Section 4.04 of this Agreement,
in the case of the Trustee or Section 4.04 of this Agreement, in the case of the Certificate Administrator in accordance
with the standard of liability set forth in those sections. Notwithstanding anything in this Agreement to the contrary, in each
such case, the Master Servicer or the Special Servicer shall not be responsible for the Trustee’s or the Certificate Administrator’s
breaches, acts or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator,
the Master Servicer or the Special Servicer and the Certificate Administrator shall not be responsible for the breaches, acts
or omissions of the Trustee, the Master Servicer or the Special Servicer.

 

Section 4.06     Remittances. On
the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer with respect to the Mortgage
Loans that it is servicing shall:

 

(i)           remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to Prepayment Premiums and
Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i) of this Agreement, Gain-on-Sale Proceeds,
in each case received by the Master Servicer in its Collection Period preceding such Distribution Date;

 

(ii)          remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the aggregate of the Available
Funds for such Distribution Date;

 

(iii)         remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest
for the benefit of the Class V Certificateholders received by the Master Servicer in the Collection Period preceding such Distribution
Date; and

 

(iv)         remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee.

 

Section 4.07     P&I
Advances. (a) On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
in the case of all Mortgage Loans either (i) remit to the Certificate Administrator for deposit into the Lower-Tier Distribution
Account, as applicable, from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in
respect of the related Distribution Date, (ii) apply

 

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amounts
held in the Collection Account or the applicable Serviced Whole Loan Collection Account for future distribution to Certificateholders
in subsequent months in discharge of any such obligation to make P&I Advances; provided, that such amounts in the applicable
Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan’s pro rata share of
the amounts held therein on such date, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating
the total amount of P&I Advances to be made by the Master Servicer, except that the portion of such P&I Advance equal
to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan shall not be remitted to the
Certificate Administrator but shall instead be remitted to CREFC®. Any amounts held in the Collection Account or
any Serviced Whole Loan Collection Account, as applicable, for future distribution and so used to make P&I Advances shall
be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Collection
Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding P&I Advance
Determination Date (to the extent not previously replaced through either (x) the deposit of Late Collections of the delinquent
principal and/or interest in respect of which such P&I Advances were made or (y) the deposit of Periodic Payments collected
prior to the expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect of which
such P&I Advances were made). The Master Servicer shall notify the Trustee and the Certificate Administrator of (i) the aggregate
amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution
Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make a required P&I Advance by
3:00 p.m. (New York City time) on any Master Servicer Remittance Date, then the Trustee shall make such P&I Advance pursuant
to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date, in each case unless
the Master Servicer shall have cured such failure (and shall have provided written notice of such cure to the Trustee) by 11:00
a.m. (New York City time) on such Distribution Date or the Trustee determines that such P&I Advance, if made, would be a Nonrecoverable
Advance. Neither the Master Servicer nor the Trustee shall be required to make principal or interest advances with respect to
any delinquent payment amounts due on any Companion Loan. If the Master Servicer or the Trustee makes a P&I Advance with respect
to any Mortgage Loan that is part of a Whole Loan with a related Serviced Companion Loan or Non-Serviced Companion Loan, then
it shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such
P&I Advance with respect to such Mortgage Loan within two (2) Business Days of making such P&I Advance.

 

(b)          Subject to Section
4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by the Master Servicer with respect to
any Distribution Date shall equal the aggregate of: (i) the Periodic Payments (net of related Servicing Fees) that were due on
the Mortgage Loans (including the Non-Serviced Mortgage Loans) and any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) during the related Collection Period and delinquent as of the P&I Advance Determination Date (or not advanced
by any Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of its
Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of an REO Loan related
to a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled
Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances, with respect
to the Mortgage Loans that it is

 

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servicing,
is mandatory, and with respect to any applicable Mortgage Loan or REO Loan, shall continue until (but not including) the Distribution
Date on which Liquidation Proceeds or REO Proceeds, if any, are to be distributed. The Periodic Payment or Assumed Scheduled Payment
shall be reduced, for purposes of P&I Advances, by any modifications pursuant to Section 3.26 of this Agreement or
otherwise and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable
powers.

 

(c)          Notwithstanding
anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer, the Special Servicer or
the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In
addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it has received written
notice that the Special Servicer has determined that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance.
In making such recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be
entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect
to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer
or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only
for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed
Reimbursement Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower
under the terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the
Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an
Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer
and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this
sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not,
in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions,
and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment
to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable
and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Intercreditor Agreement).

 

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Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Special
Servicer, any related Serviced Pari Passu Companion Loan holder(s), the Controlling Class Representative (but only if no Consultation
Termination Event has occurred and is continuing) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible
Officer of the Trustee, delivered to the Depositor, the Controlling Class Representative (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, the Master Servicer and the Special
Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, Special
Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent
available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by the
Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal
or any Updated Appraisal); provided, that the Special Servicer may, at its option, make a determination in accordance with
the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to
the Master Servicer, the Controlling Class Representative (but only if no Consultation Termination Event has occurred and is continuing),
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), notice of such determination, together with a certificate of a Servicing Officer and the supporting information
described above. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute, a Nonrecoverable
Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at
the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the Special
Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer
shall be entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance, if
made, would be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to reverse
any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination
that an advance constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether or not a P&I
Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good
faith

 

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business
judgment. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession
regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes of making recoverability
determinations.

 

(d)          In connection
with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a) of this Agreement or
any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement, the Master Servicer shall be entitled
to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any Mortgage Loan or REO Property) out
of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account (subject to the
provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage Loans, taking into account the related
Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I
Advance from the date made to but not including the date of reimbursement with respect to the Mortgage Loan that the Master Servicer
is servicing; provided, however, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage
Loan until after the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment
is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.
The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance as soon as practicably
possible after funds available for such purpose are deposited in the Collection Account or the applicable Serviced Whole Loan Collection
Account with respect to the Mortgage Loan that the Master Servicer is servicing.

 

Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make
an advance for Excess Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives notice of
an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance with respect
to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) as to which there has been an Appraisal Reduction Amount shall be
an amount equal to the product of (x) the amount required to be advanced without giving effect to the Appraisal Reduction Amount
and (y) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding
Determination Date less any Appraisal Reduction Amount applicable to such Mortgage Loan and the denominator of which is the Stated
Principal Balance of such Mortgage Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been
modified shall be calculated on the basis of their terms as modified. With respect to any Non-Serviced Mortgage Loan, if the Master
Servicer or the Trustee, as applicable, does not receive notice of an Appraisal Reduction Event and the related Appraisal Reduction
Amount from the related Other Servicer, then the Master Servicer or the Trustee, as applicable, shall have no obligation to proportionately
reduce the interest portion of any P&I Advance required to be made by the Master Servicer or the Trustee, as applicable. With
respect to any Non-Serviced Companion Loan that has already been securitized prior to the Closing Date, the Certificate Administrator,
on behalf of the Trust, shall notify each Other Servicer and each Other Trustee of a Non-Serviced Mortgage Loan that (a) such Non-Serviced
Mortgage Loan has been included in this Trust and (b) upon (i) the existence of an Appraisal Reduction Event and/or (ii) the related
calculation of any Appraisal Reduction Amount (or receipt of notice of any such calculation), such Other Servicer shall provide
the

 

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Master
Servicer (who shall promptly provide to the Special Servicer (who shall promptly forward, prior to a Consultation Termination
Event, to the Directing Certificateholder) and the Trustee with prompt notice of the existence of any such Appraisal Reduction
Event and/or any such Appraisal Reduction Amount once calculated. With respect to any Serviced Companion Loan, the Master Servicer
shall notify the related Other Servicer and Other Trustee of the existence of an Appraisal Reduction Event and any related Appraisal
Reduction Amount. The Master Servicer shall be deemed to have delivered notice of any such Appraisal Reduction Event and any related
Appraisal Reduction Amount if the Master Servicer includes such event and/or amount in its monthly servicer statements provided
to the other servicer.

 

The portion of any Insurance
Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total
amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion
thereof equal to the interest component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the date as
to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds
are received; provided, if the interest portion(s) of one or more P&I Advances with respect of such Mortgage
Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds
to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds
to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to
principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds
shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan.

 

(e)          With respect to
any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted to make its determination
that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable P&I Advance
or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to such Mortgage
Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer (or any master servicer
with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement with respect to a commercial
mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any). If the
Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to
any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage Loan previously
made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the Trustee, as applicable,
shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization holding another
Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other Special Servicer and Other Trustee with
written notice of such determination, promptly and in any event within two (2) Business Days after such determination or such longer
time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written

 

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notice
from an Other Servicer (or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced
Companion Loan related to such Non-Serviced Mortgage Loan, if any) that it has determined, with respect to the related Non-Serviced
Companion Loan, that any proposed advance of principal and/or interest with respect to the related Non-Serviced Companion Loan
would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such
determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect
to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such
nonrecoverability determination.

 

If the Master Servicer
receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations,
it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect
to each commercial mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if
any.

 

(f)          With respect to
any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer and the Special Servicer will be permitted to make
its determination that the Master Servicer or the Trustee has made a P&I Advance on the related Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made in respect of the related
Serviced Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement. If the Master Servicer,
the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to such Serviced Whole
Loan, if made, or any outstanding P&I Advance with respect to any such Mortgage Loan previously made, would be, or is, as applicable,
a Nonrecoverable Advance or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines
that a proposed Servicing Advance would be a Nonrecoverable Advance or an outstanding Servicing Advance is or would be a Nonrecoverable
Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other
Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination, promptly and in any
event within two (2) Business Days after such determination or such longer time period permitted by the applicable Intercreditor
Agreement. If the Master Servicer receives written notice from any master servicer under any such Other Pooling and Servicing Agreement
that such master servicer has determined, with respect to the related Serviced Companion Loan, that any proposed advance of principal
and/or interest with respect to such Serviced Companion Loan would be, or any outstanding advance of principal and interest is,
a nonrecoverable advance of principal and/or interest, such determination shall not be binding on the Certificateholders, the Master
Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan, each of the Master Servicer and the
Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

(g)          If the applicable
Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage
securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or

 

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master
servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan related to any
Serviced Whole Loan, if any.

 

(h)          The Master Servicer
or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent permitted pursuant
to Section 3.06 of this Agreement together with any related Advance Interest Amount in respect of such P&I Advances
to the extent permitted pursuant to Section 3.06 of this Agreement and the Master Servicer and the Special Servicer each
hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers to the extent
permitted by applicable law and the related Mortgage Loan and this Agreement.

 

Section
4.08     Appraisal Reductions. (a) For purposes of (x) determining the Controlling Class
(and whether a Control Termination Event has occurred and is continuing) and (y) determining the Voting Rights of the related
Classes for purposes of removal of the Special Servicer, Appraisal Reduction Amounts allocated to the Mortgage Loans will be
allocated to each Class of Sequential Pay Certificates in reverse sequential order to notionally reduce the related
Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero (i.e., first,
to the Class G Certificates, second, to the Class F Certificates, third, to the Class E Certificates, fourth,
to the Class D Certificates, fifth, to the Class C Certificates, sixth, to the Class B Certificates, seventh,
to the Class A-M Certificates and ninth, to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-HR
Certificates, pro rata, based on their Certificate Balances).

 

The Master Servicer shall
notify the Certificate Administrator of the amount of any Appraisal Reduction Amount allocated to each Mortgage Loan or Serviced
Whole Loan. Based on information in its possession, the Certificate Administrator shall determine from time to time which Class
of Certificates is the Controlling Class. Promptly upon its determination of a change in the Controlling Class, the Certificate
Administrator shall notify the Master Servicer, the Special Servicer and the Operating Advisor of such event, including the identity
and contact information of the new Controlling Class Certificateholder (the cost of obtaining such information from the Depository
being an expense of the Trust).

 

(b)          The Holders of
the majority (by Certificate Balance) of any Class of Control Eligible Certificates whose aggregate Certificate Balance, as notionally
reduced by Appraisal Reduction Amounts allocated thereto, is less than 25% of the initial Certificate Principal Balance of such
Class (such Class, an “Appraised-Out Class”) as a result of an allocation of an Appraisal Reduction Amount in
respect of such Class shall have the right, at their sole expense, to require the Special Servicer to order a second Appraisal
of any Mortgage Loan for which an Appraisal Reduction Event has occurred (such Holders, the “Requesting Holders”),
and use its reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably acceptable
to the Special Servicer within 30 days from receipt of the Requesting Holders’ written request. Any Appraised-Out Class for
which the Requesting Holders are challenging the Appraisal Reduction Amount determination shall not exercise any rights of the
Controlling Class until such time, if any, as such Class is reinstated as the Controlling Class and the rights of the Controlling
Class will be exercised by the most senior Control Eligible Certificates, if any, during such period.

 

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In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of any Mortgage Loan for which an Appraisal Reduction Event has occurred if an event has occurred at or with regard to
the related Mortgaged Property or Mortgaged Properties that would have a material effect on its appraised value, and the Special
Servicer shall use reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably
acceptable to the Special Servicer within 60 days from receipt of the Requesting Holders’ written request; provided
that the Special Servicer shall not be required to obtain such appraisal if it determines in accordance with the Servicing Standard
that no events at or with regard to the related Mortgaged Property or Mortgaged Properties have occurred that would have a material
effect on the appraised value of the related Mortgaged Property or Mortgaged Properties. The right of the holders of an Appraised-Out
Class to require the Special Servicer to order an additional appraisal as described in this paragraph shall be limited to no more
frequently than once in any 9-month period with respect to any Mortgage Loan.

 

Upon receipt of any such
second Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment
of such second Appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted shall direct the
Master Servicer to, and the Master Servicer shall, recalculate such Appraisal Reduction Amount based upon such second Appraisal.
If required by any such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class.

 

Appraisals that are permitted
to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any holder of an Appraised-Out Class.

 

(c)          An appraisal for
any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or paid in full, liquidated,
repurchased or otherwise disposed of) will be updated (i) every 9 months and (ii) upon the Special Servicer’s determination
that the value of the related Mortgaged Property has materially changed, in each case, for so long as an Appraisal Reduction Event
exists.

 

(d)          Notwithstanding
the foregoing, within 60 days after an Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason
of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event) (i) with respect to Mortgage Loans
(other than Non-Serviced Mortgage Loans) or applicable Serviced Whole Loans having a Stated Principal Balance of $2,000,000 or
higher, the Special Servicer shall order and use commercially reasonable efforts to obtain an Updated Appraisal or (ii) with respect
to Mortgage Loans (other than Non-Serviced Mortgage Loans) or applicable Serviced Whole Loans having a Stated Principal Balance
of less than $2,000,000, the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same
time period as an Appraisal would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated
Appraisal to calculate the Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order
and use commercially reasonable efforts to obtain an Updated Appraisal.

 

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(e)          Upon reasonable
request, the Special Servicer shall deliver by electronic mail to the Master Servicer any information in its possession that is
reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts
to deliver such information, within four (4) Business Days following such request (which request shall be made promptly, but in
no event later than ten (10) Business Days, after the Special Servicer’s receipt and delivery to the Master Servicer of the
applicable Appraisal or preparation of the applicable internal valuation); provided, however, that the Master Servicer’s
failure to timely make such request shall not relieve the Special Servicer of its obligation to use reasonable efforts to provide
such information to the Master Servicer. The Special Servicer shall not calculate Appraisal Reduction Amounts.

 

On the first Distribution
Date occurring at least 10 Business Days after the delivery of an Updated Appraisal or completion of a Small Loan Appraisal Estimate,
as applicable, the Master Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated Appraisal or Small
Loan Appraisal Estimate, as applicable, obtained from the Special Servicer. Each Appraisal Reduction Amount shall also be adjusted
to take into account any subsequent Small Loan Appraisal Estimate or Updated Appraisal, as applicable, and any letter updates,
as of the date of each such subsequent Small Loan Appraisal Estimate, Updated Appraisal or letter update, as applicable. Such report
shall also be forwarded by the Master Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan),
to the extent the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer of
such securitization into which the related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion
Loan by the Master Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan).

 

Section 4.09     Grantor
Trust Reporting. (a) The Certificate Administrator shall maintain adequate books and records to account for the separate
entitlements of the Grantor Trust.

 

(b)          The parties intend
that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof shall be interpreted
consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer, the Special Servicer,
the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage of market fluctuations
or so as to improve the rate of return of the Class V Certificates, and shall otherwise comply with Treasury Regulations Section
301.7701-4(c). Within 30 days of the Closing Date, the Certificate Administrator shall obtain a taxpayer identification number
for the Grantor Trust on IRS Form SS-4. The Certificate Administrator shall file or cause to be filed with the IRS Form 1041, Form
1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of the Class V Certificates
their allocable share of income and expense with respect to the Class V Specific Grantor Trust Assets and proceeds thereof, as
such amounts are received or accrue, as applicable.

 

(c)          (i) The Grantor
Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations to the extent
such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate Administrator
on a timely basis. The Certificate Administrator is hereby directed to assume that Hare & Co. is the only “middleman”
as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with the identities of

 

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other
“middlemen” that are Certificateholders. The Certificate Administrator shall be entitled to indemnification in accordance
with the terms of this Agreement in the event that the IRS makes a determination that the first sentence of this paragraph is
incorrect.

 

(ii)           The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make
available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition, the
Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.

 

(iii)          The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any
penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate
Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each owner
of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its
interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information regarding
any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding
any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof or the Depositor,
the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

To the extent required
by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate Administrator’s
Website the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will represent the Rule 144A
CUSIPs. The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the
extent CUSIPs have been received. Absent the receipt of a CUSIP, the Certificate Administrator will use a reasonable identifier
number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the
receipt of inaccurate or untimely CUSIP information.

 

Section 4.10     Secure
File System. (a) The Depositor shall, upon receipt of
each Mortgage Loan Seller’s Diligence File Certification, deliver to the Certificate Administrator within 120 days following
the Closing Date an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded by the Mortgage Loan
Sellers to the Intralinks Site. Upon receipt thereof, the Certificate Administrator shall promptly save and store electronically
the contents of each Diligence File to the Secure File System. Upon the occurrence of an Affirmative Asset Review Vote and receipt
by the Certificate Administrator of a certification substantially in the form of Exhibit KK hereto (which shall be sent
via email to cmbstransactions@usbank.com), the Certificate Administrator shall provide the Asset Representations Reviewer with
access to the Diligence Files in one or more of the following ways, at its option: (i) by providing access to the Certificate
Administrator’s systems, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer

 

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has
access, or (iii) in another manner agreed by the Certificate Administrator and the Asset Representations Reviewer. In no case
whatsoever shall Certificateholders be permitted to access the Diligence Files maintained in the Secure File System. For the avoidance
of doubt, the Certificate Administrator shall be under no obligation to store or maintain any documents or information in the
Secure File System other than the contents of the Diligence Files initially delivered to it by the Depositor.

 

(b)          The Certificate
Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type, number
or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction
or confirm that all documents and information constituting any Diligence File have actually been delivered to the Certificate Administrator.
In no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of,
or information contained in, any Diligence File by virtue of its receipt and storage of such Diligence File to the Secure File
System. In the event that any document or information is stored in error, the Certificate Administrator may remove such document
or information from the Secure File System. The Certificate Administrator shall not have any obligation to produce physical copies
of any document or information provided to it for storage in the Secure File System. The Certificate Administrator shall not be
responsible or held liable for any other Person’s use or dissemination of the documents or information maintained in the
Secure File System; provided that such event or occurrence is not also a result of its own negligence, bad faith or willful
misconduct. The Certificate Administrator shall not be required to restrict access to the Diligence Files on a loan-by-loan basis
and any Person with access to the Diligence Files shall covenant to access only the information necessary to perform its duties
and responsibilities under this Agreement.

 

(c)          Upon the resignation
or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall transfer electronic
copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor, and all costs and
expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses associated with
the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07.
Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust, the
Master Servicer or the Special Servicer, as applicable, may direct the Certificate Administrator in writing to delete the Diligence
File related to such Mortgage Loan from the Secure File System; provided that absent such direction, the Certificate Administrator
shall not be obligated to delete any Diligence File from the Secure File System. Following the termination of the Trust pursuant
to Section 9.01, the Certificate Administrator shall be permitted to delete all files from the Secure File System. Upon deletion,
in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

Article
V

THE CERTIFICATES

 

Section 5.01     The
Certificates. (a) The Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB
Certificates, the Class A-3 Certificates,

 

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the
Class A-4 Certificates, the Class A-HR Certificates, the Class A-M Certificates, the Class X-A Certificates, the Class X-HR Certificates,
the Class X-B Certificates, the Class X-C Certificates, the Class X-D Certificates, the Class X-E Certificates, the Class X-F
Certificates, the Class X-G Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates, the Class
E Certificates, the Class F Certificates, the Class G Certificates, the Class V Certificates and the Class R Certificates.

 

The Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E,
Class X-F, Class X-G, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates will be substantially
in the forms for such Class of Certificates as set forth next to such Classes in the Table of Exhibits to this Agreement.
The Certificates of each Class (other than the Class V and Class R Certificates) will be issuable in registered form only, in minimum
denominations of authorized Certificate Balance or Notional Amount, as applicable, as described in the succeeding table, and multiples
of $l in excess thereof (or such lesser amount if the Certificate Balance or Notional Amount, as applicable, is not a multiple
of $1). With respect to any Certificate or any beneficial interest in a Certificate, the “Denomination” thereof shall
be (i) the amount (A) set forth on the face thereof or (B) in the case of any Global Certificate, set forth on a schedule attached
thereto or, in the case of any beneficial interest in a Global Certificate, the amount set forth on the books and records of the
related Depository Participant or indirect participating brokerage firm, as applicable, (ii) expressed in terms of Certificate
Balance or Notional Amount, as applicable, and (iii) be in an authorized denomination, as set forth below.

 

	Class	 	Minimum

    Denomination	 	Aggregate
    Denomination of
 all Certificates of Class
	A-1	 	 	$	10,000	 	 	$	32,507,000	 
	A-2	 	 	$	10,000	 	 	$	24,787,000	 
	A-SB	 	 	$	10,000	 	 	$	46,464,000	 
	A-3	 	 	$	10,000	 	 	$	200,000,000	 
	A-4	 	 	$	10,000	 	 	$	230,220,000	 
	A-HR	 	 	$	10,000	 	 	$	54,000,000	 
	X-A	 	 	$	100,000	 	 	$	596,975,000	 
	X-HR	 	 	$	100,000	 	 	$	54,000,000	 
	X-B	 	 	$	100,000	 	 	$	37,799,000	 
	X-C	 	 	$	100,000	 	 	$	37,799,000	 
	A-M	 	 	$	10,000	 	 	$	62,997,000	 
	B	 	 	$	10,000	 	 	$	37,799,000	 
	C	 	 	$	10,000	 	 	$	37,799,000	 
	X-D	 	 	$	100,000	 	 	$	45,148,000	 
	X-E	 	 	$	100,000	 	 	$	20,999,000	 
	X-F	 	 	$	100,000	 	 	$	9,450,000	 
	X-G	 	 	$	100,000	 	 	$	37,798,889	 
	D	 	 	$	10,000	 	 	$	45,148,000	 
	E	 	 	$	10,000	 	 	$	20,999,000	 
	F	 	 	$	10,000	 	 	$	9,450,000	 
	G	 	 	$	10,000	 	 	$	37,798,889	 
	 	 	 	 	 	 	 	 	 	 	 

Each Certificate will
share ratably in all rights of the related Class.

 

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The Class V and Class
R Certificates will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests
and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest
in each such Class.

 

The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners
shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations
and aggregate Denominations and Classes as set forth above.

 

The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.

 

(b)          Except insofar
as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee may
for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof)
deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global Certificates for
the purposes of exercising the rights of Certificateholders hereunder; provided, that, for purposes of transmitting communications
pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided the Certificate Administrator
with the names of Certificate Owners (even if such Certificateholders hold their Certificates through the Depository) the Certificate
Administrator shall provide such information to such Certificate Owners directly. The rights of Certificate Owners with respect
to Global Certificates shall be limited to those established by law and agreements between such Certificateholders and the Depository
and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate Owners of Global Certificates shall
not be entitled to physical certificates for the Global Certificates as to which they are the Certificate Owners. Requests and
directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent if they are
made with respect to different Certificate Owners. Subject to the restrictions on transfer set forth in this Section 5.01
of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Private Global Certificate may request that
the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate
Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates.
Upon receipt of such a request and payment by the related Certificate Owner of any attendant expenses, the Certificate Administrator
shall cause the issuance and delivery of such Individual Certificates. The Certificate Registrar may establish a reasonable record
date in connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such
record date. Without the written consent of the Certificate Registrar, no Global Certificate may be transferred by the Depository
except to a successor Depository that agrees to hold the Global Certificates for the account of the Certificate Owners.

 

(c)          Any of the Certificates
may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced
thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required to comply with any law
or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates are admitted
to trading, or to conform to general usage.

 

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(d)          The Global Certificates
(i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s instructions on behalf
of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered in the name of Cede
& Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the
Certificate Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede &
Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”

 

The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.

 

(e)          If (i) the Depository
advises the Certificate Administrator in writing that the Depository is no longer willing or able properly to discharge its responsibilities
as Depository, and the Certificate Administrator and the Depositor are unable to locate a qualified successor within 90 days of
such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce the rights
of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it is necessary
or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class, the Certificate Administrator
shall notify the affected Certificate Owner or Owners through the Depository of the occurrence of such event and the availability
of Individual Certificates to such Certificate Owners requesting them. Upon surrender to the Certificate Administrator of Global
Certificates by the Depository, accompanied by registration instructions from the Depository for registration of transfer, the
Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate Administrator, the Certificate
Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions taken by the Depository
or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance of Individual Certificates,
the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall recognize the Holders of Individual
Certificates as Certificateholders hereunder.

 

(f)          If the Trustee,
its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or have been directed
to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates, and the
Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in connection
with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer may in their sole discretion determine that the Certificates represented by

 

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the
Global Certificates shall no longer be represented by such Global Certificates. In such event, the Certificate Administrator or
the Authenticating Agent will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global
Certificates, Individual Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession
Individual Certificates previously executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver
such Certificates) in a Denomination equal to the aggregate Denomination of such Global Certificates.

 

(g)          If the Trust Fund
ceases to be subject to Section 13 or 15(d) of the Exchange Act, the Certificate Administrator shall make available to each Holder
and Certificate Owner of a Class of Certificates, upon request of such a Holder, information, to the extent such information is
in its possession, substantially equivalent in scope to the information currently filed by the Certificate Administrator with the
Commission pursuant to the Exchange Act, plus additional information required to be provided for securities qualifying for resales
under Rule 144A under the Act.

 

For so long as the Class
V or Class R Certificates remain outstanding, none of the Depositor, the Trustee or the Certificate Registrar shall take any action
which would cause the Trust Fund to fail to be subject to Section 15(d) of the Exchange Act.

 

(h)          Each Certificate
may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and authenticated
by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor. All Certificates
shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating Agent by an authorized
officer or signatory. Certificates bearing the signature of an individual who was at any time the proper officer or signatory of
the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating Agent, notwithstanding
that such individual has ceased to hold such office or position prior to the delivery of such Certificates or did not hold such
office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under this Agreement, or be
valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form set forth in Exhibits
A-1 through A-22 executed by the Authenticating Agent by manual signature, and such certificate of authentication upon
any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

 

(i)          If, in connection
with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution to the
Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Master Servicer
or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which is paid on the last
two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at such time, the Certificate
Administrator shall use commercially reasonable efforts to cause the Depository to make the revised distribution on a timely basis
on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities), the Operating Advisor, the Asset
Representations Reviewer, the Master Servicer and the Special Servicer shall not be liable or held responsible for any resulting
delay (or claims by the Depository resulting therefrom) in the making of such distribution to Certificateholders. Any out-of-pocket
costs incurred by the

 

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Certificate
Administrator as a consequence of a Borrower failing to make such payments shall be reimbursable to the Certificate Administrator
as an expense of the Trust Fund.

 

Section 5.02     Registration,
Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at its offices
books (the “Certificate Register”) for the registration, transfer and exchange of Certificates (the Certificate
Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee, the Master
Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof at all
reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth in
the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees of
any Certificates shall be registered in the Certificate Register; provided, in no event shall the Certificate Registrar
be required to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the
Trust Fund through the Depository. The Person in whose name any Certificate is so registered shall be deemed and treated as the
sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer,
Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected
by any notice or knowledge to the contrary. An Individual Certificate is transferable or exchangeable only upon the surrender
of such Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements of Section 5.01(h) and Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement. Upon request of the Certificate Administrator,
the Certificate Registrar shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the
Holders.

 

(b)          Upon surrender
for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates
in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates shall be delivered
by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate surrendered for registration
of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate issued pursuant to
this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request, subject to the provisions
of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g), (h) and (i) of this
Agreement.

 

(c)          In addition to
the provisions of Sections 5.01(h) and 5.02(d), (e), (f), (g), (h) and (i) of
this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Private Certificates that
are Individual Certificates or beneficial interests in the Private Global Certificates shall be subject to the following restrictions:

 

(i)          Transfers
between Holders of Individual Certificates. With respect to the transfer and registration of transfer of an Individual Certificate
representing an interest in a Class of Private Certificates to a transferee that takes delivery in the form of an Individual Certificate
(other than transfers of the Class V and Class R Certificates, which may be made only in accordance with Section 5.02(i)
of this Agreement):

 

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(A)          Other
than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register the transfer
of such Individual Certificate if the requested transfer is being made by a transferee who has provided the Certificate Registrar
with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an “Investment
Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional Buyer in accordance
with Rule 144A;

 

(B)          The
Certificate Registrar shall register the transfer of such Individual Certificate pursuant to Regulation S after the expiration
of the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate
substantially in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and
(2) the transferee furnishes to the Certificate Registrar an Investment Representation Letter; or

 

(C)          The
Certificate Registrar shall register the transfer of such Individual Certificate if prior to the transfer such transferee furnishes
to the Certificate Registrar (1) an Investment Representation Letter to the effect that the transfer is being made to an Institutional
Accredited Investor or to an Affiliated Person in accordance with an applicable exemption under the Act, and (2) in the case of
a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that such transfer is in compliance
with the Act;

 

and, in each case, the Certificate
Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to
the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and
other applicable laws.

 

(ii)           Transfers
within the Private Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Private Global Certificate
remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate shall only be made
in accordance with this Section 5.02(c)(ii).

 

(A)          Rule
144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the Restricted Period,
a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in
such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all applicable rules and procedures
of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable
Procedures”), transfer or cause the transfer of such beneficial

 

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interest for an equivalent beneficial interest in such
Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by
the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures
from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s
account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited
with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit
H to this Agreement given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository
or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase
the Denomination of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global
Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(who shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest
in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global
Certificate was reduced upon such transfer.

 

(B)          Rule
144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted Period, a
Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar
to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global
Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred,
(2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent
Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as
the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3)
a certificate in the form of Exhibit I to this Agreement given by the Certificate Owner of such interest, the Certificate

 

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Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred
and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a Denomination
equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)          Regulation
S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in a Regulation S Global Certificate
wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such Certificate Owner may, in addition
to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial
interest in such Rule 144A Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(C). Upon
receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable
Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent
Member’s account a beneficial interest in the Rule 144A Global Certificate in an amount equal to the Denomination of the
beneficial interest in the Regulation S Global Certificate to be transferred, (2) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account of
the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may
be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation S
Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the Restricted Period, a certificate
in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the Restricted
Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional
Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate
to be transferred, and, concurrently with such reduction, to increase the Denomination of the Rule 144A Global Certificate by the
aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Rule 144A Global
Certificate having a Denomination equal to the amount by which the

 

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Denomination of the Regulation S Global Certificate was reduced
upon such transfer.

 

(iii)          Transfers
from the Private Global Certificates to Individual Certificates. Any and all transfers from a Private Global Certificate to
a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee to take delivery subject
to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate
substantially in the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee
agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer shall be made and
the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with this Section
5.02(c)(iii).

 

(A)          Transfers
of a beneficial interest in a Private Global Certificate to an Institutional Accredited Investor will require delivery in the form
of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the provisions
of Section 5.02(c)(i)(C) of this Agreement.

 

(B)          Transfers
of a beneficial interest in a Private Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing
to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance
with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.

 

(C)          Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange
or transfer of a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule
affixed to such Private Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange
or transfer and a decrease in the Denomination of such Private Global Certificate equal to the Denomination of such Individual
Certificate issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and
the Depositor in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial
interest in the Private Global Certificate shall bear the Securities Legend.

 

(iv)          Transfers
of Individual Certificates to the Private Global Certificates. If a Holder of an Individual Certificate wishes at any time
to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with
the Applicable Procedures and this Section 5.02(c)(iv). Upon receipt by the Certificate Registrar at the Corporate Trust
Office of (l) the Individual Certificate to be transferred with an assignment and transfer

 

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pursuant to Section 5.05(a) of
this Agreement, (2) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the
Certificate Registrar to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in such
Regulation S Global Certificate or such Rule 144A Global Certificate, as the case may be, in an amount equal to the Denomination
of the Individual Certificate to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear
or Clearstream account, as the case may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation
Letter from the transferee and, if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate,
a Regulation S Transfer Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect
that such transferee is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the
Rule 144A Global Certificate, the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual
Certificate for the Denomination of the Individual Certificate not so transferred, registered in the name of the Holder or the
Holder’s transferee (as instructed by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate
Custodian, as applicable, to increase the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate,
as the case may be, by the Denomination of the Individual Certificate to be so transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions who, in the case of any increase in the Regulation S Global Certificate
during the Restricted Period, shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case
may be, a corresponding Denomination of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may
be.

 

It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Private Global Certificate, other than the initial transfer from the Initial Purchasers
to an initial investor.

 

(v)          All
Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an exchange
of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an Individual
Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange is made
in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates remain
outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02 and in
accordance with the rules of the Depository and Applicable Procedures.

 

(d)          If Certificates
are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates so issued
shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing
the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued shall
bear the Securities Legend, or the

 

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Securities
Legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory evidence,
which may include an opinion of counsel (at the expense of the party requesting the removal of such legend) familiar with United
States securities laws, as may be reasonably required by the Certificate Registrar, that neither the Securities Legend nor the
restrictions on transfers set forth therein are required to ensure that transfers of any Certificate comply with the provisions
of Rule 144A or Rule 144 under the Act or that such Certificate is not a “restricted security” within the meaning
of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall execute and deliver a
Certificate that does not bear the Securities Legend.

 

(e)          Subject to the
restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of any Individual
Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized denomination) by
surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer agent appointed as
provided under this Agreement, together with an instrument of assignment or transfer (executed by the Holder or its duly authorized
attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following a proper request for
transfer or exchange, the Certificate Registrar shall, within five Business Days of such request if made at such office of the
Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other than the Certificate Registrar),
execute and deliver at the office of the Certificate Administrator or at the office of such transfer agent, as the case may be,
to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class mail (at the risk of the
transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee or Holder, as applicable,
may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate Denomination and in such
Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate shall
not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent by the registered
Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any request for an
exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution Date.

 

(f)          An Individual
Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate pursuant
to Section 5.01 of this Agreement) or a beneficial interest in a Private Global Certificate may only be transferred to Eligible
Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar has actual knowledge that
such an Individual Certificate or beneficial interest in a Private Global Certificate is being held by or for the benefit of a
Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction, then the Certificate
Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the investor to sell such
Individual Certificate or beneficial interest in a Private Global Certificate to an Eligible Investor within fourteen days after
notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate Registrar
to take such action.

 

(g)          Subject to the
provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates shall be limited to
transfers of such Global

 

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Certificates
in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee.

 

(h)          No fee or service
charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in this Section 5.02 other than for transfers to Institutional Accredited Investors, as provided herein. In connection
with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including
the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the
transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate Registrar in connection with
such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or
other governmental charge payable in connection with any such transfer.

 

(i)          Subject to Section
5.02(e) of this Agreement, transfers of the Class V or Class R Certificates may be made only in accordance with this
Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R Certificate only if (x) the transferor
has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer
and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation Letter. The Certificate
Registrar shall register the transfer of a Class V Certificate only if (x) the transferor has advised the Certificate Registrar
in writing that such Certificate is being transferred to a Qualified Institutional Buyer or an Affiliated Person or an Institutional
Accredited Investor and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation
Letter. In addition, the Certificate Registrar may as a condition of the registration of any such transfer require the transferor
to furnish such other certifications, legal opinions or other information (at the transferor’s expense) as it may reasonably
require to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Act and other applicable laws.

 

(j)          No transfer, sale,
pledge or other disposition of any Class of Private Certificates or interest therein shall be made unless that transfer, sale,
pledge or other disposition is exempt from the registration and/or qualification requirements of the Act and any applicable state
securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the Depositor, the Master
Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register or qualify the Private
Certificates under the Act or any other securities law or to take any action not otherwise required under this Agreement to permit
the transfer of such Private Certificates without registration or qualification. Any Certificateholder desiring to effect such
a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Certificate Administrator, the Trustee
and the Certificate Registrar, against any loss, liability or expense that may result if the transfer is not so exempt or is not
made in accordance with such federal and state laws.

 

(k)          No transfer of
any Class X-E, Class X-F, Class X-G, Class E, Class F, Class G, Class V or Class R Certificate (each, a “Restricted
Certificate”) shall be made to (i) an employee benefit plan subject to the fiduciary responsibility provisions of ERISA,
or Section 4975 of the Code, or a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal,
state or local law (“Similar Law”) which is to a material extent

 

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similar
to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii) a collective investment fund whose
underlying assets include Plan assets by reason of a Plan’s investment in the collective investment fund pursuant to U.S.
Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, other than (with respect to transfer
of Restricted Certificates other than the Class V or Class R Certificates), an insurance company using the assets of its general
account under circumstances whereby such purchase and the subsequent holding of such Certificate by such insurance company would
be exempt from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Code Section 4975 under
Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Each prospective transferee of a Restricted
Certificate shall either (A) deliver to the Depositor, the Certificate Registrar and the Certificate Administrator, a transfer
or representation letter, substantially in the form of Exhibit D-2 to this Agreement, stating that the prospective transferee
is not a Person referred to in (i) or (ii) above or (B) if the transferee is such an entity specified in (i) or (ii) above (except
in the case of a Class V or Class R Certificate, which may not be transferred unless the transferee represents it is not such
an entity), such entity, at its own expense, shall provide any opinion of counsel, officers’ certificates or agreements
as may be required by, and in form and substance satisfactory to, the Depositor, the Certificate Administrator and the Certificate
Registrar, to the effect that the purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result
in a non-exempt prohibited transaction within the meaning of Sections 406 and 407 of ERISA and Section 4975 of the Code, and will
not subject the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Depositor,
the Certificate Administrator, the Trustee or the Certificate Registrar to any obligation or liability. None of the Certificate
Administrator or the Certificate Registrar shall register a Class V or Class R Certificate in any Person’s name unless such
Person has provided the letter referred to in clause (A) of the preceding sentence. The transferee of a beneficial interest in
a Global Certificate that is a Restricted Certificate shall be deemed to represent that it is not a Plan or a Person acting on
behalf of any Plan or using the assets of any Plan to acquire such interest other than (with respect to transfers of beneficial
interests in Global Certificates which are Restricted Certificates other than the Class V and Class R Certificates) an insurance
company using the assets of its general account under circumstances whereby such transfer to such insurance company would be exempt
from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Section 4975 of the Code under Sections
I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Any transfer of a Restricted Certificate that
would violate or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or Similar Law shall be
deemed absolutely null and void ab initio.

 

(l)          Each Person who
has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed
to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest are expressly subject to
the following provisions:

 

(i)          Each
Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such

 

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Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.

 

(ii)          No
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed
Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of any Ownership
Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form and substance satisfactory
to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor an affidavit in substantially
the form attached as Exhibit C-1 (a “Transferee Affidavit”) of the proposed transferee (A) that such
proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee historically has paid its debts
as they have come due and intends to do so in the future, (ii) the proposed transferee understands that, as the holder of an Ownership
Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (iii) the proposed transferee intends
to pay taxes associated with holding the Ownership Interest as they become due, (iv) the proposed transferee will not transfer
the Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual
knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman)
for a Person that is not a Permitted Transferee, (v) the proposed transferee will not cause income from the Class R Certificate
to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of
the proposed transferee or any other U.S. Person and (vi) the proposed transferee expressly agrees to be bound by and to abide
by the provisions of this Section 5.02(l) and (y) other than in connection with the initial issuance of the Class R Certificates,
require a statement from the proposed transferor substantially in the form attached as Exhibit C-2 (the “Transferor
Letter”), that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee
and has no actual knowledge or reason to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)          Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee
shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, that the Certificate
Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee is a Permitted
Transferee.

 

Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to any

 

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transfer
of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to require delivery
of the certification(s) and/or opinions of counsel described in Article V applicable with respect to changes in registration
of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the Certificate Registrar shall
have no liability for transfers, including transfers made through the book-entry facilities of the Depository or between or among
Depository Participants or Certificate Owners made in violation of applicable restrictions.

 

Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in contravention of
the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of such
Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and
the transferor of such Ownership Interest or such agent such information necessary to the application of Section 860E(e) of the
Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may charge a reasonable
fee for computing and furnishing such information to the transferor or to such agent referred to above; provided that such
Persons shall in no event be excused from furnishing such information.

 

Section 5.03     Mutilated,
Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar,
or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the Certificate
Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall execute
and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of any
new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04     Appointment
of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”) for the
purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate Administrator
shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer, to execute and
deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master Servicer and
the Trustee that such Paying

 

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Agent
will hold all sums held by it for the payment to Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums have been paid to the Certificateholders or disposed of as otherwise provided herein. The initial Paying
Agent shall be the Certificate Administrator. Except for the Certificate Administrator, as the initial Paying Agent, the Paying
Agent shall at all times be an entity having a long-term unsecured debt rating of at least “A2” by Moody’s,
“A” from Fitch and “A” by KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by any two
other NRSROs), or shall be otherwise acceptable to each Rating Agency, as confirmed by a receipt of a Rating Agency Confirmation.

 

Section 5.05     Access
to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder (for purposes
of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar, and such application
states that the Applicant desires to communicate with other Certificateholders with respect to its rights under this Agreement,
the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford such Certificateholder
(at such Certificateholder’s sole cost and expense) access during normal business hours to a current list of the Certificateholders
related to the Class of Certificates held by such Certificateholder.

 

Any Certificateholder
or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its
rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request
(a “Communication Request”) signed by an authorized representative of the Requesting Investor to the Certificate
Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate Owners should use to
contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class of Certificates, then
the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of
a class of certificates, and (ii) one of the following forms of documentation evidencing its beneficial ownership in such class
of certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion stamp guaranteed letter from a broker or dealer
stating the Requesting Investor is the beneficial owner, or (D) a document acceptable to the Certificate Administrator that is
similar to any of the documents identified in clauses (A) through (C). The Certificate Administrator shall not be permitted to
require any information other than the foregoing in verifying a Certificateholder’s or Certificate Owner’s identity
in connection with a Communication Request. Requesting Investors will be responsible for their own expenses in making any Communication
Request, but will not be required to bear any expenses of the Certificate Administrator. Upon receipt of such request, the Certificate
Administrator shall furnish or cause to be furnished to such Applicant a list of the names and addresses of the Certificateholders
as of the most recent Record Date.

 

(b)          Every Certificateholder,
by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate Registrar that the Certificate
Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure of any information
as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such information was derived.

 

(c)          Upon the written
request of any Certifying Certificateholder that (a) states that such Certificateholder desires the Certificate Administrator to
transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other

 

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Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (b) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall deliver such Special
Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of
the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such
Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator
nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders,
regardless of the information set forth in such Special Notice.

 

Section 5.06     Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator
and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Certificate Administrator,
the Trustee and the Master Servicer, if made in the manner provided in this Section.

 

(b)          The fact and date
of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Certificate
Administrator or the Trustee deems sufficient.

 

(c)          Any request, demand,
authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder of every Certificate
issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted
to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon, whether or not notation
of such action is made upon such Certificate.

 

(d)          The Certificate
Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in this Section
5.06 as it shall deem necessary.

 

Section 5.07     Rule
144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a Holder
of a Private Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner or a prospective
purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information required to be
delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate Administrator
and has been identified as Rule 144A information (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein), if at the time of such request periodic reports are not being filed with respect to the Trust under Section
13 or Section 15(d) of the Exchange Act.

 

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Section 5.08     Voting
Procedures.

 

With respect to any matters
submitted to Certificateholders for a vote, the Certificate Administrator shall administer such vote through the Depository with
respect to Book-Entry Certificates and directly with registered Holders by mail with respect to Definitive Certificates. In each
case, such vote shall be administered in accordance with the following procedures, unless different procedures are otherwise described
herein with respect to a specific vote:

 

(a)          Any matter submitted
to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such notice shall include
the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline which shall be no less
than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice and related ballot
shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders of Definitive
Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s Website. Notices
delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually receives the notice
and ballot.

 

(b)          In connection
with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in the manner
set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance with their
Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate Administrator
in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding Certificate
Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its vote, the vote
may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by the Certificateholder
to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not be changed or retracted
by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the Voting Rights such that
the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into consideration the votes
cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall be bound by all votes
of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)          The Certificate
Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator shall
use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible or incomplete
ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted. Promptly
after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote. Such notice
shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and the percentage
abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders. The notice shall
be distributed in accordance with the methods described in Section 5.08(a) above. The Certificate Administrator shall also
include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the date such notice
is distributed. All vote tabulations shall be final and the

 

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Certificate
Administrator shall not, absent manifest error, re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)          Any and all reasonable
expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne by the Trust. The Certificate
Administrator is under no obligation to advise Holders about the matter being voted on or answer questions other than process-related
questions regarding the administration of the vote.

 

(e)          If any party to
this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the Trust that
is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and the Certificate
Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided herein, all such
votes require a majority of Certificateholders to carry a proposition.

 

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING CERTIFICATEHOLDER, THE OPERATING ADVISOR AND THE ASSET
REPRESENTATIONS REVIEWER

 

Section
6.01     Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer. The Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer each shall be liable in accordance herewith only to the extent of the
obligations specifically imposed by this Agreement.

 

Section
6.02     Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the
Asset Representations Reviewer or the Operating Advisor. Subject to the following paragraph, each of the Master Servicer
and the Special Servicer shall keep in full effect its existence, rights and good standing as a national banking association
under the laws of the United States and a limited liability company in good standing under the laws of the State of Delaware,
respectively, and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties
securing the Mortgage Loans that it is servicing are located or to protect the validity and enforceability of this Agreement,
the Certificates or any of such Mortgage Loans that it is servicing and to perform its respective duties under this
Agreement. In addition, subject to the following paragraph, the Operating Advisor and the Asset Representations Reviewer
shall keep in full effect its existence, rights and good standing as a limited liability company under the laws of the State
of New York and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties are
located or to protect the validity and enforceability of this Agreement, the Certificates or any of such Mortgage Loans and
to perform its respective duties under this Agreement.

 

Each of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated
with or into any Person, or transfer all or substantially all of its assets to any Person, in which case any Person into which
the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged
or consolidated, or any Person resulting from

 

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any
merger or consolidation to which the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset
Representations Reviewer is a party, or any Person succeeding to the business of the Master Servicer, the Special Servicer, the
Depositor, the Operating Advisor or the Asset Representations Reviewer shall be the successor of the Master Servicer, the Special
Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, and shall be deemed
to have assumed all of the liabilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the
Asset Representations Reviewer, as applicable, hereunder, if each of the Rating Agencies has provided a Rating Agency Confirmation
relating to the Certificates and Serviced Companion Loan Securities, if any; provided that none of the Master Servicer,
the Special Servicer or the Operating Advisor shall be required to obtain a Rating Agency Confirmation from any Rating Agency
if the Master Servicer, Special Servicer or Operating Advisor, as applicable, is merged into or consolidated with a Qualified
Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further, if the
Master Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special Servicer
or the Operating Advisor, as applicable, is the surviving entity under applicable law, the Master Servicer, the Special Servicer
or the Operating Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating Agency Confirmation
or obtain the consent of the Depositor. Notwithstanding the foregoing, no Master Servicer, Special Servicer, the Operating Advisor
or the Asset Representations Reviewer may remain the Master Servicer, Special Servicer, the Operating Advisor or the Asset Representations
Reviewer, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited
Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to
the extent (i) the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as applicable,
is the surviving entity of such merger, consolidation or transfer and has been and continues to be in compliance with its Regulation
AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall
not be unreasonably withheld. The Asset Representations Reviewer shall keep in full effect its existence and rights as an entity
under the laws of the jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions to the extent
necessary to perform its duties under this Agreement. Any Person into which the Asset Representations Reviewer may be merged or
consolidated, or any Person resulting from any merger or consolidation to which the Asset Representations Reviewer shall be a
party, or any Person succeeding to the business of the Asset Representations Reviewer, shall be the successor of the Asset Representations
Reviewer hereunder, and shall be deemed to have assumed all of the liabilities and obligations of such Asset Representations Reviewer
hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding; provided, however, that the Trustee has received a Rating Agency Confirmation
with respect to such successor or surviving Person.

 

Section
6.03     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer and Others. (a) None of the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer nor any Affiliates, partners, shareholders,
directors, officers, employees, members, managers, representatives or agents (including sub-servicers) of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any
liability to the Trust Fund, the Certificateholders,

 

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any
Serviced Companion Loan Noteholders, any party hereto or any third party beneficiary for any action taken, or for refraining from
the taking of any action, in good faith pursuant to this Agreement (including actions taken or not taken at the direction of any
Directing Certificateholder), or for errors in judgment; provided, that this provision shall not protect the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, or any Affiliate, representative,
member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer, against any breach of warranties or representations made
herein, or against any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence (or
in the case of (x) the Master Servicer or Special Servicer, by reason of any specific liability imposed hereunder for a breach
of the Servicing Standard, (y) the Operating Advisor, by reason of any specific liability imposed hereunder for a breach of the
Operating Advisor Standard or (z) the Asset Representations Reviewer, by reason of any specific liability imposed hereunder for
a breach of the Asset Review Standard) in the performance of duties or by reason of negligent disregard of obligations or duties
hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor,
the Master Servicer, the Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition,
in no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC®
Intellectual Property Royalty License Fee to CREFC®, to report any such CREFC® Intellectual
Property Royalty License Fee so paid or to make available any Distribution Date Statement to the general public (or in particular,
CREFC®).

 

The Trust Fund and each
Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer, the Special Servicer
and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred
in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates,
incurred by the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason of willful misconduct, bad faith,
fraud or negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder,
on the part of such indemnifying party.

 

The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliates, directors, officers,
employees, members, managers, representatives and agents (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor and the Asset Representations Reviewer shall be indemnified and held harmless by the Trust Fund
for any loss, liability or expense (including legal fees and expenses) incurred in connection with any claim, loss, penalty, fine,
foreclosure, judgment, liability or legal action relating to this Agreement or the Certificates, other than any loss, liability
or expense (including legal fees and expenses) (i) incurred by such party by reason of willful misconduct, bad faith, fraud or
negligence in the performance of duties hereunder or by reason of negligent disregard of obligations and duties thereunder or (ii)
in the case of the Depositor and any of its Affiliates, directors, officers, representatives, members, managers, employees and
agents, incurred in connection with any violation by any of them of

 

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any
state or federal securities law; provided that such indemnified parties shall be paid out of the Collection Account in
accordance with Section 3.06(a) of this Agreement; provided, further, that if such matter relates directly
to any Serviced Whole Loan, such indemnified parties shall be paid first out of the applicable Serviced Whole Loan Collection
Account (allocated in accordance with the expense allocation provision of the related Intercreditor Agreement), and then,
if funds therein are insufficient, out of the Collection Account; provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the
related Companion Loan Noteholders.

 

The Depositor shall indemnify
the Operating Advisor (both in its capacity as Operating Advisor and individually) and each of its Affiliates and each of its directors,
officers, employees, representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified
party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by such indemnified party in any action or proceeding between the Depositor and such indemnified party or between such
indemnified party and any third party or otherwise) resulting from the Depositor’s willful misconduct, bad faith, fraud or
negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations
and duties hereunder.

 

The Operating Advisor
shall indemnify the Depositor (both in its capacity as Depositor and individually) and each of its Affiliates and each of its directors,
officers, employees, representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified
party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by such indemnified party in any action or proceeding between the Operating Advisor and such indemnified party or between
such indemnified party and any third party or otherwise) resulting from the Operating Advisor’s willful misconduct, bad faith,
fraud or negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations
and duties hereunder.

 

The Asset Representations
Reviewer agrees to indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Depositor,
the Operating Advisor and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof,
and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs (including, without limitation, reasonable fees and disbursements of counsel incurred in connection with the enforcement
of the Asset Representations Reviewer’s indemnification obligation) judgments, and any other costs, liabilities, fees and
expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Asset
Representations Reviewer, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard
by the Asset Representations Reviewer of its duties and obligations hereunder or by

 

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reason
of breach of any representations or warranties made herein; provided that such indemnity shall not cover indirect or consequential
damages. The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor,
as the case may be, shall immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect
to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations
Reviewer shall assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor) and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them
in respect of such claim. Any failure to so notify the Asset Representations Reviewer shall not affect any rights any of the foregoing
Persons may have to indemnification under this Agreement or otherwise, unless the Asset Representations Reviewer’s defense
of such claim is materially prejudiced thereby.

 

(b)          None of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any obligation
to appear in, prosecute or defend any legal action that (i) is not incidental to its respective duties under this Agreement or
(ii) in its opinion may expose it to any expense or liability not recoverable from the Trust Fund; provided, that each of
the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake any such action
that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and the interests
of the Certificateholders and holders of Serviced Companion Loan Securities, if applicable, hereunder. In such event, the legal
expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund
and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to be reimbursed therefor
from the Collection Account in accordance with Section 3.06(a) of this Agreement) no later than 60 days after submitting
such expenses or costs for reimbursement, provided that a failure to reimburse such parties within such 60 days will not
affect or limit such parties’ rights to receive reimbursement hereunder; provided, further, that in the case
of any Serviced Whole Loan, such amounts shall be allocated in accordance with the expense allocation provision of the related
Intercreditor Agreement, and such parties shall be entitled to be reimbursed first, from the applicable Serviced
Whole Loan Collection Account and then, from the Collection Account, all in accordance with Section 3.06(a) of this
Agreement and the related Intercreditor Agreement.

 

(c)          The terms of this
Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

Section
6.04     Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating
Advisor; Termination of the Master Servicer, the Special Servicer and the Operating Advisor. (a) Each of the Master
Servicer, the Special Servicer and the Operating Advisor may assign their respective rights and delegate their respective
duties and obligations under this Agreement in connection with the sale or transfer of a substantial portion of their
commercial mortgage servicing, asset management or (solely with respect to the Operating Advisor) commercial mortgage
surveillance, portfolio, provided that: (i) the purchaser or transferee accepting such assignment and delegation (A)
shall be an established

 

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mortgage
finance institution, bank or mortgage servicing institution (or, in the case of the Operating Advisor, an Eligible Operating Advisor),
organized and doing business under the laws of the United States of America, any state of the United States of America or the
District of Columbia, authorized under such laws to perform the duties of the Master Servicer, Special Servicer or Operating Advisor
or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02 of this Agreement,
(B) shall be acceptable to each Rating Agency as confirmed in a Rating Agency Confirmation delivered to the Trustee and the Certificate
Administrator relating to the Certificates and Serviced Companion Loan Securities, if any, (C) shall execute and deliver to the
Trustee and the Certificate Administrator an agreement that contains an assumption by such Person of the due and punctual performance
and observance of each covenant and condition to be performed or observed by the Master Servicer, Special Servicer or Operating
Advisor, as applicable under this Agreement from and after the date of such agreement and (D) shall not be a Prohibited Party;
(ii) the Master Servicer, the Special Servicer or the Operating Advisor shall not be released from its obligations under this
Agreement that arose prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate
at which the Servicing Compensation, Special Servicing Compensation or Operating Advisor Fee, as applicable (or any component
thereof) is calculated shall not exceed the rate then in effect and (iv) the resigning Master Servicer, Special Servicer or Operating
Advisor, as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto and the Rating Agencies
in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the
successor Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.

 

(b)          Except as provided
in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer, the Special Servicer and the Operating
Advisor shall not resign from its respective obligations and duties hereby imposed on it except (i) upon determination that such
duties hereunder are no longer permissible under applicable law, (ii) in connection with the assignment of rights and delegation
of duties as set forth in Section 6.04(a), or (iii) solely with respect to the Operating Advisor, pursuant to Section
6.04(e). Any such determination described in clause (i) above permitting the resignation of the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning Master
Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee and the
Certificate Administrator.

 

(c)          The Trustee shall
be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination Event or Special Servicer
Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such removal shall be effective
unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing Compensation or Special Servicing
Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it is entitled) and all
other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the extent such amounts accrue prior
to such effective date and (ii) with respect to a resignation by the Master Servicer, the successor Master Servicer has deposited
into the Investment Accounts from which amounts were withdrawn to reimburse the terminated Master Servicer, an amount equal to
the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn except pursuant to this paragraph,
in which case the successor Master Servicer shall, immediately upon deposit, have the same right of reimbursement or payment as
the

 

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terminated
Master Servicer had immediately prior to its termination without regard to the operation of this paragraph.

 

(d)          No resignation
or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated by the preceding paragraphs of
this Section 6.04 shall become effective until the Trustee or a successor Master Servicer, Special Servicer or Operating
Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s or Operating Advisor’s
responsibilities, duties, liabilities and obligations hereunder. If no successor Master Servicer, Special Servicer or Operating
Advisor can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer, Special
Servicer or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer, Special Servicer
or Operating Advisor shall be treated as Realized Losses.

 

(e)          The Operating
Advisor shall have the right to resign without cost or expense upon the occurrence of the Early Termination Notice Date. The Operating
Advisor shall provide all of the parties to this Agreement and the Controlling Class Representative 30 days prior written notice
of any such resignation pursuant to this Section 6.04(e). If the Operating Advisor resigns pursuant to this Section 6.04(e),
then no replacement Operating Advisor shall be appointed. The resigning Operating Advisor shall be entitled, and subject, to any
rights and obligations that accrued under this Agreement prior to the date of any such resignation (including accrued and unpaid
compensation) and any indemnifications rights arising out of events occurring prior to such resignation.

 

The Operating Advisor
may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written notice to the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the
Directing Certificateholder, if applicable, and (b) upon the appointment of, and the acceptance of such appointment by, a successor
Operating Advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating
Agency. No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have
assumed the resigning Operating Advisor’s responsibilities and obligations. The resigning Operating Advisor shall pay all
costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer
of its duties pursuant to this Section 6.04(e).

 

Section
6.05     Rights of the Depositor and the Trustee in Respect of the Master Servicer and the
Special Servicer. Solely with respect to their performance of their respective duties under this Agreement, the Master
Servicer and the Special Servicer shall afford the Depositor, the Underwriters, the Initial Purchasers, the Certificate
Administrator, the Trustee and the Rating Agencies, upon reasonable notice, during normal business hours access to all
records maintained by it in respect of its rights and obligations hereunder and access to its officers responsible for such
obligations. Upon written request, the Master Servicer and/or the Special Servicer, as applicable, shall furnish to the
Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee its most recent publicly
available financial statements (or, with respect to the Master Servicer, those of its ultimate parent) and such other
non-proprietary information as the Master Servicer or the Special Servicer, as the case may be, shall determine in its
sole and absolute discretion as it possesses, which is relevant to the performance of its duties hereunder and which it is
not prohibited by applicable law or contract

 

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from
disclosing. The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer
hereunder which are in default and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation
of such Person hereunder or exercise any rights of such Person hereunder, provided that the Master Servicer and the Special
Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee.
If the Depositor or its designee undertakes any such action, it will be reimbursed by the Trust Fund from the Collection Accounts
(or with respect to a Serviced Whole Loan, to the extent such reimbursement is allocable to such Serviced Whole Loan Collection
Account), as provided in Section 3.06 and Section 6.03(a) hereof to the extent not recoverable from the Master Servicer
or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer (solely
with respect to any action or failure to act by the Special Servicer) or the Special Servicer (solely with respect to any action
or failure to act by the Master Servicer) shall have any responsibility or liability for any action or failure to act by the Master
Servicer or the Special Servicer and no such party is obligated to monitor or supervise the performance of the Master Servicer
or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer shall be under
any obligation to disclose confidential or proprietary information pursuant to this Section.

 

Section
6.06     The Master Servicer or Special Servicer as Owners of a Certificate. The Master
Servicer or an Affiliate of the Master Servicer, or the Special Servicer or an Affiliate of the Special Servicer, may become
the Holder (or with respect to a Global Certificate, Certificate Owner) of any Certificate with the same rights it would have
if it were not the Master Servicer or the Special Servicer or an Affiliate thereof. If, at any time during which the Master
Servicer or the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is the Holder or Certificate
Owner of any Certificate, the Master Servicer or the Special Servicer proposes to take action (including for this purpose,
omitting to take action) that (i) is not expressly prohibited by the terms hereof and would not, in the Master
Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing Standard, and (ii) if taken,
might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith judgment, be considered by other
Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but will not be required to, seek
the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate Administrator a written
notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest in
each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate of the
Master Servicer or the Special Servicer and (iii) describes in reasonable detail the action (or inaction) that the Master
Servicer or the Special Servicer proposes to take (or refrain from taking). The Certificate Administrator, upon receipt of
such notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special
Servicer and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator
shall reasonably determine. If at any time Certificateholders holding a majority of the Voting Rights of all
Certificateholders and, if no Control Termination Event has occurred and is continuing, the applicable Directing
Certificateholder (calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates
or the Special Servicer or its Affiliates, as applicable) shall have consented in writing to the proposal described in the
written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the written notice, such action
shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be entitled to reimbursement from
the Master Servicer or the

 

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Special
Servicer, as applicable, of the reasonable expenses of the Certificate Administrator incurred pursuant to this paragraph. It is
not the intent of the foregoing provision that the Master Servicer or the Special Servicer be permitted to invoke the procedure
set forth herein with respect to routine servicing matters arising hereunder, except in the case of unusual circumstances.

 

Section
6.07     The Directing Certificateholder. (a) For so long as no Control Termination Event has
occurred and is continuing, the Directing Certificateholder shall be entitled to advise (1) the Special Servicer with respect
to all Specially Serviced Loans, (2) the Special Servicer with respect to Performing Loans as to all matters for which the
Master Servicer must obtain the consent or deemed consent of the Special Servicer (other than with respect to Special
Servicer Decisions) or for which the Special Servicer shall process, and (3) the Special Servicer with respect to all
Mortgage Loans for which an extension of maturity is being considered by the Special Servicer or by the Master Servicer
subject to consent or deemed consent of the Special Servicer, and notwithstanding anything herein to the contrary, except as
set forth in, and in any event subject to the second and third paragraphs of this Section 6.07, both (a) the Master
Servicer, solely to the extent it is permitted to take any action constituting a Major Decision or Special Servicer Decision
as set forth in Section 3.26 hereof, shall not be permitted to take any action constituting a Major Decision or
Special Servicer Decision unless it has obtained the prior written consent of the Special Servicer and (b) for so long as no
Control Termination Event has occurred and is continuing, the Special Servicer shall not be permitted to consent to the
Master Servicer’s taking any of the following actions nor will the Special Servicer itself be permitted to take
any action constituting a Major Decision as to which the Directing Certificateholder has objected in writing within ten (10)
Business Days (or 30 days with respect to clause (j) of the definition of “Major Decision”) after receipt of the
written recommendation and analysis (provided that if such written objection has not been received by the Special
Servicer within such ten (10) Business Day period (or 30 days with respect to clause (j) of the definition of “Major
Decision” or such longer period provided for in any related Intercreditor Agreement but not less than five (5) Business
Days after the time period set forth therein for Directing Holder approval), then the Directing Certificateholder will be
deemed to have approved such action); provided that, if the Special Servicer or Master Servicer (if the Master
Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines that immediate action,
with respect to the foregoing matters, or any other matter requiring consent of the Directing Certificateholder (if no
Control Termination Event has occurred and is continuing) in this Agreement, is necessary to protect the interests of the
Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a
collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single
lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan) and the Special Servicer has made a reasonable effort to contact the
Directing Certificateholder, the Master Servicer or the Special Servicer, as the case may be, may take any such action
without waiting for the Directing Certificateholder’s response; provided, however, that the failure of
the Directing Certificateholder or the Operating Advisor to respond will not relieve the Special Servicer from seeking
consent of or consulting with, as applicable, the Directing Certificateholder or the Operating Advisor on any future matters
with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. The Special Servicer is not
required to

 

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obtain
the consent of the Directing Certificateholder for any Major Decision if a Control Termination Event has occurred and is continuing;
provided that, if a Control Termination Event has occurred and is continuing, the Special Servicer shall consult with the
Operating Advisor in connection with any Major Decision and consider alternative actions recommended by the Operating Advisor;
provided, further, that, if a Control Termination Event has occurred and is continuing but no Consultation Termination
Event has occurred and is continuing, the Special Servicer shall consult with the Directing Certificateholder in connection with
any Major Decision and any other matters set forth in this Agreement as to which the consent or approval of the Directing Certificateholder
would have been required or as to which the Directing Certificateholder would have had the right to advise or direct the Special
Servicer or the Master Servicer if no Control Termination Event had occurred and was continuing and consider alternative actions
recommended by the Directing Certificateholder; provided, further, that such consultation with the Directing Certificateholder
or the Operating Advisor is not binding on the Special Servicer.

 

In addition, for so long
as no Control Termination Event has occurred and is continuing, the Directing Certificateholder may direct the Special Servicer
to take, or to refrain from taking, such other actions with respect to a Mortgage Loan as the Directing Certificateholder may deem
advisable or as to which provision is otherwise made herein; provided that, notwithstanding anything herein to the contrary,
no such direction, and no objection contemplated by the preceding paragraph or this paragraph, may require or cause the Master
Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement,
any Intercreditor Agreement or the REMIC Provisions, including without limitation the Special Servicer’s obligation to act
in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Paying Agent, the Trust Fund,
the Certificate Administrator or the Trustee to liability, or materially expand the scope of the Special Servicer’s responsibilities
hereunder.

 

If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder, or any advice from
the Directing Certificateholder, would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms
of any Mortgage Loan, any Intercreditor Agreement, applicable law, the REMIC Provisions or this Agreement, including without limitation,
the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal to consent or advice
and notify the Directing Certificateholder, the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the basis therefor. The taking
of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of or approval
of the Directing Certificateholder that does not violate any law or the Servicing Standard or any other provisions of this Agreement
or any Intercreditor Agreement will not result in any liability on the part of the Master Servicer or the Special Servicer.

 

Notwithstanding anything
to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) at all times when no Consultation
Termination Event has occurred, the Controlling Class Representative shall be entitled to the rights of the

 

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“Non-Directing
Certificateholder” (or similar term) under the related Intercreditor Agreement and (ii) at no time shall the Operating Advisor
be entitled to the rights of the “Non-Directing Certificateholder” (or similar term) under the related Intercreditor
Agreement.

 

The Directing Certificateholder
shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any action
taken, or for refraining from the taking of any action, or for errors in judgment; provided that the Directing Certificateholder
shall not be protected against any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason
of willful misfeasance or bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations
or duties.

 

(b)          Notwithstanding
anything to the contrary contained herein (i) if a Control Termination Event has occurred and is continuing, the Directing Certificateholder
shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if a Control Termination Event
has occurred and is continuing but no Consultation Termination Event has occurred, the Directing Certificateholder shall remain
entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer,
Special Servicer and any other applicable party shall consult with the Directing Certificateholder in connection with any action
to be taken or refrained from taking to the extent set forth herein; and (iii) if a Consultation Termination Event has occurred,
the Directing Certificateholder shall have no consultation or consent rights hereunder and no right to receive any notices, reports
or information (other than notices, Voting Rights given to all Certificateholders and rights to receive reports or information
required to be delivered to all Certificateholders) or any other rights as Directing Certificateholder.

 

(c)          The Master Servicer,
the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the Certificate Administrator provide
the name of the then-current Directing Certificateholder for any applicable Mortgage Loan or Serviced Whole Loan. Upon such request,
the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request) provide
the name of the then-current Directing Certificateholder to the Master Servicer, the Special Servicer, the Trustee or the Operating
Advisor, but only to the extent the Certificate Administrator has actual knowledge of the identity of the then-current Directing
Certificateholder; provided that if the Certificate Administrator does not have actual knowledge of the identity of the
then-current Directing Certificateholder, then (i) the Certificate Administrator shall determine which Class is the Controlling
Class and (ii) the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request)
request from the Depository, the list of Certificate Owners of the Controlling Class, and the Certificate Administrator shall provide
such list to the Master Servicer, the Special Servicer, the Trustee or the Operating Advisor. Any expenses incurred in connection
with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection
with an event as to which the Directing Certificateholder (or Controlling Class Representative) has review, consent or consultation
rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or in connection
with a request made by the Operating Advisor in connection with its obligation under this Agreement to deliver a copy of its Operating
Advisor Annual Report to the Controlling Class Representative and (ii) the requesting party has not been

 

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notified
of the identity of the Directing Certificateholder (or Controlling Class Representative) or reasonably believes that the identity
of the Directing Certificateholder (or Controlling Class Representative) has changed, then such expenses shall be at the expense
of the Trust. The Master Servicer, the Special Servicer, the Trustee and the Operating Advisor, shall be entitled to conclusively
rely on any such information so provided.

 

To the extent the Master
Servicer or the Special Servicer has written notice of any change in the identity of a Directing Certificateholder or the list
of Holders (or Certificate Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special Servicer, as
applicable, shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the
Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer or the Special Servicer, as applicable.

 

Section 6.08     Rights
of Non-Directing Certificateholders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer,
as applicable, shall:

 

(a)          consult with the
related Non-Directing Certificateholder (or its designee or representative) on a strictly non-binding basis, to the extent that
such Non-Directing Certificateholder (or its designee or representative) requests consultation with respect to any “major
decision” or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended
by such Non-Directing Certificateholder (or its designee or representative); provided, that after the expiration of a period
of ten (10) Business Days from the delivery to the related Non-Directing Certificateholder (or its designee or representative)
of written notice of a proposed action, together with copies of the related notice, information or report, the Master Servicer
or Special Servicer, as applicable, shall no longer be obligated to consult with the applicable Non-Directing Certificateholder
(or its designee or representative) (unless the Master Servicer or Special Servicer, as applicable, proposes a new course of action
that is materially different from the action previously proposed, in which case such ten (10) Business Day period shall begin anew
from the date of such proposal and delivery of all information relating thereto). Notwithstanding the foregoing non-binding consultation
rights of the Non-Directing Certificateholder, the Master Servicer or the Special Servicer, as applicable, may take any “major
decision” or “major action” set forth in the related Intercreditor Agreement or any action set forth in the Asset
Status Report before the expiration of the aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer,
as applicable, determines that immediate action with respect thereto is necessary to protect the interests of the Certificateholder
and the related Companion Loan Noteholder. Unless specified otherwise in the related Intercreditor Agreement, neither the Master
Servicer or the Special Servicer shall be obligated at any time to follow or take any alternative actions recommended by the Non-Directing
Certificateholder; and

 

(b)          in addition to
the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing Certificateholder
shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the Master Servicer
or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer or the
Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

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Article
VII

SERVICER AND OPERATING ADVISOR TERMINATION

 

Section
7.01     Servicer Termination Events. (a) “Master Servicer Termination Event,”
wherever used herein, means any one of the following events:

 

(i)           any
failure by the Master Servicer (A) to make any deposit required to the Collection Account or the Serviced Whole Loan Collection
Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made under the terms of this
Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to the Certificate Administrator
for deposit into, any Distribution Account any amount required to be so deposited or remitted (including, without limitation, any
required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable Advance), which failure
is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided, that to the extent the Master
Servicer does not timely make such remittance to the Certificate Administrator, the Master Servicer shall pay the Certificate Administrator
for the account of the Certificate Administrator interest on any amount not timely remitted at the Prime Rate from and including
the applicable required remittance date to, but not including, the date such remittance is actually made), or (C) to remit to any
holder of a Serviced Companion Loan, as and when required by this Agreement or any related Intercreditor Agreement, any amount
required to be so remitted (which failure continues for two Business Days);

 

(ii)          any
failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (15 days in the case of the Master Servicer’s
failure to make a Servicing Advance or 45 days in the case of failure to pay the premium for any insurance policy required to be
force placed by the Master Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary
to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse
in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Master Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement,
(b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25% of such Class or (c)
an affected Serviced Companion Loan Noteholder; provided, if such failure is capable of being cured and the Master Servicer
is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable, will be extended an additional 30 days;

 

(iii)          any
breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less
than 25% of such Class or (y) by an

 

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affected Serviced Companion Loan Noteholder; provided, if such breach is capable of
being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

(v)          the
Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Master Servicer
or of or relating to all or substantially all of its property;

 

(vi)          the
Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)         (a)
Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed
one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and
such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by Moody’s
within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with
the Master Servicer as the sole or a material factor in such rating action, (b) KBRA has (A) qualified, downgraded or withdrawn
its rating or ratings of one or more Classes of Certificates, or (B) placed one or more Classes of Certificates on “watch
status” in contemplation of possible rating downgrade or withdrawal (and such qualification, downgrade or withdrawal or “watch
status” placement shall not have been withdrawn by KBRA within sixty (60) days of such event), and, in the case of either
of clause (A) or (B), publicly citing servicing concerns with the Master Servicer as the sole or a material factor in such rating
action, or (c) the Master Servicer is no longer rated at least “CMS3” by Fitch and such Master Servicer is not reinstated
to at least that rating within 60 days of the delisting; or

 

(viii)       subject
to Section 10.16(c), any failure by the Master Servicer to deliver (a) any Exchange Act reporting items required to be delivered
by the Master Servicer to the Trustee or the Certificate Administrator under Article X (other than items to be delivered
by a Mortgage Loan Seller Sub-Servicer) by the time required under Article X after any applicable grace periods or (b) any
Exchange Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Master Servicer (but excluding any Mortgage Loan Seller Sub-

 

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Servicer) is required to deliver
(any Sub-Servicing Entity shall be terminated if it defaults in accordance with the provision of this clause (viii));

 

then, and in each and every such case,
so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x)
the Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the Depositor with respect to clause (viii)
above upon five (5) Business Days’ notice, shall, terminate all of the rights and obligations of the Master Servicer (other
than as set forth in Section 7.01(d)). In the case of clause (vii), the Certificate Administrator shall be required to notify
Certificateholders and Serviced Companion Loan Noteholders of such Master Servicer Termination Event and request whether such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders favor such termination.

 

If the Master Servicer
is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, then the Master Servicer
shall also be terminated as Special Servicer.

 

If the Master Servicer
receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section
7.01(a)(vii) and if the Master Servicer provides the Trustee with the appropriate “request for proposal” materials
within five (5) Business Days following such termination notice, then the Master Servicer shall continue to serve as Master Servicer
hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(a). Upon receipt of the “request
for proposal” materials, the Trustee shall promptly thereafter (using such “request for proposal” materials provided
by the Master Servicer) solicit good faith bids for the rights to service the Mortgage Loans and Serviced Companion Loans under
this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder in accordance with Section 6.02
and 7.02 of this Agreement (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified
Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that,
at the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such
bids; and provided, further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to service the Mortgage Loans and Serviced Companion Loans under this Agreement. The bid proposal shall
require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor Master
Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice of termination of the Master Servicer.
The materials provided to the Trustee shall provide for soliciting bids: (i) on the basis of such successor Master Servicer retaining
all Sub-Servicers to continue the primary servicing of the Mortgage Loans and Serviced Companion Loans pursuant to the terms of
the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement with the terminated Master Servicer to service
each of the Mortgage Loans and Serviced Companion Loans for which it was the Master Servicer and not subject to a Sub-Servicing
Agreement at a sub-servicing fee rate per annum equal to, for each Mortgage Loan and Serviced Companion Loan serviced, the excess
of the related Servicing Fee Rate minus the related Excess Servicing Fee Rate (each, a “Servicing Retained Bid”);
and (ii) on the basis of terminating each Sub-Servicing Agreement and Sub-Servicer that it is permitted to terminate in accordance
with Section 3.01(c) of this Agreement (each, a “Servicing Released Bid”). The Trustee shall select the
Qualified Bidder with the highest cash Servicing Retained Bid (or, if

 

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none,
the highest cash Servicing Released Bid from any Person qualified to act as a Master Servicer) (the “Successful Bidder”)
to act as successor Master Servicer hereunder; provided, that if the Trustee does not receive a Rating Agency Confirmation
in accordance with the procedures set forth in Section 3.30 of this Agreement with respect to such Successful Bidder, then
the Trustee shall repeat the bid process described above (but subject to the above described 45 day time period) until such Rating
Agency Confirmation is obtained. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor Master
Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer; provided,
that the initial Master Servicer may request and obtain, with the prior written consent of the Directing Certificateholder, an
additional 20 days for such sale and assumption to be completed so long as the initial Master Servicer delivers to the Trustee
an Officer’s Certificate stating that the sale and assumption of the right to service the Mortgage Loans and Serviced Companion
Loans cannot be completed in the initial 45-day period and specifying the reasons therefor.

 

Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the Successful
Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained Bid, to the Master Servicer
to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received from the Successful Bidder (net
of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing) and (ii) if
the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer its respective Bid Allocation.

 

The Master Servicer to
be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection
with the attempt to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed
to the party that incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder
was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a)
of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The Trustee
thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02 of this
Agreement.

 

Notwithstanding anything
to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal materials
referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective in connection
with a Master Servicer Termination Event under Section 7.01(a)(vii) of this Agreement, and the Master Servicer shall continue
to perform as such and to collect the servicing fee until the conclusion of the process described in this Section 7.01(a).

 

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(b)          “Special
Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)           any
failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and such failure
continues unremedied for two Business Days, or any failure by the Special Servicer to remit to Master Servicer for deposit into,
the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account) any amount
required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement; provided,
that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer Termination
Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master Servicer for
any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of the Special Servicer
and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;

 

(ii)          any
failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (45 days in the case of failure to pay
the premium for any insurance policy required to be force placed by the Special Servicer pursuant to this Agreement or in any event
such reasonable shorter period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating
to unpaid real estate taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice
of such failure, requiring the same to be remedied, shall have been given to the Special Servicer, by (a) any other party hereto,
with a copy to each other party to this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests
aggregating not less than 25% of such Class or (c) an affected Serviced Companion Loan Noteholder; provided, if such failure
is capable of being cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable,
will be extended an additional 30 days;

 

(iii)         any
breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less
than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided, if such breach is capable of
being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)         a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or

 

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liquidation of its affairs, shall have been entered against the Special Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

(v)          the
Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Special Servicer
or of or relating to all or substantially all of its property;

 

(vi)         the
Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)        (a)
Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed
one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and
such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by Moody’s
within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with
the Special Servicer as the sole or a material factor in such rating action, (b) KBRA has (A) qualified, downgraded or withdrawn
its rating or ratings of one or more Classes of Certificates, or (B) placed one or more Classes of Certificates on “watch
status” in contemplation of possible rating downgrade or withdrawal (and such qualification, downgrade or withdrawal or “watch
status” placement shall not have been withdrawn by KBRA within sixty (60) days of such event), and, in the case of either
of clause (A) or (B), publicly citing servicing concerns with the Special Servicer as the sole or a material factor in such rating
action, or (c) the Special Servicer is no longer rated at least “CSS3” by Fitch and such Special Servicer is not reinstated
to at least that rating within 60 days of the delisting; or

 

(viii)       subject
to Section 10.16(c), any failure by the Special Servicer to deliver (a) any Exchange Act reporting items required to be
delivered by the Special Servicer to the Trustee or the Certificate Administrator under Article X by the time required under
Article X after any applicable grace periods or (b) any Exchange Act reporting items that a primary servicer, sub-servicer
or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Special Servicer
(but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it
defaults in accordance with the provision of this clause (viii).

 

then, and in each and every such case,
so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of
(x) the Holders of at least 25% of the aggregate Voting Rights of all Certificates, (y) for so long as no Control Termination Event
has occurred and is continuing, the Directing Certificateholder or (z) the Depositor with respect to clause (viii) above upon five
(5) Business Days’ notice, shall, terminate all of the rights and obligations of the Special Servicer (other than the rights
to indemnification provided in Section 6.03(a) of this Agreement and compensation provided in Section 3.12(b) of
this

 

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Agreement). In the case of clause (vii) above, the Trustee shall, upon actual knowledge by a Responsible Officer of such Special
Servicer Termination Event, be required to notify the Special Servicer and the Certificate Administrator, and the Certificate Administrator,
upon receipt of such notice or upon actual knowledge by a Responsible Officer of such Special Servicer Termination Event, shall
notify the Certificateholders and Serviced Companion Loan Noteholders of such Special Servicer Termination Event and request whether
such Certificateholders and, if applicable, the Serviced Companion Loan Noteholders favor such termination.

 

(c)          Notwithstanding
Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced Companion Loan and the Master
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Master Servicer as
the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee, at
the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint a sub-servicer (or if a sub-servicer
is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such Serviced Whole Loan, but only if
such existing sub-servicer is in default after any applicable cure periods under the related sub-servicing agreement, and the Master
Servicer shall be permitted to terminate the sub-servicing agreement due to such default) with respect all of the rights and obligations
of the Master Servicer under this Agreement related to such Serviced Whole Loan. The Master Servicer shall appoint a replacement
sub-servicer with respect to such Serviced Whole Loan; provided, that such sub-servicer meets the eligibility requirements
of a successor master servicer under Section 7.02 (including receipt of a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any) and the eligibility requirements of each Other Pooling and Servicing Agreement.

 

(d)          Notwithstanding
Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced Companion Loan and the Special
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Special Servicer
as the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee,
at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with respect to the related Serviced Whole
Loan only, but no other Mortgage Loan.

 

(e)          If the Master
Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating Party”)
shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated Party”),
terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and the proceeds thereof, other
than any rights the Terminated Party has to Excess Servicing Fees, any rights it has hereunder as a Certificateholder and any rights
or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued or owing
to it under this Agreement, plus interest at the Reimbursement Rate on such amounts until received to the extent such amounts bear
interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right to the benefits
of Section 6.03 of this Agreement notwithstanding any such termination), and with respect to the Special Servicer, the right
to

 

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receive
any Workout Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(b) of this Agreement. No successor
Special Servicer shall be entitled to such Workout Fee received by the terminated Special Servicer. On or after the receipt by
the Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect to the
Certificates (except that the Terminated Party shall retain its rights as a Certificateholder if and to the extent that it is
a Certificateholder), the Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and be vested in the Terminating
Party pursuant to and under this Section and, without limitation, the Terminating Party is hereby authorized and empowered to
execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents,
or otherwise. The Master Servicer and the Special Servicer each agree in the event it is terminated pursuant to this Section
7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense,
the Terminating Party with all documents and records requested by the Terminating Party to enable the Terminating Party to assume
its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities hereunder in effecting
the termination of its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Master
Servicer or Special Servicer or the Terminating Party, as applicable, for administration by it of all cash amounts which shall
at the time be or should have been credited by the Master Servicer or the Special Servicer to the Collection Account, the applicable
Serviced Whole Loan Collection Account, any REO Account, the Loss of Value Reserve Fund, any Gain-on-Sale Reserve Account, Lock-Box
Account or Cash Collateral Account or which shall thereafter be received with respect to the Mortgage Loans, and shall promptly
provide the Terminating Party or such successor Master Servicer or successor Special Servicer (which may include the Trustee)
all documents and records reasonably requested by it, such documents and records to be provided in such form as the Terminating
Party or such successor Master Servicer or Special Servicer shall reasonably request (including electronic form), to enable it
to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable costs and expenses of the
Terminating Party (including the cost of obtaining a Rating Agency Confirmation and any applicable indemnity) or the successor
Master Servicer or successor Special Servicer incurred in connection with transferring the Mortgage Files to the successor Master
Servicer or Special Servicer and amending this Agreement to reflect such succession as successor Master Servicer or successor
Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or the Special Servicer,
as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or
Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer
for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust
Fund; provided that the Terminated Party shall not thereby be relieved of its liability for such expenses. If and to the
extent that the Terminated Party has not reimbursed such costs and expenses, the Terminating Party shall have an affirmative obligation
to take all reasonable actions to collect such expenses on behalf of the Trust Fund.

 

In no event shall the
Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer Termination Event
or Special Servicer

 

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Termination
Event until a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has received written notice
thereof or has actual knowledge thereof.

 

Section 7.02     Trustee
to Act; Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the Special Servicer
pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a) and Section 7.01(c))
shall be its successor, until a successor is appointed by the Directing Certificateholder as provided in this Section 7.02
or Section 3.22(b), as applicable, in all respects in its capacity as the Master Servicer or the Special Servicer under
this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall be subject to all the
responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Master
Servicer or Special Servicer by the terms and provisions hereof, provided, that (i) the Terminating Party shall have no
responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer
and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s
failure to provide, or delay in providing, records, tapes, disks, information or monies shall not be considered a termination
event for such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified
to the full extent provided to the Master Servicer or Special Servicer, as applicable, under this Agreement prior to the Master
Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or successor Special
Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have arisen prior to
its termination as the Master Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations
and warranties of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions
of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment
by the Master Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be required to purchase any Mortgage Loan
or any Serviced Companion Loan hereunder. As compensation therefor, the Terminating Party as successor Master Servicer or successor
Special Servicer shall be entitled to the Servicing Compensation or Special Servicing Compensation, as applicable, and all funds
relating to the Mortgage Loans or the Serviced Companion Loans that accrue after the date of the Terminating Party’s succession
to which such predecessor Master Servicer or Special Servicer would have been entitled if such predecessor Master Servicer or
Special Servicer, as applicable, had continued to act hereunder. If any Advances made by the Master Servicer or the Trustee shall
at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances
and interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon),
until such Advances and interest shall have been repaid in full. Notwithstanding the above, the Trustee may, if it shall be unwilling
to so act, or shall if it is unable to so act or if the Holders of Certificates entitled to (i) in the case of the Master Servicer,
at least 25% of the aggregate Voting Rights (or, for so long as no Control Termination Event has occurred and is continuing, the
Controlling Class Representative), or (ii) in the case of the Special Servicer, at least 25% of the aggregate Voting Rights (or,
for so long as no Control Termination Event has occurred and is continuing, the Directing Certificateholder), so request in writing
to the Trustee, or, with respect to a Serviced Whole Loan, if an affected Serviced Companion Loan Noteholder so requests in writing
to the Trustee, or if the Trustee is not an “approved” servicer by any of the Rating Agencies for mortgage pools similar
to the Trust Fund, promptly appoint, or petition a court of

 

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competent
jurisdiction to appoint, any established mortgage loan servicing institution that, for so long as no Control Termination Event
has occurred and is continuing, has been approved by the Directing Certificateholder (which approval shall not be unreasonably
withheld) to act as the successor to the Master Servicer or Special Servicer, as applicable, hereunder in the assumption of all
or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder; provided
that the Trustee shall obtain a Rating Agency Confirmation with respect to the Certificates and any Serviced Companion Loan Securities.
No appointment of a successor to the Master Servicer or Special Servicer hereunder shall be effective until the assumption by
such successor of all the Master Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder,
which appointment has been approved, if no Control Termination Event has occurred and is continuing, by the Directing Certificateholder,
such approval not to be unreasonably withheld. Pending appointment of a successor to the Master Servicer (or the Special Servicer
if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by law from so acting,
the Trustee shall act in such capacity as hereinabove provided. Pending the appointment of a successor to the Special Servicer,
the Trustee shall act in such capacity. In connection with such appointment and assumption described herein, the Trustee may make
such arrangements for the compensation of such successor out of payments on Mortgage Loans, Serviced Companion Loans or otherwise
as it and such successor shall agree; provided, that no such compensation shall be in excess of that permitted to the Terminated
Party hereunder, unless no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party
hereunder, in which case additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated
Party shall be treated as Realized Losses. Any successor Special Servicer shall be subject to the rights of the Directing Certificateholder
under Section 3.22(b) of this Agreement. The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor
shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor
Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to
the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee)
for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this Section 7.02.

 

Section
7.03     Notification to Certificateholders and Other Persons. (a) Upon its receipt of
written notice of any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer
or the Special Servicer, the Certificate Administrator shall give prompt written notice thereof to Certificateholders at
their respective addresses appearing in the Certificate Register, the 17g-5 Information Provider (who shall promptly post
such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the
Operating Advisor, the Asset Representations Reviewer and to each Serviced Companion Loan Noteholder at its address appearing
in the Serviced Companion Loan Noteholder Register.

 

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(b)          Within 30 days
after the occurrence of any Servicer Termination Event, Operating Advisor Termination Event or Asset Representations Reviewer Termination
Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall transmit by mail to the Depositor,
the Certificate Administrator (who shall then notify all Holders of Certificates), the 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), and each
Serviced Companion Loan Noteholder, notice of such Servicer Termination Event, Operating Advisor Termination Event or Asset Representations
Reviewer Termination Event, unless such Servicer Termination Event, Operating Advisor Termination Event or Asset Representations
Reviewer Termination Event shall have been cured or waived.

 

Section
7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event,
so long as the Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section
7.01 of this Agreement, shall have the right, in its own name as Trustee of an express trust, to take all actions now or
hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and
enforce the rights and remedies, of the Certificateholders and, in the case of any Serviced Companion Loan, of the related
Serviced Companion Loan Noteholders (including the institution and prosecution of all judicial, administrative and other
proceedings and the filing of proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and
costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (and,
in the case of any Serviced Whole Loan, such amounts shall be allocated in accordance with the expense allocation provision
of the related Intercreditor Agreement). Except as otherwise expressly provided in this Agreement, no remedy provided for by
this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any
other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be
deemed to be a waiver of any Servicer Termination Event.

 

Section
7.05     Waiver of Past Servicer Termination Events and Operating Advisor Termination Events;
Termination. The Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the
Certificates may, together with each affected Serviced Companion Loan Noteholder (to the extent they are adversely affected
by such Servicer Termination Event or Operating Advisor Termination Event, as applicable), on behalf of all Holders of
Certificates waive any termination event with respect to the Master Servicer, the Special Servicer or the Operating Advisor
in the performance of its obligations hereunder and its consequences, except a termination event with respect to making any
required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments from the Collection
Account, any Serviced Whole Loan Collection Account or the Lower-Tier Distribution Account, or in remitting payments as
received, in each case in accordance with this Agreement. Upon any such waiver of a past termination event, such
termination event shall cease to exist, and any Servicer Termination Event or Operating Advisor Termination Event arising
therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other termination event or impair any right consequent thereon. Notwithstanding the foregoing, a Master
Servicer Termination Event under Section 7.01(a)(vii) or a Special Servicer Termination Event under Section
7.01(b)(vii) of this Agreement may be waived only with the consent of the Depositor.

 

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Section
7.06     Trustee as Maker of Advances. If the Master Servicer fails to fulfill its
obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x)
within five Business Days of the Master Servicer Termination Event resulting from such failure by the Master Servicer with
respect to Servicing Advances to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with
respect to such Servicing Advances and (y) by 12:00 noon (New York City time) on the related Distribution Date with respect
to P&I Advances pursuant to the Trustee’s receipt of notice of failure pursuant to Section 4.07(a) of this
Agreement unless the Trustee has received notice that such failure has been cured by 11:00 a.m. on such Distribution Date.
With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights
with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and
interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable
Advance (without regard to any impairment of any such rights of reimbursement caused by the Master Servicer’s failure
to perform its obligations hereunder); provided, that if Advances made by the Trustee and the Master Servicer shall at
any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such
Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such
Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master
Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a
Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by the Master Servicer
hereunder.

 

Section
7.07     Termination of the Operating Advisor. (a) An “Operating Advisor Termination
Event” means any one of the following events whether any such event shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body:

 

(i) 
         any failure by the Operating Advisor to observe or perform in any
material respect any of its covenants or agreements or the material breach of its representations or warranties under this
Agreement, which failure shall continue unremedied for a period of 30 days after the date on which written notice of such
failure shall have been given to the Operating Advisor by any party hereto or to the Operating Advisor, the Certificate
Administrator and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights; provided,
that with respect to any such failure which is not curable within such 30-day period, the Operating Advisor shall have an
additional cure period of thirty (30) days to effect such cure so long as it has commenced to cure such failure within the
initial 30-day period and has provided the Trustee and the Certificate Administrator with an Officer’s Certificate
certifying that it has diligently pursued, and is continuing to pursue, such cure;

 

(ii)          any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue unremedied
for a period of 30 days;

 

(iii)          any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of 30
days;

 

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(iv)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall have remained
in force undischarged or unstayed for a period of 60 days;

 

(v)          the
Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or

 

(vi)          the
Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations.

 

Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on the Certificate Administrator’s Website and by
mail, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event
has occurred then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied,
either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting
Rights of each Class of Regular Certificates, the Trustee shall, terminate all of the rights and obligations of the Operating Advisor
under this Agreement, other than rights and obligations accrued prior to such termination, including the right to receive all amounts
accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring prior to such
termination), by notice in writing to the Operating Advisor; provided that no such termination shall be effective until
a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement.
Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate
Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor has actual knowledge.

 

(b)         Upon (i) the written
direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights requesting a vote to terminate
and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible Operating Advisor and (ii) payment
by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator
in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the
Operating Advisor and to all Certificateholders by (i) posting such notice on the Certificate Administrator’s Website and
(ii) mail at their addresses appearing in the Certificate Register. Upon the written direction of Holders of Certificates evidencing
more than 50% of the Voting Rights that exercise their right to vote (provided that Holders of at least 50% of the Voting
Rights exercise their right to vote), the Trustee shall terminate all of the rights and obligations of

 

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the
Operating Advisor with respect to the Mortgage Loans under this Agreement by notice in writing to the Operating Advisor, other
than rights and obligations accrued prior to such termination including the right to receive all amounts accrued and owing to
it under this Agreement and other than indemnification rights arising out of events occurring prior to such termination. The provisions
set forth in the foregoing sentences of this Section 7.07(b) shall be binding upon and inure to the benefit of solely the
Certificateholders and the Trustee as between each other. The Operating Advisor shall not have any cause of action based upon
or arising from any breach or alleged breach of such provisions other than may arise, as a result of the failure to comply with
the above described voting procedures. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other,
the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination
of the Operating Advisor.

 

(c)          On or after the
receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority and power
under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any and all documents
and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect the purposes
of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1) the Operating Advisor
resigns pursuant to Section 6.04(a) of this Agreement or (2) the Certificate Administrator delivers such written notice
of termination to the Operating Advisor, the Trustee shall upon the written direction of Holders of Certificates evidencing not
less than 25% of the Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a successor Operating
Advisor that is an Eligible Operating Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and shall be
the proposed Operating Advisor in the case of a termination pursuant to Section 7.07(b) of this Agreement; provided, that
if the Trustee is acting as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates
shall be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of a successor Operating
Advisor to the Master Servicer, the Special Servicer and the Certificate Administrator (and the Certificate Administrator shall
promptly provide such notice to the Controlling Class Representative, each Serviced Companion Loan Noteholder and each Certificateholder)
within one Business Day of such appointment. The Operating Advisor shall not at any time be the Depositor, the Master Servicer,
the Special Servicer, a Mortgage Loan Seller, an Other Depositor, an Other Servicer, an Other Special Servicer or an Affiliate
of any of them. If any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date
hereof, the Operating Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the
Trustee shall upon the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class
of Certificates appoint a successor Operating Advisor subject to and in accordance with this Section 7.07(c), which successor
Operating Advisor may be an Affiliate of the Trustee.

 

(d)          Upon any termination
of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible, give
written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Certificateholders,
any Serviced Companion Loan Noteholder and, if no Consultation Termination Event has occurred and is continuing, the Controlling
Class Representative and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information

 

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Provider’s
Website pursuant to Section 3.14(d) of this Agreement). If the Operating Advisor is terminated, all of its rights and obligations
under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination
(including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights
(arising out of events occurring prior to such termination).

 

(e)          If there are no
Classes of Certificates outstanding other than the Control Eligible Certificates, the Class V Certificates and the Class R Certificates,
then all of the rights and obligations of the Operating Advisor under this Agreement shall terminate without payment of any termination
fee (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation)
and other than indemnification rights arising out of events occurring prior to such termination). If the Operating Advisor is terminated
pursuant to this Section 7.07(e), then no replacement Operating Advisor shall be appointed. The Trustee shall provide the
Operating Advisor with prompt notice upon its termination pursuant to this Section 7.07(e).

 

Article
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section 8.01     Duties
of Trustee and Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator undertakes to perform
such duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee or the
Certificate Administrator shall be construed as a duty and neither the Trustee nor the Certificate Administrator shall be answerable
with respect to its exercise of a permissive right other than its negligence of willful misconduct in the exercise of such a permissive
right. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge,
the Trustee, subject to the provisions of Section 7.02 and 7.05 of this Agreement shall exercise such of the rights
and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)          The
Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically
governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information delivered for
posting to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine them
to determine whether they conform on their face to the requirements of this Agreement; provided, that, the Trustee or the
Certificate Administrator, as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate,
statement, opinion, report, document, order or other instrument provided to it hereunder. If any such instrument is found not
to conform on its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator,
as applicable, shall request the provider of such instrument to have the instrument corrected, and if the instrument is not corrected
to such Trustee’s or such

 

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Certificate
Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator will provide notice thereof to the
Certificateholders.

 

(c)          None of the Trustee,
the Certificate Administrator or any of their officers, directors, employees, agents or “control” persons within the
meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided that, subject
to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee, the Certificate
Administrator or any such person, from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct or its own bad faith; and provided, further, that:

 

(i)            The
Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express provisions
of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance of such duties
and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith on the part of
the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates,
statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator,
as the case may be, that conform on their face to the requirements of this Agreement to the extent set forth herein without responsibility
for investigating the contents thereof;

 

(ii)           Reserved;

 

(iii)          Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25% of the
Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of the aggregate
Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon the Trustee
or the Certificate Administrator, as the case may be, under this Agreement;

 

(iv)          Neither
the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons shall
be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate of the
Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any other Person, including,
without limitation, in connection with actions taken pursuant to this Agreement;

 

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(v)          Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case of any
Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in Section 3.06
hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect to any Serviced Whole Loan,
the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on the Trust Ledger, unless such
legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any breach
of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and

 

(vi)          Neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person
upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless a Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure or breach. Neither
the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the Special
Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered to the
Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.

 

None of the provisions
contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its
capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as the case may be, the repayment of such funds or adequate indemnity satisfactory to it in its sole discretion
against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in
any event require the Trustee or the Certificate Administrator, as the case may be, to perform, or be responsible for the manner
of performance of, any of the obligations of the Master Servicer, the Special Servicer or the Operating Advisor under this Agreement,
except, in the case of the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the
rights, duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement.
Neither the Trustee nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with
its performance of its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable
for any loss on any investment of funds pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as
the Master Servicer or Special Servicer hereunder, the Trustee shall comply with the Servicing Standard.

 

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Section
8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except
as otherwise provided in Section 8.01 of this Agreement:

 

(i)            The
Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be fully protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties and neither the Trustee nor the Certificate Administrator shall
have any responsibility to investigate any statement, representation or warranty of any fact or matter stated in any such document
and may conclusively rely as to the truth of any statements and the correctness of the opinions expressed therein or ascertain
or confirm the genuineness of any such party or parties;

 

(ii)           Each
of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

 

(iii)          (A)
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested
in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions
of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as the case
may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case may be, against
the costs, losses, expenses (including, without limitation, the fees and expenses of its counsel and agents) and liabilities which
may be incurred therein or thereby, provided that nothing contained herein shall relieve the Trustee of the obligations,
upon the occurrence of a Servicer Termination Event (which has not been cured or waived) of which a Responsible Officer of the
Trustee has actual knowledge, to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree
of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs; and (B) the right of the Trustee and the Certificate Administrator to perform any discretionary act enumerated in
this Agreement shall not be construed as a duty, and the Trustee or the Certificate Administrator, as the case may be, shall not
be answerable for other than its own negligence or willful misconduct or bad faith in the performance of any such act;

 

(iv)          None
of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in good faith by the Trustee
or the Certificate Administrator, as the case may be, unless it shall be proved that the Trustee or the Certificate Administrator,
as the case may be, was negligent in ascertaining the pertinent facts or (B) for any action taken, suffered or omitted by it in
good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may be, to

 

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be authorized or within
the discretion or rights or powers conferred upon it by this Agreement;

 

(v)          Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such other percentage
as is specified herein) of the Percentage Interests of each affected Class; provided, that if the payment within a reasonable
time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as the case may be,
not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security afforded to it by the
terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity reasonably satisfactory
to it from such requesting Holders against such cost, expense or liability as a condition to taking any such action. The reasonable
expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master
Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise by the Certificateholders requesting the investigation;

 

(vi)          The
Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the Certificate
Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys but shall
not be relieved of the obligations hereunder; provided, that the Trustee or the Certificate Administrator, as the case may
be, may not perform any duties hereunder through any Person that is a Prohibited Party; and

 

(vii)        Other
than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee, the Custodian
or the Certificate Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any
kind whatsoever (including, but not limited to lost profits), even if the Trustee, the Custodian or the Certificate Administrator,
as applicable, has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(viii)      In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct; and

 

(ix)          Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

(b)         Following the
Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision of this Agreement,
accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall

 

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have
received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to
the effect that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event or cause the Grantor Trust
to fail to qualify as a grantor trust.

 

(c)          All rights of
action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator, may
be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator shall be
brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)          Neither the Trustee
nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the occurrence of any condition
requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement or the eligibility of any
Mortgage Loan for purposes of this Agreement.

 

(e)          Neither the Trustee
nor the Certificate Administrator shall be under any obligation on monitor repurchase activity or to independently determine which
Repurchase Requests remain unresolved after 180 days.

 

(f)          Each of the Trustee,
the Certificate Administrator, the Custodian, the Certificate Registrar, the 17g-5 Information Provider, the Paying Agent and the
Authenticating Agent shall be entitled to all of the same rights, protections, immunities and indemnities afforded to the Trustee
or the Certificate Administrator, as the case may be, in each such capacity as if such right, protection, immunity and indemnity
was set forth herein expressly for the benefit of the Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating
Agent, mutatis mutandis.

 

(g)          In order to comply
with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those
relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Certificate Administrator
and the Trustee, as the case may be, are required to obtain, verify and record certain information relating to individuals and
entities that maintain a business relationship with the Certificate Administrator or the Trustee. Accordingly, each of the parties
hereto agrees to provide to the Certificate Administrator and the Trustee, upon its respective request from time to time, such
identifying information and documentation as may be available for such party in order to enable the Certificate Administrator and
the Trustee to comply with Applicable Law.

 

(h)          Neither the Trustee
nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer or the Special Servicer (unless
the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case the Trustee shall only be responsible
for its own actions as Master Servicer or Special Servicer) or of the Depositor, the Operating Advisor or the Asset Representations
Reviewer.

 

(i)           Neither the Trustee
nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust Fund unless it is determined
in a non-appealable decision by a court of competent jurisdiction that the Trustee’s or Certificate

 

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Administrator’s,
as applicable, negligence or willful misconduct was the cause of such insufficiency.

 

(j)          For all purposes
under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be deemed to have actual knowledge
or notice of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any act, failure or breach of
any Person upon the occurrence of which the Trustee or Certificate Administrator may be required to act unless a Responsible Officer
of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless written notice of any event,
act, failure or breach, as applicable, which is in fact such a default is received by the Trustee or the Certificate Administrator
at the respective Corporate Trust Office, and such notice references the Certificates or this Agreement. In the absence of receipt
of such notice and such actual knowledge otherwise obtained, the Trustee, the Custodian and the Certificate Administrator may conclusively
assume that there is no Servicer Termination Event or Asset Representations Reviewer Termination Event.

 

(k)          In making or disposing
of any investment permitted by this Agreement, the Trustee and the Certificate Administrator are each authorized to deal with itself
(in its individual capacity) or with any one or more of its respective Affiliates, in each case on an arm’s-length basis
and on standard market terms, whether it or such Affiliate is acting as a subagent of the Trustee or the Certificate Administrator,
as applicable, or for any third person or dealing as principal for its own account.

 

Section
8.03     Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates shall not be taken as the statements of the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer, or the Special Servicer and
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer
and the Special Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the
Custodian, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer make no
representations or warranties as to the validity or sufficiency of this Agreement, of the Certificates or any offering
document used to offer the Certificates for sale or the validity, enforceability or sufficiency of any Mortgage Loan, or
related document. None of the Trustee, the Certificate Administrator or the Custodian shall at any time have any
responsibility or liability for or with respect to the legality, validity and enforceability of any Mortgage, any
Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for
or with respect to the sufficiency of the Trust Fund or its ability to generate the payments to be distributed to
Certificateholders under this Agreement. Without limiting the foregoing, neither the Trustee nor the Certificate
Administrator shall be liable or responsible for: (i) the existence, condition and ownership of any Mortgaged Property; (ii)
the existence of any hazard or other insurance thereon (other than if the Trustee shall assume the duties of the Master
Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement) or the enforceability thereof; (iii) the
existence of any Mortgage Loan or the contents of the related Mortgage File on any computer or other record thereof (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of
this Agreement); (iv) the validity of the assignment of any Mortgage Loan to the Trust Fund or of any intervening

 

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assignment;
(v) the completeness of any Mortgage File; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall
assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement); (vi) the
compliance by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty
or representation prior to the Trustee’s receipt of written notice or other discovery of any non-compliance therewith or
any breach thereof; (vii) any investment of monies by or at the direction of the Master Servicer or any loss resulting therefrom,
the acts or omissions of any of the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Certificate Administrator,
the Master Servicer or Special Servicer pursuant to Section 7.02 of this Agreement) or any sub-servicer or any Borrower;
any action of the Master Servicer or Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer
or Special Servicer pursuant to Section 7.02 of this Agreement) or any sub-servicer taken in the name of the Trustee, except
to the extent such action is taken at the express written direction of the Trustee; (viii) the failure of the Master Servicer
or the Special Servicer or any sub-servicer to act or perform any duties required of them on behalf of the Trust Fund or the Trustee
hereunder; or (ix) any action by or omission of the Trustee or the Certificate Administrator taken at the instruction of the Master
Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of this Agreement) unless the taking of such action is not permitted by the express terms of this
Agreement; provided, that the foregoing shall not relieve the Trustee or the Certificate Administrator of their respective
obligations to perform their duties as specifically set forth in this Agreement. The Trustee or the Certificate Administrator
shall not be accountable for the use or application by the Depositor, the Certificate Administrator (in the case of the Trustee
only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer or the Special Servicer of any of
the Certificates or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor, the
Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only),
the Master Servicer or the Special Servicer in respect of the assignment of the Mortgage Loans or deposited in or withdrawn from
the Collection Accounts, any Serviced Whole Loan Collection Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution
Account, the Excess Interest Distribution Account, the Lock-Box Account, the Cash Collateral Account, the Reserve Accounts, the
Interest Reserve Account, any REO Account or any Gain-on-Sale Reserve Account or any other account maintained by or on behalf
of the Certificate Administrator, the Master Servicer or the Special Servicer, other than any funds held by the Trustee or the
Certificate Administrator. Neither the Trustee nor the Certificate Administrator shall have any responsibility for filing any
financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any
security interest or lien granted to it hereunder (unless the Trustee shall have become the successor Master Servicer) or to record
this Agreement. In making any calculation hereunder which includes as a component thereof the payment or distribution of interest
for a stated period at a stated rate “to the extent permitted by applicable law,” the Trustee or the Certificate Administrator,
as the case may be, shall assume that such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate
Administrator, as the case may be, has actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting
the impermissibility) to the effect, that such payment is not

 

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permitted by applicable law. The Depositor is not obligated to monitor
or supervise the performance of the Trustee or the Certificate Administrator under this Agreement or otherwise.

 

Section
8.04     Trustee and Certificate Administrator May Own Certificates. The Trustee, the
Certificate Administrator and any agent of the Trustee or the Certificate Administrator in its individual capacity or any
other capacity may become the owner or pledgee of Certificates, and may deal with the Depositor, the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers and the Underwriters in banking
transactions, with the same rights it would have if it were not Trustee, Certificate Administrator or such agent, as the case
may be.

 

Section
8.05     Payment of Trustee’s and Certificate Administrator’s Fees and Expenses;
Indemnification. (a) On each Distribution Date, prior to the distribution of amounts to the Certificateholders, the
Certificate Administrator shall be entitled to withdraw and pay the Trustee, the Custodian and itself its respective portion
of the Certificate Administrator/Custodian/Trustee Fee, as reasonable compensation from amounts remitted to the Lower-Tier
Distribution Account (which shall not be limited by any provision of law in regard to the compensation of a trustee of an
express trust), for all services rendered in the execution of the trusts hereby created and in the exercise and performance
of any of the powers and duties of the Trustee, the Custodian and the Certificate Administrator at the Certificate
Administrator/Custodian/Trustee Fee Rate.

 

(b)          If the Trustee
assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant to or otherwise arising
from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled to the compensation
to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled (other than the rights of the
Special Servicer to receive any Workout Fee specified in Section 3.12(b) of this Agreement if the Special Servicer is terminated).

 

(c)          The Trustee, the
Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator pursuant to and in accordance
with any of the provisions of this Agreement (including the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ), which the Certificate Administrator will be entitled to withdraw from the Distribution
Accounts prior to the distribution to Certificateholders to the extent set forth herein and to the extent such payments are “unanticipated
expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(iii) except any such expense,
disbursement or advance as may arise from its negligence, willful misconduct or bad faith; provided, that, subject to the
last paragraph of Section 8.01 and Section 8.02(a)(iii) of this Agreement, the Trustee, the Custodian or the Certificate
Administrator shall not refuse to perform any of their respective duties hereunder solely as a result of the failure to be paid
their respective portion of the Certificate Administrator/Custodian/Trustee Fee, or the Trustee’s, Custodian’s or Certificate
Administrator’s previously-incurred expenses, as applicable. The term “unanticipated expenses incurred by the REMIC”
shall include any fees, expenses and disbursement of any separate Trustee or co-Trustee appointed hereunder, only to the extent
such fees, expenses and disbursements were not reasonably anticipated as of the Closing Date and are attributable to the Lower-Tier
REMIC, the Upper-Tier REMIC and the losses, liabilities,

 

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damages,
claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with
any litigation arising out of this Agreement attributable to the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust,
including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section
4.05 and Section 7.01 of this Agreement.

 

The Master Servicer and
the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances
incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the
Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer
or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any
of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other
persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful
misconduct or bad faith of the Trustee.

 

(d)          Each of the Certificate
Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer and the Special Servicer (each,
for purposes of this Section 8.05(d), an “Indemnifying Party”) shall (severally and not jointly) indemnify
the Trustee (both in its capacity as Trustee and individually), the Certificate Administrator (in its capacity as Certificate Administrator,
Paying Agent and individually), the Custodian (in its capacity as custodian and individually) and each of their Affiliates and
each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Trustee,
the Certificate Administrator and the Custodian and each of their Affiliates (each, for purposes of this Section 8.05(d),
an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified
Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective willful
misconduct, bad faith, fraud or negligence in the performance of each of its respective duties hereunder or by reason of negligent
disregard of its respective obligations and duties hereunder (including in the case of the Master Servicer, any agent of the Master
Servicer or sub-servicer).

 

The Trust Fund shall
indemnify each Indemnified Party from, and hold it harmless against, any and all losses, liabilities, damages, penalties, fines,
forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the Mortgage Loans or the Certificates
other than (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party in the performance
of its obligations and duties under this Agreement, (ii) by reason of its negligent disregard of those obligations or duties, or
as may arise from a breach of any representation or warranty of the Indemnified Party made in this Agreement and (iii) as to which
such Indemnified Party or the Custodian, as applicable, is entitled to

 

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indemnification
pursuant to this Section 8.05(d). The right of reimbursement of the Indemnified Parties under this Section 8.05(d)
shall be senior to the rights of all Certificateholders.

 

(e)          Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation,
removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights accrued prior to such
resignation, removal or termination and (with respect to any acts or omissions during its respective tenures) the resignation,
removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the Certificate
Registrar or the Custodian.

 

(f)           This Section
8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements,
advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.

 

(g)          Each of the Certificate
Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself only, for purposes of this
Section 8.05(g), an “Indemnifying Party A”) shall (severally and not jointly) indemnify the Trust Fund,
the Depositor, the Master Servicer, the Special Servicer and each other, and each of their respective Affiliates and each of the
partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Master Servicer and
the Special Servicer and their respective Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified
Party A”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party A may sustain
in connection with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified
Party A in any action or proceeding between the Indemnifying Party A and the Indemnified Party A or between the Indemnified Party
A and any third party or otherwise) resulting from the applicable Indemnifying Party A’s willful misconduct, bad faith, fraud
or negligence in the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.

 

(h)          The Certificate
Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party B”) shall, solely in its
capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller and Cantor Fitzgerald & Co. (each, for purposes
of this Section 8.05(h), an “Indemnified Party B”), and hold each of them harmless against any and all
claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
fees and expenses that the Indemnified Party B may sustain in connection with this Agreement (including, without limitation reasonable
fees and disbursements of counsel incurred by the Indemnified Party B in any action or proceeding between the Indemnifying Party
B and the Indemnified Party B or between the Indemnified Party B and any third party or otherwise) related to (i) the applicable
Indemnifying Party B’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by
reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that it cannot
reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to
the extent caused by any such willful

 

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misconduct,
bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent disregard referred to in clause
(i) above by the Indemnifying Party B.

 

Section 8.06     Eligibility
Requirements for Trustee and Certificate Administrator.

 

The Trustee and Certificate
Administrator hereunder shall at all times:

 

(i)            be
a corporation, national bank, national banking association or a trust company organized and doing business under the laws of any
state or the United States of America,

 

(ii)           be
authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,

 

(iii)          have
a combined capital and surplus of at least $100,000,000,

 

(iv)         be
subject to supervision or examination by federal or state authority and shall not be an Affiliate of the Master Servicer or the
Special Servicer (except, in the case of the Trustee, during any period when the Trustee has assumed the duties of the Master Servicer
or Special Servicer, as the case may be, pursuant to Section 7.02 of this Agreement), and

 

(v)          not
be a Prohibited Party,

 

(vi)         be
an institution insured by the Federal Deposit Insurance Corporation, and

 

(vii)        have
a rating on its long-term senior unsecured debt of at least “A2” by Moody’s, “A” by Fitch and “A”
by KBRA; provided that the trustee will not become ineligible to serve based on a failure to satisfy such rating requirements
as long as it maintains a long-term unsecured debt rating of no less than “Baa2” by Moody’s and “BBB”
by Fitch, and its short-term debt obligations have a short-term rating of not less than “P-2” from Moody’s and
“F1” by Fitch, and the master servicer maintains a rating of at least “A2” by Moody’s and “A+”
by Fitch provided, further, that if any such institution is not rated by KBRA, such institution maintains an equivalent
(or higher) rating by any two other NRSROs or such other rating with respect to which the Rating Agencies have provided a Rating
Agency Confirmation.

 

Notwithstanding the foregoing,
if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and (vi) above, but does
not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case may be, shall be deemed
to meet the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity provider, provided that
such fiscal agent meets the provisions of clauses (i) through (vi) above and shall have assumed in writing all obligations of the
Trustee or the Certificate Administrator, as the case may be, to make Advances under this Agreement as and when required of the
Trustee or the Certificate Administrator, as the case may be. If a corporation or association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes of
this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If the place of

 

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business
from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the
net income of any Trust REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall elect
either to (i) resign promptly in the manner and with the effect specified in Section 8.07 of this Agreement, (ii) pay such
tax and continue as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a
tax. If at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions
of this Section, the Trustee or the Certificate Administrator, as the case may be, shall resign promptly in the manner and with
the effect specified in Section 8.07 of this Agreement.

 

Section
8.07     Resignation and Removal of Trustee and Certificate Administrator. The Trustee and
the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving written
notice thereof to the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer, the Directing Certificateholder and the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement). Upon notice of resignation from the Trustee, the Depositor shall promptly appoint a successor
trustee, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement and shall
be, if no Control Termination Event has occurred and is continuing, reasonably acceptable to the Directing Certificateholder.
Upon notice of resignation from the Certificate Administrator, the Trustee shall promptly appoint a successor certificate
administrator, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement. If
no successor trustee or certificate administrator shall have been so appointed and have accepted appointment within 30 days
after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator, as the case may be, may
appoint or petition any court of competent jurisdiction for the appointment of a successor and such petition shall be an
expense of the Trust. Subject to the foregoing sentence the resigning Trustee or the Certificate Administrator, as
applicable, shall bear all reasonable out of pocket costs and expenses of each other party hereto and each Rating Agency in
connection with its resignation.

 

If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this Agreement
and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee
or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of
the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer
shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs),
for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator (if different than
the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely perform
its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5) days,
or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then the Depositor or the Master Servicer may remove the Trustee or the Certificate Administrator, as the case may be, and the
Depositor or the

 

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Master
Servicer shall promptly appoint a successor by written instrument, which shall be delivered to the Trustee or the Certificate
Administrator, as the case may be, so removed and to the successor. If no successor trustee or certificate administrator shall
have been so appointed and have accepted appointment within 180 days after the giving of such notice of removal, the removed Trustee
or Certificate Administrator may appoint or petition any court of competent jurisdiction for the appointment of a successor trustee
or certificate administrator, as applicable and such petition shall be an expense of the Trust.

 

The Holders of Certificates
entitled to greater than 50% of the Voting Rights may, with cause (at any time with 5 Business Days prior written notice) or without
cause (at any time with 30 days’ prior written notice), remove the Trustee or the Certificate Administrator and appoint a
successor by written instrument or instruments, in eight originals, signed by such Holders or their attorneys-in-fact duly authorized,
one complete set of which instruments shall be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator and the successor trustee or
certificate administrator, as applicable.

 

In addition, if the Trustee
or the Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee
or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.

 

If the Trustee is terminated
or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the Mortgage
Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination or removal (including
the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to it under this Agreement, plus interest
at the Reimbursement Rate on all such amounts until received to the extent such amounts bear interest as provided in this Agreement,
with respect to periods prior to the date of such termination or removal).

 

If the Certificate Administrator
is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations under this Agreement and in
and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination
or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued or owing to it under this
Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation, termination, or
removal shall be effective with respect to each of its other capacities hereunder except its capacity as Trustee or Custodian (but
including, without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent). In the event that the Person serving as Certificate Administrator is terminated or removed pursuant to this Section
8.07 but such Person is not also removed in its capacity as Trustee and/or Custodian, the fees of the successor Certificate
Administrator shall be that portion of the Certificate Administrator/Custodian/Trustee Fee as agreed to between the Trustee and/or
Custodian and such successor Certificate Administrator.

 

Upon the resignation,
assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (i) the outgoing
Trustee, at its own expense without right to reimbursement therefor, shall (a) endorse the original executed Mortgage Note

 

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for
each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing
Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the
registered holders of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 or in blank,
and (b) in the case of the other assignable Loan Documents (to the extent such other Loan Documents were assigned to the outgoing
Trustee), assign and record such Loan Documents to such successor, and such successor shall review the documents delivered to
it or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject
to this Agreement, such endorsement and assignment has been made; (ii) if any original executed Mortgage Note for a Mortgage Loan
was not endorsed to the outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor trustee and the Custodian
shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse, representation or
warranty, express or implied) to the order of the successor trustee, as trustee for the registered holders of CFCRE 2016-C4 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 or in blank. If any assignable Loan Document (other than the
Mortgage Note) was not assigned to the outgoing Trustee or if the Trustee is removed pursuant to Section 8.07 without cause,
with respect to the Loan Documents identified in clause (b) of the preceding sentence, the Custodian shall deliver such Loan Document
to the successor trustee and, if appropriate, such Loan Documents shall be recorded at the expense of the Trust (i) prior to the
occurrence and continuance of a Control Termination Event, with the consent of the Controlling Class Representative, (ii) after
the occurrence and continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event,
after consultation with the Controlling Class Representative and the Operating Advisor and (iii) after the occurrence of a Consultation
Termination Event, after consultation with the Operating Advisor and the reasonable cooperation (as determined by the Depositor)
of the Depositor.

 

Section
8.08     Successor Trustee and Certificate Administrator. (a) Any successor trustee or
certificate administrator shall execute, acknowledge and deliver to the Depositor, the Operating Advisor, the Asset
Representations Reviewer, the Master Servicer, the Certificate Administrator (or in the case of a successor certificate
administrator, to the predecessor Certificate Administrator) and the Trustee, as the case may be, instruments accepting their
appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator, as
applicable, shall become effective and such successor, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named
as Trustee or Certificate Administrator, as applicable, herein; provided that such successor shall satisfy the
requirements contained in Section 8.06 of this Agreement. The predecessor Trustee or Certificate Administrator, as
applicable, shall deliver to its successor all Mortgage Files and related documents and statements held by it hereunder,
and the Depositor and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such
instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the
successor all such rights, powers, duties and obligations. No successor trustee or certificate administrator, as the case may
be, shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such successor
shall be eligible under the provisions of Section 8.06 of this Agreement.

 

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Upon acceptance of appointment
by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such Trustee
hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails to mail
such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Depositor.

 

(b)          Any successor
trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06 hereof.

 

(c)          Neither the Asset
Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

Section
8.09     Merger or Consolidation of Trustee or Certificate Administrator. Any Person into
which the Trustee or the Certificate Administrator may be merged or converted or with which it may be consolidated or any
Person resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be
a party, or any Person succeeding to all or substantially all of the corporate trust business of the Trustee or the
Certificate Administrator, shall be the successor of the Trustee or the Certificate Administrator, as the case may be,
hereunder; provided that such Person shall be eligible under the provisions of Section 8.06 of this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. The Trustee or the Certificate Administrator, as applicable, shall notify the other parties
hereto of any such event, and the Certificate Administrator shall post notice of such merger or consolidation to the
Certificate Administrator’s Website in accordance with Section 3.14(d) of this Agreement and provide notice
of such event to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

Section
8.10     Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions
hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust
Fund or property securing the same may at the time be located or for enforcement actions or where a conflict of interest
arises, the Depositor and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to
appoint one or more Persons approved by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees,
jointly with the Trustee, or separate Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such
Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other provisions
of this Section 8.10, such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may
consider necessary or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt
by it of a request so to do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone
shall have the power to make such appointment. Except as required by applicable law, the appointment of a co-Trustee or
separate Trustee shall not relieve the Trustee of its responsibilities, obligations and liabilities hereunder. No
co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section
8.06 hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall
be required under Section 8.08 hereof.

 

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In the case of any appointment
of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee
or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate Trustee
or co-Trustee solely at the direction of the Trustee.

 

No Trustee under this
Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement. The Depositor
and the Trustee acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee, or if the
separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove
any separate Trustee or co-Trustee.

 

Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as
effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee and
co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating
to the conduct of, affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard
of conduct less stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee
hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.

 

Any separate Trustee
or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
Trustee.

 

Article
IX

TERMINATION

 

Section
9.01     Termination. (a) The respective obligations and responsibilities of the Master
Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator and the Trustee created hereby with

 

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respect
to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain
notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required hereunder to be so paid on the Distribution Date following the earlier to
occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of this Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance
with Section 9.01(g) of this Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on
any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to this Agreement of the last asset
held by the Trust Fund; provided, that in no event shall the trust created hereby continue beyond the expiration of twenty-one
years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the United Kingdom, living on the date hereof.

 

For purposes of this
Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to Section
9.01(g), and then the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special
Servicer and the Master Servicer, in that order, shall have the option to terminate the Trust Fund pursuant to subsection (c).
For purposes of this Section 9.01, the Directing Certificateholder with the consent of the Holders of the Controlling Class,
shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

(b)          The Trust Fund,
the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall be sold or otherwise disposed
of in connection therewith, only pursuant to a “plan of complete liquidation” within the meaning of Section 860F(a)(4)(A)
of the Code providing for the actions contemplated by the provisions hereof and pursuant to which the applicable Notice of Termination
is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall terminate on a Distribution Date
occurring not more than 90 days following the date of adoption of the plan of complete liquidation. For purposes of this Section
9.01(b), the Notice of Termination given pursuant to Section 9.01(c) of this Agreement shall constitute the adoption
of the plan of complete liquidation as of the date such notice is given, which date shall be specified by the Certificate Administrator
in the final federal income tax returns of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the
Lower-Tier REMIC or the Upper-Tier REMIC or the Trust Fund, the Certificate Administrator shall be responsible for filing the final
Tax Returns for each Trust REMIC and for the Grantor Trust for the period ending with such termination, and shall retain books
and records with respect to the Trust REMICs and the Grantor Trust for the same period of retention for which it maintains its
own tax returns or such other reasonable period. The Trustee shall sign all Tax Returns and other reports required by this Section.

 

(c)          The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated

 

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Termination
Date, which shall be on or after the Early Termination Notice Date, by purchasing on such date all, but not less than all, of
the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of any
Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

(i)            100%
of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of principal);

 

(ii)           the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the
last day of the month preceding such Distribution Date;

 

(iii)          all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related
Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination
Date (less any P&I Advances previously made on account of interest); and

 

(iv)          the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Custodian/Trustee Fees, the CREFC®
Intellectual Property Royalty License Fees and Trust Fund expenses.

 

If the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer purchases all
of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust Fund in accordance with
this Section 9.01(c), the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the
Master Servicer or the Special Servicer, as applicable, shall deposit in the Lower-Tier Distribution Account, as applicable, not
later than the Master Servicer Remittance Date relating to the Anticipated Termination Date on which the final distribution on
the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive of
any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of this Agreement,
which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Certificate
Administrator for deposit in the Lower-Tier Distribution Account, as applicable, all amounts required to be transferred thereto
on the Master Servicer Remittance Date from the Collection Account, together with any other amounts on deposit in the Collection
Account that would otherwise be held for future distribution. Upon confirmation by the Master Servicer in writing that it has transferred
all such amounts to the Certificate Administrator, the Custodian shall release or cause to be released to the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer, as applicable,
the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by such purchasing party as shall be necessary to effectuate transfer of the Mortgage Loans and all property acquired in
respect of any Mortgage Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article
IX.

 

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For purposes of this
Section 9.01, the Directing Certificateholder with the consent of the Holders of the Controlling Class, shall act on behalf
of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

As a condition to the
purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee and
the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination
will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred by any and
all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the
Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Trustee
and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser
pursuant to this subsection (c).

 

(d)          If the Trust Fund
has not been previously terminated pursuant to subsection (c) of this Section 9.01, the Certificate Administrator
shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates, based
on information with respect to the Mortgage Loans previously provided to it, that the final distribution will be made to the Holders
of outstanding Regular Certificates, notwithstanding that such distribution may be insufficient to distribute in full the Certificate
Balance of each Class of Certificates, together with amounts required to be distributed on such Distribution Date pursuant to Section
4.01(b) of this Agreement; provided, that, if no such Classes of Certificates are then outstanding, the final distribution
shall be made (i) to the Holders of the Class R Certificates (in respect of the Class LTR Interest) of any amount remaining in
the Collection Accounts, the Lower-Tier Distribution Account, and (ii) to the Holders of the Class R Certificates (in respect of
the Class UTR Interest) of any amount remaining in the Upper-Tier Distribution Account.

 

(e)          Notice of any
termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to Certificateholders
(with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers, the Operating Advisor, the Asset
Representations Reviewer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement)),
at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days, prior to the Anticipated
Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:

 

(i)            specify
the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes
specified therein;

 

(ii)           specify
the amount of any such final distribution, if known; and

 

(iii)          state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.

 

If the Trust Fund is not terminated on
any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each Certificateholder.

 

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(f)           Any funds not
distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set
aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate.
If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01 shall not have
been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall
mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator hereunder and the transfer of such amounts to a successor certificate administrator and (ii) the termination of the
Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with this Section 9.01. Any amounts remaining in the Excess Interest Distribution Account representing Excess
Interest shall be distributed to the Holders of the Class V Certificates.

 

(g)          Following the
date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional
Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3,
Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights
of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition
of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the
parties hereto no later than 60 days prior to the anticipated date of exchange; provided that such Sole Certificateholder
pays to the Certificate Administrator as additional compensation an amount equal to one day of interest calculated at the Prime
Rate on the aggregate Certificate Balance of the Sequential Pay Certificates as of the first day of the current calendar month
and such Sole Certificateholder pays to the Master Servicer as additional compensation an amount equal to (i) the product of (a)
the Prime Rate, (b) the aggregate Certificate Balance of the then outstanding Certificates (other than any Class of Class X Certificates,
the Class V Certificates and the Class R Certificates) as of the date of the exchange and (c) three, divided by (ii) 360, for the
Mortgage Loans and any REO Properties remaining in the Trust Fund and such payments shall be treated as made by the Sole Certificateholder
directly to the Certificate Administrator and the Master Servicer and not

 

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through or by either of the Trust REMICs; provided,
further, that if the Holders of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates have assigned their Voting Rights to the “Sole Certificateholder”, then the Sole Certificateholder may
exchange the Class E, Class F and Class G Certificates for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a), and the Holders of the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates shall be entitled to exchange those Certificates for consideration in an amount
to be agreed by the Sole Certificateholder and the Holders of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates (the “Class X Payoff Amount”); provided, that the Class X Payoff Amount shall
consist solely of cash or other assets otherwise payable or deliverable by the Trust to the Sole Certificateholder and to no other
Person. If the Sole Certificateholder elects to exchange all of the then-outstanding Certificates (other than (i) the Class X-D
Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only
taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class
X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund in accordance with the preceding sentence, such
Sole Certificateholder, not later than the Distribution Date on which the final distribution on the Certificates is to occur, shall
deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing to the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee hereunder through
the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account, or an escrow account acceptable
to the respective parties hereto, pursuant to Section 3.06(a) of this Agreement or that may be withdrawn from the Distribution
Accounts pursuant to Section 3.06(g) of this Agreement, but only to the extent that such amounts are not already on deposit
in the Collection Account. In addition, the Master Servicer shall transfer all amounts required to be transferred to the Certificate
Administrator for deposit in the Lower-Tier Distribution Account on such Servicer Remittance Date from the Collection Account pursuant
to Section 3.05 of this Agreement. Upon confirmation from the Certificate Administrator that such final deposits have been made
and following the surrender of all the then-outstanding Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights
of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition
of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) on the final Distribution Date to
the Certificate Administrator, the Custodian shall (i) upon receipt of a Request for Release from the Master Servicer, release
to the Sole Certificateholder or any designee thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all
assignments, endorsements and other instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate
transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund and (ii) if the Sole Certificateholder has only taken
an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates pursuant to the definition of “Sole Certificateholder”, upon receipt of the Class X-D Certificates, Class
X-E Certificates, Class X-F Certificates and Class X-G Certificates, release the Class X Payoff Amount to the Holders of the Class
X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates, and the Trust Fund shall be liquidated
in accordance with this Article IX; provided, that the release of the Class X

 

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Payoff Amount to the Holders of the Class
X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates shall be deemed to be delivery of the
Class X Payoff Amount by the Trust to the Sole Certificateholder and by the Sole Certificateholder to the Holders of the Class
X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates. The remaining Mortgage Loans and REO
Properties are deemed distributed to the Sole Certificateholder in liquidation of the Trust Fund pursuant to this Article IX. Solely
for federal income tax purposes, the Sole Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC
for an amount equal to the remaining Certificate Balance of its Certificates (other than the Class V and Class R Certificates),
plus accrued, unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts
distributable in respect of the Lower-Tier Regular Interests and such Certificates.

 

(h)          [Reserved].

 

(i)       
   The duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the
Operating Advisor, upon termination of the Issuing Entity.

 

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
10.01     Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section
10.11, Section 10.13, Section 10.14, Section 10.15, Section 10.16 and Section 10.17,
the parties hereto acknowledge and agree that the purpose of this Article X is to facilitate compliance by the
Depositor (and any Other Depositor of any Other Securitization that includes a Serviced Companion Loan) with the provisions
of Regulation AB and related rules and regulations of the Commission. None of the Depositor, the Certificate Administrator or
the Trustee shall exercise its rights to request delivery of information or other performance under these provisions other
than in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the
Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder. The parties to this Agreement
acknowledge that interpretations of the requirements of Regulation AB may change over time due to interpretive guidance
provided by the Commission or its staff, and agree to comply, subject to Section 10.02, with reasonable requests made
by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced
Companion Loan), the Certificate Administrator or the Trustee in reasonable good faith for delivery of information under
these provisions on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations require
compliance and are not “grandfathered” and do not mandate compliance). In connection with the CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
and any Other Securitization subject to Regulation AB that includes a Serviced Companion Loan, subject to the preceding
sentence, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, the
Trustee and any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion Loan, as
applicable, to deliver or make available to the Depositor, the Certificate Administrator, the Trustee and any such Other
Depositor or Other Trustee, as applicable (including any of their assignees or designees), any and all information in its
possession and necessary in the reasonable

 

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good faith determination of the Depositor, the Certificate Administrator, the
Trustee or such Other Depositor or Other Trustee, as applicable, to permit the Depositor or such Other Depositor, as
applicable, to comply with the provisions of Regulation AB, together with such disclosure relating to the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and
the Trustee, as applicable, and any Servicing Function Participant, or the Servicing of the Mortgage Loans (other than a
Non-Serviced Mortgage Loan) (or, if applicable, the related Serviced Companion Loan), reasonably believed by the Depositor,
the Certificate Administrator, the Trustee or the related Other Depositor or the related Other Trustee, as applicable, in
good faith to be necessary in order to effect such compliance. Each party to this Agreement shall have a reasonable period of
time to comply with any written request made under this Section 10.01, but in any event, shall, upon reasonable
advance written request, provide information in sufficient time to allow the Depositor, the Certificate Administrator or the
Trustee, as applicable, to satisfy any related filing requirements.

 

For purposes of this
Article X, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.

 

Section
10.02     Notification Requirements and Deliveries in Connection
with securitization of a Serviced Companion Loan. (a) Any other provision of this Article X to the contrary
notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article X, in connection
with the requirements contained in this Article X that provide for the delivery of information and other items to, and
the cooperation with, the Other Depositor and Other Trustee of any Other Securitization that includes a Serviced Companion
Loan and is subject to Regulation AB, no party hereunder shall be obligated to provide any such items to or cooperate with
such Other Depositor or Other Trustee until the Other Depositor or Other Trustee of such Other Securitization has provided
each party hereto with not less than 10 Business Days’ (or such shorter period as required for such Other Depositor or
Other Trustee to comply with related filing obligations, provided that (i) such Other Depositor or Other Trustee, as
applicable, has provided written notice as soon as reasonably practicable and, concurrently with such written notice,
obtained verbal confirmation of receipt of such written notice, in each case, in accordance with Section 11.05 of this
Agreement and (ii) such period shall not be less than 3 Business Days’) written notice (which shall only be required to
be delivered once) stating that such Other Securitization is subject to Regulation AB and that the Other Securitization is
subject to Exchange Act reporting, and (ii) specifying in reasonable detail the information and other items requested to be
delivered (insofar as such information or other items are not expressly identified herein); provided, that if Exchange
Act reporting is being requested, such Other Depositor or Other Trustee is only required to provide a single written notice
to such effect. Any reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset
Representations Reviewer, Trustee and Certificate Administrator in cooperating with such Other Depositor or Other Trustee of
such Other Securitization (above and beyond their expressed duties hereunder) shall be the responsibility of such Other
Depositor or Other Securitization. The parties hereto shall have the right to request written confirmation from the Other
Depositor or Other Trustee of such Other Securitization as to whether Regulation AB or the Exchange Act requires the delivery
of the items identified in this Article X to such Other Depositor and Other

 

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Trustee of such Other Securitization prior
to providing any of the reports or other information required to be delivered under this Article X in connection
therewith and if any such party makes such a request, then (i) upon such requesting party’s receipt of such written
confirmation, such requesting party shall comply with the deadlines for delivery set forth in this Article X
with respect to such Other Securitization and (ii) until such requesting party’s receipt of such written confirmation,
such party shall not be required to deliver such items. The parties hereunder shall also have the right to require that such
Other Depositor provide them with the contact details of such Other Depositor, Other Trustee and any other parties to the
Other Pooling and Servicing Agreement relating to such Other Securitization.

 

(b)          Each of the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written request given
in accordance with the terms of Section 10.02(a) above, and subject to a right of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, as the case may be, to review and approve such disclosure materials, permit a holder
of a related Serviced Companion Loan to use such party’s description contained in the Prospectus (updated as appropriate
by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable) for inclusion in the
disclosure materials relating to any securitization of a Serviced Companion Loan.

 

(c)          The Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in accordance
with the terms of Section 10.02(a) above, shall each timely provide (to the extent the reasonable out-of-pocket cost thereof
is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters with respect to any Other Securitization
that includes a Serviced Companion Loan such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect
to the updated description referred in Section 10.02(b) with respect to such party, substantially identical to those, if
any, delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be,
or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure
materials relating to this Trust (updated as deemed appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, or their respective legal counsel, as the case may be). Neither the Master Servicer, the Special Servicer, the
Certificate Administrator or the Trustee shall be obligated to deliver any such item with respect to the securitization of a Serviced
Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)          Each of the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in accordance
with the terms of Section 10.02(a) above, shall provide (to the extent the reasonable out-of-pocket cost thereof is paid
or caused to be paid by the applicable party set forth below in this Section 10.02(d)) to the Other Depositor and the Other
Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization the following: (i) any information
(including, but not limited to, disclosure information) required for such Other Securitization to comply in a timely manner with
applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, or their

 

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respective counsel, in connection
with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this CFCRE 2016-C4 Mortgage Trust
securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification
agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, pursuant to this Section 10.02(d) shall be paid or caused to be paid (pursuant to a payment arrangement
reasonably acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such
items) by the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor
for inclusion in such Other Securitization.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation or any other
replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the
out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.02(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses
relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section
10.03      Information to be Provided by the Master Servicer and the
Special Servicer. (a) For so long as the Trust is subject to the reporting requirements of the Exchange Act and for so
long as any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements of the
Exchange Act (in addition to any requirements contained in Section 10.09) in connection with the succession to the
Master Servicer, Special Servicer or any Servicing Function Participant (if such Servicing Function Participant is a
servicer as contemplated by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as contemplated by this
Agreement or any related Other Pooling and Servicing Agreement by any Person (i) into which the Master Servicer, Special
Servicer or such Servicing Function Participant may be merged or consolidated, (ii) which may be appointed as a sub-servicer
(other than the appointment of a Mortgage Loan Seller Sub-Servicer) by a Master Servicer or Special Servicer, or (iii) that
is appointed as a successor Master Servicer or successor Special Servicer pursuant to Section 3.22 or Section
7.02, the Master Servicer, the Special Servicer or any Servicing Function Participant (with respect to the foregoing
clauses (i) and (ii)) or the successor Master Servicer or the successor Special Servicer (with respect to the foregoing
clause (iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required to
pay the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and to any Other
Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least 5 Business Days (other than a
succession or appointment pursuant to Section 7.01(b) for which notice shall be delivered as soon as reasonably
practicable) prior to the effective date of such succession or appointment as long as such disclosure prior to such effective
date would not be violative of any applicable law or confidentiality agreement, otherwise no later than the second Business
Day after such

 

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effective date, but in no event later than the time required pursuant to Section 10.09, (x) written
notice to the Trustee, the Certificate Administrator and the Depositor (and any Other Trustee and Other Depositor related to
any Other Securitization that includes a Serviced Companion Loan) of such succession or appointment, (y) in writing and in
form and substance reasonably satisfactory to the Trustee, the Certificate Administrator and the Depositor (or any Other
Trustee or Other Depositor of any Other Securitization that includes a Serviced Companion Loan), all information relating to
such successor reasonably requested by the Depositor (or such Other Depositor) so that it may comply with its
reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to any Class of Certificates or Serviced Companion
Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such
information that are substantially similar to those delivered by the Master Servicer or the Special Servicer, as the case may
be, or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any other
disclosure materials relating to this Trust.

 

Section
10.04      Information to be Provided by the Trustee. (a) For so long as the Trust is
subject to the reporting requirements of the Exchange Act, (in addition to any requirements contained in Section
10.09) in connection with the succession to the Trustee as Trustee or appointment of a co-Trustee under this Agreement by
any Person (i) into which the Trustee may be merged or consolidated, (ii) which may be appointed as a co-Trustee or separate
Trustee pursuant to Section 8.10, or (iii) that is appointed as a successor Trustee pursuant Section 8.08, the
Trustee (with respect to the foregoing clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause
(iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required to pay
the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and to the Other
Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least 5 calendar days prior to the
effective date of such succession or appointment as long as such disclosure prior to such effective date would not be
violative of any applicable law or confidentiality agreement, otherwise immediately following such effective date, but in no
event later than the time required pursuant to Section 10.09, (x) written notice to the Depositor, and to the
Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, of such succession or
appointment, (y) in writing and in form and substance reasonably satisfactory to the Depositor, and to the Other Depositor
related to any Other Securitization that includes a Serviced Companion Loan, all information reasonably requested by the
Depositor, or such Other Depositor, so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K
with respect to any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel,
certifications and/or indemnification agreement(s) with respect to such information that are substantially similar to those
delivered by the Trustee or their respective counsel, in connection with the information concerning such party in the
Prospectus and/or any other disclosure materials relating to this Trust.

 

Section
10.05      Filing Obligations. (a) Each of the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall, and each of the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator and the Trustee, as applicable, shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller

 

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Sub-Servicer) with which it has entered
into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to, reasonably
cooperate with the Certificate Administrator and the Depositor (and any Other Trustee or Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan) in connection with the Certificate Administrator’s and
Depositor’s (or such Other Trustee’s or Other Depositor’s) good faith efforts to satisfy the Trust’s
(or such Other Securitization’s) reporting requirements under the Exchange Act.

 

(b)          [Reserved]

 

(c)          With respect to
any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified the Master Servicer
and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (together
with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes such Serviced Companion
Loan, to the extent that the Master Servicer is in receipt of the updated financial statements of such “significant obligor”
for any calendar quarter (other than the fourth calendar quarter of any calendar year) from the Mortgagor or Special Servicer,
beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the updated financial statements
of such “significant obligor” for any calendar year, beginning for the calendar year following such notice from the
Other Depositor, as applicable, the Master Servicer shall deliver to the Other Depositor, on or prior to the day that occurs two
(2) Business Days prior to the related “significant obligor” NOI Quarterly Filing Deadline or seven (7) Business Days
prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs
twelve (12) or more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more
Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of
the “significant obligor”, together with the net operating income of such “significant obligor” for the
applicable period as calculated by the Master Servicer in accordance with CREFC® guidelines and (B) if such financial
statement receipt occurs less than twelve (12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline
or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such
financial statements of the “significant obligor”, together with the net operating income of such “significant
obligor” for the applicable period as reported by the related Mortgagor in such financial statements.

 

If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of such “significant obligor” within ten (10) Business Days after the date such financial information
is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall notify the Other Depositor with
respect to such Other Securitization that includes the related Companion Loan (or shall cause each applicable Sub-Servicing Agreement
to require any related Sub-Servicer to notify such Other Depositor) that it has not received such financial information. The Master
Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations
of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the
related Mortgage Loan documents.

 

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The Master Servicer shall
(and shall cause any related Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor that
such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to) retain written evidence
of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related to any such “significant
obligor” (identified to it as such by the Other Depositor in accordance with the second preceding paragraph) to obtain the
required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or
Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s Certificate evidencing
its attempts to obtain this information to the certificate administrator and Other Depositor related to such Other Securitization.
This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as specified
in the related Other Pooling and Servicing Agreement.

 

Section
10.06      Form 10-D Filings. Within 15 days after each
Distribution Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and
file on behalf of the Trust any Form 10-D required by the Exchange Act and the rules and regulations of the Commission
thereunder, in form and substance as required by the Exchange Act and such rules and regulations. A duly
authorized representative of the Depositor shall sign each Form 10-D filed on behalf of the Trust. The Certificate
Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any
disclosure in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional
Form 10-D Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
IV and directed to the Certificate Administrator and the Depositor for approval by the Depositor. The Certificate
Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D
Disclosure (other than such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule IV)
absent such reporting, direction and approval after the date hereof. The Certificate Administrator shall include in any Form
10-D filed by it, without limitation, to the extent such information is provided to the Certificate Administrator by the
Depositor for inclusion therein, (i) the information required by Rule 15Ga-1(a) under the Exchange Act concerning all assets
of the Trust that were subject of a demand to repurchase or replace for breach of the representations and warranties and (ii)
a reference to the most recent Form ABS-15G filed by the Depositor and each Mortgage Loan Seller, if applicable, and the
Commission assigned “Central Index Key” number for each such filer. The Certificate Administrator and the
Depositor shall be entitled together to determine the manner of the presentation of such information (including the dates as
of which such information is presented) in accordance with applicable laws and regulations.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, within five calendar days after the related Distribution
Date, (i) the parties listed on Schedule IV hereto shall be required to provide to the Certificate Administrator and the
Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and to any Other Trustee
or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan), to the extent a Servicing Officer
or Responsible Officer, as the case may be, thereof has actual knowledge (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually

 

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known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in house legal department of such party), in EDGAR Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance
of the Additional Form 10-D Disclosure described on Schedule IV applicable to such party, (ii) the parties listed on Schedule
IV hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached
hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing the related Form 10-D, provide
prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event reportable on Form 10-D
for which it has not received the necessary Additional Form 10-D Disclosure from the applicable party. No later than the 7th calendar
day after the Distribution Date, the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion
of the Additional Form 10-D Disclosure on Form 10-D; provided that if the Certificate Administrator does not receive a response
from the Depositor by such time the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-D Disclosure.
Other than to the extent provided for in clause (iii) above, the Certificate Administrator has no duty under this Agreement to
monitor or enforce the performance by the parties listed on Schedule IV of their duties under this paragraph or proactively
solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor will be responsible for any
reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Additional
Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable commercial efforts to provide such copy to the Depositor by
the 8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date, the
Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval
of such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the Depositor
shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon signature
thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar day after the
related Distribution Date or (ii) if agreed to prior to the time set forth in clause (i) above, such other time as the Depositor
and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-D. If a Form 10-D cannot
be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section
4.02(b), make available on the Certificate Administrator’s website a final executed copy of each Form 10-D prepared and
filed by the Certificate Administrator. The parties to this Agreement acknowledge that the performance by the Certificate Administrator
of its duties under this Section 10.06 related to the timely preparation and filing of Form 10-D is contingent upon such
parties (and any Additional Servicer or Servicing Function Participant) observing all applicable deadlines in the performance of
their duties under this Section 10.06. The Certificate Administrator shall have no liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare or file such Form 10-D where such failure results from
the Certificate Administrator’s inability

 

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or failure to receive on a timely basis any information from any other party hereto
needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

 

Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
shall notify the Certificate Administrator in writing, no later than the 5th calendar day after the related Distribution Date during
any year in which the Trust is required to file a Form 10-D if the answer to the questions should be “no” and if no
such notice is received by the Certificate Administrator, it shall check “yes”; provided that if the failure
of the Depositor to have filed such required reports arises in connection with the securitization contemplated by this Agreement,
the Certificate Administrator shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared
or required to be prepared and filed by the Certificate Administrator) without being notified by the Depositor; provided,
further, that in connection with the delivery of any notice contemplated by this sentence, the Depositor may instruct the
Certificate Administrator that such notice shall be effective for a period (not to exceed 12 months) from the date of such notice,
in which case no further notice from the Depositor shall be required during such specified period. The Certificate Administrator
shall be entitled to rely on such representations in preparing, executing and/or filing any Form 10-D.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Form 10-D
for each reporting period: Name: Michael Brown, Telephone: (212) 610-2357. The Certificate Administrator may rely without further
investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator with
a new individual’s name and phone number in writing.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01, the Certificate
Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for such period in which such Asset
Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the Certificate Administrator’s Website
not later than two (2) Business Days after receipt of such Asset Review Report Summary from the Asset Representations Reviewer.

 

To the extent the Certificate
Administrator receives a request from any Certificateholder or Certificate Owner to communicate with other Certificateholders or
Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include under Item 1B on the Form 10-D relating
to the reporting period in which such request was received a Special Notice regarding the request to communicate, and such Special
Notice is required to include the following and no more than the following: (a) the name of the Certificateholder or Certificate
Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate Administrator
has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders
or Certificate Owners with regard to the possible exercise of rights under this

 

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Agreement, and (d) a description of the method
other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner.

 

Section
10.07      Form 10-K Filings. Within 90 days after the end of each fiscal year of the
Trust or such earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
understood that the fiscal year for the Trust ends on December 31st of each year), commencing with fiscal year 2016, the
Certificate Administrator shall prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the
Exchange Act. Each such Form 10-K shall include the following items, in each case to the extent they have been delivered to
the Certificate Administrator within the applicable time frames set forth in this Agreement:

 

(i)     
     an annual compliance statement for each applicable Certifying Servicer, as described under Section
10.11, including disclosure regarding any noncompliance and the nature and status thereof;

 

(ii)          (A)
the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer, as described under
Section 10.12, and (B) if any Reporting Servicer’s report on assessment of compliance with servicing criteria described
under Section 10.12 identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance
(including whether such instance of noncompliance involved the servicing of the assets backing the Certificates issued pursuant
to this Agreement and any steps taken to remedy such instance of noncompliance), or if any Reporting Servicer’s report on
assessment of compliance with servicing criteria described under Section 10.12 is not included as an exhibit to such Form
10-K, disclosure that such report is not included and an explanation as to why such report is not included;

 

(iii)          (A)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (B) if any registered public accounting firm attestation report described under Section 10.13 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting
firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included; and

 

(iv)         a
Sarbanes-Oxley Certification as described in Section 10.08.

 

Any disclosure or information
in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”)
shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule V hereto to the Depositor
and the Certificate Administrator (and to any Other Depositor or Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) and approved by the Depositor (and such Other Depositor), and the Certificate Administrator (or such
Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure
(other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule V) absent such reporting
and approval.

 

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Not later than 10 Business
Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a Serviced Companion Loan)
is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers (and
the parties to any Other Pooling and Servicing Agreement with respect to any Other Securitization that includes such Serviced Companion
Loan) with written notice of the name and address of each Servicing Function Participant retained by such party. Not later than
the end of each year for which the Trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request
provide to each Mortgage Loan Seller, Other Depositor and Other Trustee written notice of any change in the identity of any party
to this Agreement, including the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special
Servicer, as applicable, shall provide to each related Mortgage Loan Seller written notice of any change in the identity of any
Sub-Servicer that is a Servicing Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer,
as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant or an Additional
Servicer.

 

With respect to any Other
Securitization that includes a Serviced Companion Loan, not later than the end of each year for which the Other Securitization
trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each mortgage loan seller
with respect to such Other Securitization written notice of any change in the identity of any party to this Agreement, including
the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer, as applicable, shall
provide to each such mortgage loan seller written notice of any change in the identity of any Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer for the servicing of such
Serviced Whole Loan, as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant
or an Additional Servicer.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, by March 1, commencing in March 2017, (i) the parties listed on Schedule V hereto shall be required to provide to the
Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer)
(and to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced Companion Loan), to the
extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than with respect
to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or
any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to such party in
such format), or in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor (or such Other
Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-K Disclosure described on Schedule
V applicable to such party, (ii) include with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in
the form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing the related
Form 10-K, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event reportable
on Form 10-K for which it has not received the necessary Additional Form 10-K Disclosure from the applicable

 

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party. No later than
March 10th, the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional
Form 10-K Disclosure on Form 10-K; provided that if the Certificate Administrator does not receive a response from the Depositor
by such time the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than
to the extent provided for in clause (iii) above, the Certificate Administrator has no duty under this Agreement to monitor or
enforce the performance by the parties listed on Schedule V of their duties under this paragraph or proactively solicit
or procure from such parties any Additional Form 10-K Disclosure information. The Depositor will be responsible for any reasonable
fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Additional Form 10-K
Disclosure on Form 10-K pursuant to this paragraph.

 

After preparing the Form
10-K, on or prior to the 15th calendar day of March (or if such day is not a Business Day, the immediately following
Business Day), the Certificate Administrator shall forward electronically a copy of the Form 10-K to the Depositor for review and
approval. Within four Business Days after receipt of such copy, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City
time, on the 4th Business Day prior to the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor
shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-K, upon signature
thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 10-K Filing Deadline or (ii)
such other time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing
such Form 10-K, of each year in which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed
on time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth
in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b),
make available on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
10.07 related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer
or Servicing Function Participant) observing all applicable deadlines in the performance of their duties under this Article
X. The Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form
10-K resulting from the Certificate Administrator’s inability or failure to receive from any other party any information
needed to prepare, arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad faith
or willful misconduct.

 

Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
shall notify the Certificate Administrator in writing, no later than the 15th calendar day of March during any year in which the
Trust is required to file a Form 10-K if the answer to the questions should be “no”, and if no such notice is received
by the Certificate Administrator, it

 

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shall check “yes”; provided that if the failure of the Depositor to have
filed such required reports arises in connection with the securitization contemplated by this Agreement, the Certificate Administrator
shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and
filed by the Certificate Administrator) without being notified by the Depositor; provided, further, that in connection
with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such
notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice
from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such
representations in preparing, executing and/or filing any Form 10-K.

 

Section
10.08      Sarbanes-Oxley Certification. Each Form 10-K shall
include a certification (the “Sarbanes-Oxley Certification”), as set forth in Exhibit W attached
hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each Reporting Servicer shall, and each
Reporting Servicer shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) any
party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing relationship
with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), to provide to the Person who signs the
Sarbanes-Oxley Certification for the Trust or any Other Securitization that includes a Serviced Companion Loan (the
“Certifying Person”), by March 1st of each year commencing in 2017 in which the Trust is subject to the
reporting requirements of the Exchange Act and of each year in which any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, a certification (each, a “Performance
Certification”), in the form attached hereto as Exhibit O, Exhibit P, Exhibit Q, Exhibit
R, Exhibit S, Exhibit T, Exhibit U or Exhibit V, as applicable, upon which the Certifying Person,
the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates
(collectively with the Certifying Person, “Certification Parties”) can reasonably rely. The senior officer
in charge of securitization of the Depositor shall serve as the Certifying Person on behalf of the Trust. The Certifying
Person at the Depositor can be contacted at CCRE Commercial Mortgage Securities, L.P., 110 East 59th Street, New York, New
York 10022, Attention: Anthony Orso, Fax: (212) 610-3623. If any Reporting Servicer is terminated or resigns pursuant to the
terms of this Agreement, or any applicable Sub-Servicing Agreement, such Reporting Servicer shall provide a Performance
Certification to the Certifying Person pursuant to this Section 10.08 with respect to the period of time it was
subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding the foregoing, the Trustee shall not be
required to deliver a Performance Certification with respect to any period during which there was no Relevant
Servicing Criteria applicable to it.

 

Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or completeness
of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer or any
other third party retained by it that is not a Sub-Servicer listed on Exhibit X or a Sub-Servicer appointed pursuant to
Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance
with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports,
to certify anything other than that all fields of information called for in written reports prepared by such Reporting Servicer
have been completed except as they have been left blank on their face.

 

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Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing criteria provided pursuant
to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant to Section 10.13.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure a Sarbanes-Oxley
back-up certification from the Non-Serviced Mortgage Loan Service Providers, in form and substance similar to a Performance Certification
or to the form, if any, provided in the Other Pooling and Servicing Agreement. The Master Servicer shall promptly forward to the
Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification received by the Master Servicer.

 

Section
10.09      Form 8-K Filings. Within four (4) Business Days after the occurrence of an
event requiring disclosure (the “8-K Filing Deadline”) under Form 8-K (each a “Reportable
Event”), to the extent it receives the Form 8-K Disclosure Information described below, the Certificate
Administrator shall, at the direction of the Depositor, prepare and file on behalf of the Trust any Form 8-K, as required by
the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com, provided that the Depositor shall
file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure or information related to a
Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K
Disclosure Information”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth
on Schedule VI to which such Reportable Event relates and such Form 8-K Disclosure Information shall be delivered to
the Depositor and the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other
Securitization that includes a Serviced Companion Loan) in EDGAR Compatible Format and approved by the Depositor. The
Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any Form 8-K
Disclosure Information (other than such Form 8-K Disclosure Information which is to be reported by it as set forth on Schedule
VI) absent such reporting and approval.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, the parties listed on Schedule VI hereto shall, to the extent a Servicing Officer or a Responsible Officer, as the
case may be, thereof has actual knowledge, use their commercially reasonable efforts to provide to the Depositor and the Certificate
Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan) within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later than the end of business
(New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and substance of the Form 8-K
Disclosure Information described on Schedule VI as applicable to such party, in EDGAR Compatible Format, or in such other
format as otherwise agreed to in advance by the Certificate Administrator and the Depositor (and such Other Trustee and Other Depositor)
and such party and accompanied by an Additional Disclosure Notification in the form attached hereto as Exhibit CC. The Depositor
will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information
on Form 8-K by the end of business on the 2nd Business Day after the

 

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Reportable Event; provided that if the Certificate
Administrator does not receive a response from the Depositor by such time as required under this Agreement the Depositor will be
deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Schedule VI of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information; provided that to the extent that the Certificate
Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure Information,
it shall notify the Depositor that it has not received such information and, provided, further, that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator
or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement. The Depositor will
be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including
any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

 

After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 8-K,
upon signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 4th Business
Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator mutually agree is
permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K
needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b). After filing
with the Commission, the Certificate Administrator will, pursuant to Section 4.02(b), make available on its internet website
a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge
that the performance by the Certificate Administrator of its duties under this Section 10.09 related to the timely preparation
and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in the performance of their duties under
this Section 10.09. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 8-K, where such failure
results from the Certificate Administrator’s inability or failure to receive approved Form 8-K Disclosure Information within
the applicable timeframes set forth in this Section 10.09 and not resulting from the Certificate Administrator’s own
negligence, bad faith or willful misconduct (provided that to the extent that the Certificate Administrator is notified of such
Reportable Event and it does not receive the necessary Form 8–K Disclosure Information, it will notify the Depositor that
it has not received such information and further provided that the limitation on liability provided by this sentence shall
not be applicable if the Reportable Event relates to the Certificate Administrator or any party that the Certificate Administrator
has engaged to perform its obligations under this Agreement).

 

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Section
10.10      Suspension of Exchange Act Filings; Incomplete Exchange
Act Filings; Amendments to Exchange Act Reports. (a) If at any time the Trust is permitted to suspend its reporting
obligations under the Exchange Act, on or before January 30 of the first year in which the Certificate Administrator is able
to do so under applicable law, the Depositor shall direct the Certificate Administrator to prepare and file any form
necessary to be filed with the Commission to suspend such reporting obligations. With respect to any reporting period
occurring after the filing of such form, except with respect to the Other Securitization, the obligations of the parties to
this Agreement under Section 10.01, Section 10.03, Section 10.06, Section 10.07, Section
10.08 and Section 10.09 shall be suspended. The Certificate Administrator shall provide prompt notice to the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer
and the Mortgage Loan Sellers that such form has been filed.

 

(b)          If the Certificate
Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form 10-D or Form 10-K
required to be filed by this Agreement because required disclosure information either was not delivered to it or was delivered
to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate Administrator shall promptly
notify (which notice may be sent by fax or by email notwithstanding the provisions of Section 12.04) shall include the identity
of those Reporting Servicers who either did not deliver such information or delivered such information to it after the delivery
deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed to make such delivery. In the case
of Form 10-D and Form 10-K, each such Reporting Servicer shall cooperate with the Depositor and the Certificate Administrator to
prepare and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule 12b-25 of the Exchange Act. In
the case of Form 8-K, the Certificate Administrator shall, upon receipt of all required Form 8-K Disclosure Information and upon
the approval and direction of the Depositor, include such disclosure information on the next Form 10-D that is required to be filed
on behalf of the Trust. In the event that any previously filed Form 8-K, Form 10-D or Form 10-K needs to be amended, the Certificate
Administrator shall notify the Depositor and such other parties as needed and such parties shall cooperate to prepare any necessary
Form 8-K/A, Form 10-D/A or Form 10-K/A. In the event that any Reporting Servicer receives notice from the applicable parties to
the Other Securitization that any previously filed Form 8-K, Form 10-D or Form 10-K needs to be amended, such party shall cooperate
in preparation of any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D
or Form 10-K shall be signed by the Depositor. The parties to this agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 10.10 related to the timely preparation and filing of a Form 12b-25 or any
amendment to Form 8-K, 10-D or 10-K is contingent upon the Master Servicer, the Special Servicer and the Depositor performing their
duties under this Section. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare and/or timely file any such Form 12b-25 or any amendments to Forms 8-K, Form
10-D or Form 10-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a
timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or
any amendments to Form 8-K, Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

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Section
10.11      Annual Compliance Statements. (a) The Master Servicer, the Special Servicer,
the Custodian, the Certificate Administrator, any Additional Servicer and each Servicing Function Participant (if such
Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a
“Certifying Servicer”) shall, and the Master Servicer, the Special Servicer, the Custodian and the
Certificate Administrator shall use commercially reasonable efforts to cause each Additional Servicer and each Servicing
Function Participant (if such Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii)
of Regulation AB) (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has
entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan),
to deliver to the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor (in the case of the Special
Servicer only), the Other Trustee, the Other Depositor and the 17g-5 Information Provider (who shall post such report to the
17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) on or before March 1st of
each year, commencing in 2017, an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such
Certifying Servicer’s activities during the preceding calendar year or portion thereof and of such Certifying
Servicer’s performance under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement
in the case of an Additional Servicer, has been made under such officer’s supervision and (B) that, to the best of such
officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under this
Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, in
all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation
in any material respect, specifying each such failure known to such officer and the nature and status thereof.

 

(b)          With respect to
any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator shall use
commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from the Non-Serviced Mortgage
Loan Service Providers in form and substance similar to the Officer’s Certificate described in this Section.

 

(c)          Promptly after
receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization that includes
a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable, consult with each
Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment of any of
the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the Certifying Servicers
or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor to cause the delivery
of, any such Officer’s Certificate until April 15, in any given year so long as it has received written confirmation from
the Depositor that a Form 10-K is not required to be filed in respect of the Trust or any Other Securitization that includes a
Serviced Companion Loan for the preceding calendar year. If any Certifying Servicer is terminated or resigns pursuant to the terms
of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such Certifying Servicer shall provide the Officer’s
Certificate pursuant to this Section 10.11 with respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement, as the case may be.

 

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Section 10.12      Annual
Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing in March 2017, the Master
Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of any Mortgage Loan),
the Certificate Administrator, the Custodian, the Trustee (only with respect to any period during which any Relevant Servicing
Criteria was applicable to it), the Operating Advisor and each Servicing Function Participant (each, a “Reporting Servicer”),
each at its own expense, shall furnish (and each Reporting Servicer, as applicable, shall use commercially reasonable efforts
to cause, by March 1st each Servicing Function Participant (other than (x) a party to this Agreement or (y) a Mortgage Loan Seller
Sub-Servicer), with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced
Mortgage Loan) to furnish, each at its own expense, to the Trustee, the Certificate Administrator, the Depositor (and to the Other
Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan) and the 17g-5 Information Provider
(who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of this
Agreement) in an EDGAR Compatible Format, or in such other format as otherwise agreed upon by the Certificate Administrator and
the Depositor (or such Other Trustee and Other Depositor, as applicable) a report on an assessment of compliance with the Relevant
Servicing Criteria with respect to commercial mortgage backed securities transactions taken as a whole involving such party that
contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing
Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant Servicing
Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the
period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant to Section 10.07, including, if
there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure
and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report
on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. Copies
of all compliance reports delivered pursuant to this Section 10.12 shall be made available to any Privileged Person by the
Certificate Administrator pursuant to Section 4.02(c) of this Agreement and to any Rating Agency and NRSRO by the 17g-5 Information
Provider pursuant to Section 3.16(d)  of this Agreement.

 

No later than 10 Business
Days after the end of each fiscal year for the Trust (and any Other Securitization that includes a Serviced Companion Loan) for
which a Form 10-K is required to be filed, the Master Servicer, the Special Servicer and the Operating Advisor shall each forward
to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization that
includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing Criteria
will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and each Servicing Function
Participant submit their respective assessments by March 1st, as applicable, to the Certificate Administrator (and such other trustee),
each such party shall also at such time, if it has received the assessment (and attestation pursuant to Section 10.13) of
each Servicing Function Participant engaged by it, include such assessment (and attestation) in its submission to the Certificate
Administrator (and such other trustee).

 

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Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization that includes
a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and any Servicing Function
Participant as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee or any Servicing Function
Participant, and (ii) the Certificate Administrator shall confirm that the assessments, taken individually, address the Relevant
Servicing Criteria for each party as set forth on Schedule II and notify the Depositor (and the Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator shall not be responsible
for confirming whether any such party has certified to all the Relevant Servicing Criteria applicable to it. None of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor or any Servicing
Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such reports until April 15 in
any given year so long as it has received written confirmation from the Depositor (and the Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect of the Trust (or, in the case
of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar
year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing
Agreement, as the case may be, such Reporting Servicer shall provide the reports and statements pursuant to this Section 10.12
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the case may
be.

 

The parties hereto acknowledge
that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance pursuant
to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event or Operating Advisor Termination Event, as applicable, under this Agreement unless
otherwise provided for in this Agreement.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an
Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13 from the
Non-Serviced Mortgage Loan Service Providers in form and substance similar to the annual report on assessment of compliance described
in this Section (or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation described in Section
10.13. The Master Servicer shall promptly forward to the Certificate Administrator and the Depositor any such assessment of
compliance received by the Master Servicer. Until such time as the Certificate Administrator receives notice that the Non-Serviced
Mortgage Loan Service Providers no longer have a continuing obligation under the Other Pooling and Servicing Agreement related
to an Other Securitization that includes the related Non-Serviced Companion Loan to provide to the Trust an annual report on assessment
of compliance as described in this Section and an attestation as described in Section 10.13 for any

 

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year that the Trust
formed under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate Administrator shall
notify the Non-Serviced Mortgage Loan Service Providers if such parties fail to deliver to the Certificate Administrator such assessment
of compliance and attestation within the time frame required by such Other Pooling and Servicing Agreement.

 

Section
10.13      Annual Independent Public Accountants’ Servicing Report. By March 1st,
of each year, commencing in March 2017, each Reporting Servicer, each at its own expense, shall cause, and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant (other than
(x) a party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing
relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), each at such Servicing Function
Participant’s own expense, a registered public accounting firm (which may also render other services to the Master
Servicer, the Special Servicer, the Operating Advisor and such Servicing Function Participant, as the case may be) and that
is a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate
Administrator, the Depositor (and to any Other Depositor and Other Trustee for any Other Securitization that includes a
Serviced Companion Loan), the Operating Advisor (in the case of the Special Servicer only) and the 17g-5 Information
Provider (who shall post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of
this Agreement) to the effect that (i) it has obtained a representation regarding certain matters from the management of such
Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with the Relevant Servicing
Criteria in all material respects, and (ii) on the basis of an examination conducted by such firm in accordance with
standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether such
Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or it
cannot express an overall opinion regarding such Reporting Servicer’s assessment of compliance with the Relevant
Servicing Criteria. If an overall opinion cannot be expressed, such registered public accounting firm shall state in such
report why it was unable to express such an opinion. Such report must be available for general use and not contain restricted
use language. Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual independent public
accountants’ servicing report with respect to any period during which there was no Relevant Servicing Criteria
applicable to it.

 

Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization that
includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related Reporting
Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria applicable
to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder or under
any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall confirm that
each assessment submitted pursuant to Section 10.12 is coupled with an attestation meeting the requirements of this Section
and notify the Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) of
any exceptions; provided, that the Certificate Administrator shall not be responsible for confirming whether any particular Reporting
Servicer has certified to all of the Relevant Servicing Criteria applicable to it. No Reporting Servicer shall be required to deliver,
or to endeavor to cause the

 

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delivery of, such reports until April 15 in any given year so long as it has received written confirmation
from the Depositor that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion
Loan, the related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary
servicing agreement, as the case may be, such Reporting Servicer shall provide the report pursuant to this Section 10.13
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be.

 

Section
10.14      Exchange Act Reporting Indemnification. Each of the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if not the Certificate
Administrator), the Certificate Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the
Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan), their
respective directors and officers, and each other person who controls any such entity within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, against any and all expenses, losses, claims, damages and other
liabilities, including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any
claim or litigation arising out of (i) the failure to perform its obligations to the Depositor (or any Other Depositor
related to an Other Securitization that includes a Serviced Companion Loan) or Certificate Administrator (or any Other
Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article X by the
time required after giving effect to any applicable grace period or cure period, (ii) any untrue statement or alleged untrue
statement of a material fact contained in any information (x) regarding such party or any Servicing Function Participant,
Additional Servicer or subcontractor engaged by it (other than any Mortgage Loan Seller Sub-Servicer), (y) prepared by any
such party described in clause (x) or any registered public accounting firm, attorney or other agent retained by such party
to prepare such information and (z) delivered by or on behalf of such party in connection with the performance of such
party’s obligations described in this Article X, or the omission or alleged omission to state in any such
information a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided, that the applicable party shall be entitled to participate in any action arising out of the
foregoing and the Depositor shall consult with such party with respect to any litigation or audit strategy, as applicable, in
connection with the foregoing and any potential settlement terms related thereto, (iii) the failure of any Servicing Function
Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or
Certificate Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan)
under this Article X by the time required after giving effect to any applicable grace period and cure period or (iv)
any Deficient Exchange Act Deliverable.

 

In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary for the Depositor to conduct any
reasonable due diligence necessary to

 

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evaluate and assess any material instances of non-compliance disclosed in any of the deliverables
required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules
and regulations promulgated thereunder (“Reporting Requirements”).

 

In connection with comments
provided to the Depositor from the Commission regarding information (x) delivered by the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee, a Servicing
Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such
Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney
or other agent retained by such party to prepare such information, which information is contained in a report filed by the Depositor
under the Reporting Requirements and which comments are received subsequent to the Depositor’s filing of such report, the
Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party.
Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion in
the Depositor’s response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor
(which consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate
a response and/or resolution with the Commission; provided, however, if an Affected Reporting Party is a Servicing Function
Participant or Additional Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications
pursuant to this Section 10.14. If such election is made, the applicable Affected Reporting Party shall be responsible
for directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected
Reporting Party shall use reasonable efforts to keep the Depositor informed of its progress with the Commission and copy the Depositor
on all correspondence with the Commission and provide the Depositor with the opportunity to participate (at the Depositor’s
expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor shall cooperate with any Affected
Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly
with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the
Commission of such authorization. The Depositor and the Affected Reporting Party shall cooperate and coordinate with one another
with respect to any requests made to the Commission for extension of time for submitting a response or compliance. All respective
reasonable out-of-pocket costs and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside
counsel to the Depositor) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s
expense as set forth above) and any amendments to any reports filed with the Commission related thereto shall be promptly paid
by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor. Each of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially 

 

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reasonable efforts to cause each Servicing
Function Participant (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has
entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to indemnify
and hold harmless each Certification Party from and against any losses, damages, penalties, fines, forfeitures, legal fees and
expenses and related costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) a breach
of its obligations to provide any of the annual compliance statements or annual assessment of servicing criteria or attestation
reports pursuant to this Agreement, or the applicable Sub-Servicing Agreement, as applicable or (ii) any Deficient Exchange Act
Deliverable.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, each Additional
Servicer or other Servicing Function Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall
use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered into a servicing relationship
(other than (x) a party to this Agreement or (y) any Mortgage Loan Seller Sub-Servicer) with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) to contribute to the amount paid or payable to the Certification Party as a result of the losses,
claims, damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of
the Certification Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s
obligations pursuant to this Article X. The Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than (x) any party to this Agreement or (y) Mortgage Loan Seller Sub-Servicers) with which it has entered into
a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to agree to the foregoing
indemnification and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have

 

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agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject
of such investigation) include both the indemnifying party and the indemnified party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party
fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the indemnified party (which approval
shall not be unreasonably withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more
than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party
from and against any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required
to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such
settlement (i) provides for an unconditional release of the indemnified party in connection with all matters relating to the proceeding
that have been asserted against the indemnified party in such proceeding by the other parties to such settlement and (ii) does
not require an admission of fault by the indemnified party, without the consent of the indemnified party.

 

Section
10.15      Amendments. This Article X may be amended by the written consent of
all the parties hereto pursuant to Section 12.07 for purposes of complying with Regulation AB without, in each case,
any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder,
notwithstanding anything to the contrary contained in this Agreement.

 

Section
10.16       Exchange Act Report Signatures; Delivery of Notices; Interpretation of
Grace Periods. (a) Each Form 8-K report, Form 10-D report and Form 10-K report shall be signed by the Depositor in
accordance with procedures to be agreed upon by the Depositor and the Certificate Administrator. The signing party at the
Depositor can be contacted at CCRE Commercial Mortgage Securities, L.P., 110 East 59th Street, New York, New York 10022,
Attention: Anthony Orso, Fax: (212) 610-3623.

 

(b)          Notwithstanding
anything in Section 12.04 to the contrary, any notice required to be delivered to (i) the Depositor under this Article
X shall be properly given if sent by facsimile to (212) 610-3623, Attention: Anthony Orso, with a copy to Cadwalader, Wickersham
& Taft LLP, Attention: Lisa Pauquette (or such other number as the Depositor may instruct) and/or by email to aorso@cantor.com,
with a copy to lisa.pauquette@cwt.com (or such other email address as the Depositor may instruct) and (ii) to the Certificate
Administrator under this Article X shall be properly given if sent by facsimile to (866) 807-8670, Attention: CFCRE 2016-C4,
or such other number as the Certificate Administrator may instruct and/or by email to cmbs.transactions@usbank.com (or such
other email address as the Certificate Administrator may instruct).

 

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    (c)          For the avoidance
of doubt:

 

(i)          Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, during any grace period provided
for in this Article X, provided, that if any such party fails to comply with the delivery requirements of this Article
X by the expiration of any applicable grace period such failure shall constitute a Servicer Termination Event with respect
to such party; and

 

(ii)         Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item
required under this Article X by the time required hereunder with respect to any reporting period for which the Trust is
not required to file Exchange Act reports.

 

(d)          If the Certificate
Administrator or the Depositor does not receive the Annual Assessment Report and/or the Annual Attestation Report with respect
to any Servicing Function Participant, or with respect to any Servicing Function Participant retained or engaged by a party hereto
that is actually known by a Responsible Officer of the Certificate Administrator or the Depositor, as the case may be, by March
1st of any year during which an Annual Report on Form 10-K is required to be filed with the Commission with respect to the Trust,
then the Certificate Administrator shall, and the Depositor may, forward a Servicer Notice to such Servicing Function Participant
or the party hereto that retained or engaged such Sub-Servicing Function Participant, as the case may be, with a copy of such Servicer
Notice to the Depositor (if the Certificate Administrator is sending the Servicer Notice) or the Certificate Administrator (if
the Depositor is sending the Servicer Notice), as applicable, within two (2) Business Days of such failure. For the purposes of
this Article X and Section 7.01 of this Agreement, a “Servicer Notice” shall constitute either any writing
forwarded to such party or, in the case of the Master Servicer and the Special Servicer, notwithstanding the provisions of Section
12.05, e-mail notice or fax notice which, in the case of an email transmission, shall be forwarded to all of the following
e-mail addresses for the applicable party: in the case of the Master Servicer and the Special Servicer, to the applicable email
address as provided in writing by the Master Servicer or the Special Servicer, as applicable, upon request, or such other e-mail
addresses as are provided in writing by the Master Servicer or the Special Servicer, as applicable, to the Certificate Administrator
and the Depositor (but any party to this Agreement (or someone acting on their behalf) shall only be required to forward any such
notice to be delivered to the Master Servicer to no more than three e-mail addresses in the aggregate in order to fulfill its notification
requirements as set forth in the preceding sentence and/or under the provisions of Section 7.01. Notwithstanding anything
herein to the contrary, the forwarding of a Servicer Notice shall not relieve any Master Servicer or the Special Servicer of any
liability under Section 7.01(a)(viii) or Section 7.01(b)(viii), respectively, for the failure of any Servicing Function
Participant or Sub-Servicing Entity to deliver any Exchange Act reporting items pursuant to this Article X.

 

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Section
10.17       Termination of the Certificate Administrator. Notwithstanding anything
to the contrary contained in this Agreement, the Depositor may direct the Trustee to, and the Trustee shall upon such
direction, terminate the Certificate Administrator upon five Business Days’ notice if the Certificate Administrator
fails to comply with any of its obligations under this Article X; provided that (a) such termination shall not be
effective until a successor certificate administrator shall have accepted the appointment, (b) the Certificate Administrator
may not be terminated if it cannot perform its obligations due to its failure to properly prepare or file on a timely basis
any Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any Form 12b-25 where such failure results from the
Certificate Administrator’s inability or failure to receive, within the exact time frames set forth in this Agreement
any information, approval, direction or signature from any other party hereto needed to prepare, arrange for execution or
file any such Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any form 12b-25 not resulting from its
own negligence, bad faith or willful misconduct, (c) the Certificate Administrator may not be terminated if, following the
Certificate Administrator’s failure to comply with any of such obligations under Section 10.06, Section
10.07, Section 10.09, Section 10.11, Section 10.12 or Section 10.13 on or prior to the dates
by which such obligations are to be performed pursuant to, and as set forth in, such Sections the Certificate Administrator
subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated in
accordance with this Section 10.17 and (d) the Certificate Administrator may not be terminated if the Certificate
Administrator’s failure to comply does not cause it to fail in its obligations to timely file the related Form 8-K,
Form 10-D or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then
the Depositor shall cease to have the right to terminate the Certificate Administrator under this Section 10.17 on the
date on which such Form 8-K, Form 10-D or Form 10-K is so filed.

 

Article
XI

THE ASSET REPRESENTATIONS REVIEWER

 

Section 11.01          Asset
Review.

 

(a)          On or prior to
each Distribution Date, based either on the CREFC® Delinquent Loan Status Report or the Periodic Loan File, the
 Certificate Administrator shall determine if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined
to have occurred, the Certificate Administrator shall promptly provide notice to all Certificateholders and each other party to
this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article XI shall be delivered
by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website, by mailing such notice
to the Certificateholder’s addresses appearing in the Certificate Register in the case of Definitive Certificates and by
delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator shall include in
the Form 10-D relating to the reporting period in which the Asset Review Trigger occurred the following statement describing the
events that caused the Asset Review Trigger to occur: “As of the Distribution Date, the following mortgage loans identified
below (such identification to include the Loan Number, the Mortgage Loan name and the current principal balance) are 60 or more
days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.” On

 

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each Distribution
Date occurring after providing such notice to Certificateholders, the Certificate Administrator, based on information provided
to it by the Master Servicer or the Special Servicer, as the case may be, shall determine whether (1) any additional Mortgage Loan
has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) an Asset Review Trigger has ceased
to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1), (2) or
(3), deliver such information in a written notice (which may be via email) substantially in the form attached hereto as
Exhibit LL within 2 Business Days to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer.

 

If Certificateholders
evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (such written direction, the “Asset Review Vote Election”), then upon receipt of the Asset Review
Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer
and all Certificateholders and to conduct a solicitation of votes to authorize an Asset Review. Upon the affirmative vote to authorize
an Asset Review by Holders of Certificates evidencing at least (i) a majority of an Asset Review Quorum within 150 days of receipt
of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall
promptly provide written notice as provided in Section 12.05 thereof to all parties to this Agreement, the Underwriters,
the Mortgage Loan Sellers, the Directing Certificateholder and the other Certificateholders (the “Asset Review Notice”).
In the event an Affirmative Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review
Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer
will not be required to review any Delinquent Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan
after the expiration of such 150-day period, (B) a new additional Asset Review Trigger has occurred as a result or an Asset Review
Trigger is otherwise is in effect, (C) the Certificate Administrator has received any Asset Review Vote Election after the occurrence
of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote has occurred within 150
days after the Asset Review Vote Election described in clause (C) in this sentence. After the occurrence of any Asset Review Vote
Election or an Affirmative Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election except as
described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator
in connection with administering such vote will be paid as an expense of the Trust from the Collection Account. The Certificate
Administrator shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)          (i) Upon receipt
of such notice of an Asset Review Notice, the Custodian (with respect to clauses (1) – (5) below for Non-Specially
Serviced Loans), the Master Servicer (with respect to clause (6) below for Non-Specially Serviced Loans) and the Special
Servicer (with respect to Specially Serviced Loans), in each case to the extent in such party’s possession, will be required
to promptly, but in no event later than 10 Business Days (except with respect to clause (6)) after receipt of such notice
from the Certificate Administrator, provide the following materials to the Asset Representations Reviewer (collectively, with the
Diligence Files, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this

 

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Agreement
saved by the Certificate Administrator to the Secure File System or posted to the Certificate Administrator’s website, as
applicable, the “Review Materials”):

 

(1)          a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(2)          a
copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)          a
copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)          a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;

 

(5)          a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review; and

 

(6)          any
other related documents or information that are reasonably requested by the Asset Representations Reviewer to be delivered by
the Master Servicer or the Special Servicer, as applicable, in the time frame as described below.

 

(ii)          In
addition, in the event that, as part of an Asset Review of a Mortgage Loan, the Asset Representations Reviewer determines that
the Review Materials provided to it with respect to any Mortgage Loan are missing any documents or information required to complete
any Test in connection with its completion of the Asset Review of such Mortgage Loan, the Asset Representations Reviewer shall
promptly, but in no event later than 10 Business Days after receipt of the Review Materials identified in clauses (1) –
(5) above, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to
Specially Serviced Loans), as applicable, of such missing documents and information, and request the Master Servicer or the Special
Servicer, as applicable, promptly, but in no event later than 10 Business Days after receipt of such notification from the Asset
Representations Reviewer, to deliver to the Asset Representations Reviewer such missing documents and information to the extent
in its possession. In the event any missing documents or information are not provided by the Master Servicer or Special Servicer,
as applicable, within such 10 Business Day period, the Asset Representations Reviewer will request such documents or information
from the related Mortgage Loan Seller. The Mortgage Loan Seller will be required under the related Mortgage Loan Purchase Agreement
to deliver such additional documents and information only to the extent such information is in the possession of such party; provided
that no information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or privileged
or internal communications must be provided.

 

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(iii)         The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information can be independently
verified (without unreasonable effort or expense to the asset representations reviewer) and is determined by the Asset Representations
Reviewer in its good faith sole discretion (“Unsolicited Information”) relevant to the Asset Review conducted
pursuant to this Section 11.01 hereof.

 

(iv)        Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File saved to the Secure
File System with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence
a review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan in
accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto (such review, the “Asset
Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty
made by the Mortgage Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit
JJ (each such procedure, a “Test”). Once an Asset Review of a Mortgage Loan is completed, no further Asset
Review shall be required in respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue
to be a Delinquent Loan or again become a Delinquent Loan at a time when a new Asset Review Trigger occurs and a new Affirmative
Asset Review Vote is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)          No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)         The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)        In
the event that the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and
such missing information and documentation is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan
Seller, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans) within 10 days upon request by the Asset Representations Reviewer, the Asset Representations Reviewer shall list
such missing information and documents in its preliminary report setting forth the preliminary results of the application of the
Tests and the reasons why such missing information and documents are necessary to complete a Test and (if the Asset Representations
Reviewer has so concluded) that the absence of such information and documents shall be deemed to be a failure of such Test. The
Asset Representations Reviewer shall provide such preliminary report to the Master Servicer or the Special Servicer, as applicable,
and the related Mortgage Loan Seller. If the preliminary report indicates that any of the representations and warranties fails
or is deemed to fail any Test,

 

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the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to remedy or otherwise
refute the failure. Any information and documents provided or explanations given to support a Test pass conclusion shall be sent
by the related Mortgage Loan Seller to the Asset Representations Reviewer with any information and documents received from the
Mortgage Loan Seller or explanations given to support the Mortgage Loan Seller’s claim that the representation and warranty
has not failed a Test or the Mortgage Loan Seller’s claim that any missing information and documents in the Review Materials
are not required to complete a Test. For avoidance of doubt, the Asset Representations Reviewer shall not be required to prepare
a preliminary report in the event the Asset Representations Reviewer determines that there is no Test failure with respect to the
related Mortgage Loan.

 

(viii)      The
Asset Representations Reviewer shall, within the later of (x) 60 days after the date on which access to the Diligence Files in
the Secure File System is provided to the Asset Representations Reviewer by the Certificate Administrator or (y) the 10 days after
the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report
setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined there
is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement and the related Mortgage Loan Seller for each Delinquent Loan and the Directing Certificateholder
and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer.
The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional 30
days, upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations
Reviewer determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of
the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no event shall the Asset Representations Reviewer
be required to determine whether any Test failure constitutes a Material Defect, or whether the Trust should enforce any rights
it may have against the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility of the Enforcing Servicer
pursuant to Section 2.03(g) of this Agreement.

 

(ix) 
      In addition, in the event that the Asset Representations Reviewer does not receive any information
or documentation that it requested from the Master Servicer (with respect to Non-Specially Serviced Loans), the Special Servicer
(with respect to Specially Serviced Loans) or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations
Reviewer to complete its Asset Review and deliver an Asset Review Report (as such date may have been extended), the Asset Representations
Reviewer shall prepare the Asset Review Report solely based on the information received by the Asset Representations Reviewer
with respect to the related Delinquent Loan, and the Asset Representations Reviewer shall have no responsibility to independently
obtain any such information from any party to this Agreement or otherwise.

 

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(x)          Within
30 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Special Servicer shall determine, based
on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If the Special Servicer
determines that a Material Defect exists, the Special Servicer shall enforce the obligations of the related Mortgage Loan Seller
with respect to such Material Defect in accordance with Section 2.03(d).

 

(c)          The Asset Representations
Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged Information”
received from any party to this Agreement or any Mortgage Loan Seller (including, without limitation, in connection with the review
of the Mortgage Loans) and shall not disclose such Privileged Information to any Person (including Certificateholders), other than
(1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement
with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception.
Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice stating
that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior
written consent of the Special Servicer other than pursuant to a Privileged Information Exception. In addition, the Asset Representations
Reviewer will be required to keep all documents and information in connection with an Asset Review that are provided by the related
Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential and will not disclose such documents or information
except (i) for purposes of complying with its duties and obligations under this Agreement or (ii) (a) if such documents or information
become generally available and known to the public other than as a result of a disclosure directly or indirectly by the Asset Representations
Reviewer, (b) it is reasonable and necessary for the Asset Representations Reviewer to disclose such documents or information in
working with legal counsel, auditors, taxing authorities or other governmental agencies, (c) such documents or information was
already known to the Asset Representations Reviewer and not otherwise subject to a confidentiality obligation and/or (d) the Asset
Representations Reviewer is required by law, rule, regulation, order, judgment or decree to disclose such document or information.

 

(d)          The Asset Representations
Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such agents
or subcontractors are consistent with the provisions of this Section 11.01; provided that no agent or subcontractor
may (1) be affiliated with any Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees,
compensation or other remuneration by an Underwriter, the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates in connection with due diligence
or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset
Representations Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder in accordance with
the provisions of this Agreement without diminution of such obligation or liability or related obligation or liability by virtue
of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the
same extent and under the same terms and conditions as if

 

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the Asset Representations Reviewer alone were performing its obligations
under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent or subcontractor
providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

 

(e)          The Asset Representations
Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer of all or substantially
all of their Asset Representations Reviewer portfolio, provided that: (i) the purchaser or transferee accepting such assignment
and delegation (A) is an established Eligible Asset Representations Reviewer, organized and doing business under the laws of the
United States of America, any state of the United States of America or the District of Columbia, authorized under such laws to
perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession that is permitted
under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement that contains an
assumption by such person of the due and punctual performance and observance of each covenant and condition to be performed or
observed by the asset representations reviewer under this Agreement from and after the date of such agreement and (C) is not be
a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its obligations under
this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which the Asset Representations
Reviewer Monitor Fee or the Asset Representations Reviewer Asset Review Fee (or any component thereof) is calculated shall not
exceed the rate then in effect and (iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable costs
and expenses of each other party to this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance of
such assignment and delegation, the purchaser or transferee shall provide notice to each party to this Agreement and then will
be the successor asset representations reviewer hereunder.

 

Section 11.02       Payment
of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)          As compensation
for the performance of its routine duties, the Asset Representations Reviewer shall be paid a fee (the “Asset Representations
Reviewer Monitor Fee”), payable monthly from amounts received in respect of the Mortgage Loans and shall be equal to
the product of the Asset Representations Reviewer Monitor Fee Rate and the Stated Principal Balance of the Mortgage Loans and any
REO Loans (including any Non-Serviced Mortgage Loan, but not any Companion Loan) and shall be calculated in the same manner as
interest is calculated on such Mortgage Loans.

 

(b)          As compensation
for the performance of its duties hereunder, upon the completion of any Asset Review with respect to a Delinquent Loan, the Asset
Representations Reviewer shall be entitled to a fee that is a reasonable and customary hourly fee charged by the Asset Representations
Reviewer or any successor asset representations reviewer for similar consulting assignments and any related costs and expenses;
provided that the total payment to the asset representations reviewer will not be greater than the Asset Representations
Reviewer Cap (the “Asset Representations Reviewer Asset Review Fee”). The Asset Representations Reviewer will
be required to provide to the Certificate Administrator and the Master Servicer an officer’s certificate setting forth the
Asset Representations Reviewer Asset Review Fee for the related

 

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Collection Period, provided that the Asset Representations
Reviewer will not be required to deliver an officer’s certificate for any Collection Period in which no Asset Representations
Reviewer Asset Review Fee is charged.

 

With respect to an individual
Asset Review Trigger and the Mortgage Loans that are Delinquent Loans and are subject to an Asset Review (the “Subject
Loans”), the “Asset Representations Reviewer Cap” will equal the sum of: (i) $9,500 multiplied by
the number of Subject Loans, plus (ii) $1,500 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged Property
per Subject Loan, plus (iii) $1,000 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus (iv) $1,000
per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement or hotel license
agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end
Consumer Price Index for All Urban Consumers, or other similar index if the Consumer Price Index for All Urban Consumers is no
longer calculated, for the year of the Closing Date and for the year of the occurrence of the Asset Review.

 

(c)          The related Mortgage
Loan Seller with respect to each Delinquent Loan that is subject to an Asset Review shall pay the portion of the Asset Representations
Reviewer Asset Review Fee attributable to the Delinquent Loan contributed by it, as allocated on the basis of the hourly charges
and costs and expenses incurred with respect to its related Delinquent Loans; provided that if the total charge for the
Asset Representations Reviewer on an hourly fee plus costs and expenses basis would exceed the Asset Representations Reviewer Cap,
each Mortgage Loan Seller’s required payment shall be reduced pro rata according to its proportion of the total charges
until the aggregate amount owed by all Mortgage Loan Sellers is equal to the Asset Representations Reviewer Cap; provided,
however, that if the related Mortgage Loan Seller is insolvent or fails to pay such amount within 90 days of receipt of
an invoice from the Asset Representations Reviewer following its completion of the applicable Asset Review, such fee shall be paid
by the Trust following delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to the Master Servicer
or the Special Servicer, as applicable, of such insolvency or failure to pay such amount; provided, further, that
notwithstanding any payment of such fee by the issuing entity to the Asset Representations Reviewer, such fee shall remain an obligation
of the related Mortgage Loan Seller and the Master Servicer or the Special Servicer, as applicable, shall pursue remedies against
such Mortgage Loan Seller in accordance with the Servicing Standard in order to seek recovery of such amounts from such Mortgage
Loan Seller or its insolvency estate. Notwithstanding the foregoing, the Asset Representations Reviewer Asset Review Fee with respect
to a Delinquent Loan shall be included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review
and that is repurchased or substituted by the related Mortgage Loan Seller, and such portion of the Purchase Price received shall
be used to reimburse the Asset Representations Reviewer or the Trust, as the case may be, for such fees pursuant to Section
11.02(b).

 

(d)          The Asset Representations
Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section
11.03       Resignation of the Asset Representations Reviewer.
The Asset Representations Reviewer may resign and be
discharged from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and the
17g-5 Information Provider. Upon such notice of resignation, the Depositor shall promptly appoint a successor asset

 

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representations reviewer that is an Eligible Asset Representations Reviewer. If no successor asset representations
reviewer shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Asset Representations Reviewer may petition any court of competent jurisdiction for the
appointment of a successor Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. The Asset
Representations Reviewer will bear all reasonable costs and expenses of each other party hereto and each Rating Agency in
connection with its resignation.

 

(b)          The Asset Representations
Reviewer shall have the right to resign without cost or expense upon the occurrence of the Early Termination Notice Date. The Asset
Representations Reviewer shall provide all of the parties to this Agreement and the Controlling Class Representative 30 days prior
written notice of any such resignation pursuant to this Section 11.03(b). If the Asset Representations Reviewer resigns pursuant
to this Section 11.03(b), then no replacement Asset Representations Reviewer shall be appointed. The resigning Asset Representations
Reviewer shall be entitled, and subject, to any rights and obligations that accrued under this Agreement prior to the date of any
such resignation (including accrued and unpaid compensation) and any indemnification rights arising out of events occurring prior
to such resignation.

 

Section
11.04       Restrictions of the Asset Representations Reviewer. Neither the Asset
Representations Reviewer nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the
Asset Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset
Representations Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the
activities of the Asset Representations Reviewer under this Agreement from personnel involved in such Affiliate’s
investment activities and (B) prevent such Affiliate and its personnel from gaining access to information regarding the Trust
and the Asset Representations Reviewer and its personnel from gaining access to such Affiliate’s information regarding
its investment activities.

 

Section 11.05       Termination
of the Asset Representations Reviewer.

 

(a)          An “Asset
Representations Reviewer Termination Event” means any one of the following events whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body:

 

(i)          any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for
a period of 30 days after the date on which written notice of such failure , requiring the same to be remedied, shall have been
given to the Asset Representations Reviewer by any party hereto or to the Asset Representations Reviewer and the Trustee by the
Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates, provided
that any such failure that is not curable within such thirty (30) day period, the Asset Representations Reviewer shall have
an additional cure period of thirty (30) days to effect such cure so long as it has commenced to cure

 

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such failure within the initial thirty
(30) day period and has provided the Trustee and the Certificate Administrator with an officer’s certificate certifying that
it has diligently pursued, and is continuing to pursue, such cure;

 

(ii)         any
failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written notice
of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)        any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the Asset
Representations Reviewer by any party to this Agreement;

 

(iv)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree
or order shall have remained in force undischarged or unstayed for a period of 60 days;

 

(v)         the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)         the
Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate
Administrator (which shall be simultaneously delivered to the Asset Representations Reviewer) of written notice of the occurrence
of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly provide written notice to
all Certificateholders in accordance with the notice distribution procedures described in Section 11.01(a), unless the Certificate
Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied. If an Asset
Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset Representations
Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon the written direction of holders
of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction
Amounts), the Trustee shall, terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement,
other than rights and obligations accrued prior to such termination (including the right to receive all amounts accrued and owing
to it under this Agreement) and other than indemnification rights (arising out of

 

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events occurring prior to such termination),
by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is required to bear all reasonable
costs and expenses of itself and of each other party to this Agreement in connection with its termination due to an Asset Representations
Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall
have the right, but not the obligation, to notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer
Termination Event of which it becomes aware. For the avoidance of doubt, neither the Trustee nor the Certificate Administrator
shall be required to monitor the performance of the Asset Representations Reviewer.

 

(b)          Upon (i) the written
direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any
Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor
asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate
Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering
such vote, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer and
to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing such notice to all Certificateholders
at their addresses appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the written direction
of holders of Certificates evidencing more than 75% of a Certificateholder Quorum (without regard to the application of any Appraisal
Reduction Amounts), the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under this
Agreement (other than any rights or obligations that accrued prior to the date of such termination and other than indemnification
rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and
appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders, on
the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination
of the Asset Representations Reviewer. In the event that holders of the Certificates entitled to at least 75% of the Voting Rights
elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset representations reviewer
will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)          The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be
an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign under Section 11.03
of this Agreement and the Trustee shall upon the written direction of Holders of Certificates evidencing not less than 25% of the
Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a replacement Asset Representations Reviewer
that is an Eligible Asset Representations Reviewer selected by such Certificateholders subject to and in accordance with this Section
11.05. The Trustee may rely on a certification by the replacement asset representations advisor that it is an Eligible Asset
Representations Reviewer. Notwithstanding the foregoing, if the Trustee is unable to find a successor Asset Representations Reviewer
within 30 days of the termination of the Asset Representations Reviewer, the Depositor shall be permitted to find a replacement.
The Trustee shall not be liable for any failure to identify and appoint a successor asset representations reviewer so long as the

 

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Trustee uses commercially reasonable efforts to conduct a search for a successor asset representations reviewer and such failure
is not a result of the Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

On or after the receipt
by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations Reviewer shall
execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate
to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days after the Trustee
delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall upon the written direction
of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of Regular Certificates of each Class
of Certificates appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer selected
by such Certificateholders. The Trustee shall provide written notice of the appointment of an Asset Representations Reviewer to
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Directing Certificateholder
and each Certificateholder within one Business Day of such appointment.

 

(d)          Upon any termination
of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the Trustee shall,
as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator (who
shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the Mortgage Loan Sellers,
the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder
and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and obligations under
this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out
of events occurring prior to such termination).

 

(e)          For the avoidance
of doubt, neither the Trustee nor the Certificate Administrator shall have a duty to monitor or investigate whether an Asset Representations
Reviewer Termination Event has occurred or been remedied and shall be protected in relying on any such written notice received
by a Responsible Officer in accordance with this Section 11.05.

 

Article
XII

MISCELLANEOUS PROVISIONS

 

Section
12.01       Counterparts. This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one
and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF), any other electronic format or by facsimile transmission shall be as effective as delivery of a manually
executed original counterpart of this Agreement.

 

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Section
12.02      Limitation on Rights of Certificateholders. The death or incapacity of any
Certificateholder shall not operate to terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of
them.

 

No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates,
shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no
Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

 

Other than with respect
to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.03(k)(i),
no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder
or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of
the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 12.02, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

No Certificateholder
shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of its ownership of a
Certificate.

 

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Section
12.03      Governing Law. THIS AGREEMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR
THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW
RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL
APPLY TO THIS AGREEMENT.

 

Section
12.04      Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN
ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED
BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A
TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE
OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY
ASSIGNMENT.

 

TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND
FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES THAT
ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES THE
DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section
12.05      Notices. Unless otherwise specified in this Agreement, all demands, notices
and communications hereunder shall be in writing, shall be deemed to have been given upon receipt (except that notices to
Holders of Class R Certificates or Holders of any Class of Certificates no longer held through a Depository and instead held
in registered,

 

     -438-

     

    

 

definitive form shall be deemed to have been given upon being sent by first-class mail, postage prepaid or by
overnight courier) as follows:

 

If to the Trustee, to:

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4

 

If to the Certificate Administrator,
to:

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4

 

For Certificate Transfer Purposes:

U.S. Bank National Association

111 Fillmore Avenue

St. Paul, Minnesota 55107

Attention: Bondholder Services - CFCRE 2016-C4

If to the Custodian, to:

U.S. Bank National Association

1133 Rankin Street, Suite 1100

St. Paul, Minnesota 55116

Attention: Document Custody Services - CFCRE 2016-C4

 

If to the Depositor, to:

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

     -439-

     

    

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette

 

If to the Operating Advisor,
to:

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to the Asset Representations
Reviewer, to:

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to the Master Servicer, to:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

with a copy to:

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

 

     -440-

     

    

 

with a copy to:

 

K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

For items regarding the Rating Agency Q&A Forum and Document Request Tool to: RAinvRequests@wellsfargo.com

and

For items regarding the Investor Q&A Forum to: REAMInvestorRelations@wellsfargo.com

 

If to the Special Servicer, to:

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with copies to:

 

Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com;

Niral Shah

Facsimile number: (305) 229-6425

Email: niral.shah@rialtocapital.com;

Adam Singer

facsimile number (305) 229-6425

Email: adam.singer@rialtocapital.com

 

If to Cantor Commercial Real
Estate Lending L.P., as Mortgage Loan Seller, to:

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

     -441-

     

    

 

with an electronic copy to:

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

E-mail: legal@ccre.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

 

If to BSP, as Mortgage Loan Seller,
to:

Benefit Street Partners CRE Finance LLC

9 West 57th Street

Suite 4920

New York, New York 10019

Attention: Micah Goodman and Tiffany Putman

 

With a copy to:

 

Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Frank Polverino

 

If to SG, as Mortgage Loan Seller,
to:

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

 

with a copy to:

Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

 

     -442-

     

    

 

If to Cantor Fitzgerald &
Co., as Initial Purchaser or Underwriter, to:

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

Attention: Stephen Merkel and Shawn Matthews

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

 

If to CastleOak Securities, L.P.,
as Initial Purchaser or Underwriter, to:

 

			CastleOak Securities, L.P.

110 East 59th Street, 2nd Floor

New York, New York 10022

Attention: Philip Ippolito

 

If to Goldman, Sachs & Co.,
as Initial Purchaser or Underwriter, to:

 

			Goldman, Sachs & Co.

200 West Street

New York, New York 10282

Attention: Leah Nivison

 

If to Citigroup Global Markets
Inc., as Initial Purchaser or Underwriter, to:

 

			Citigroup Global Markets Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

If to the initial Controlling
Class Representative with respect to any Mortgage Loan, to:

RREF III Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

 

with a copy to:

 

     -443-

     

    

 

RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

If to the 17g-5 Information Provider,
electronically to:

17g5informationprovider@usbank.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “CFCRE 2016-C4 Mortgage Trust” and an identification of the type of information
being provided in the body of such electronic mail)

 

or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

Solely to the extent
the provisions herein contemplate electronic delivery of information, such information shall be transmitted via electronic mail
with a subject reference to include “CFCRE 2016-C4 Mortgage Trust” (or substantially similar language) (i) in the case
of the Depositor, to aorso@cantor.com, (ii) in the case of the Trustee, to cmbstransactions@usbank.com, (iii) in the case of the
Certificate Administrator, to the email address specified on the Certificate Administrator’s Website (and, if no such email
address is specified therein, to cmbstransactions@usbank.com ), (iv) in the case of the Operating Advisor, to cmbs.notices@parkbridgefinancial.com,
(v) in the case of the Asset Representations Reviewer, to cmbs.notices@parkbridgefinancial.com, (vi) in the case of the Master
Servicer to commercial.servicing@wellsfargo.com, (vii) in the case of the Special Servicer, to liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com;
niral.shah@rialtocapital.com and adam.singer@rialtocapital.com, (viii) in the case of Cantor Commercial Real Estate Lending, L.P.,
to legal@ccre.com and aorso@cantor.com, (ix) in the case of Benefit Street Partners CRE Finance LLC, to BSPSecuritization@provequity.com
and m.goodman@provequity.com, (x) in the case of Société Générale, to Jim.Barnard@sgcib.com, (xi) in
the case of Cantor Fitzgerald & Co., to smatthews@cantor.com and smerkel@cantor.com, (xii) in the case of CastleOak Securities,
L.P., to pji@castleoaklp.com, (xiii) in the case of Goldman, Sachs & Co, to leah.nevison@gs.com, (xiv) in the case of Citigroup
Global Markets Inc., to paul.t.vanderslice@citi.com, (xv) in the case of the initial Controlling Class Representative, to joseph.bachkosky@rialtocapital.com
with a copy to josh.cromer@rialtocapital.com and (xvi) in the case of the 17g-5 Information Provider, to 17g5informationprovider@usbank.com;
or, in the case of the parties to this Agreement, to such other electronic mail address as such party shall specify by written
notice (which may be electronic) to the other parties hereto.

 

The obligation of any
party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer, Other Special
Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such party to this
Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the name and contact

 

     -444-

     

    

 

information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, as applicable, and shall be entitled to assume that the identity and contact information for such Other Depositor, Other
Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable has not changed, absent receipt
of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider,
or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a change with respect to the identity and
contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, as applicable.

 

Section
12.06      Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the
extent permitted by applicable law, such covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section
12.07      Notice to the Depositor and Each Rating Agency. (a) The Certificate
Administrator shall use commercially reasonable efforts to promptly provide notice, promptly furnish or otherwise make
available to the Depositor, the Underwriters, the Initial Purchasers, the Directing Certificateholder (if no Consultation
Termination Event has occurred and is continuing), the Trustee the related Serviced Companion Loan Noteholder (if any) and
the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website) with
respect to each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge:

 

(i)          any
material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Intercreditor Agreement;

 

(ii)    
    the occurrence of any Servicer Termination Event that has not been cured;

 

(iii)        the
merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer or the Trustee; and

 

(iv)        the
repurchase of Mortgage Loans pursuant to Section 2.03(e) of this Agreement.

 

(b)          The
Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, the Initial Purchasers, the Directing Certificateholder
and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)          notice
of the final payment to any Class of Certificateholders;

 

(ii)         notice
of any change in the location of the Distribution Accounts, the Interest Reserve Account, or the Gain-on-Sale Reserve Account;
and

 

     -445-

     

    

 

(iii)         each
report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(c)          The Master Servicer
shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s
Website) and the related Other 17g-5 Information Provider (if any):

 

(i)           a
copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such information
is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03 of this
Agreement;

 

(ii)          notice
of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,

 

(iii)         a
copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;

 

(iv)         any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;

 

(v)          any
change in the lien priority of a Mortgage Loan;

 

(vi)         any
new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;

 

(vii)        any
material damage to a Mortgaged Property; and

 

(viii)       any
amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.

 

(d)          Any party required
to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver such written
notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address listed below, promptly
following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the Certificate Administrator and
Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies
to the extent such party has or can obtain such information without unreasonable effort or expense; provided that such other
information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section 3.14(d).
Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination Event,
as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be in
writing.

 

Notices to each Rating Agency
shall be addressed as follows:

 

     -446-

     

    

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

Moody’s Investors Service,
Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-1350

Email:cmbssurveillance@moodys.com

 

or in each case to such other address as
any Rating Agency shall specify by written notice to the parties hereto.

 

Section
12.08     Amendment. This Agreement or any Custodial Agreement may be amended at any time by
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer and the Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan
Noteholders:

 

(i)           to
cure any ambiguity or to correct any manifest error;

 

(ii)          to
cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the Prospectus
or Private Placement Memorandum with respect to the Certificates, the Trust or this Agreement or to correct or supplement any
provisions herein or therein which may be defective or inconsistent with any other provisions herein or therein;

 

(iii)         to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax

 

     -447-

     

    

 

on
the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;

 

(v)          to
modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any
Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to
a Person that is not a Permitted Transferee;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates);

 

(vii)        to
amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel;

 

(viii)       to
modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification
does not adversely affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency
Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation

 

     -448-

     

    

 

that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates);

 

(ix)         to
modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating
such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment
to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; and

 

(x)          to
modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);

 

provided that
any amendment under this Section 12.08 (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor
trust.

 

This Agreement or any
Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of the
Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each
Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion
Loan Noteholders; provided, that no such amendment may:

 

(i)           reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

     -449-

     

    

 

(ii)          reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

(iii)          adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

(iv)         change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)          amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend this Agreement to modify, eliminate or add to any of its provisions (i) to such extent as
shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification
of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

If neither the Depositor
nor any successor thereto, if any, is in existence, any amendment under this Section 12.08 shall be effective with the consent
of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and
the Special Servicer, in writing, and to the extent required by this Section 12.08, the Certificateholders and Serviced
Companion Loan Noteholders.

 

It shall not be necessary
for the consent of Certificateholders under this Section 12.08 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders and, if applicable,

 

     -450-

     

    

 

Serviced Companion Loan Noteholders, shall
be subject to such reasonable regulations as the Trustee may prescribe; provided, that such method shall always be by affirmation
and in writing.

 

Notwithstanding any contrary
provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee and the
Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any Whole
Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement)
confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto
have been satisfied, respectively, hereunder and such amendment will not cause an Adverse REMIC Event or cause the Grantor Trust
to fail to qualify as a grantor trust, or cause a tax to be imposed on any such Grantor Trust.

 

Prior to the execution
of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively
upon an Opinion of Counsel and an Officer’s Certificate, at the expense of the party requesting such amendment (or, if such
amendment is required to maintain the rating issued by any Rating Agency or requested by the Trustee for any purpose described
in clauses (i), (ii) or (iii) of the first sentence of this Section 12.08 (which do not modify or otherwise relate solely
to the obligations, duties or rights of the Trustee), then at the expense of the Trust Fund (and, in the case of any Whole Loan,
any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement))
confirming that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent
with respect thereto have been satisfied. The Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations
Reviewer may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s, the Certificate Administrator’s,
the Operating Advisor’s or the Asset Representations Reviewer’s own rights, duties or immunities under this Agreement.

 

Notwithstanding any contrary
provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the rights, including
(without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation, in the case of
a Mortgage Loan Seller, under the related Mortgage Loan Purchase Agreement) of any Mortgage Loan Seller, Initial Purchaser or Underwriter
without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable or (ii) which adversely
affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights and/or obligations of any Companion
Loan Noteholder without the written consent of such Companion Loan Noteholder.

 

Promptly after the execution
of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s
Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate Administrator shall
furnish written notification of the substance of such amendment to each Certificateholder, the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Mortgage Loan Seller, the Underwriters
and the Initial Purchasers.

 

     -451-

     

    

 

In connection with any
amendment pursuant to this Agreement, no later than one Business Day following the effective date of such amendment, the Certificate
Administrator shall provide a copy of the executed amendment to each Other Depositor and Other Trustee related to any Other Securitization
that includes a Serviced Companion Loan (which may be by email) together with a copy of such amendment in EDGAR compatible format.

 

Section
12.09     Confirmation of Intent. It is the express intent of the parties hereto that the
conveyance of the Trust Fund (including the Mortgage Loans) by the Depositor to the Trustee on behalf of Certificateholders
as contemplated by this Agreement be treated for all purposes as a sale by the Depositor of the Trust Fund to the Trustee. It
is, further, not the intention of the parties that such conveyance be deemed a pledge of the Trust Fund by the Depositor to
the Trustee to secure a debt or other obligation of the Depositor. However, if, notwithstanding the intent of the parties,
the Trust Fund is held to continue to be property of the Depositor then (a) this Agreement shall also be deemed to be a
security agreement under applicable law; (b) the transfer of the Trust Fund provided for herein shall be deemed to be a grant
by the Depositor to the Trustee on behalf of Certificateholders of a first priority security interest in, and the Depositor
hereby grants to the Trustee a security interest in, all of the Depositor’s right, title and interest in and to,
whether now owned or existing or hereafter acquired or arising, the property identified in clauses (i) through (xiv) of the
definition of “Trust Fund” and all proceeds thereof; (c) the possession by the Trustee (or the Custodian on its
behalf) of Mortgage Notes and such other items of property as constitute instruments, money, negotiable documents or chattel
paper shall be deemed to be “possession by the secured party” for purposes of perfecting the security
interest pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to Persons holding such
property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications
to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the
Trustee for the purpose of perfecting such security interest under applicable law. The Depositor shall, and upon the request
and direction of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the expense of
the Trust Fund (and, in the case of any Whole Loan, such expense shall be allocated in accordance with the expense allocation
provision of the related Intercreditor Agreement)), take such actions as may be necessary to ensure that such security
interest is a perfected security interest of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. It is the intent of the parties that such a security interest would be effective whether any of
the Certificates are sold, pledged or assigned.

 

Section
12.10     No Intended Third-Party Beneficiaries. Except as specified in Section 12.12
of this Agreement, no Person other than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser, any
Underwriter or any Certificateholder shall have any rights with respect to the enforcement of any of the rights or
obligations hereunder. Without limiting the foregoing, the parties to this Agreement specifically state that no Borrower,
Manager or other party to a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section
12.11     Entire Agreement. This Agreement (and, with respect to each Whole Loan, together
with the related Intercreditor Agreement) contains the entire agreement and understanding between the parties hereto with
respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understanding, inducements
and

 

     -452-

     

    

 

conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersedes any course of performance or usage of the trade inconsistent with
any of the terms hereof.

 

Section
12.12     Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the
Master Servicer and the Special Servicer acknowledge that (i) each Mortgage Loan Seller and Cantor Fitzgerald & Co. are
third party beneficiaries with respect to Section 8.05(h) of this Agreement, the obligations of any party to this
Agreement to deliver information to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 Information
Provider to post information to the 17g-5 Information Provider’s Website (or make available to the NRSROs the items
referenced in Section 3.13(c) and (d)) and the express obligations of any party hereto to deliver documents, notices,
information or funds to a Mortgage Loan Seller, (ii) each Mortgage Loan Seller is a third party beneficiary with respect to Section
2.01, Section 2.02, Section 2.03 and Section 12.08 of this Agreement and its rights as a Privileged
Person, (iii) each Initial Purchaser and each Underwriter is a third party beneficiary with respect to its rights to receive
any notices, documents, certifications and/or information hereunder and its rights under Section 12.08 of this
Agreement, (iv) each holder of a Companion Loan and any related Other Depositor is an intended third party beneficiary in
respect of the rights afforded it under this Agreement and may directly (or, in the case of a holder of a Companion Loan, the
related Other Servicer may) enforce such rights, (v) each of the Serviced Companion Loan Service Providers under the
applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect to
any provision herein expressly relating to compensation, reimbursement or indemnification of such Serviced Companion Loan
Service Provider and the provisions regarding the coordination of Advances and (vi) each of the Non-Serviced Mortgage
Loan Service Providers under the applicable Other Pooling and Servicing Agreement is an intended third party beneficiary
under this Agreement with respect to any provisions herein relating to (1) the reimbursement of any nonrecoverable advances
made with respect to the applicable Non-Serviced Mortgage Loan by such Persons, (2) the indemnification of each applicable
Other Servicer, Other Special Servicer and Other Trustee pursuant to Section 1.04 of this Agreement against any
claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees
and expenses incurred in connection with the related Other Pooling and Servicing Agreement and this Agreement that relate
solely to its servicing of the related Whole Loan and any related reimbursement provisions, (3) the provisions set forth in Section
4.07(e) of this Agreement regarding advancing coordination and (4) the provisions set forth in Sections 3.29 and 6.07,
as applicable, of this Agreement.

 

[NO FURTHER TEXT ON THIS
PAGE]

 

     -453-

     

    

 

IN WITNESS WHEREOF, the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the
Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the day and year first above written.

 

	 	CCRE COMMERCIAL MORTGAGE SECURITIES,
L.P.,

       as Depositor
	 	 
	 	By:	/s/ Anthony Orso
	 	 	Name: Anthony Orso
Title: Principal Executive Officer

 

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,

       as Master Servicer
	 	 
	 	By: 	/s/ Nachette Hadden
	 	 	Name:  Nachette Hadden
Title: Director
	 	 	 
	 	RIALTO CAPITAL ADVISORS, LLC,
        as Special Servicer
	 	 	 
	 	By: 	/s/ Cheryl Baizan 
	 	 	Name: Cheryl Baizan 
Title: Chief Financial Officer

 

CFCRE
2016-C4 Mortgage Trust: Pooling and Servicing Agreement

 

    	 	 	 

    	 

    

 

	 	U.S.
BANK National Association,

       as Trustee, Certificate Administrator and Paying Agent 	 
	 	 	 
	 	By: 	/s/ Christopher J. Nuxoll
	 	 	Name: Christopher J. Nuxoll
Title: Vice President
	 	 	 
	 	U.S.
BANK NATIONAL ASSOCIATION,

       as Custodian
	 	 	 
	 	By: 	/s/ Kevin E. Brown
	 	 	Name: Kevin E. Brown
Title: Assistant Vice President

 

CFCRE
2016-C4 Mortgage Trust: Pooling and Servicing Agreement

 

    	 	 	 

    	 

    

 

	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Operating Advisor
	 	 	 	 	 
	 	By: Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By: Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 	 
	 	 	 	By:	/s/ Robert J. Spinna Jr.
	 	 	 	 	
        Name: Robert J. Spinna Jr.

        Title: Managing Member

	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 	 	 	 
	 	By: Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By: Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 	 
	 	 	 	By:	/s/ Robert J. Spinna Jr.
	 	 	 	 	
        Name: Robert J. Spinna Jr.

        Title: Managing Member

 

CFCRE
2016-C4 Mortgage Trust: Pooling and Servicing Agreement

 

    	 	 	 

    	 

    

 

 

	STATE OF NY	)
	 	:       ss.:
	COUNTY OF NY     	)

On the 16
day of May in the year 2016, before me, the undersigned, personally appeared Anthony Orso, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on
the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that
such individual made such appearance before the undersigned in the NY, NY (insert the city or other political subdivision and the
state or county or other place the acknowledgement was taken).

 

	 	 	 /s/ Megan C Feeney
	 	 	Name:  

                                                           Title:   

	 	 	 
		 	
        MEGAN C FEENEY

NOTARY PUBLIC

        Exp. January 26, 2019

        SUFFOLK COUNTY

        No. 01FE6318641

        STATE OF NEW YORK

	 This instrument
    prepared by:	 
	 	 
	 	 
	Name:          Cadwalader,
Wickersham & Taft LLP

                                         Address:    200
                                         Liberty Street

                                                              New
                                         York, New York  10281 

                                   
	 	 
		 	 

 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

	STATE OF NORTH CAROLINA 	)
	 	) :      ss.
	COUNTY OF
    MECKLENBURG    	)

On this 10
day of May, 2016, personally appeared before me Nachette Hadden, to me known (or proved to me on the basis of satisfactory evidence)
to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed the within and foregoing
instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity, for the uses and purposes
therein mentioned, and on oath stated that she was authorized to execute said instrument, and that by her signature on the instrument
the entity upon behalf of which she acted, executed the instrument.

	 	 	 /s/ Erica L. Smith
	 	 	Name:  

                                                           Title:   

	 	 	 
		 	
        ERICA L. SMITH

        NOTARY PUBLIC

        Gaston County

        North Carolina

        My Commission Expires 7/15/2017

	 	 
	 	 
	 	 
	

My Commission expires:	 	 
	 	 	 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

  

	STATE OF FLORIDA	)
	 	:       ss.:
	COUNTY OF MIAMI-DADE     	)

On the
11th day of May in the year 2016, before me, the undersigned, personally appeared Cheryl Baizan, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by
his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument, and that such individual made such appearance before the undersigned in the City of Miami (insert
the city or other political subdivision and the state or county or other place the acknowledgement was taken).

 

	 	 	 /s/ Lori Buckler
	 	 	Name:   Lori
    Buckler 

Title:     Notary Public
	 	 	 
	This
    instrument prepared by:	 	
        LORI BUCKLER

        My Commission Expires

        February 2, 2018

        #FF 059264

        Bonded Thru

        Notary Public Underwriters

        NOTARY PUBLIC, STATE OF FLORIDA

	 	 
	 	 
	

	 
		 	 
	 	 	 

	Name:          Cadwalader,
Wickersham & Taft LLP

                                         Address:    200
                                         Liberty Street

                                                              New
                                         York, New York  10281 

                                  

 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

 

	STATE OF ILLINOIS	)
	 	:      ss.:
	COUNTY OF COOK     	)

On the 10th
day of May in the year 2016, before me, the undersigned, personally appeared Christopher J. Nuxoll, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument, and that such individual made such appearance before the undersigned
in the City of Chicago (insert the city or other political subdivision and the state or county or other place the acknowledgement
was taken).

 

	

	 	 /s/ Vicky Eaton
	 	 	Name
    :   Vicky Eaton 

Title:      Notary Public
	 	 	 
	OFFICIAL
    SEAL 

    VICKY EATON

    Notary Public-State of Illinois 

    My Commission Expires Apr 17, 2019	 	 
	 	 	 
	This
    instrument prepared by:	 	 
	 	 
	 	 
	 	 
	

	 	 
	 	 	 

	Name:          Cadwalader,
Wickersham & Taft LLP

                                         Address:    200
                                         Liberty Street

                                                              New
                                         York, New York  10281 

                                  

 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

 

	STATE OF MINNESOTA 	)
	 	)       ss.:
	COUNTY OF DAKOTA 	)

On the 10th
day of May in the year 2016, before me, the undersigned, personally appeared Kevin E. Brown, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument, and that such individual made such appearance before the undersigned
in the City of Saint Paul, MN.

 

	 	 	 /s/ Channara So 
	 C
    SO CHANNARA 

    NOTARY PUBLIC-MINNESOTA

    MY COMMISSION EXPIRES 1/31/2017	 	Name:   Channara
    So 
 Title:     Notary Public 
	 	 	 
		 	 
	 	 
	 	 
	 	 
		 	 
	 	 	 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

 

	STATE OF NEW YORK	)
	 	)       ss.:
	COUNTY OF NEW YORK 	)

On this 9th
day of May 2016, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn, personally
appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is a Managing Member
of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn is the sole member of Park Bridge
Lender Services LLC, the entity described in and that executed the foregoing instrument; and that he signed his name thereto under
authority of said entity and on behalf of such entity.

WITNESS my
hand and seal hereto affixed the day and year first above written.

	

	 	 /s/ Cathy Pampinella 
	 	 	NOTARY PUBLIC in and for the State of New York
	
	 	 
	CATHY
    PAMPINELLA

    Notary Public, State of New York

    Registration #01PA6303022

    Qualified in Suffolk County 

    Commission Expires May 12, 2018	 	 
	 	 	 
	[SEAL]	 	
        

	 	 
	 	 
	 	 
	My Commission
expires:                                                           	 	 
	(Date)		 
		 	 
	This instrument
     prepared by:	 	 
	 	 	 
	 	 	 
	Name:          Cadwalader,
    Wickersham & Taft LLP 

    Address:    200 Liberty Street                   

                        New York, New
    York  10281  	 	 
	 	 	 

    CFCRE 2016-C4: POOLING AND SERVICING AGREEMENT NOTARY PAGE 

     

    

EXHIBIT
A-1

 

FORM
OF CLASS A-1 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

  

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

     A-1-1

     

    

 

CFCRE
2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-1

 

	Class
    A-1 Pass-Through Rate: 1.501%	 	CUSIP:12531Y
AJ7 

                            

        ISIN:US12531YAJ73 

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-1 Certificates: $32,507,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 10, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan
    that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage
    Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: January 2021	 	No.:
    A-1-[__]

  

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-1 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the
Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association,
as trustee (in such capacity, the “Trustee”), as certificate administrator (in such capacity, the “Certificate
Administrator”) and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”),
Park Bridge Lender Services LLC, as operating advisor (the “Operating
Advisor”), and Park Bridge Lender Services LLC, as asset representations
reviewer (the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class
A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as

 

     A-1-2

     

    

 

“Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-1 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth
day of each month, or if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available

 

     A-1-3

     

    

 

funds
to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of

 

     A-1-4

     

    

 

Leases,
Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional
security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan
Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the
Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets
credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements
relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and
the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery
requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding
its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC
Distribution Account on the Closing Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into
the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate

 

     A-1-5

     

    

 

Registrar,
any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee
and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to any

 

     A-1-6

     

    

 

provision
of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such

 

     A-1-7

     

    

 

extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders ofe Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any

 

     A-1-8

     

    

 

			rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the
                                                                            consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30

 

     A-1-9

     

    

 

	 	 	days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related
Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination
Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and
Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii)
the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling
and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the

 

     A-1-10

     

    

 

Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution
Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in
accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its
Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later
of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that
in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-1-11

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

 

Dated:
May __, 2016  

	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, not 

 in its individual capacity but solely as 

Certificate Administrator
	 	
		By:
	 	Authorized
Signatory

   

Certificate
of Authentication

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May __, 2016  

	 	 
	 	U.S.
                                                                      BANK NATIONAL ASSOCIATION, not  in 

its individual capacity but solely as 

Authenticating Agent

	 	
		By:
	 	Authorized
Signatory

  

     A-1-12

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

     A-2-1

     

    

 

 

CFCRE
2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2

 

	Class
    A-2 Pass-Through Rate: 2.707%	 	CUSIP:12531Y
                                         AK4

                            

        

        ISIN:US12531YAK47

        

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-2 Certificates: $24,787,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 10, 2016	 	Cut-off
    Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan
    that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage
    Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date: May 2021	 	No.:
    A-2-[__]

 

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-2 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and held in
trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the
Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association,
as trustee (in such capacity, the “Trustee”), as certificate administrator (in such capacity, the “Certificate
Administrator”) and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”),
Park Bridge Lender Services LLC, as operating advisor (the “Operating
Advisor”), and Park Bridge Lender Services LLC, as asset representations
reviewer (the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class
A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

     A-2-2

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth
day of each month, or if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and

 

     A-2-3

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing
Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificates shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders
shall be paid out of the assets which remain held. If within two years after the second notice any such Certificates shall not
have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of
such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts
to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, and all
income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security

 

     A-2-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv)
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class
X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

     A-2-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC
or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee
and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

     A-2-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

     A-2-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which
are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders
without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that 

 

     A-2-8

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating
                                                                            Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC, or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 

 

     A-2-9

     

    

 

	 	 	(less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and
Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates,
Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii)
the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling
and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in

 

     A-2-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-2-11

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

 

Dated:
May __, 2016 

	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, not 

 in its individual capacity but solely as 

Certificate Administrator
	 	
		By:
	 	Authorized
Signatory

   

Certificate
of Authentication

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May __, 2016 

	 	 
	 	U.S.
                                                                      BANK NATIONAL ASSOCIATION, not  in 

its individual capacity but solely as 

Authenticating Agent

	 	
		By:
	 	Authorized
Signatory

 

     A-2-12

     

    

 

 

EXHIBIT A-3

 

FORM OF CLASS A-SB CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-3-1

     

    

 

 

CFCRE 2016-C4 COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB

 

	Class A-SB Pass-Through Rate: 3.091%	 	
        CUSIP:12531Y AL2 

         

        ISIN:    US12531YAL20

         

	Original Aggregate Certificate Balance of the Class A-SB Certificates: $46,464,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: September 2025	 	No.: A-SB-[__]

  

This certifies that [_______] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by
first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as

 

    A-3-2

     

    

 

“Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular
interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or
the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and
Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the
Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling
and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute
(other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date,
a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth
day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be entitled to
Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period
(as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day year consisting of twelve 30-day
months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final
distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered
at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month
preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than
the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available

 

    A-3-3

     

    

 

funds
to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination
Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the
account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to
which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator
may be invested under certain circumstances, and all income and gain realized from investment of such funds shall accrue for its
benefit.

 

This Certificate is limited in right
of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set
forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing
Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding
any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to the
Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any

 

    A-3-4

     

    

 

indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess
Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any
amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any
environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with
respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the
Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-C Certificates and $100
to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D
Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As
provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does not purport to
summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and Servicing
Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender
of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement,
the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate
being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling
and Servicing Agreement.

 

Prior to due presentation of this Certificate
for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent
or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-3-5

     

    

 

No fee or service charge shall be imposed
by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02
of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h)
of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor
shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of
the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the
Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-3-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

    A-3-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-3-8

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
                                                                            Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority
of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer,
and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund,
upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer
any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by purchasing
on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest
in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage
Loan included in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances
previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-3-9

     

    

 

			(less any P&I Advances previously made on account of interest); and

  

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing
Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B
Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to
zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by
any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities
of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced
Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer,
as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans
in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on any Mortgage Loan included in

 

    A-3-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-3-11

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-SB Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-SB Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-3-12

     

    

 

EXHIBIT A-4

 

FORM OF CLASS A-3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-4-1

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-3

 

	Class A-3 Pass-Through Rate: 3.014%	 	
        CUSIP:12531Y AM0 

         

        ISIN:     US12531YAM03

         

	Original Aggregate Certificate Balance of the Class A-3 Certificates: $200,000,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: January 2026	 	No.: A-3-[__]

 

This certifies that [_______] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by
the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-4-2

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular
interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or
the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and
Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the
Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling
and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute
(other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date,
a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth
day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be entitled to
Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period
(as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day year consisting of twelve 30-day
months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final
distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered
at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month
preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than
the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-4-3

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination
Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the
account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to
which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator
may be invested under certain circumstances, and all income and gain realized from investment of such funds shall accrue for its
benefit.

 

This Certificate is limited in right
of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set
forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing
Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding
any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to the
Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-4-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv)
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class
X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to
summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and Servicing
Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender
of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement,
the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate
being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling
and Servicing Agreement.

 

Prior to due presentation of this Certificate
for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent
or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-4-5

     

    

 

No fee or service charge shall be imposed
by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02
of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h)
of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor
shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of
the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the
Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-4-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

    A-4-7

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(vi)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(vii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(viii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(ix)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(x)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-4-8

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
                                                                            Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority
of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer,
and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund,
upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer
any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by purchasing
on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest
in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-4-9

     

    

 

			(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing
Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B
Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to
zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by
any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities
of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced
Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer,
as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans
in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on any Mortgage Loan included in

 

    A-4-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-4-11

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-3 Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-3 Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-4-12

     

    

 

EXHIBIT A-5

 

FORM OF CLASS A-4 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-5-1 

     

    

  

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-4

 

	Class A-4 Pass-Through Rate: 3.283%	 	
        CUSIP:12531Y AN8

         

        ISIN:    US12531YAN85

         

	Original Aggregate Certificate Balance of the

Class A-4 Certificates: $230,220,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: February 2026	 	No.: A-4-[__]

 

This certifies that [_______] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by
the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-5-2 

     

    

 

the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular
interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or
the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and
Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the
Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling
and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute
(other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date,
a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth
day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be entitled to
Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period
(as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day year consisting of twelve 30-day
months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final
distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered
at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month
preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than
the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-5-3 

     

    

 

having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination
Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the
account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to
which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator
may be invested under certain circumstances, and all income and gain realized from investment of such funds shall accrue for its
benefit.

 

This Certificate is limited in right
of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set
forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing
Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding
any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to the
Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-5-4 

     

    

 

interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to
summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and Servicing
Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender
of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement,
the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate
being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling
and Servicing Agreement.

 

Prior to due presentation of this Certificate
for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent
or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-5-5 

     

    

 

No fee or service charge shall be imposed
by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02
of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h)
of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor
shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of
the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the
Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-5-6 

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating

 

    A-5-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-5-8 

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
                                                                            Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority
of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer,
and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund,
upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer
any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by purchasing
on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest
in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-5-9 

     

    

 

			(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing
Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B
Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to
zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by
any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities
of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced
Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer,
as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans
in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on any Mortgage Loan included in

 

    A-5-10 

     

    

 

the Trust Fund, or (b) the liquidation and disposition pursuant to the
Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created
by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-5-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-4 Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S. BANK NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class A-3 Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory
	

 

    A-5-12 

     

    

 

EXHIBIT A-6

 

FORM OF CLASS A-M CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER
CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-6-1 

     

    

  

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-M

 

	Class A-M Pass-Through Rate: 3.691%	 	
        CUSIP:12531Y AU2

         

        ISIN:    US12531YAU29

         

	Original Aggregate Certificate Balance of the

Class A-M Certificates: $62,997,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: March 2026	 	No.: A-M-[__]

 

This certifies that [_______] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class A-M Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by
the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-6-2 

     

    

 

the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular
interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections
860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or
the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and
Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the
Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling
and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute
(other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date,
a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest
represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any,
allocable to the Class A-M Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
“Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth
day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be entitled to
Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period
(as defined below), interest on the Class A-M Certificates will be calculated based on a 360-day year consisting of twelve 30-day
months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final
distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered
at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month
preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than
the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

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having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination
Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the
account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to
which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator
may be invested under certain circumstances, and all income and gain realized from investment of such funds shall accrue for its
benefit.

 

This Certificate is limited in right
of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set
forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing
Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding
any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to the
Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-6-4 

     

    

 

interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to
summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and Servicing
Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender
of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder
or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement,
the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate
being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling
and Servicing Agreement.

 

Prior to due presentation of this Certificate
for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent
or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

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No fee or service charge shall be imposed
by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02
of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h)
of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor
shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of
the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the
Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

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Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating

 

    A-6-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that

 

    A-6-8 

     

    

 

			such action will not result in the downgrade, withdrawal or qualification of its then-current
                                                                            ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
                                                                            considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
                                                                            Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning a majority
of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special Servicer,
and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the Trust Fund,
upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master Servicer
any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by purchasing
on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest
in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-6-9 

     

    

 

			(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and Servicing
Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the Class X-B
Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to
zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred by
any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and responsibilities
of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the
Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced
Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer,
as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans
in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection
of the last payment due on any Mortgage Loan included in

 

    A-6-10 

     

    

 

the Trust Fund, or (b) the liquidation and disposition pursuant to the
Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created
by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-6-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-M Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-M Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

  

    A-6-12 

     

    

 

EXHIBIT A-7

 

FORM OF CLASS A-HR CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-7-1

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-HR

 

	Class A-HR Pass-Through Rate:  3.121%	 	
        CUSIP:12531Y AP3

         

        ISIN:    US12531YAP34

         

	Original Aggregate Certificate Balance of the Class A-HR Certificates:
    $54,000,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  November 2024	 	No.: A-HR-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-HR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity,
the “Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR,
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D,
Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

     A-7-2

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-HR Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in May 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class A-HR Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United

 

     A-7-3

     

    

 

States
and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing
at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor
in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.This Certificate is limited in right of payment to, among other things, certain collections and recoveries
in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow

 

     A-7-4

     

    

 

Accounts,
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the
rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the
Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii)
the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC
Distribution Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals
may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the

 

     A-7-5

     

    

 

Pooling
and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling
and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse
the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents
and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and
Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require
payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with
any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the

 

     A-7-6

     

    

 

Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision
hereof to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5
of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of
Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any

 

     A-7-7

     

    

 

such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard
without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

     A-7-8

     

    

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent, or to avoid or minimize the imposition of any additional
material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as
evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification
or to avoid or minimize the imposition of any such taxes, and would not adversely affect in any material respect the interest of
any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the
Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of
interest); and

 

		(D)	the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing 

 

     A-7-9

     

    

 

Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC®
Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class XP-A Notional Amount, the Class X-A Notional
Amount, the Class X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B,
Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of
the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates if
the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and
Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

     A-7-10

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-7-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-HR Certificate to be duly executed.

 

Dated: May __, 2016

	 	 	 
	 	U.S. BANK
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-HR
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

	 	 	 
	 	U.S. BANK
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-7-12

     

    

 

EXHIBIT A-8

 

FORM OF CLASS B CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-8-1

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B

 

	Class B Pass-Through Rate:  4.147%	 	
        CUSIP:12531Y AV0

         

        ISIN:    US12531YAV02

         

	Original Aggregate Certificate Balance of the Class B Certificates:
    $37,799,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  April 2026	 	No.: B-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity,
the “Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR,
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D,
Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

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the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and

 

     A-8-3

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

     A-8-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100
to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-C
Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect
of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for
purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

     A-8-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted

 

     A-8-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5
of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of
Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating

 

     A-8-7

     

    

 

Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that 

 

     A-8-8

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date 

 

     A-8-9

     

    

 

(less
any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon
at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate
Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional
Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class
C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E
Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in

 

     A-8-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-8-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

     A-8-12

     

    

 

EXHIBIT A-9

 

FORM OF CLASS C CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-9-1

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C

 

	Class C Pass-Through Rate:  Equal to the WAC Rate	 	
        CUSIP:12531Y AW8

         

        ISIN:US12531YAW84

         

	Original Aggregate Certificate Balance of the Class C Certificates:
    $37,799,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  April 2026	 	No.: C-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity,
the “Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR,
Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D,
Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

     A-9-2

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and

 

     A-9-3

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

     A-9-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100
to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-C
Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect
of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for
purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

     A-9-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to
a federal tax caused by a Transfer to a Person that is not a Permitted

 

     A-9-6

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5
of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of
Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating

 

     A-9-7

     

    

 

Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that 

 

     A-9-8

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date 

 

     A-9-9

     

    

 

(less
any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon
at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate
Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional
Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class
C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E
Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in

 

     A-9-10

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the
late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-9-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

     A-9-12

     

    

 

EXHIBIT A-10

 

FORM OF CLASS D [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501 (a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER
THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

 

 

1 For Rule 144A Global Certificates only.

2 For Reg S Global Certificates only.

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-10-1

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4 For Reg S Global Certificates only.

 

     A-10-2

     

    

 

CFCRE 2016-C4 MORTGAGE TRUSTE COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

 

	Class D Pass-Through Rate: Equal to the WAC Rate	 	
        CUSIP:     12531Y AE85

          U1578T AE36

          12531Y AZ17

         

        ISIN:        US12531YAE868

         USU1578TAE399

         US12531YAZ1610

         

	Original Aggregate Certificate Balance of the Class D Certificates:
    $45,148,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date:  May 2026	 	No.: D-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as

 

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

     A-10-3

     

    

 

special
servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The

 

     A-10-4

     

    

 

“Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

     A-10-5

     

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing
Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution
Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest
earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent
such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from
certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

     A-10-6

     

    

 

Such
Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that

 

     A-10-7

     

    

 

(a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
(v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an
Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at
the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
considered satisfied with respect to the Certificates); provided that such amendment or supplement shall not adversely
affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of
Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of
Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the
Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has
changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and,
with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

     A-10-8

     

    

 

relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any
material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate
is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would
be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

     A-10-9

     

    

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard
without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

     A-10-10

     

    

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable
to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of
interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon
at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate
Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional
Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class
C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E
Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

     A-10-11

     

    

 

respect
to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on
behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling
and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the
Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing
Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with
Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the
last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the
Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date
hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-10-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class D Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

     A-10-13

     

    

 

EXHIBIT A-11

 

FORM OF CLASS E [RULE 144A] 1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1 For Rule 144A Global Certificates only.

2 For Reg S Global Certificates only.

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-11-1

     

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT
OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL

 

     A-11-2

     

    

 

REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975

 

     A-11-3

     

    

 

UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4 For Reg S Global Certificates only.

 

     A-11-4

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS E

 

	Class E Pass-Through Rate: 3.500%	 	
        CUSIP:     12531Y AF55

          U1578T AF06

          12531Y BA57

         

        ISIN:        US12531YAF518

         USU1578TAF049

         US12531YBA5510

         

	Original Aggregate Certificate Balance of the Class E
Certificates: $20,999,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: E-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors,
LLC, as

 

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

     A-11-5

     

    

 

special
servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016.

 

During each Interest
Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

     A-11-6

     

    

 

immediately
preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate
Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar
acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held
by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

     A-11-7

     

    

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing
Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution
Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest
earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent
such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from
certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

     A-11-8

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided
that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect
the interests of any Certificateholder or Companion Loan Noteholder; provided

 

     A-11-9

     

    

 

that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions
of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5
of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of
Rating

 

     A-11-10

     

    

 

Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
provided that any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the
Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall
not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not
consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in
the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor
Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the
amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to
be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the
consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage
of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain
consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class
then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting
Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

     A-11-11

     

    

 

		(iv)	change in any manner any
defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without
the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard
without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to avoid or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are
outstanding; provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust
Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would
not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan
Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included
in the Trust as of the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously
made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust
Fund as of the last day of the month preceding such Anticipated 

 

     A-11-12

     

    

 

Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to
the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage
Loan (including any Mortgage Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to
the last day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of
interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon
at the Reimbursement Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate
Administrator/Trustee Fees, the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional
Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class
C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G
Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E
Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition of “Sole Certificateholder”
and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and

 

     A-11-13

     

    

 

Servicing
Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan
Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the
case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the
Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of
(a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the
United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-11-14

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class E
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

     A-11-15

     

    

 

EXHIBIT A-12

 

FORM OF CLASS F [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1 For Rule 144A Global Certificates
only.

2 For Reg S Global Certificates only. 

3 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

  

    A-12-1 

     

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND
EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO
COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE
OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT

 

    A-12-2 

     

    

 

OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975

 

    A-12-3 

     

    

 

UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4 For Reg S Global Certificates only.

 

    A-12-4 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS F

 

	Class F Pass-Through Rate: 3.500%.	 	
        CUSIP:    12531Y AG35

        U1578T AG86

        12531Y BB37

         

        ISIN:       US12531YAG358

        USU1578TAG869

        US12531YBB3910

         

	Original Aggregate Certificate Balance of the Class F Certificates:
    $9,450,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: F-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

    A-12-5 

     

    

 

special
servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016.

 

During each Interest Accrual
Period (as defined below), interest on the Class F Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

    A-12-6 

     

    

 

immediately
preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

    A-12-7 

     

    

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-12-8 

     

    

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided

 

    A-12-9 

     

    

 

that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision
of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x)
an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating

 

    A-12-10 

     

    

 

Agency Confirmation from each Rating Agency rating
such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment
to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions
of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3
in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant
to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the
Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor
trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

    A-12-11 

     

    

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated 

 

    A-12-12 

     

    

 

Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to
the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and

 

    A-12-13 

     

    

 

Servicing
Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders
of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be,
required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i)
the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance
with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last
payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and
Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created by the
Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-12-14 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class F Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class F Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-12-15 

     

    

 

EXHIBIT A-13

 

FORM OF CLASS G [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1 For Rule 144A Global Certificates
only.

2 For Reg S Global Certificates only.

3 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

 

    A-13-1 

     

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND
EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO
COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE
OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT

 

    A-13-2 

     

    

 

OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975

 

    A-13-3 

     

    

 

UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4 For Reg S Global Certificates only.

 

    A-13-4 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS G

 

	Class G Pass-Through Rate: 3.500%.	 	
        CUSIP:    12531Y AH15

        U1578T AH66

        12531Y BC17

         

        ISIN:       US12531YAH188

        USU1578TAH699

        US12531YBC1210

         

	Original Aggregate Certificate Balance of the Class G Certificates: $37,798,889	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: G -[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

    A-13-5 

     

    

 

special
servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class
X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016.

 

During each Interest Accrual
Period (as defined below), interest on the Class G Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

    A-13-6 

     

    

 

immediately
preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

    A-13-7 

     

    

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-13-8 

     

    

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided

 

    A-13-9 

     

    

 

that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such
amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize
the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests
of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision
of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x)
an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating

 

    A-13-10 

     

    

 

Agency Confirmation from each Rating Agency rating
such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment
to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions
of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3
in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant
to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the
Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor
trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

    A-13-11 

     

    

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated 

 

    A-13-12 

     

    

 

Termination
Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to
the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and

 

    A-13-13 

     

    

 

Servicing
Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan
Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the
case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier
to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the
Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in
no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-13-14 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class G Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class G Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-13-15 

     

    

 

EXHIBIT A-14

 

FORM OF CLASS X-A CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-A CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X- A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

 

    A-14-1 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A

 

	Class X-A Pass-Through Rate: Variable	 	
        CUSIP:     12531Y AQ1

         

        ISIN:         US12531YAQ17

         

	Original Aggregate Certificate Balance of the Class X-A Certificates:
    $596,975,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: March 2026	 	No.: X-A-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-14-2 

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-14-3 

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-14-4 

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv)
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class
X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-14-5 

     

    

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-14-6 

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

    A-14-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without
the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that

 

    A-14-8 

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-14-9 

     

    

 

(less
any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing
Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders
of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be,
required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i)
the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling
and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance
with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last
payment due on any Mortgage Loan included in 

 

    A-14-10 

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by
the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-14-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-A Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-A
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

  

    A-14-12 

     

    

 

EXHIBIT A-15

 

FORM OF CLASS X-HR CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-HR CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-HR CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-HR CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-15-1 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-HR

 

	Class X-HR Pass-Through Rate: Variable	 	
        CUSIP:     12531Y AR9

         

        ISIN:         US12531YAR99

         

	Original Aggregate Certificate Balance of the Class X-HR Certificates: $54,000,000	 	Initial Certificate Balance of this Certificate: $[_]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: November 2024	 	No.: X-HR-[_]

 

This certifies that [______] is
the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to
the Class X-HR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as

 

    A-15-2 

     

    

 

“Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-HR Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in May 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-HR Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately

 

    A-15-3 

     

    

 

available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at
the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as
such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of

 

    A-15-4 

     

    

 

Leases,
Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional
security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole
Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account,
the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets
credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements
relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and
the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery
requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding
its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC
Distribution Account on the Closing Date in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into
the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-15-5 

     

    

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust
REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel
(at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain
such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to
the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust
REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person
that is not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under
the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in
any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not

 

    A-15-6 

     

    

 

consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); provided that such amendment or supplement shall not adversely affect in any
material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to
modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and,
for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such
industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses

 

    A-15-7 

     

    

 

(iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 

 

    A-15-8 

     

    

 

satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification
of the Grantor Trust as a grantor trust, or to prevent, or to avoid or minimize the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to avoid
or minimize the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

    A-15-9 

     

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from

 

    A-15-10 

     

    

 

the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-15-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-HR Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-HR
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-15-12 

     

    

 

EXHIBIT A-16

 

FORM OF CLASS X-B CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-B CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

 

    A-16-1 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-B

 

	Class X-B Pass-Through Rate: Variable	 	
        CUSIP:      12531Y AS7

         

        ISIN:         US12531YAS72

         

	Original Aggregate Certificate Balance of the Class X-B Certificates: $37,799,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: April 2026	 	No.: X-B-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-16-2 

     

    

 

the
Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-B Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-16-3 

     

    

 

having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-16-4 

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss
of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any
Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account, and the Trust’s interest
in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable;
(x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest
in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under
the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations
and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv)
$100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class
X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-16-5 

     

    

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-16-6 

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating

 

    A-16-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without
the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that

 

    A-16-8 

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to
a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-16-9 

     

    

 

(less
any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in

 

    A-16-10 

     

    

 

the
Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by
the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-16-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-B Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class X-B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-16-12 

     

    

EXHIBIT A-17

 

FORM OF CLASS X-C CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-C CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-C CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-C CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

1 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-17-1 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-C

 

	Class X-C Pass-Through Rate: Variable	 	
        CUSIP:  12531Y AT5

         

        ISIN:      US12531YAT55

         

	Original Aggregate Certificate Balance of the

Class X-C Certificates: $37,799,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: April 2026	 	No.: X-C-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of

 

    A-17-2 

     

    

 

the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-C Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and

 

    A-17-3 

     

    

 

having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-17-4 

     

    

 

interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-17-5 

     

    

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted

 

    A-17-6 

     

    

 

Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating

 

    A-17-7 

     

    

 

Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without
the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation
of the applicable rating agencies that

 

    A-17-8 

     

    

 

such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-17-9 

     

    

 

(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in

 

    A-17-10 

     

    

 

the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-17-11 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class X-C Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-17-12 

     

    

 

EXHIBIT A-18

 

FORM OF CLASS X-D [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-18-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-D CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-18-2 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-D

 

	Class X-D Pass-Through Rate: Variable	 	
        CUSIP:  12531Y
AA65

           U1578T AA16

           12531Y
BD97

         

        ISIN:     US12531YAA648

           USU1578TAA179

           US12531YBD9410

         

	Original Aggregate Notional Balance of the

Class X-D Certificates: $45,148,000	 	Initial Notional Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: X-D-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10 For
IAI Certificates

 

    A-18-3 

     

    

 

master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-D Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the

 

    A-18-4 

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

    A-18-5 

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

    A-18-6 

     

    

 

Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that

 

    A-18-7 

     

    

 

(a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

    A-18-8 

     

    

 

relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

    A-18-9 

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-18-10 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

    A-18-11 

     

    

 

respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-18-12 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-D Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-18-13 

     

    

 

EXHIBIT A-19

 

FORM OF CLASS X-E [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-19-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-E CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-E CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-E CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32)
OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR
TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS
OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW

 

    A-19-2 

     

    

 

TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY
USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS
CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH
ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND
SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE
AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION
WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION OF SIMILAR LAW), AND WILL NOT SUBJECT
THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A
“GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT)
SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO
ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

    A-19-3 

     

    

 

STATES OR TO A U.S. PERSON EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-19-4 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-E

 

	Class X-E Pass-Through Rate: Variable	 	
        CUSIP:  12531Y
AB45

           U1578T AB96

           12531Y
BE77

         

        ISIN:     US12531YAB488

           USU1578TAB999

           US12531YBE7710

         

	Original Aggregate Notional Balance of the

Class X-E Certificates: $20,999,000	 	Initial Notional Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: X-E-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10 For
IAI Certificates

 

    A-19-5 

     

    

 

master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-E Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the

 

    A-19-6 

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

    A-19-7 

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

    A-19-8 

     

    

 

Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that

 

    A-19-9 

     

    

 

(a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

    A-19-10 

     

    

 

relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

    A-19-11 

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-19-12 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

    A-19-13 

     

    

 

respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-19-14 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-E Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-E
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-19-15 

     

    

 

EXHIBIT A-20

 

FORM OF CLASS X-F [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-20-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-F CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-F CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-F CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32)
OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR
TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS
OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW

 

    A-20-2 

     

    

 

TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY
USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS
CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH
ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND
SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE
AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION
WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION OF SIMILAR LAW), AND WILL NOT SUBJECT
THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A
“GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT)
SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO
ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

    A-20-3 

     

    

 

STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

 

    A-20-4 

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-F

 

	Class X-F Pass-Through Rate: Variable	 	
        CUSIP:  12531Y
AC25

           U1578T AC76

           12531Y
BF47

         

        ISIN:     US12531YAC218

           USU1578TAC729

           US12531YBF4310

         

	Original Aggregate Notional Balance of the

Class X-F Certificates: $9,450,000	 	Initial Notional Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: X-F-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10 For
IAI Certificates

 

    A-20-5 

     

    

 

master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-F Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the

 

    A-20-6 

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

    A-20-7 

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

    A-20-8 

     

    

 

Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that

 

    A-20-9 

     

    

 

(a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such
change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

    A-20-10 

     

    

 

relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment
pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying
Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider,
the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the
case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

    A-20-11 

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-20-12 

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

    A-20-13 

     

    

 

respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-20-14 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-F Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Certificate Administrator
	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-F
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Authenticating Agent
	 	 
	 	By:
	 	Authorized Signatory

 

    A-20-15 

     

    

 

EXHIBIT A-21

 

FORM OF CLASS X-G [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-21-1

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-G CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-G CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-G CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32)
OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR
TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT
OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS
OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW

 

     A-21-2

     

    

 

TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY
USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS
CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH
ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND
SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE
AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION
WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION OF SIMILAR LAW), AND WILL NOT SUBJECT
THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS
REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A
“GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT)
SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO
ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

     A-21-3

     

    

 

STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

 

     A-21-4

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-G

 

	Class X-G Pass-Through Rate: Variable	 	
        CUSIP:   12531Y
AD05

U1578T AD56

12531Y BG27

         

        ISIN:      US12531YAD048

        USU1578TAD559

        US12531YBG2610

         

	Original Aggregate Notional Balance of the Class X-G Certificates:
    $37,798,889	 	Initial Notional Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: June 10, 2016	 	Cut-off Date: The close of business on the related due date for each Mortgage Loan in May 2016 (or, in the case of any Mortgage Loan that has its first due date in June 2016, the date that would have been its Due Date in May 2016 under the terms of that Mortgage Loan if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed Final Distribution Date: May 2026	 	No.: X-G-[__]

 

This certifies that [_______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10
For IAI Certificates

 

     A-21-5

     

    

 

master
servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the
“Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
as certificate administrator (in such capacity, the “Certificate Administrator”) and as paying agent, U.S.
Bank National Association, as custodian (in such capacity, the “Custodian”), Park Bridge Lender Services LLC,
as operating advisor (the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-SB, Class A-2, Class A-3, Class X-A, Class X-B, Class X-C, Class A-M, Class B, Class C, Class X-D, Class
X-E, Class X-F, Class X-G, Class D, Class E, Class F, Class G, and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in June 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-G Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the

 

     A-21-6

     

    

 

related
Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest Accrual Period” means,
with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.
Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate
Administrator may be invested under certain circumstances, and all income and gain realized from investment of such funds shall
accrue for its benefit.

 

     A-21-7

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the
above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

     A-21-8

     

    

 

Such
Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that

 

     A-21-9

     

    

 

(a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the
expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any
of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is
not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under the
Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any
material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts)
if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is
not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for
such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement

 

     A-21-10

     

    

 

relating to compliance with Rule 17g-5 of the
Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

     A-21-11

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or avoid or minimize the imposition of any such taxes, and would not adversely
affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or
(ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or
any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

     A-21-12

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C and Class D Certificates is
reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than
(i) the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates
and Class X-G Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with

 

     A-21-13

     

    

 

respect
to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain
notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-21-14

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-G Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class X-G
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S. Bank NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized Signatory

 

     A-21-15

     

    

  

EXHIBIT A-22

 

FORM OF CLASS R CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS “RESIDUAL INTERESTS” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). A TRANSFEREE
OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY,
AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR
AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM
IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED
ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE
TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY
OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY
COME DUE IN THE FUTURE, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, AND (E) IT
UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THE CLASS R CERTIFICATES IN EXCESS OF ANY CASH FLOW GENERATED BY
THE CLASS R CERTIFICATE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE
OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.
BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON ECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS
SECTION 1.860E-1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY
SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR

 

     A-22-1

     

    

 

MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE
OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO ACT AS “TAX MATTERS PERSON” AND “PARTNERSHIP REPRESENTATIVE”
OF THE UPPER-TIER REMIC AND THE LOWER-TIER REMIC AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY IN FACT AND
AGENT FOR THE TAX MATTERS PERSON THE “PARTNERSHIP REPRESENTATIVE” OR AS OTHERWISE PROVIDED IN THE POOLING AND SERVICING
AGREEMENT TO PERFORM THE FUNCTIONS OF A “TAX MATTERS PARTNER” AND “PARTNERSHIP REPRESENTATIVE” FOR PURPOSES
OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND
EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO
COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN

 

     A-22-2

     

    

 

OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE
OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE
ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON
BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM
SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT. 

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

     A-22-3

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R

 

	No.: R-[__]	 	Percentage Interest: [__]%
	 	 	 
	 	 	
        CUSIP:12531Y AY41

         

        ISIN:    US12531YAY412

 

This certifies that [_______]
is the registered owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates issued by the Trust
Fund. The Class R Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder will
be entitled to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution
Date for the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that there
will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions
on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

 

1
For Rule 144A Certificates

2
For Rule 144A Certificates

 

     A-22-4

     

    

 

This Class R Certificate represents
the sole “residual interest” in a “real estate mortgage investment conduit”, as those terms are defined,
respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall be the tax matters person
pursuant to Treasury Regulations Section 1.860F-4(d) and the “partnership representative” (within the meaning of Code
Section 6223, to the extent such provision applies to the Trust REMICs) of each Trust REMIC. If more than one Holder shall hold
an equal Percentage Interest in the Class R Certificates larger than that held by any other Holder, the first such Holder to have
acquired such Class R Certificates shall be such tax matters person and “partnership representative”. The Certificate
Administrator shall act as attorney-in-fact and agent for the tax matters person and “partnership representative” of
the Lower-Tier REMIC and the Upper-Tier REMIC, and each Holder of a Percentage Interest in the Class R Certificates, by acceptance
hereof, is deemed to have consented to the Certificate Administrator’s appointment in such capacities and agrees to execute
any documents required to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection
with any audit or administrative or judicial proceeding shall be paid by the Trust Fund.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not
have been surrendered for cancellation within six

 

     A-22-5

     

    

 

months
after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders,
at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive,
from such funds held, the final distribution with respect thereto. If within one year after the second notice any Certificates
shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate
steps to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining
such funds and of contacting Certificateholders shall be paid out of the assets which remain held. If within two years after the
second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Certificate
Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts
for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing
Agreement and the transfer of such amounts to a successor certificate administrator and (ii) the termination of the Trust Fund
and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder
on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with the Pooling and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under
certain circumstances, and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited

 

     A-22-6

     

    

 

by
the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date in respect of the Class X-D Certificates; and
(xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling
and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate

 

     A-22-7

     

    

 

Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under
the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund or either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the
expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any
of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is
not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under the
Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any
material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency,

 

     A-22-8

     

    

 

as
evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 (with respect
to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer,
the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder,
determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform
to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC as a REMIC or the
status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing
Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to
the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that any amendment pursuant to clauses (i) through
(x) (a) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special
Servicer without such party’s consent; and (b) shall not adversely affect in any material respect the interests of any Certificateholder
or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii) through (x) above by (x)
an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation
from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard

 

     A-22-9

     

    

 

to
Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder
affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion
Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to avoid
or minimize the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided, that such action, as evidenced by an Opinion of

 

     A-22-10

     

    

 

Counsel
(obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to avoid or minimize the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interests in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date, by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-HR Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4,

 

     A-22-11

     

    

 

Class
A-HR, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates, Class
X-F Certificates and Class X-G Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of
the Class X-D Certificates, Class X-E Certificates, Class X-F Certificates and Class X-G Certificates pursuant to the definition
of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each
REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement
by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated
date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall
the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-22-12

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class R Certificate to be duly executed.

 

Dated: May __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:
	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class R Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: May __, 2016

 

	 	U.S. Bank NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:
	 	Authorized Signatory

 

     A-22-13

     

    

  

EXHIBIT A-23

 

FORM OF CLASS V CERTIFICATE

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND
EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO
COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE

 

     A-23-1

     

    

 

REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED BY
A TRANSFEREE THAT IS (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR
A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED
TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

 

     A-23-2

     

    

 

CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS V

 

	No.: V-1	 	Percentage Interest: [_____]%
	 	 	 
	 	 	
        CUSIP:   12531Y
AX61

U1578T AJ22

12531Y BH03

 

This certifies that [__________] is the
registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the
Class V Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by
the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as
special servicer (the “Special Servicer”), U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”), as certificate administrator (in such capacity, the “Certificate Administrator”)
and as paying agent, U.S. Bank National Association, as custodian (in such capacity, the “Custodian”), Park
Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (the “Asset
Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
A-HR, Class X-A, Class X-HR, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-G, Class A-M, Class B, Class C, Class
D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”; the Holders of Certificates
issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a beneficial interest
in a portion of a grantor trust under subpart E, part I of subchapter J of the Internal Revenue Code of 1986, as amended (the “Code”),
which portion includes the Excess Interest and any proceeds thereof in the Class V Distribution Account. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding

 

 

1
For Rule 144A Certificates

2
For Regulation S Certificates

3
For IAI Certificates

 

     A-23-3

     

    

 

sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class V Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in May 2016. Holders of this Certificate may be
entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an

 

     A-23-4

     

    

 

agent,
take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The
costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject
to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders
thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier
of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts
to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class
R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and
Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its
Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred
to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment of
such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Excess Interest Distribution Account, the Interest Reserve Account,
and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights
and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage
Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier
Regular Interests; (xiv) $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account on the Closing Date
in respect of the Class X-C Certificates and $100 to be deposited by the Depositor into the Upper-Tier REMIC Distribution Account
on the Closing Date in respect of the Class X-D Certificates; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower).

 

     A-23-5

     

    

 

As
provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or

 

     A-23-6

     

    

 

be
consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the
Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing
Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing
Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be
subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06

 

     A-23-7

     

    

 

and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not
continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to
any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from
each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and
the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); provided that
any amendment pursuant to clauses (i) through (x) (a) shall not materially increase the obligations of the Depositor, the Trustee,
the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in
any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced
in the case of clauses (iii) through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of
a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust or the Grantor Trust to fail to qualify as a grantor trust.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

     A-23-8

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the qualification
of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained
at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such
taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced
Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange
Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

     A-23-9

     

    

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date by
purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without
duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class XP-A Notional Amount, the Class X-A Notional Amount, the
Class X-HR Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-HR, Class A-M, Class B, Class C, Class D and Class E Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates if the Sole Certificateholder has only taken an assignment
of the Voting Rights of the Class X-D, Class X-E Certificates and Class X-F Certificates pursuant to the definition of “Sole
Certificateholder” and (ii) the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining
in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and

 

     A-23-10

     

    

 

Servicing
Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the
anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of
the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-23-11

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class V Certificate to be duly executed.

 

Dated: June __, 2016

 

	 	U.S.
    Bank NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class V Certificates
referred to in the Pooling and Servicing Agreement.

 

Dated: June __, 2016

 

	 	U.S. Bank NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-23-12

     

    

 

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

     

     

    

 

 

	CFCRE 2016 C4 - Mortgage Loan Schedule (PSA)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Servicing Fee Rate
	 	 	 	 	Mortgage Loan	 	 	 	 	 	 	 	 	 	 	 	Mortage	 	Original Principal	 	Cut-off Date 	 	Maturity Date	 	Due	 	Current Monthly	 	Master Servicing	 	Primary Servicing
	ID	 	Loan Number	 	 Seller	 	Mortgage Loan Name	 	Street Address	 	City	 	State	 	Zip Code	 	Rate	 	Balance	 	Stated Principal Balance	 	or ARD	 	Date 	 	Debt Service	 	Fee Rate	 	Fee Rate
	1	 	CCRE1	 	CCRE	 	OZRE Leased Fee Portfolio	 	Various	 	Various	 	Various	 	Various	 	4.3000%	 	70,000,000	 	70,000,000	 	02/06/2026	 	6	 	254,317	 	0.00250%	 	0.00250%
	1.01	 	CCRE1.01	 	CCRE	 	300 Arboretum Place	 	300 Arboretum Place	 	North Chesterfield	 	VA	 	23236	 	 	 	5,078,236	 	5,078,236	 	 	 	 	 	 	 	 	 	 
	1.02	 	CCRE1.02	 	CCRE	 	700 East Gate Drive	 	700 East Gate Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	3,982,930	 	3,982,930	 	 	 	 	 	 	 	 	 	 
	1.03	 	CCRE1.03	 	CCRE	 	6802 Paragon Place	 	6802 Paragon Place	 	Richmond	 	VA	 	23230	 	 	 	3,684,211	 	3,684,211	 	 	 	 	 	 	 	 	 	 
	1.04	 	CCRE1.04	 	CCRE	 	6800 Paragon Place	 	6800 Paragon Place	 	Richmond	 	VA	 	23230	 	 	 	3,654,339	 	3,654,339	 	 	 	 	 	 	 	 	 	 
	1.05	 	CCRE1.05	 	CCRE	 	2100 West Laburnum Avenue	 	2100 West Laburnum Avenue	 	Richmond	 	VA	 	23227	 	 	 	2,648,649	 	2,648,649	 	 	 	 	 	 	 	 	 	 
	1.06	 	CCRE1.06	 	CCRE	 	7501 Boulder View Drive	 	7501 Boulder View Drive	 	North Chesterfield	 	VA	 	23225	 	 	 	2,648,649	 	2,648,649	 	 	 	 	 	 	 	 	 	 
	1.07	 	CCRE1.07	 	CCRE	 	7300 Beaufont Springs Drive	 	7300 Beaufont Springs Drive	 	North Chesterfield	 	VA	 	23225	 	 	 	2,648,649	 	2,648,649	 	 	 	 	 	 	 	 	 	 
	1.08	 	CCRE1.08	 	CCRE	 	4870 Sadler Road	 	4870 Sadler Road	 	Glen Allen	 	VA	 	23060	 	 	 	2,130,868	 	2,130,868	 	 	 	 	 	 	 	 	 	 
	1.09	 	CCRE1.09	 	CCRE	 	12015 Lee Jackson Memorial Highway	 	12015 Lee Jackson Memorial Highway	 	Fairfax	 	VA	 	22033	 	 	 	2,091,038	 	2,091,038	 	 	 	 	 	 	 	 	 	 
	1.10	 	CCRE1.1	 	CCRE	 	6806 Paragon Place	 	6806 Paragon Place	 	Richmond	 	VA	 	23230	 	 	 	2,071,124	 	2,071,124	 	 	 	 	 	 	 	 	 	 
	1.11	 	CCRE1.11	 	CCRE	 	925 Harvest Drive	 	925 Harvest Drive	 	Blue Bell	 	PA	 	19422	 	 	 	1,792,319	 	1,792,319	 	 	 	 	 	 	 	 	 	 
	1.12	 	CCRE1.12	 	CCRE	 	555 Croton Road	 	555 Croton Road	 	King of Prussia	 	PA	 	19406	 	 	 	1,692,745	 	1,692,745	 	 	 	 	 	 	 	 	 	 
	1.13	 	CCRE1.13	 	CCRE	 	980 Harvest Drive	 	980 Harvest Drive	 	Blue Bell	 	PA	 	19422	 	 	 	1,593,172	 	1,593,172	 	 	 	 	 	 	 	 	 	 
	1.14	 	CCRE1.14	 	CCRE	 	309 Fellowship Road	 	309 Fellowship Road	 	Mount Laurel	 	NJ	 	08054	 	 	 	1,354,196	 	1,354,196	 	 	 	 	 	 	 	 	 	 
	1.15	 	CCRE1.15	 	CCRE	 	11781 Lee Jackson Memorial Highway	 	11781 Lee Jackson Memorial Highway	 	Fairfax	 	VA	 	22033	 	 	 	1,294,452	 	1,294,452	 	 	 	 	 	 	 	 	 	 
	1.16	 	CCRE1.16	 	CCRE	 	305 Fellowship Road	 	305 Fellowship Road	 	Mount Laurel	 	NJ	 	08054	 	 	 	1,204,836	 	1,204,836	 	 	 	 	 	 	 	 	 	 
	1.17	 	CCRE1.17	 	CCRE	 	701 East Gate Drive	 	701 East Gate Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	1,194,879	 	1,194,879	 	 	 	 	 	 	 	 	 	 
	1.18	 	CCRE1.18	 	CCRE	 	920 Harvest Drive	 	920 Harvest Drive	 	Blue Bell	 	PA	 	19422	 	 	 	1,194,879	 	1,194,879	 	 	 	 	 	 	 	 	 	 
	1.19	 	CCRE1.19	 	CCRE	 	4880 Sadler Road	 	4880 Sadler Road	 	Glen Allen	 	VA	 	23060	 	 	 	1,194,879	 	1,194,879	 	 	 	 	 	 	 	 	 	 
	1.20	 	CCRE1.2	 	CCRE	 	1025 Boulders Parkway	 	1025 Boulders Parkway	 	North Chesterfield	 	VA	 	23225	 	 	 	1,194,879	 	1,194,879	 	 	 	 	 	 	 	 	 	 
	1.21	 	CCRE1.21	 	CCRE	 	2201 Tomlynn Street	 	2201 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	1,095,306	 	1,095,306	 	 	 	 	 	 	 	 	 	 
	1.22	 	CCRE1.22	 	CCRE	 	2240-2250 Butler Pike	 	2240-2250 Butler Pike	 	Plymouth Meeting	 	PA	 	19462	 	 	 	1,095,306	 	1,095,306	 	 	 	 	 	 	 	 	 	 
	1.23	 	CCRE1.23	 	CCRE	 	7401 Beaufont Springs Drive	 	7401 Beaufont Springs Drive	 	North Chesterfield	 	VA	 	23225	 	 	 	1,095,306	 	1,095,306	 	 	 	 	 	 	 	 	 	 
	1.24	 	CCRE1.24	 	CCRE	 	2511 Brittons Hill Road	 	2511 Brittons Hill Road	 	Richmond	 	VA	 	23230	 	 	 	1,095,306	 	1,095,306	 	 	 	 	 	 	 	 	 	 
	1.25	 	CCRE1.25	 	CCRE	 	4805 Lake Brook Drive	 	4805 Lake Brook Drive	 	Glen Allen	 	VA	 	23060	 	 	 	1,025,605	 	1,025,605	 	 	 	 	 	 	 	 	 	 
	1.26	 	CCRE1.26	 	CCRE	 	4401 Fair Lakes Court	 	4401 Fair Lakes Court	 	Fairfax	 	VA	 	22033	 	 	 	1,015,647	 	1,015,647	 	 	 	 	 	 	 	 	 	 
	1.27	 	CCRE1.27	 	CCRE	 	2812 Emerywood Parkway	 	2812 Emerywood Parkway	 	Richmond	 	VA	 	23294	 	 	 	995,733	 	995,733	 	 	 	 	 	 	 	 	 	 
	1.28	 	CCRE1.28	 	CCRE	 	9100 Arboretum Parkway	 	9100 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	995,733	 	995,733	 	 	 	 	 	 	 	 	 	 
	1.29	 	CCRE1.29	 	CCRE	 	500 Enterprise Road	 	500 Enterprise Road	 	Horsham	 	PA	 	19044	 	 	 	935,989	 	935,989	 	 	 	 	 	 	 	 	 	 
	1.30	 	CCRE1.3	 	CCRE	 	303 Fellowship Road	 	303 Fellowship Road	 	Mount Laurel	 	NJ	 	08054	 	 	 	906,117	 	906,117	 	 	 	 	 	 	 	 	 	 
	1.31	 	CCRE1.31	 	CCRE	 	9011 Arboretum Parkway	 	9011 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	896,159	 	896,159	 	 	 	 	 	 	 	 	 	 
	1.32	 	CCRE1.32	 	CCRE	 	910 Harvest Drive	 	910 Harvest Drive	 	Blue Bell	 	PA	 	19422	 	 	 	896,159	 	896,159	 	 	 	 	 	 	 	 	 	 
	1.33	 	CCRE1.33	 	CCRE	 	7325 Beaufont Springs Drive	 	7325 Beaufont Springs Drive	 	North Chesterfield	 	VA	 	23225	 	 	 	896,159	 	896,159	 	 	 	 	 	 	 	 	 	 
	1.34	 	CCRE1.34	 	CCRE	 	1 Progress Drive	 	1 Progress Drive	 	Horsham	 	PA	 	19044	 	 	 	796,586	 	796,586	 	 	 	 	 	 	 	 	 	 
	1.35	 	CCRE1.35	 	CCRE	 	2260 Butler Pike	 	2260 Butler Pike	 	Plymouth Meeting	 	PA	 	19462	 	 	 	796,586	 	796,586	 	 	 	 	 	 	 	 	 	 
	1.36	 	CCRE1.36	 	CCRE	 	140 West Germantown Pike	 	140 West Germantown Pike	 	Plymouth Meeting	 	PA	 	19462	 	 	 	736,842	 	736,842	 	 	 	 	 	 	 	 	 	 
	1.37	 	CCRE1.37	 	CCRE	 	307 Fellowship Road	 	307 Fellowship Road	 	Mount Laurel	 	NJ	 	08054	 	 	 	736,842	 	736,842	 	 	 	 	 	 	 	 	 	 
	1.38	 	CCRE1.38	 	CCRE	 	9210 Arboretum Parkway	 	9210 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	657,183	 	657,184	 	 	 	 	 	 	 	 	 	 
	1.39	 	CCRE1.39	 	CCRE	 	2221 Dabney Road	 	2221 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	657,184	 	657,184	 	 	 	 	 	 	 	 	 	 
	1.40	 	CCRE1.4	 	CCRE	 	9200 Arboretum Parkway	 	9200 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	657,183	 	657,184	 	 	 	 	 	 	 	 	 	 
	1.41	 	CCRE1.41	 	CCRE	 	815 East Gate Drive	 	815 East Gate Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	637,269	 	637,269	 	 	 	 	 	 	 	 	 	 
	1.42	 	CCRE1.42	 	CCRE	 	120 West Germantown Pike	 	120 West Germantown Pike	 	Plymouth Meeting	 	PA	 	19462	 	 	 	627,312	 	627,312	 	 	 	 	 	 	 	 	 	 
	1.43	 	CCRE1.43	 	CCRE	 	4364 South Alston Avenue	 	4364 South Alston Avenue	 	Durham	 	NC	 	27713	 	 	 	577,525	 	577,525	 	 	 	 	 	 	 	 	 	 
	1.44	 	CCRE1.44	 	CCRE	 	308 Harper Drive	 	308 Harper Drive	 	Moorestown	 	NJ	 	08057	 	 	 	567,568	 	567,568	 	 	 	 	 	 	 	 	 	 
	1.45	 	CCRE1.45	 	CCRE	 	2251 Dabney Road	 	2251 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	557,610	 	557,610	 	 	 	 	 	 	 	 	 	 
	1.46	 	CCRE1.46	 	CCRE	 	2212 Tomlynn Street	 	2212 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	557,610	 	557,610	 	 	 	 	 	 	 	 	 	 
	1.47	 	CCRE1.47	 	CCRE	 	2256 Dabney Road	 	2256 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	448,080	 	448,080	 	 	 	 	 	 	 	 	 	 
	1.48	 	CCRE1.48	 	CCRE	 	2246 Dabney Road	 	2246 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	448,080	 	448,080	 	 	 	 	 	 	 	 	 	 
	1.49	 	CCRE1.49	 	CCRE	 	2244 Dabney Road	 	2244 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	438,122	 	438,122	 	 	 	 	 	 	 	 	 	 
	1.50	 	CCRE1.5	 	CCRE	 	2130 Tomlynn Street	 	2130 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	418,208	 	418,208	 	 	 	 	 	 	 	 	 	 
	1.51	 	CCRE1.51	 	CCRE	 	2161 Tomlynn Street	 	2161 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	398,293	 	398,293	 	 	 	 	 	 	 	 	 	 
	1.52	 	CCRE1.52	 	CCRE	 	2248 Dabney Road	 	2248 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	398,293	 	398,293	 	 	 	 	 	 	 	 	 	 
	1.53	 	CCRE1.53	 	CCRE	 	2112 Tomlynn Street	 	2112 Tomlynn Street	 	Richmond	 	VA	 	23230	 	 	 	368,421	 	368,421	 	 	 	 	 	 	 	 	 	 
	1.54	 	CCRE1.54	 	CCRE	 	2277 Dabney Road	 	2277 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	368,421	 	368,421	 	 	 	 	 	 	 	 	 	 
	1.55	 	CCRE1.55	 	CCRE	 	9211 Arboretum Parkway	 	9211 Arboretum Parkway	 	North Chesterfield	 	VA	 	23236	 	 	 	358,464	 	358,464	 	 	 	 	 	 	 	 	 	 
	1.56	 	CCRE1.56	 	CCRE	 	2240 Dabney Road	 	2240 Dabney Road	 	Richmond	 	VA	 	23230	 	 	 	199,147	 	199,147	 	 	 	 	 	 	 	 	 	 
	1.57	 	CCRE1.57	 	CCRE	 	817 East Gate Drive	 	817 East Gate Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	149,360	 	149,360	 	 	 	 	 	 	 	 	 	 
	1.58	 	CCRE1.58	 	CCRE	 	161 Gaither Drive	 	161 Gaither Drive	 	Mount Laurel	 	NJ	 	08054	 	 	 	149,360	 	149,360	 	 	 	 	 	 	 	 	 	 
	2	 	CCRE2	 	CCRE	 	Hyatt Regency St. Louis at The Arch	 	315 Chestnut Street	 	St. Louis	 	MO	 	63102	 	4.5450%	 	54,000,000	 	54,000,000	 	11/06/2024	 	6	 	275,056	 	0.00250%	 	0.00250%
	3	 	CCRE3	 	CCRE	 	215 West 34th Street & 218 West 35th Street	 	215 West 34th Street and 218 West 35th Street	 	New York	 	NY	 	10001	 	4.2210%	 	45,000,000	 	45,000,000	 	01/06/2026	 	6	 	160,486	 	0.00250%	 	0.00000%
	4	 	CCRE4	 	CCRE	 	AG Life Time Fitness Portfolio	 	Various	 	Various	 	Various	 	Various	 	4.9040%	 	45,000,000	 	45,000,000	 	12/06/2025	 	6	 	186,454	 	0.00250%	 	0.00250%
	4.01	 	CCRE4.01	 	CCRE	 	Life Time - Florham Park, NJ	 	14 Fernwood Road	 	Florham Park	 	NJ	 	07932	 	 	 	6,667,784	 	6,667,784	 	 	 	 	 	 	 	 	 	 
	4.02	 	CCRE4.02	 	CCRE	 	Life Time - Westwood, MA	 	44 Harvard Street	 	Westwood	 	MA	 	02090	 	 	 	6,516,929	 	6,516,929	 	 	 	 	 	 	 	 	 	 
	4.03	 	CCRE4.03	 	CCRE	 	Life Time - Vernon Hills, IL	 	680 Woodlands Parkway	 	Vernon Hills	 	IL	 	60061	 	 	 	5,536,373	 	5,536,373	 	 	 	 	 	 	 	 	 	 
	4.04	 	CCRE4.04	 	CCRE	 	Life Time - Lakeville, MN	 	18425 Dodd Boulevard	 	Lakeville	 	MN	 	55044	 	 	 	4,404,961	 	4,404,961	 	 	 	 	 	 	 	 	 	 
	4.05	 	CCRE4.05	 	CCRE	 	Life Time - Sterling, VA	 	44610 Prentice Drive	 	Sterling	 	VA	 	20166	 	 	 	4,057,995	 	4,057,995	 	 	 	 	 	 	 	 	 	 
	4.06	 	CCRE4.06	 	CCRE	 	Life Time - Vestavia Hills, AL	 	3051 Healthy Way	 	Vestavia Hills	 	AL	 	35243	 	 	 	3,846,799	 	3,846,799	 	 	 	 	 	 	 	 	 	 
	4.07	 	CCRE4.07	 	CCRE	 	Life Time - Beachwood, OH	 	3850 Richmond Road	 	Beachwood	 	OH	 	44122	 	 	 	3,680,858	 	3,680,858	 	 	 	 	 	 	 	 	 	 
	4.08	 	CCRE4.08	 	CCRE	 	Life Time - Dublin, OH	 	3825 Hard Road	 	Dublin	 	OH	 	43016	 	 	 	3,469,661	 	3,469,661	 	 	 	 	 	 	 	 	 	 
	4.09	 	CCRE4.09	 	CCRE	 	Life Time - Ellisville, MO	 	3058 Clarkson Road	 	Ellisville	 	MO	 	63017	 	 	 	3,424,405	 	3,424,405	 	 	 	 	 	 	 	 	 	 
	4.10	 	CCRE4.1	 	CCRE	 	Life Time - Woodstock, GA	 	14200 Highway 92	 	Woodstock	 	GA	 	30188	 	 	 	3,394,234	 	3,394,234	 	 	 	 	 	 	 	 	 	 
	5	 	CCRE5	 	CCRE	 	Renaissance Cincinnati	 	36 East 4th Street	 	Cincinnati	 	OH	 	45202	 	5.3190%	 	34,200,000	 	34,035,002	 	02/06/2026	 	6	 	206,337	 	0.00250%	 	0.00000%
	6	 	CCRE6	 	CCRE	 	One Commerce Plaza	 	99 Washington Avenue	 	Albany	 	NY	 	12210	 	5.3335%	 	33,000,000	 	32,854,864	 	01/06/2026	 	6	 	183,938	 	0.00250%	 	0.00250%
	7	 	CCRE7	 	CCRE	 	GMR Portfolio	 	Various	 	Various	 	Various	 	Various	 	5.2200%	 	32,097,400	 	32,097,400	 	04/06/2026	 	6	 	176,647	 	0.00250%	 	0.00250%
	7.01	 	CCRE7.01	 	CCRE	 	Marina Towers	 	709 South Harbor City Boulevard	 	Melbourne	 	FL	 	32901	 	 	 	9,270,000	 	9,270,000	 	 	 	 	 	 	 	 	 	 
	7.02	 	CCRE7.02	 	CCRE	 	Star Medical Center	 	4100 Mapleshade Lane	 	Plano	 	TX	 	75075	 	 	 	9,250,000	 	9,250,000	 	 	 	 	 	 	 	 	 	 
	7.03	 	CCRE7.03	 	CCRE	 	1310 Wolf Park Drive	 	1310 Wolf Park Drive	 	Germantown	 	TN	 	38138	 	 	 	3,255,211	 	3,255,211	 	 	 	 	 	 	 	 	 	 
	7.04	 	CCRE7.04	 	CCRE	 	7668B Airways Boulevard	 	7668B Airways Boulevard	 	Southaven	 	MS	 	38671	 	 	 	2,959,283	 	2,959,283	 	 	 	 	 	 	 	 	 	 
	7.05	 	CCRE7.05	 	CCRE	 	Surgical Institute of Michigan	 	33545 Cherry Hill Road	 	Westland	 	MI	 	48186	 	 	 	2,850,000	 	2,850,000	 	 	 	 	 	 	 	 	 	 
	7.06	 	CCRE7.06	 	CCRE	 	1324 Wolf Park Drive	 	1324 Wolf Park Drive	 	Germantown	 	TN	 	38138	 	 	 	2,071,498	 	2,071,498	 	 	 	 	 	 	 	 	 	 
	7.07	 	CCRE7.07	 	CCRE	 	3350 North Germantown Road	 	3350 North Germantown Road	 	Bartlett	 	TN	 	38133	 	 	 	1,361,270	 	1,361,270	 	 	 	 	 	 	 	 	 	 
	7.08	 	CCRE7.08	 	CCRE	 	2999 Centre Oak Way	 	2999 Centre Oak Way	 	Germantown	 	TN	 	38138	 	 	 	1,080,138	 	1,080,138	 	 	 	 	 	 	 	 	 	 

 

    			 

     

    

 

	CFCRE 2016 C4 - Mortgage Loan Schedule (PSA)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Servicing Fee Rate
	 	 	 	 	Mortgage Loan	 	 	 	 	 	 	 	 	 	 	 	Mortage	 	Original Principal	 	Cut-off Date 	 	Maturity Date	 	Due	 	Current Monthly	 	Master Servicing	 	Primary Servicing
	ID	 	Loan Number	 	 Seller	 	Mortgage Loan Name	 	Street Address	 	City	 	State	 	Zip Code	 	Rate	 	Balance	 	Stated Principal Balance	 	or ARD	 	Date 	 	Debt Service	 	Fee Rate	 	Fee Rate
	8	 	CCRE8	 	CCRE	 	AvidXchange	 	Various	 	Charlotte	 	NC	 	28206	 	5.0940%	 	31,200,000	 	31,200,000	 	05/06/2026	 	6	 	175,916	 	0.00250%	 	0.00250%
	8.01	 	CCRE8.01	 	CCRE	 	AvidXchange Music Factory	 	900, 950 and 1000 NC Music Factory Boulevard	 	Charlotte	 	NC	 	28206	 	 	 	22,650,000	 	22,650,000	 	 	 	 	 	 	 	 	 	 
	8.02	 	CCRE8.02	 	CCRE	 	Silver Hammer Building	 	817, 820 and 920 Hamilton Street	 	Charlotte	 	NC	 	28206	 	 	 	8,550,000	 	8,550,000	 	 	 	 	 	 	 	 	 	 
	9	 	CCRE9	 	CCRE	 	Madbury Commons	 	17-21 Madbury Road	 	Durham	 	NH	 	03824	 	4.9290%	 	29,000,000	 	29,000,000	 	01/06/2026	 	6	 	154,422	 	0.00250%	 	0.00250%
	10	 	SG10	 	SG	 	GFH Brennan Industrial Portfolio	 	Various	 	Various	 	Various	 	Various	 	5.0500%	 	28,512,500	 	28,512,500	 	03/01/2026	 	1	 	153,934	 	0.00250%	 	0.00250%
	10.01	 	SG10.01	 	SG	 	Cumberland	 	5501-5523 North Cumberland Avenue	 	Chicago	 	IL	 	60656	 	 	 	7,085,208	 	7,085,208	 	 	 	 	 	 	 	 	 	 
	10.02	 	SG10.02	 	SG	 	UMIP Jefferson Hwy	 	8401 Jefferson Highway	 	Maple Grove	 	MN	 	55369	 	 	 	3,121,237	 	3,121,237	 	 	 	 	 	 	 	 	 	 
	10.03	 	SG10.03	 	SG	 	UMIP W 27th Street	 	7309 West 27th Street	 	St. Louis Park	 	MN	 	55426	 	 	 	2,793,507	 	2,793,507	 	 	 	 	 	 	 	 	 	 
	10.04	 	SG10.04	 	SG	 	Main	 	6709 Main Street	 	Union	 	IL	 	60180	 	 	 	2,528,202	 	2,528,202	 	 	 	 	 	 	 	 	 	 
	10.05	 	SG10.05	 	SG	 	Trolley Industrial	 	22701 Trolley Industrial Drive	 	Taylor	 	MI	 	48180	 	 	 	2,060,016	 	2,060,016	 	 	 	 	 	 	 	 	 	 
	10.06	 	SG10.06	 	SG	 	UMIP N 107th Street	 	9160 North 107th Street	 	Milwaukee	 	WI	 	53224	 	 	 	1,810,317	 	1,810,317	 	 	 	 	 	 	 	 	 	 
	10.07	 	SG10.07	 	SG	 	Addison	 	11440 Addison Avenue	 	Franklin Park	 	IL	 	60131	 	 	 	1,451,375	 	1,451,375	 	 	 	 	 	 	 	 	 	 
	10.08	 	SG10.08	 	SG	 	Pagemill	 	11477 Pagemill Road	 	Dallas	 	TX	 	75243	 	 	 	1,232,889	 	1,232,889	 	 	 	 	 	 	 	 	 	 
	10.09	 	SG10.09	 	SG	 	UMIP Xeon Street	 	11385 Xeon Street Northwest	 	Coon Rapids	 	MN	 	55448	 	 	 	1,201,676	 	1,201,676	 	 	 	 	 	 	 	 	 	 
	10.10	 	SG10.1	 	SG	 	8402-8440 Jackson	 	8402-8440 East 33rd Street	 	Indianapolis	 	IN	 	46226	 	 	 	998,796	 	998,796	 	 	 	 	 	 	 	 	 	 
	10.11	 	SG10.11	 	SG	 	Jackson Pagosa	 	3316-3346 North Pagosa Court	 	Indianapolis	 	IN	 	46226	 	 	 	967,583	 	967,583	 	 	 	 	 	 	 	 	 	 
	10.12	 	SG10.12	 	SG	 	8520-8630 Jackson	 	8520-8630 East 33rd Street	 	Indianapolis	 	IN	 	46226	 	 	 	936,371	 	936,371	 	 	 	 	 	 	 	 	 	 
	10.13	 	SG10.13	 	SG	 	Common	 	16000 Common Road	 	Roseville	 	MI	 	48066	 	 	 	905,159	 	905,159	 	 	 	 	 	 	 	 	 	 
	10.14	 	SG10.14	 	SG	 	8710-8768 Jackson	 	8710-8768 East 33rd Street	 	Indianapolis	 	IN	 	46226	 	 	 	780,309	 	780,309	 	 	 	 	 	 	 	 	 	 
	10.15	 	SG10.15	 	SG	 	Dolton	 	2150 Dolton Road	 	Calumet City	 	IL	 	60409	 	 	 	639,854	 	639,854	 	 	 	 	 	 	 	 	 	 
	11	 	CCRE11	 	CCRE	 	NorCal Grocery Portfolio	 	Various	 	Various	 	CA	 	Various	 	5.6000%	 	26,500,000	 	26,471,536	 	04/06/2026	 	6	 	152,131	 	0.00250%	 	0.00250%
	11.01	 	CCRE11.01	 	CCRE	 	1745, 1775, 1799 Story Road	 	1745, 1775, 1799 Story Road	 	San Jose	 	CA	 	95122	 	 	 	17,425,219	 	17,406,502	 	 	 	 	 	 	 	 	 	 
	11.02	 	CCRE11.02	 	CCRE	 	1437 Freedom Boulevard	 	1437 Freedom Boulevard	 	Watsonville	 	CA	 	95076	 	 	 	3,758,381	 	3,754,344	 	 	 	 	 	 	 	 	 	 
	11.03	 	CCRE11.03	 	CCRE	 	950 East Alisal Street	 	950 East Alisal Street	 	Salinas	 	CA	 	93905	 	 	 	3,143,373	 	3,139,997	 	 	 	 	 	 	 	 	 	 
	11.04	 	CCRE11.04	 	CCRE	 	40 South Rengstorff Avenue	 	40 South Rengstorff Avenue	 	Mountain View	 	CA	 	94040	 	 	 	1,592,187	 	1,590,476	 	 	 	 	 	 	 	 	 	 
	11.05	 	CCRE11.05	 	CCRE	 	4340 Bond Street (Parking)	 	4340 Bond Street	 	Oakland 	 	CA	 	94601	 	 	 	580,841	 	580,217	 	 	 	 	 	 	 	 	 	 
	12	 	CCRE12	 	CCRE	 	NMS Los Angeles Multifamily Portfolio	 	Various	 	Various	 	CA	 	Various	 	4.9380%	 	25,000,000	 	25,000,000	 	09/06/2025	 	6	 	104,304	 	0.00250%	 	0.00000%
	12.01	 	CCRE12.01	 	CCRE	 	Luxe at 1548	 	1548 6th Street	 	Santa Monica	 	CA	 	90401	 	 	 	5,666,667	 	5,666,667	 	 	 	 	 	 	 	 	 	 
	12.02	 	CCRE12.02	 	CCRE	 	Luxe at 1539	 	1539 4th Street	 	Santa Monica	 	CA	 	90401	 	 	 	5,479,167	 	5,479,167	 	 	 	 	 	 	 	 	 	 
	12.03	 	CCRE12.03	 	CCRE	 	Luxe at 1759	 	1759 Beloit Avenue	 	Los Angeles	 	CA	 	90025	 	 	 	4,895,833	 	4,895,833	 	 	 	 	 	 	 	 	 	 
	12.04	 	CCRE12.04	 	CCRE	 	NMS at Northridge	 	9710 Zelzah Avenue	 	Northridge	 	CA	 	91325	 	 	 	4,479,167	 	4,479,167	 	 	 	 	 	 	 	 	 	 
	12.05	 	CCRE12.05	 	CCRE	 	NMS at Warner Center	 	21021 Vanowen Street	 	Canoga Park	 	CA	 	91303	 	 	 	3,187,500	 	3,187,500	 	 	 	 	 	 	 	 	 	 
	12.06	 	CCRE12.06	 	CCRE	 	NMS at Superior	 	17089 Superior Street	 	Northridge	 	CA	 	91325	 	 	 	1,291,667	 	1,291,667	 	 	 	 	 	 	 	 	 	 
	13	 	BSP13	 	BSP	 	Broadstone Plaza II	 	2779-2799 East Bidwell Street	 	Folsom	 	CA	 	95630	 	4.5600%	 	24,000,000	 	24,000,000	 	11/06/2025	 	6	 	122,462	 	0.00250%	 	0.00250%
	14	 	SG14	 	SG	 	Marketplace at Kapolei	 	590 Farrington Highway	 	Kapolei	 	HI	 	96707	 	4.8500%	 	22,613,000	 	22,613,000	 	05/01/2026	 	1	 	119,327	 	0.00250%	 	0.00250%
	15	 	CCRE15	 	CCRE	 	GSP MHP Portfolio II	 	Various	 	Various	 	Various	 	Various	 	4.7235%	 	21,940,000	 	21,723,756	 	09/06/2025	 	6	 	114,099	 	0.00250%	 	0.00000%
	15.01	 	CCRE15.01	 	CCRE	 	Grayson Village MHP	 	17240 Dumfries Road	 	Dumfries	 	VA	 	22026	 	 	 	11,640,000	 	11,525,274	 	 	 	 	 	 	 	 	 	 
	15.02	 	CCRE15.02	 	CCRE	 	Pleasant Hills MHP	 	234 Hill Drive	 	Hamburg	 	PA	 	19526	 	 	 	8,825,000	 	8,738,019	 	 	 	 	 	 	 	 	 	 
	15.03	 	CCRE15.03	 	CCRE	 	Northwood Manor MHP	 	1300 York Haven Road	 	York Haven	 	PA	 	17370	 	 	 	1,475,000	 	1,460,462	 	 	 	 	 	 	 	 	 	 
	16	 	CCRE16	 	CCRE	 	Marriott University Park	 	480 Wakara Way	 	Salt Lake City	 	UT	 	84108	 	5.8600%	 	21,400,000	 	21,340,243	 	03/06/2026	 	6	 	136,055	 	0.00250%	 	0.00250%
	17	 	BSP17	 	BSP	 	5353 West Bell Road	 	5353 West Bell Road	 	Glendale	 	AZ	 	85308	 	4.1100%	 	19,700,000	 	19,700,000	 	01/06/2026	 	6	 	68,410	 	0.00250%	 	0.00250%
	18	 	SG18	 	SG	 	Hilton Garden Inn Las Vegas	 	7830 South Las Vegas Boulevard	 	Las Vegas	 	NV	 	89123	 	5.0210%	 	18,000,000	 	18,000,000	 	05/01/2026	 	1	 	96,859	 	0.00250%	 	0.00250%
	19	 	CCRE19	 	CCRE	 	Racine Dental	 	1101 South Airline Road	 	Mount Pleasant	 	WI	 	53406	 	4.9725%	 	17,250,000	 	17,078,475	 	11/06/2025	 	6	 	100,566	 	0.00250%	 	0.00250%
	20	 	CCRE20	 	CCRE	 	3 Executive Campus	 	3 Executive Campus	 	Cherry Hill	 	NJ	 	08002	 	5.1000%	 	16,650,000	 	16,650,000	 	05/06/2026	 	6	 	90,401	 	0.00250%	 	0.00250%
	21	 	CCRE21	 	CCRE	 	Johnson Crossing & Shops at Westwind	 	Various	 	Fond du Lac	 	WI	 	Various	 	5.1000%	 	16,395,000	 	16,395,000	 	05/06/2026	 	6	 	89,017	 	0.00250%	 	0.00000%
	21.01	 	CCRE21.01	 	CCRE	 	Johnson Crossing	 	1115 East Johnson Street	 	Fond du Lac	 	WI	 	54935	 	 	 	13,545,000	 	13,545,000	 	 	 	 	 	 	 	 	 	 
	21.02	 	CCRE21.02	 	CCRE	 	Shops at Westwind	 	N6663 Rolling Meadows Drive	 	Fond du Lac	 	WI	 	54937	 	 	 	2,850,000	 	2,850,000	 	 	 	 	 	 	 	 	 	 
	22	 	BSP22	 	BSP	 	Travelers Office Tower II	 	26533 Evergreen Road	 	Southfield	 	MI	 	48076	 	4.6200%	 	16,000,000	 	16,000,000	 	01/06/2026	 	6	 	62,456	 	0.00250%	 	0.00250%
	23	 	BSP23	 	BSP	 	601 West Polk	 	601 West Polk Street	 	Chicago	 	IL	 	60607	 	4.4700%	 	15,000,000	 	15,000,000	 	04/06/2026	 	6	 	56,651	 	0.00250%	 	0.00250%
	24	 	CCRE24	 	CCRE	 	Binz Building	 	1001 and 1015 Texas Avenue	 	Houston	 	TX	 	77002	 	4.4100%	 	14,750,000	 	14,750,000	 	05/06/2026	 	6	 	112,159	 	0.00250%	 	0.00250%
	25	 	SG25	 	SG	 	Home Depot - Elk Grove Village	 	600 Meacham Road	 	Elk Grove	 	IL	 	60007	 	4.6710%	 	10,945,000	 	10,945,000	 	11/01/2025	 	1	 	43,195	 	0.00250%	 	0.00250%
	26	 	BSP26	 	BSP	 	Bailey’s Ridge Apartments	 	4750 Bailey’s Ridge Drive	 	Prince George	 	VA	 	23875	 	5.2300%	 	10,180,000	 	10,111,896	 	11/06/2025	 	6	 	56,088	 	0.00250%	 	0.00250%
	27	 	BSP27	 	BSP	 	Great Escape Plaza	 	17200-17290 Royalton Road	 	Strongsville	 	OH	 	44136	 	4.7300%	 	10,000,000	 	10,000,000	 	01/06/2026	 	6	 	52,044	 	0.00250%	 	0.00250%
	28	 	BSP28	 	BSP	 	36 Newburgh Road	 	36 Newburgh Road	 	Hackettstown	 	NJ	 	07840	 	5.1500%	 	9,550,000	 	9,550,000	 	03/06/2026	 	6	 	52,146	 	0.00250%	 	0.00250%
	29	 	CCRE29	 	CCRE	 	Albuquerque Tortilla	 	4300 Alexander Boulevard Northeast and 1700 Desert Surf Circle Northeast	 	Albuquerque	 	NM	 	87107	 	5.3460%	 	9,375,000	 	9,343,164	 	02/06/2026	 	6	 	52,328	 	0.00250%	 	0.00250%
	30	 	CCRE30	 	CCRE	 	Wharfside Village	 	4-A Cruz Bay	 	St John	 	VI	 	00830	 	5.7500%	 	9,000,000	 	9,000,000	 	04/06/2021	 	6	 	52,522	 	0.00250%	 	0.00250%
	31	 	CCRE31	 	CCRE	 	Fresenius Portfolio	 	Various	 	Various	 	Various	 	Various	 	4.9600%	 	8,800,000	 	8,800,000	 	03/06/2026	 	6	 	47,025	 	0.00250%	 	0.00250%
	31.01	 	CCRE31.01	 	CCRE	 	Fresenius Farmville	 	500 Sunchase Boulevard	 	Farmville	 	VA	 	23901	 	 	 	3,444,677	 	3,444,677	 	 	 	 	 	 	 	 	 	 
	31.02	 	CCRE31.02	 	CCRE	 	Fresenius Albany	 	110 Logan Court	 	Albany	 	GA	 	31707	 	 	 	2,928,076	 	2,928,076	 	 	 	 	 	 	 	 	 	 
	31.03	 	CCRE31.03	 	CCRE	 	Fresenius Coweta County	 	65 Francis Way	 	Sharpsburg	 	GA	 	30277	 	 	 	2,427,247	 	2,427,247	 	 	 	 	 	 	 	 	 	 
	32	 	CCRE32	 	CCRE	 	Yuma Mesa Shopping Center 	 	301 West 16th Street 	 	Yuma	 	AZ	 	85364	 	5.5000%	 	7,575,000	 	7,559,542	 	03/06/2026	 	6	 	43,010	 	0.00250%	 	0.00250%
	33	 	BSP33	 	BSP	 	Colinas Del Bosque North	 	7700 Forest Hill Drive	 	Fort Worth	 	TX	 	76140	 	5.2200%	 	7,500,000	 	7,458,568	 	12/06/2025	 	6	 	41,276	 	0.00250%	 	0.00250%
	34	 	BSP34	 	BSP	 	Dallas Multifamily Portfolio	 	Various	 	Dallas	 	TX	 	75241	 	5.4100%	 	7,375,000	 	7,375,000	 	01/06/2026	 	6	 	44,893	 	0.00250%	 	0.00250%
	34.01	 	BSP34.01	 	BSP	 	Mountain Creek View Apartments	 	5821 Bonnie View Road	 	Dallas	 	TX	 	75241	 	 	 	6,000,000	 	6,000,000	 	 	 	 	 	 	 	 	 	 
	34.02	 	BSP34.02	 	BSP	 	Highland Hills	 	5850 Highland Hills Drive	 	Dallas	 	TX	 	75241	 	 	 	1,375,000	 	1,375,000	 	 	 	 	 	 	 	 	 	 
	35	 	SG35	 	SG	 	Hampton Inn Palm Desert	 	74900 Gerald Ford Drive	 	Palm Desert	 	CA	 	92211	 	4.6600%	 	7,000,000	 	7,000,000	 	05/01/2026	 	1	 	36,137	 	0.00250%	 	0.00250%
	36	 	CCRE36	 	CCRE	 	Gables at Lakeside	 	1209 Bermuda Lakes Lane	 	Kissimmee	 	FL	 	34741	 	5.5370%	 	7,000,000	 	6,970,439	 	01/06/2021	 	6	 	39,908	 	0.00250%	 	0.00250%
	37	 	CCRE37	 	CCRE	 	Boardwalk Apartments	 	6400 Northwest Expressway	 	Oklahoma City	 	OK	 	73132	 	4.8455%	 	6,625,000	 	6,625,000	 	11/06/2025	 	6	 	27,123	 	0.00250%	 	0.00250%
	38	 	CCRE38	 	CCRE	 	Athens Sentry Self Storage	 	2375 Lexington Road	 	Athens	 	GA	 	30605	 	5.4510%	 	6,075,000	 	6,075,000	 	05/06/2021	 	6	 	34,307	 	0.00250%	 	0.00000%
	39	 	SG39	 	SG	 	Banderas Corporate Center	 	30211 Avenida de las Banderas	 	Rancho Santa Margarita	 	CA	 	92688	 	4.8320%	 	5,700,000	 	5,700,000	 	05/01/2026	 	1	 	30,016	 	0.00250%	 	0.00250%
	40	 	CCRE40	 	CCRE	 	Concord Place Apartments	 	151 Dawes Street	 	Oshkosh	 	WI	 	54901	 	5.1000%	 	3,120,000	 	3,108,910	 	02/06/2026	 	6	 	16,940	 	0.00250%	 	0.00250%
	41	 	CCRE41	 	CCRE	 	Lakeview Terrace	 	1191 High Avenue	 	Oshkosh	 	WI	 	54901	 	5.2500%	 	2,580,000	 	2,571,081	 	02/06/2026	 	6	 	14,247	 	0.00250%	 	0.00250%
	42	 	CCRE42	 	CCRE	 	Inland Suites Memphis	 	Various	 	Memphis	 	TN	 	Various	 	5.5000%	 	5,200,000	 	5,200,000	 	05/06/2026	 	6	 	33,243	 	0.00250%	 	0.00250%
	42.01	 	CCRE42.01	 	CCRE	 	Inland Suites Elvis	 	1218 Winchester Road	 	Memphis	 	TN	 	38116	 	 	 	2,785,714	 	2,785,714	 	 	 	 	 	 	 	 	 	 
	42.02	 	CCRE42.02	 	CCRE	 	Inland Suites Lamar	 	3913 Lamar Avenue	 	Memphis	 	TN	 	38118	 	 	 	2,414,286	 	2,414,286	 	 	 	 	 	 	 	 	 	 
	43	 	BSP43	 	BSP	 	Casa Bella Apartments	 	2970 Peavy Road	 	Dallas	 	TX	 	75228	 	5.4000%	 	4,700,000	 	4,700,000	 	05/06/2026	 	6	 	26,392	 	0.00250%	 	0.00250%
	44	 	CCRE44	 	CCRE	 	Hurley Way	 	2020 Hurley Way	 	Sacramento	 	CA	 	95825	 	5.1500%	 	4,500,000	 	4,490,107	 	03/06/2026	 	6	 	24,571	 	0.00250%	 	0.00000%
	45	 	CCRE45	 	CCRE	 	Stein Mart Plaza Westlake	 	25001-25099 Center Ridge Road 	 	Westlake	 	OH	 	44145	 	4.9650%	 	4,100,000	 	4,079,148	 	02/06/2026	 	6	 	23,885	 	0.00250%	 	0.00250%
	46	 	BSP46	 	BSP	 	FBI Reno	 	980 Sandhill Road	 	Reno	 	NV	 	89521	 	5.3000%	 	4,100,000	 	4,074,105	 	01/06/2026	 	6	 	24,690	 	0.00250%	 	0.00250%
	47	 	BSP47	 	BSP	 	New Candlelight Apartments	 	1006 Harvard Drive Southeast	 	Warren	 	OH	 	44484	 	5.2700%	 	3,930,000	 	3,912,497	 	01/06/2026	 	6	 	21,750	 	0.00250%	 	0.00250%
	48	 	CCRE48	 	CCRE	 	Marsh Creek Village	 	6780 Roswell Road	 	Sandy Springs	 	GA	 	30328	 	5.2670%	 	3,600,000	 	3,580,303	 	12/06/2025	 	6	 	19,917	 	0.00250%	 	0.00250%
	49	 	CCRE49	 	CCRE	 	Wilco Center	 	10409 Canyon Road East	 	Puyallup	 	WA	 	98373	 	5.2145%	 	2,800,000	 	2,781,210	 	11/06/2025	 	6	 	15,400	 	0.00250%	 	0.00250%
	50	 	BSP50	 	BSP	 	Frankfort Plaza	 	21000 Frankfort Square Road	 	Frankfort	 	IL	 	60423	 	5.3000%	 	2,550,000	 	2,536,143	 	12/06/2025	 	6	 	14,160	 	0.00250%	 	0.00250%

 

    			 

     

    

 

	CFCRE 2016 C4 - Mortgage Loan Schedule (PSA)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Interest	 	 	 	Marketplace at Kapolei	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Mortgage Loan	 	 	 	Accrual 	 	Letter of 	 	 	 	Part of	 	Leasehold	 	Current Mezzanine	 	 	 	 	 	 	 	 	 
	ID	 	Loan Number	 	 Seller	 	Mortgage Loan Name	 	Method	 	Credit	 	Post-ARD Revised Rate	 	Loan Combination	 	Interest	 	or Subordinate Debt	 	Sub Servicer Name	 	Sub Servicer Cashiering	 	Sub Servicer Fee Rate	 	Earnout/Holdback	 
	1	 	CCRE1	 	CCRE	 	OZRE Leased Fee Portfolio	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	1.01	 	CCRE1.01	 	CCRE	 	300 Arboretum Place	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.02	 	CCRE1.02	 	CCRE	 	700 East Gate Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.03	 	CCRE1.03	 	CCRE	 	6802 Paragon Place	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.04	 	CCRE1.04	 	CCRE	 	6800 Paragon Place	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.05	 	CCRE1.05	 	CCRE	 	2100 West Laburnum Avenue	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.06	 	CCRE1.06	 	CCRE	 	7501 Boulder View Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.07	 	CCRE1.07	 	CCRE	 	7300 Beaufont Springs Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.08	 	CCRE1.08	 	CCRE	 	4870 Sadler Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.09	 	CCRE1.09	 	CCRE	 	12015 Lee Jackson Memorial Highway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.10	 	CCRE1.1	 	CCRE	 	6806 Paragon Place	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.11	 	CCRE1.11	 	CCRE	 	925 Harvest Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.12	 	CCRE1.12	 	CCRE	 	555 Croton Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.13	 	CCRE1.13	 	CCRE	 	980 Harvest Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.14	 	CCRE1.14	 	CCRE	 	309 Fellowship Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.15	 	CCRE1.15	 	CCRE	 	11781 Lee Jackson Memorial Highway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.16	 	CCRE1.16	 	CCRE	 	305 Fellowship Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.17	 	CCRE1.17	 	CCRE	 	701 East Gate Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.18	 	CCRE1.18	 	CCRE	 	920 Harvest Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.19	 	CCRE1.19	 	CCRE	 	4880 Sadler Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.20	 	CCRE1.2	 	CCRE	 	1025 Boulders Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.21	 	CCRE1.21	 	CCRE	 	2201 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.22	 	CCRE1.22	 	CCRE	 	2240-2250 Butler Pike	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.23	 	CCRE1.23	 	CCRE	 	7401 Beaufont Springs Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.24	 	CCRE1.24	 	CCRE	 	2511 Brittons Hill Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.25	 	CCRE1.25	 	CCRE	 	4805 Lake Brook Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.26	 	CCRE1.26	 	CCRE	 	4401 Fair Lakes Court	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.27	 	CCRE1.27	 	CCRE	 	2812 Emerywood Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.28	 	CCRE1.28	 	CCRE	 	9100 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.29	 	CCRE1.29	 	CCRE	 	500 Enterprise Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.30	 	CCRE1.3	 	CCRE	 	303 Fellowship Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.31	 	CCRE1.31	 	CCRE	 	9011 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.32	 	CCRE1.32	 	CCRE	 	910 Harvest Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.33	 	CCRE1.33	 	CCRE	 	7325 Beaufont Springs Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.34	 	CCRE1.34	 	CCRE	 	1 Progress Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.35	 	CCRE1.35	 	CCRE	 	2260 Butler Pike	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.36	 	CCRE1.36	 	CCRE	 	140 West Germantown Pike	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.37	 	CCRE1.37	 	CCRE	 	307 Fellowship Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.38	 	CCRE1.38	 	CCRE	 	9210 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.39	 	CCRE1.39	 	CCRE	 	2221 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.40	 	CCRE1.4	 	CCRE	 	9200 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.41	 	CCRE1.41	 	CCRE	 	815 East Gate Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.42	 	CCRE1.42	 	CCRE	 	120 West Germantown Pike	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.43	 	CCRE1.43	 	CCRE	 	4364 South Alston Avenue	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.44	 	CCRE1.44	 	CCRE	 	308 Harper Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.45	 	CCRE1.45	 	CCRE	 	2251 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.46	 	CCRE1.46	 	CCRE	 	2212 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.47	 	CCRE1.47	 	CCRE	 	2256 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.48	 	CCRE1.48	 	CCRE	 	2246 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.49	 	CCRE1.49	 	CCRE	 	2244 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.50	 	CCRE1.5	 	CCRE	 	2130 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.51	 	CCRE1.51	 	CCRE	 	2161 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.52	 	CCRE1.52	 	CCRE	 	2248 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.53	 	CCRE1.53	 	CCRE	 	2112 Tomlynn Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.54	 	CCRE1.54	 	CCRE	 	2277 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.55	 	CCRE1.55	 	CCRE	 	9211 Arboretum Parkway	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.56	 	CCRE1.56	 	CCRE	 	2240 Dabney Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.57	 	CCRE1.57	 	CCRE	 	817 East Gate Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	1.58	 	CCRE1.58	 	CCRE	 	161 Gaither Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	2	 	CCRE2	 	CCRE	 	Hyatt Regency St. Louis at The Arch	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	3	 	CCRE3	 	CCRE	 	215 West 34th Street & 218 West 35th Street	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.00250%	 	No	 
	4	 	CCRE4	 	CCRE	 	AG Life Time Fitness Portfolio	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	4.01	 	CCRE4.01	 	CCRE	 	Life Time - Florham Park, NJ	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.02	 	CCRE4.02	 	CCRE	 	Life Time - Westwood, MA	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.03	 	CCRE4.03	 	CCRE	 	Life Time - Vernon Hills, IL	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.04	 	CCRE4.04	 	CCRE	 	Life Time - Lakeville, MN	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.05	 	CCRE4.05	 	CCRE	 	Life Time - Sterling, VA	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.06	 	CCRE4.06	 	CCRE	 	Life Time - Vestavia Hills, AL	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.07	 	CCRE4.07	 	CCRE	 	Life Time - Beachwood, OH	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.08	 	CCRE4.08	 	CCRE	 	Life Time - Dublin, OH	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.09	 	CCRE4.09	 	CCRE	 	Life Time - Ellisville, MO	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	4.10	 	CCRE4.1	 	CCRE	 	Life Time - Woodstock, GA	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	5	 	CCRE5	 	CCRE	 	Renaissance Cincinnati	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.02000%	 	Yes	 
	6	 	CCRE6	 	CCRE	 	One Commerce Plaza	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	7	 	CCRE7	 	CCRE	 	GMR Portfolio	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	7.01	 	CCRE7.01	 	CCRE	 	Marina Towers	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.02	 	CCRE7.02	 	CCRE	 	Star Medical Center	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.03	 	CCRE7.03	 	CCRE	 	1310 Wolf Park Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.04	 	CCRE7.04	 	CCRE	 	7668B Airways Boulevard	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.05	 	CCRE7.05	 	CCRE	 	Surgical Institute of Michigan	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.06	 	CCRE7.06	 	CCRE	 	1324 Wolf Park Drive	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.07	 	CCRE7.07	 	CCRE	 	3350 North Germantown Road	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	7.08	 	CCRE7.08	 	CCRE	 	2999 Centre Oak Way	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 

 

    			 

     

    

 

	CFCRE 2016 C4 - Mortgage Loan Schedule (PSA)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Interest	 	 	 	Marketplace at Kapolei	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Mortgage Loan	 	 	 	Accrual 	 	Letter of 	 	 	 	Part of	 	Leasehold	 	Current Mezzanine	 	 	 	 	 	 	 	 	 
	ID	 	Loan Number	 	 Seller	 	Mortgage Loan Name	 	Method	 	Credit	 	Post-ARD Revised Rate	 	Loan Combination	 	Interest	 	or Subordinate Debt	 	Sub Servicer Name	 	Sub Servicer Cashiering	 	Sub Servicer Fee Rate	 	Earnout/Holdback	 
	8	 	CCRE8	 	CCRE	 	AvidXchange	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	8.01	 	CCRE8.01	 	CCRE	 	AvidXchange Music Factory	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	CCRE8.02	 	CCRE	 	Silver Hammer Building	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	9	 	CCRE9	 	CCRE	 	Madbury Commons	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	10	 	SG10	 	SG	 	GFH Brennan Industrial Portfolio	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	10.01	 	SG10.01	 	SG	 	Cumberland	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.02	 	SG10.02	 	SG	 	UMIP Jefferson Hwy	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.03	 	SG10.03	 	SG	 	UMIP W 27th Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.04	 	SG10.04	 	SG	 	Main	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.05	 	SG10.05	 	SG	 	Trolley Industrial	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.06	 	SG10.06	 	SG	 	UMIP N 107th Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.07	 	SG10.07	 	SG	 	Addison	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.08	 	SG10.08	 	SG	 	Pagemill	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.09	 	SG10.09	 	SG	 	UMIP Xeon Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.10	 	SG10.1	 	SG	 	8402-8440 Jackson	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.11	 	SG10.11	 	SG	 	Jackson Pagosa	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.12	 	SG10.12	 	SG	 	8520-8630 Jackson	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.13	 	SG10.13	 	SG	 	Common	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.14	 	SG10.14	 	SG	 	8710-8768 Jackson	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	10.15	 	SG10.15	 	SG	 	Dolton	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	11	 	CCRE11	 	CCRE	 	NorCal Grocery Portfolio	 	Actual/360	 	None	 	No	 	No	 	Fee Simple/Leasehold	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	11.01	 	CCRE11.01	 	CCRE	 	1745, 1775, 1799 Story Road	 	 	 	 	 	 	 	 	 	Fee Simple/Leasehold	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	CCRE11.02	 	CCRE	 	1437 Freedom Boulevard	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	CCRE11.03	 	CCRE	 	950 East Alisal Street	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	CCRE11.04	 	CCRE	 	40 South Rengstorff Avenue	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	CCRE11.05	 	CCRE	 	4340 Bond Street (Parking)	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12	 	CCRE12	 	CCRE	 	NMS Los Angeles Multifamily Portfolio	 	Actual/360	 	7,000,000	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.00250%	 	No	 
	12.01	 	CCRE12.01	 	CCRE	 	Luxe at 1548	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.02	 	CCRE12.02	 	CCRE	 	Luxe at 1539	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.03	 	CCRE12.03	 	CCRE	 	Luxe at 1759	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.04	 	CCRE12.04	 	CCRE	 	NMS at Northridge	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.05	 	CCRE12.05	 	CCRE	 	NMS at Warner Center	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	12.06	 	CCRE12.06	 	CCRE	 	NMS at Superior	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	13	 	BSP13	 	BSP	 	Broadstone Plaza II	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	14	 	SG14	 	SG	 	Marketplace at Kapolei	 	Actual/360	 	None	 	6.8500%	 	No	 	Leasehold	 	None	 	 	 	No	 	NAP	 	No	 
	15	 	CCRE15	 	CCRE	 	GSP MHP Portfolio II	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.05000%	 	No	 
	15.01	 	CCRE15.01	 	CCRE	 	Grayson Village MHP	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	15.02	 	CCRE15.02	 	CCRE	 	Pleasant Hills MHP	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	15.03	 	CCRE15.03	 	CCRE	 	Northwood Manor MHP	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	16	 	CCRE16	 	CCRE	 	Marriott University Park	 	Actual/360	 	None	 	No	 	No	 	Leasehold	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	17	 	BSP17	 	BSP	 	5353 West Bell Road	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	18	 	SG18	 	SG	 	Hilton Garden Inn Las Vegas	 	Actual/360	 	None	 	No	 	No	 	Fee Simple/Leasehold	 	None	 	 	 	No	 	NAP	 	No	 
	19	 	CCRE19	 	CCRE	 	Racine Dental	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	20	 	CCRE20	 	CCRE	 	3 Executive Campus	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	21	 	CCRE21	 	CCRE	 	Johnson Crossing & Shops at Westwind	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.05000%	 	No	 
	21.01	 	CCRE21.01	 	CCRE	 	Johnson Crossing	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	21.02	 	CCRE21.02	 	CCRE	 	Shops at Westwind	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	22	 	BSP22	 	BSP	 	Travelers Office Tower II	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	23	 	BSP23	 	BSP	 	601 West Polk	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	24	 	CCRE24	 	CCRE	 	Binz Building	 	Actual/360	 	None	 	No	 	No	 	Fee Simple/Leasehold	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	25	 	SG25	 	SG	 	Home Depot - Elk Grove Village	 	Actual/360	 	None	 	No	 	Yes	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	26	 	BSP26	 	BSP	 	Bailey’s Ridge Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	27	 	BSP27	 	BSP	 	Great Escape Plaza	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	28	 	BSP28	 	BSP	 	36 Newburgh Road	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	29	 	CCRE29	 	CCRE	 	Albuquerque Tortilla	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	30	 	CCRE30	 	CCRE	 	Wharfside Village	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	31	 	CCRE31	 	CCRE	 	Fresenius Portfolio	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	31.01	 	CCRE31.01	 	CCRE	 	Fresenius Farmville	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	31.02	 	CCRE31.02	 	CCRE	 	Fresenius Albany	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	31.03	 	CCRE31.03	 	CCRE	 	Fresenius Coweta County	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	32	 	CCRE32	 	CCRE	 	Yuma Mesa Shopping Center 	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	33	 	BSP33	 	BSP	 	Colinas Del Bosque North	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	34	 	BSP34	 	BSP	 	Dallas Multifamily Portfolio	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	Yes	 
	34.01	 	BSP34.01	 	BSP	 	Mountain Creek View Apartments	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	34.02	 	BSP34.02	 	BSP	 	Highland Hills	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	35	 	SG35	 	SG	 	Hampton Inn Palm Desert	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	36	 	CCRE36	 	CCRE	 	Gables at Lakeside	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	37	 	CCRE37	 	CCRE	 	Boardwalk Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	38	 	CCRE38	 	CCRE	 	Athens Sentry Self Storage	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.07000%	 	No	 
	39	 	SG39	 	SG	 	Banderas Corporate Center	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	40	 	CCRE40	 	CCRE	 	Concord Place Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	41	 	CCRE41	 	CCRE	 	Lakeview Terrace	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	42	 	CCRE42	 	CCRE	 	Inland Suites Memphis	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	42.01	 	CCRE42.01	 	CCRE	 	Inland Suites Elvis	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	42.02	 	CCRE42.02	 	CCRE	 	Inland Suites Lamar	 	 	 	 	 	 	 	 	 	Fee Simple	 	 	 	 	 	 	 	 	 	 	 
	43	 	BSP43	 	BSP	 	Casa Bella Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	44	 	CCRE44	 	CCRE	 	Hurley Way	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Full	 	0.07000%	 	No	 
	45	 	CCRE45	 	CCRE	 	Stein Mart Plaza Westlake	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Pinnacle Capital Mortgage	 	Non-Cashiering	 	0.04000%	 	No	 
	46	 	BSP46	 	BSP	 	FBI Reno	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 
	47	 	BSP47	 	BSP	 	New Candlelight Apartments	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	RiverCore Capital	 	Non-Cashiering	 	0.05000%	 	No	 
	48	 	CCRE48	 	CCRE	 	Marsh Creek Village	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	49	 	CCRE49	 	CCRE	 	Wilco Center	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	Berkeley Point Capital	 	Non-Cashiering	 	0.02000%	 	No	 
	50	 	BSP50	 	BSP	 	Frankfort Plaza	 	Actual/360	 	None	 	No	 	No	 	Fee Simple	 	None	 	 	 	No	 	NAP	 	No	 

 

    			 

     

    

 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF NEW YORK	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	 

 

                                     ,
being first duly sworn, deposes and says:

 

1.             That he/she is
a                                      
of                                      
(the “Purchaser”), a                                      
duly organized and existing under the laws of the State of                                      
on behalf of which he/she makes this affidavit.

 

2.             That the Purchaser’s
Taxpayer Identification Number is                             .

 

3.             That the Purchaser
of the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Class R (the “Class
R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling and Servicing Agreement, dated as of
May 1, 2016 (the “Pooling and Servicing Agreement”), entered into among CCRE Commercial Mortgage Securities,
L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer,
Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association,
as certificate administrator, paying agent and custodian, or is acquiring the Class R Certificate for the account of, or as agent
(including as a broker, nominee, or other middleman) for, a Permitted Transferee and has received from such person or entity an
affidavit substantially in the form of this affidavit.

 

4.             That the Purchaser
historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser
intends to pay taxes associated with holding the Class R Certificate as they become due.

 

5.             That the Purchaser
understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flow generated by the
Class R Certificate.

 

6.             That the Purchaser
will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received an affidavit substantially
in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in paragraph 3,
paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the requirements
set forth in paragraph 4 hereof.

 

7.             That the Purchaser
is not a Disqualified Non-U.S. Person and is not purchasing the Class R Certificate for the account of, or as an agent (including
as a broker,

 

    C-1-1 

     

    

 

nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted Transferee.

 

8.             That the Purchaser
agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the restrictions on transfer
of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person that does not satisfy the
requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.       
     That, if a “tax matters person” or “partnership representative” is required to be
designated with respect to the Upper-Tier REMIC or Lower-Tier REMIC, the Purchaser agrees to act as “tax matters
person” or “partnership representative” and to perform the functions of “tax matters partner”
or “partnership representative” of the Upper-Tier REMIC or Lower-Tier REMIC pursuant to Section 4.04 of the
Pooling and Servicing Agreement, and agrees to the irrevocable designation of the Certificate Administrator as the
Purchaser’s agent in performing the function of “tax matters person,” “tax matters partner” or
“partnership representative.”

 

10.           The Purchaser
agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement concerning registration
of the transfer and exchange of the Class R Certificate.

 

11.           The Purchaser
will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base, within
the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

12.           Check the applicable
paragraph:

 

☐     
      The present value of the anticipated tax liabilities associated with holding the Class R
Certificate, as applicable, does not exceed the sum of:

 

  (i)          the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

  (ii)         the
present value of the expected future distributions on such Certificate; and

 

  (iii)        the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax rate in Code
Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been subject to
the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in the current
taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short
term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used by the Purchaser.

 

    C-1-2 

     

    

 

☐            The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

  (i)          the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

  (ii)         at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

  (iii)        the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

  (iv)        the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐            None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its                                            
this          day of                        ,
20     .

	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    C-1-3 

     

    

 

Personally appeared before
me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed and sworn
before me this          day of                        ,
20     .

 

_________________________________

 

NOTARY PUBLIC

 

COUNTY OF _____________________

 

STATE OF _______________________

 

My commission expires the         
day of                        ,
20     .

 

    C-1-4 

     

    

 

EXHIBIT C-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

  

		Re:	Pooling and Servicing
                                         Agreement (“Pooling and Servicing Agreement”) relating to CFCRE 2016-C4
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Class R

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no actual
knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor] relating
to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of any tax.

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-2-1 

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

U.S. Bank, National Association

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services CFCRE 2016-C4

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	Transfer of CFCRE
                                         2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates:, Series 2016-C4
                                         Class [     ]

 

Ladies and Gentlemen:

 

This
letter is delivered pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of May 1, 2016 (the “Pooling
and Servicing Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells
Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations reviewer, U.S. Bank National Association,
as trustee, and U.S. Bank National Association, as certificate administrator, paying agent and custodian, on behalf of the holders
of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 (the “Certificates”)
with respect to the transfer by [__________] (the “Seller”) to the undersigned (the “Purchaser”)
of [$_____ aggregate Certificate Balance][_____% Percentage Interest] of Class [_____] Certificates, in certificated fully registered
form (such registered interest, the “Certificate”). Terms used but not defined herein shall have the meanings
ascribed thereto in the Pooling and Servicing Agreement.

 

In connection with
such transfer, the undersigned hereby represents and warrants to you as follows:

 

			[For Institutional Accredited Investors only] 1. The Purchaser is an institutional “accredited
investor” within the meaning of Rule 501 (a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of
1933, as amended (the “Securities Act”), or an entity in which all of the equity owners are such accredited
investors (an “Institutional Accredited Investor”), and has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of the investment in the Certificate, and the Purchaser and any accounts
for which the Purchaser is acting are each able to bear the economic risk of the investment. The Purchaser is acquiring the Certificate
for its own account or for one or more accounts (each of which is an Institutional Accredited Investor) as to each of which the
Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by
it in connection with this transfer.

 

    D-1-1 

     

    

 

			[For Qualified Institutional Buyers only] 1. The Purchaser is a “qualified institutional
buyer” within the meaning of Rule 144A (“Rule 144A”) promulgated under the Securities Act of 1933, as
amended (the “Securities Act”). The Purchaser is aware that the transfer is being made in reliance on Rule 144A,
and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of
Rule 144A.

 

		2.	The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s
own account or (b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the
meaning of, and in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or
any entity in which all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration
requirements of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to
the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt
by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or
transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities
laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.
It understands that the Certificate (and any subsequent Individual Certificate) has not been registered under the Securities Act,
by reason of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted
transactions) as expressed herein.

 

		3.	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

		4.	The Purchaser has reviewed the applicable Private Placement Memorandum dated May 6, 2016, relating
to the Certificates (the “Private Placement Memorandum”) and the agreements and other materials referred to
therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions
contemplated by the Private Placement Memorandum.

 

		5.	The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing
Agreement in its capacity as an owner of an Individual Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

		6.	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Pooling and Servicing Agreement.

 

    D-1-2 

     

    

 

		7.	Check one of the following:

 

		☐	The
Purchaser is a “U.S. Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”)
Form W-9 (or successor form).

 

		☐	The
Purchaser is not a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no
taxes will be required to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on
the Certificate(s). The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor
form), which identifies such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S.
Tax Person, (ii) two duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed
copies of IRS Form W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and
state that interest and original issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S.
trade or business. The Purchaser agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E,
IRS Forms W-8IMY or]* IRS Forms W-8ECI[, as the case may be]*, any applicable successor IRS forms, or such other certifications
as the Certificate Registrar may reasonably request, on or before the date that any such IRS form or certification expires or
becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification
furnished by it to the Certificate Registrar.

 

For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

 

Please
make all payments due on the Certificates: **

	 	 	 	 
	 	  (a) by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:
	 	 	 
	 	  Account number:	 	 
	 	 	 
	 	  Institution:	 	 
	 	 
	 	  (b) by mailing a check or draft to the following address:

 

 

 

		*	Delete for Class R.

 

		**	Only to be filled out by
Purchasers of Individual Certificates. Please select (a) or (b).

 

    D-1-3 

     

    

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20___

 

    D-1-4 

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	CFCRE 2016-C4
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Class [   
                                         ]

 

Ladies and Gentlemen:

 

_______________ (the
“Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate
Balance][$____ initial Notional Balance][ or _____% Percentage Interest] of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C4, Class [_____], CUSIP No. _____ (the “Certificates”), issued pursuant to
the Pooling and Servicing Agreement dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), among CCRE
Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as
asset representations reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as certificate
administrator, paying agent and custodian. All capitalized terms used herein and not otherwise defined shall have the meaning set
forth in the Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the
Depositor, the Certificate Administrator, the Certificate Registrar and the Trustee that:

 

The Purchaser is not
and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account or
a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local
law (“Similar Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code (each,
a “Plan”), or (b) a collective investment fund whose underlying assets include Plan assets by reason of a Plan’s
investment in the collective investment fund (pursuant to U.S. Department of Labor Regulation Section 2510.3-101, as modified by
Section 3(42) of ERISA, or Similar Law), an insurance company using assets of separate accounts or general accounts which are deemed
pursuant to ERISA or any Similar Law to include assets of Plans, or other person acting on behalf of any such Plan or using the
assets of

 

    D-2-1 

     

    

 

any such Plan, other than (except in the case of the Class V and Class R Certificates) an insurance company using the
assets of its general account under circumstances whereby such purchase and the subsequent holding of such Certificate by such
insurance company would be exempt from the prohibited transaction provisions of Section 406 and 407 of ERISA and Code Section 4975
under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law; and

 

The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class V and Class R Certificates,
which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required to provide to
the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements as may be required by such persons,
and which establishes to the satisfaction of the Depositor, the Certificate Administrator and the Certificate Registrar that the
purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction
within the meaning of Section 406 and Section 407 of ERISA or Code Section 4975 or any corresponding provision of any Similar Law,
and will not subject the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar to any obligation or liability (including obligations
or liabilities under ERISA, Code Section 4975 or Similar Law), which Opinions of Counsel, officers’ certificates or agreements
shall not be at the expense of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Depositor, the Certificate Administrator, the Trustee or the Certificate Registrar.

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ____ day of ___, 20 __.

	 	 	 
	 	Very truly
yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-2-2 

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

  

[Date]

 

U.S. Bank National Association 

1133 Rankin Street,
Suite 100 

St. Paul, Minnesota 55116 

Attention: Bondholder
Services - CFCRE 2016-C4 Mortgage Trust

 

		Re:	Pooling and Servicing
                                         Agreement (“Pooling and Servicing Agreement”) relating to CFCRE 2016-C4
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

Dear __________________:

 

In connection with the
administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement, the
undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian with
respect to the following described Mortgage Loan for the reason indicated below:

	 	 	 	 	 	 
	 	 Mortgagor’s Name:	 	 
	 	 	 
	 	 Address:	 	 
	 	 	 
	 	 Asset No.:	 	 

 

If only particular documents
in the Mortgage File are requested, please specify which:

 

Reason for requesting
file (or portion thereof):

 

	_____    	  1.	Mortgage
Loan paid in full. Such [Master Servicer] [Special Servicer][Other Servicer][Other Special Servicer] hereby certifies that all
amounts received in connection with the Mortgage Loan have been or will be, following such [Master Servicer’s] [Special
Servicer’s] [Other Servicer’s][Other Special Servicer’s] release of the
Mortgage File, credited to the Collection Account pursuant to the Pooling and Servicing Agreement.

 

	_____    	  2.	The
Mortgage Loan is being foreclosed.

 

	_____    	  3.	Other. (Describe)

 

The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the

 

    E-1 

     

    

 

[Pooling and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within
ten (10) days of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant
to the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement.][the Mortgage Loan has been paid in full or
otherwise liquidated, in which case the Mortgage File (or such portion thereof) will be retained by us permanently, or unless the
Mortgage Loan is being foreclosed,] in which case the Mortgage File (or such portion thereof) will be returned when no longer required
by us for such purpose.

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

	 	 	 
	 	[MASTER SERVICER][SPECIAL
SERVICER][OTHER SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    E-2 

     

    

 

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3)
(EXCEPT WITH RESPECT TO THE CLASS [R] CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501 (a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH
ACCREDITED INVESTORS, OR (4) (EXCEPT WITH RESPECT TO THE CLASS [R] CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

    F-1 

     

    

 

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

 

		Re:	Transfer of CFCRE
                                         2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4,
                                         Class [    ]

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction, on behalf of the holders of the CFCRE 2016-C4 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C4, Class [_] (the “Certificates”) in connection
with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

 

In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)          the offer of the
Transferred Interest was not made to a person in the United States;

 

[(2)        at the time the
buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*

 

[(2)         the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

  

    G-1 

     

    

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:’	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

  

    G-2 

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to Section
5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder Services - CFCRE 2016-C4

 

		Re:	Transfer of CFCRE
                                         2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4,
                                         Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

[(2)        at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any persons
acting on its behalf reasonably believed that the Transferee was outside the United States,]**

 

 

 

*
Select appropriate depository.

 

**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    H-1 

     

    

 

[(2)         the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

 

    H-2 

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

 

		Re:	Transfer
                                         of CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C4, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

The letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

[(2)         at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*

  

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

  

    I-1 

     

    

 

[(2)         the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated: _______________, 20___

 

    I-2 

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)

 

U.S. Bank National Association 

111 Filmore Avenue 

St. Paul, Minnesota
55107 

Attention: Bondholder
Services - CFCRE 2016-C4

 

		Re:	Transfer of CFCRE
                                         2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4,
                                         Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

 

 

* Select appropriate depositary.

 

    J-1 

     

    

	 	 	 
	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ______________, 20__

 

    J-2 

     

    

 

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    K-1 

     

    

 

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	DATES	  	ADMINISTRATOR	 
    
	 
    	Payment
    Date: 	Jun 10, 2016	First
    Payment Date:	  Jun
    10, 2016	  	  	  	  	 
    
	 
    	Prior
    Payment:	  	Closing
    Date:	  May
    18, 2016	  	  	Name:	 	 
    
	 
    	Next
    Payment:	Jul 12, 2016	Final Distribution Date:	Apr 10, 2026	  	  	Title:	 	 
    
	 
    	Record
    Date:	May 31, 2016	 
    	  	  	  	  	  	 
    
	   Determination
Date:	Jun 6, 2016	 
    	  	  	  	Address:	  	 
    
	 
    	  	 
    	  	  	  	  	  	 
    
	 
    	TABLE
    OF CONTENTS	  	  	  	 
    
	 
    	Payment Detail	Page 1	  	  	Phone:	  	 
    
	 
    	Factor Detail	Page 2	  	  	Email:	  	 
    
	 
    	Principal
    Detail	Page 3	  	  	Website:	  	 
    
	 
    	Interest Detail	Page 4	  	  	  	 
    
	 
    	Reconciliation
    of Funds	Page 5	  	  	 	 
    
	 
    	Miscellaneous Detail	Page 6	  	  	PARTIES
    TO THE TRANSACTION	 
    
	 
    	Bond Collateral Realized Loss Reconciliation	Page 7	  	  	  	  	 
    
	 
    	Historical
    Delinquency & Liquidation (Stated)	Page 8	  	  	Sponsor:	  Cantor Commercial Real Estate Lending, L.P.	 
    
	 
    	Historical Liquidation Loss Loan Detail	Page 9	  	  		  Benefit Street Partners CRE Finance LLC	 
    
	 
    	Interest Adjustment
    Reconciliation	Page 10	  	  		  Société Générale, a société anonyme	 
    
	 
    	Appraisal
    Reduction Report	Page 11	  	  	Depositor:	  CCRE
Commercial Mortgage Securities, L.P.	 
    
	 
    	Loan Level
    Detail	Page 12	  	  	Trustee:	  U.S. Bank
National Association	 
    
	 
    	Historical Loan Modification Report	Page 13	  	  	Certificate
    Administrator:	  U.S. Bank
National Association	 
    
	 
    	REO Status Report	Page 14	  	  	Custodian:	  U.S. Bank
    National Association	 
    
	 
    	REO Additional Detail	Page 15	  	  	Master
    Servicer:	  Wells Fargo
    Bank, National Association	 
    
	 
    	Defeased Loan Detail	Page 16	  	  	Special
    Servicer:	  Rialto
Capital Advisors, LLC	 
    
	 
    	Material Breaches
    and Document Defects	Page 17	  	  	Operating
    Advisor:	  Park
Bridge Lender Services LLC	 
    
	 
    	 	 	  	  	Asset
    Representations Reviewer:	  Park
Bridge Lender Services LLC	 
    
	  	  	  	  	  		  	  
	  	  	  	  	  		  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  
	 
    	  	 
    	  	  	  	  	  	 
    

	 	* This report contains, or is based on, information furnished to U.S. Bank Global Corporate Trust Services (“U.S. Bank”) by one or more third parties (e.g. Servicers, Master Servicer, etc.), and U.S. Bank has not independently verified information received from any such third party.

                                                                                 
	 	 

 

 

     

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

PAYMENT
DETAIL

 

	 	 
    	 	 	 	 	 	 	 	 	 
	 	 
    	Pass-Through	Original	Beginning	Principal	Interest	Total	Realized	Ending 	 
	 	Class	Rate	Balance	Balance	Distribution	Distribution	Distribution	Loss	Balance 	 
	 	A-1	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-2	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-SB	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-3	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-4	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-HR	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-A	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-HR	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-B	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-C	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-D	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-E	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-F	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-G	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-M	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	B	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	C	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	D	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	E	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	F	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	G	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	R	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	V	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	Totals:

         
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	 

                                                                                 
	 	 	 	 	 	 	 	 	 

 

 

    Page 1 of 17 

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

FACTOR DETAIL

 

	 	 
    	 	 	 	 	 	 	 	 
	 	 
    		Beginning	Principal	Interest	Total	Realized	Ending 	 
	 	Class	CUSIP	Balance	Distribution	Distribution	Distribution	Loss	Balance 	 
	 	A-1	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-2	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-SB	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-3	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-4	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-HR	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-A	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-HR	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-B	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-C	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-D	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-E	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-F	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	X-G	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	A-M	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	B	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	C	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	D	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	E	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	F	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	G	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	R	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	V	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	 

                                                                                 
	 	 	 	 	 	 	 	 

 

 

    Page 2 of 17 

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

 PRINCIPAL DETAIL

 

	 	 
    	 	 	 	 	Realized
    Loss/	 	 	Credit
    Support	 
	 	 
    	Beginning	Scheduled	Unscheduled	Principal	Additonal
    Trust	Ending 	Cumulative	 	 	 
	 	Class	Balance	Principal	Principal	Shortfall	Fund
    Expenses	Balance 	Loss	Original	Current	 
	 	A-1	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-2	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-SB	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-3	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-4	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-HR	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	A-M	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	B	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	C	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	D	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	E	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	F	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	G	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 
    	 
    	  	 
    	  	 
    	  	 
    	 	 
    	 
	 	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 	 
    	 
	 	Totals:

         
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 	 
    	 
	 	 

                                                                                 
	 	 	 	 	 	 	 	 	 	 

 

 

    Page 3 of 17 

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

INTEREST DETAIL

 

	 	 
    	NEXT	Interest	Net
    Prepay	Current	Prepayment	Excess	Total
    Interest	Cumulative 	 
	 	 
    	Pass-Through	Accrual	Interest	Interest	Premium/Yield	Interest	Distribution	Unpaid
    Int 	 
	 	Class	Rate	Amount	Shortfall	Shortfall	Maint.
    Charges	Amount	Amount	Shortfall 	 
	 	A-1	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-2	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-SB	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-3	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-4	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-HR	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-A	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-HR	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-B	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-C	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-D	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-E	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-F	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	X-G	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	A-M	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	B	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	C	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	D	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	E	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	F	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	G	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	R	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	V	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	  	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	  	 
    	  	 
    	  	 
    	 
    	 
	 	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	 Totals:

         
	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
    	 
	 	 

                                                                                 
	 	 	 	 	 	 	 	 	 

 

 

    Page 4 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

RECONCILIATION
OF FUNDS

 

	 	Funds
    Collection	Funds
    Distribution	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	 	 	Fees
    	 	 	 	 
	 	 	Scheduled
    Interest 	 	 	 	 	Servicing
    Fee	 	 	 	 
	 	 	Interest
    Adjustments 	 	 	 	 	Trustee/Certificate
    Administrator Fee	 	 	 	 
	 	 	Deferred
    Interest	 	 	 	 	Special
    Servicing Fee	 	 	 	 
	 	 	Net
    Prepayment Shortfall	 	 	 	 	Workout
    Fee	 	 	 	 
	 	 	Net
    Prepayment Interest Excess 	 	 	 	 	Liquidation
    Fee	 	 	 	 
	 	 	Interest Reserve (Deposit)/Withdrawal	 	 	 	 	Special
    Serv Fee plus Adj.	 	 	 	 
	 	 	Interest
    Collections	 	 	 	 	CREFC Intellectual Property
    Royalty License Fee	 	 	 	 
	 	 	 	 	 	 	 	Operating Advisor Fee	 	 	 	 
	 	 	 	 	 	 	 	Asset Representations Reviewer	 	 	 	 
	 	 	Principal	 	 	 	 	Fee
    Distributions	 	 	 	 
	 	 	Scheduled Principal	 	 	 	 	 	 	 	 	 
	 	 	Unscheduled Principal	 	 	 	 	Other
    Expenses of the Trust	 	 	 	 
	 	 	Principal Adjustments	 	 	 	 	Reimbursed for Interest on
    Advances	 	 	 	 
	 	 	Principal
    Collections	 	 	 	 	Net ASER Amount	 	 	 	 
	 	 	 	 	 	 	 	Non-Recoverable Advances	 	 	 	 
	 	 	 	 	 	 	 	Other Expenses or Shortfalls	 	 	 	 
	 	 	 	 	 	 	 	Other
    Expenses of the Trust	 	 	 	 
	 	 	Other	 	 	 	 	 	 	 	 	 
	 	 	Prepayment Premium/Yield Maintenance	 	 	 	 	Payments
    to Certificateholders	 	 	 	 
	 	 	Other
    Collections	 	 	 	 	Interest Distribution	 	 	 	 
	 	 	 	 	 	 	 	Principal Distribution	 	 	 	 
	 	 	Total Collections	 	 	 	 	Prepayment Premium/Yield Maintenance	 	 	 	 
	 	 	 	 	 	 	 	Available
    Distribution Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total Distributions	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest Accrual Period	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

     Page 5
                                                                                      of 17

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

MISCELLANEOUS
DETAIL

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Advances	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	P&I
    Advances	 	 	 	Disclosable
    Special Servicer Fees	 	 
	 	 	 	 	 	 	 	 	Special
    Servicer/Affiliates	 
	 	 	 	*
    Total Current

    Advance	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Commission	 	 	 	 
	 	 	Total	 	 	 	 	 	Brokerage Fee	 	 	 	 
	 	 	 	 	 	 	 	 	Rebate	 	 	 	 
	 	 	 	 	 	 	 	 	Shared Fee	 	 	 	 
	 	 	 	 	 	 	 	 	Total	 	 	 	 
	 	 	Unreimbursed
    Advances	 	 	 	 	 	 	 
	 	 	 	 	Current
    

    Advance	Outstanding
    Advance	Total
    Servicing 

    Adv. Outstanding	 	 	 	 	 	 
	 	 	    Total	 	 	 	 	 	Gain on Sale Reserve
    Account	 	 
	 	 	 	 	 	 	 	 	 	Beginning
    

    Balance	Withdraw/
    

    Deposit	Ending
    

    Balance	 
	 	 	    *
     Current advances are not provided by the Servicer	 	 	Total	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class:	 	 	 	Interest Reserve Account	 	 	 
	 	 	 	 	 	 	 	 	 	 
    Beginning 

    Balance	Withdraw/
    

    Deposit 	Ending
    

    Balance 	 
	 	 	Controlling
    Class Representative:	 	 	 	Total	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

     Page 6
                                                                                      of 17

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

BOND/COLLATERAL
REALIZED LOSS RECONCILIATION

 

	Loan
                                         ID
	 	Period
	 	Beginning
                                         

                                         Balance of
                                         the 

                                         Loan at 

                                         Liquidation
	 	Aggregate
                                         

                                         Realized Loss
                                         

                                         on Loans
	 	Prior
                                         Realized 

                                         Loss Applied
                                         to 

                                         Certificates
	 	Amounts
                                         

                                         Covered by

                                                                                                                 Overcollateraliz

ation and other 

Credit Support
	 	Interest
                                         

                                         (Shortages)
                                         / 

                                         Excesses 

                                         applied to
                                         

                                         Realized Loss
	 	Modification
                                         

                                         Adjustments
                                         / 

                                         Appraisal
                                         

                                         Reduction
                                         

                                         Adjustment
	 	Additional
                                         

                                         (Recoveries)
                                         / 

                                         Expenses 

                                         applied to
                                         

                                         Realized Loss
	 	Current
                                         

                                         Realized Loss
                                         

                                         Applied to
                                         

                                         Certificates*
	 	Recoveries
                                         of 

                                         Realized 

                                         Losses paid
                                         

                                         as Cash
	 	Recoveries
                                         / 

                                         Loss to 

                                         Certificate
                                         Interest

	 	 	 	 	 	 	 	 	 A	 	 B	 	 C	 	D 	 	 E	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Loan
    Count:	 	Totals:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 
	 Description
    of Fields	 	*In
    the Initial Period the Current Realized Loss Applied to Certificates will equal Aggregate Realized Loss on Loans - B - C -
    D + E instead of A - C - D + E	 
	 	 	 	 
	A	 	Prior
    Realized Loss Applied to Certificates	 
	B	 	Reduction
    to Realized Loss applied to bonds (could represent OC, insurance policies, reserve accounts, etc)	 
	C	 	Amounts
    classified by the Master as interest adjustments from general collections on a  loan with a Realized Loss	 
	D	 	Adjustments
    that are based on principal haircut or future interest foregone due to modification	 
	E	 	Realized
    Loss Adjustments, Supplemental Recoveries or Expenses on a previously liquidated loan	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

     Page 7
                                                                                      of 17

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

HISTORICAL DELINQUENCY & LIQUIDATION SUMMARY (STATED
BALANCE)

 

	 	 	 

                  30
        Days Delinq (1)
	 	          60
    Days Delinq (1)	 	         90+
    Days Delinq (1)	 	
          Bankruptcy       	 	 	  Foreclosure     	 	REO	 		         Prepayments/Liquidation 

	 Month	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)	 	Count	 	Balance       %(2)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         Exclusive of loans in Bankruptcy, Foreclosure and REO

(2) Percentage
in relation to Ending Scheduled Balance

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

     Page 8
                                                                                      of 17

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

HISTORICAL
LIQUIDATION LOSS LOAN DETAIL

 

	 Loan
    ID	 	Liquidation
Month	 	Liquidation/

        Prepayment

        Code*
	 	Current
    Beginning
Scheduled
    Balance	 	Most
    Recent Value**	 	Net
                                         Proceeds Received

                                         on Liquidation
	 	Liquidation
                                         Expense
	 	Net
                                         Proceeds Available

        for
        Distribution
	 	Realized
                                         Loss to Trust

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Count:	 	Totals:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*
    Liquidation / Prepayment Code: 1 - Partial Liq’n (Curtailment); 2 - Payoff Prior To Maturity; 3 - Disposition / Liquidation;
    4 - Repurchase/ Substitution; 5 - Full Payoff At Maturity; 6 - DPO; 7 - Liquidated; 8 - Payoff w/ penalty; 9 - Payoff w/ yield
    Maintenance; 10 - Curtailment w/ Penalty; 11 - Curtailment w/ Yield Maintenance	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	**
    Reported as of liquidation period. If not provided by the servicer, Most Recent Value is as of cutoff.	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Page
                                         9 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

INTEREST
ADJUSTMENT RECONCILIATION

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Loan
    ID	Current
                                         Ending

        Scheduled

        Balance
	Special

                                         Servicing Fee

        Amount
        plus

        Adjustments
	Liquidation

        Fee
        Amount
	Workout
                                         Fee

        Amount
	Most
                                         Recent

        Net
        ASER

        Amount
	Prepayment

                                         Interest

        (Excess)/

        Shortfall
        *
	Non-
Recoverable
                                         (Scheduled

        Interest
        Not

        Advanced)**
	Reimbursed

        Interest
        on Advances
	Modified

                                         Interest Rate

        Reduction/

        (Excess)
	Reimbursement
                    of

        Advances
        to Servicer
	Other

        Shortfalls/

        (Refunds)

	Current
    Month	 	Outstanding
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Count:	 	 	 	 	 	 	 	 	 	 	 	 
	  Totals:	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Total
    Interest Shortfall hitting the Trust:	0.00	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  *Total
                                         shortfall may not match impact to bonds due to, but not limited to, the net effect of
                                         PPIE and Master Servicing fees received as per the governing documents.

	 
	  **In
    some cases, the Servicer does not withhold their Servicing Fees on Non-Recoverable loans.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Page
                                         10 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

APPRAISAL
REDUCTION REPORT

 

	 Loan
    ID	Property
    Name	Paid
                                                                                           Through
                                          Date
	ARA
                                         (Appraisal

        Reduction
        Amount)
	ARA
    Date	Most
                                         Recent Value
	Most
                                         Recent

        Valuation
        Date
	Most
                                         Recent Net

                                         ASER Amount
	Cumulative 

        ASER
        Amount 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	  Count:	 	Totals:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 		 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    Page
                                         11 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

LOAN
LEVEL DETAIL

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Property	Transfer	 	Maturity	Neg
    	End
    Schedule 	Note	Sched
    	 Prepay
    	 Prepay	Paid
    	Prepay
     	Loan	Interest	  Yield
    Maint  	 PFY	Operating
	Loan
    ID	Type	Date	Stat	Date	Am	Balance
    	Rate	P&I
    	Adj
    	Date	Thru	Premium
    	Status**	Payment	Charges 
    	DSCR	Stmnt 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Count:	Totals:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  *
    If State field is blank or ‘XX’, loan has properties in multiple states.	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	**
    Loan Status: A = Payment not received but still in grace period; B = Late Payment but less than 30 days delinquent; 0 = Current;
    1 = 30-59 Days Delinquent; 2 = 60-89 Days Delinquent; 3 = 90-120 Days Delinquent; 4 = Performing Matured Balloon; 5 = Non-Performing
    Matured Balloon; 6 = 121+ Days Delinquent; R = Repurchased.	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

    Page
                                         12 of 17 

     

    

 

		 	 
	CFCRE
    2016-C4 Mortgage Trust	 
	Commercial
    Mortgage Pass Through Certificates, Series 2016-C4	June
    2016

 

HISTORICAL LOAN MODIFICATION REPORT

 

	 	 	 
    	 	 	 
	 
    	 	Ending

                                         Scheduled
		Ending

    Unpaid	 
	 Loan
    ID	 	Balance	 	Balance	Comments
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

    Page
                                         13 of 17 

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

REO
STATUS REPORT

 

	 Loan
    ID	 	State
    City	 	Property
    Type	 	Book
    Value	 	Ending

    Scheduled Loan	 	REO
    Date	 	Total
Exposure	 	Appraisal 
Value 	Appraisal
Date	Date
    Asset

 Expected
to be Resolved
or Foreclosed	 	REO
    Revenue
and Other
Amounts	 	Type* 
    
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Count:	 	Totals: 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(*) Legend: (1) Partial
    Liq’n (Curtailment), (2) Payoff Prior To Maturity, (3) Disposition / Liquidation, (4) Repurchase/ Substitution, (5)
    Full Payoff At Maturity, (6) DPO, (7) Liquidated, (8) Payoff w/ penalty, (9) Payoff w/ yield Maintenance, (10) Curtailment
    w/ Penalty, (11) Curtailment w/ Yield Maintenance
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    	Page 14 of 17

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

ADDITIONAL RECONCILIATION DETAIL 

 

	 	 	 	 	 	 	 	 	 
	REO
    Property with Final Recovery Determination
	 	 	 	 	 	 	 	 	 
	 	

	Loan ID
	 
	Liq Proceeds and

 other Amts Rec’d	Liq Proceeds and

other Amt Allocated

to Certs
	Loss on Mortgage Loans

	 

         

	 	 	 	 	 	 	 	 	 
	   	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 		 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    	Page 15 of 17

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

DEFEASED LOAN DETAIL 

 

	 Loan
    ID	

	Current
                                         Ending

                                         Scheduled Balance
	 
	Maturity
    Date	Current

                                         Note Rate
	Defeasance

                                         Status *
	 
	 

         

	 	 	 	 	 	 	 	 	 
	Count:	 	Totals:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	* Defeasance Status:
    P = Portion of Loan Previously Defeased. F = Full Defeasance.
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 		 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    	Page 16 of 17

     

    

 

		 	 
	CFCRE 2016-C4 Mortgage Trust	 
	Commercial Mortgage Pass Through Certificates, Series 2016-C4	June 2016

 

MATERIAL BREACHES AND DOCUMENT DEFECTS 

 

	 Loan
    ID	

	Ending Principal

Balance
	 
	Material Breach Date	Date Received Notice
	Description
	 
	 

         

	 	 	 	 	 	 	 	 	 
	  Count:	 	Totals:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 		 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    	Page 17 of 17

     

    

 

EXHIBIT L-1A

 

Form
of Investor Certification for Non-Borrower PartY

(for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

  

U.S. Bank National Association

190 South LaSalle, 7th Floor 

Mail Code: MK-IL-SL7C 

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned
is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the Controlling
Class Representative nor a Controlling Class Certificateholder.

 

2.             In the case of
a Publicly Offered Certificate, the undersigned has received a copy of the Prospectus.

 

3.             The undersigned
is not a Borrower Party.

 

4.             The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”) on
the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

    L-1A-1 

     

    

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.             The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

6.             The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

7.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

	 	 	 
	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1A-2 

     

    

 

EXHIBIT L-1B

 

Form
of Investor Certification for Non-Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CFCRE 2016-C4 Asset Manager	
        U.S. Bank National Association 

        190 South LaSalle, 7th Floor 

Mail Code: MK-IL-SL7C 

        Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

Email: cmbstransactions@usbank.com 

	 	 
	
        

        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention: Liat Heller (CFCRE 2016-C4)

        

        Jeff
Krasnoff (CFCRE 2016-C4)

Niral Shah (CFCRE 2016-C4)

Adam Singer (CFCRE 2016-C4) 
	
        Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager 

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

3.             The undersigned
is not a Borrower Party.

 

4.             The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside

 

    L-1B-1 

     

    

 

persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.             The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

6.             At any time the
undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification attached
as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached as Exhibit
L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

7.             The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.             The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:
	 	 	 

 

    L-1B-2 

     

    

 

EXHIBIT L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

  

U.S. Bank National Association 

190 South LaSalle, 7th Floor 

Mail Code: MK-IL-SL7C 

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

Email: cmbs.transactions@usbank.com

  

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller (CFCRE 2016-C4)

Jeff Krasnoff
(CFCRE 2016-C4) 

Niral Shah (CFCRE
2016-C4) 

Adam Singer (CFCRE
2016-C4)

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned
is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the Controlling
Class Representative nor a Controlling Class Certificateholder.

 

2             The undersigned
is a Borrower Party.

 

    L-1C-1 

     

    

 

3.             The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.             The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

5.             The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

6.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1C-2 

     

    

 

EXHIBIT L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CFCRE 2016-C4 Asset Manager	
        U.S. Bank National Association 

        190 South LaSalle, 7th Floor 

        Mail Code: MK-IL-SL7C 

        Chicago, Illinois 60603

        Attention: CFCRE 2016-C4 Mortgage
Trust

	 	 
	
        Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller (CFCRE 2016-C4)

        

        Jeff Krasnoff (CFCRE 2016-C4)

        Niral Shah (CFCRE 2016-C4)

        Adam Singer (CFCRE 2016-C4)

         
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CFCRE 2016-C4-Surveillance Manager

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2             The undersigned
is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:

 

[IDENTIFY EXCLUDED
CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)

 

3.             Except with respect
to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling and Servicing Agreement
to certain information (the “Information”) on the Certificate Administrator’s Website.

 

    L-1D-1 

     

    

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.             The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Pooling and Servicing Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the undersigned receives
access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded
Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.             The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each party to
the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.             To the extent the
undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide such Excluded Information to the related Borrower or (A) any employees or personnel of the undersigned or any Affiliate
involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

7.             The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.             The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

    L-1D-2 

     

    

 

9.             Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

    L-1D-3 

     

    

 

EXHIBIT L-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CFCRE 2016-C4 Asset Manager	
        U.S. Bank National Association

        190 South LaSalle, 7th Floor, Mail
Code: MK-IL-SL7C 

        Chicago, Illinois 60603

Attention: CFCRE 2016-C4 

	 	 
	
        Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller (CFCRE 2016-C4)

        

        Jeff Krasnoff
        (CFCRE 2016-C4)

        Niral
Shah (CFCRE 2016-C4) 

        Adam
Singer (CFCRE 2016-C4)
	
        Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager 

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         

	 	 

 

		Re:	Pooling and Servicing Agreement (“Pooling
and Servicing Agreement”) relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4

 

THIS NOTICE IDENTIFIES
AN “EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE CFCRE 2016-C4 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32 OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.           The undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

2.           The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

 

     L-1E-4

     

    

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.           As
of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among other things,
the Certificate Administrator’s determination as to whether a Consultation Termination Event or Control Termination Event
is in effect with respect to the Excluded Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is
an Excluded Mortgage Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.           The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Mortgage Loans
on the Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination of the related
Excluded Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of
the Pooling and Servicing Agreement.

 

5.           The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters,
the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class Mortgage Loans
listed in Paragraph 2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 

     L-1E-5

     

    

 

	 	 	 
	 	[Controlling Class Representative][a
Controlling Class Certificateholder] 
	 	 	 
		By:	 
	 	 	Name:

Title:

Phone:

Email:

Address:

 

     L-1E-6

     

    

  

EXHIBIT L-1F

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

        U.S. Bank National Association

        190 South LaSalle, 7th Floor 

        Mail Code: MK-IL-SL7C 

        Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust 

 

		Re:	Pooling and Servicing Agreement (“Pooling
and Servicing Agreement”) relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.            The undersigned is the [Controlling Class Representative][a Controlling Class Certificateholder] as of the date hereof.

 

2.            The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

  

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.            The following USER IDs for the Certificate Administrator’s Website are affiliated with the undersigned and access
to any information on the Certificate Administrator’s Website with respect to the CFCRE 2016-C4 Mortgage Trust securitization
should be revoked as to such users:  

	 	 	 
	 	 	 

 

     L-1F-1

     

    

 

	 	 	 
	 	 	 

 

4.           The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect
to such Excluded Controlling Class Mortgage Loans on the Certificate Administrator’s Website unless and until it (i) is no
longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has delivered
notice of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form of
Exhibit L-1E to the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized officer, as of the day and year written above. 

	 	 
	 	[Controlling Class Representative][a
Controlling Class Certificateholder]
		 
	 	Name:

Title:

Phone:

Email:

Address:

  

The undersigned hereby acknowledges that

access to the Certificate Administrator’s Website has been revoked for

the users listed in Paragraph 3.

 

U.S. BANK NATIONAL ASSOCIATION,

Certificate Administrator 

	 	 	 
	Name:

Title:

 	 	 

  

     L-1F-2

     

    

 

EXHIBIT L-1G

Form
of Certification of the Controlling Class Representative 

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention:  CFCRE 2016-C4 Asset Manager	
        U.S. Bank National Association 

        190 South LaSalle, 7th Floor, Mail
Code: MK-IL-SL7C 

        Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

	 	 
	
        Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller (CFCRE 2016-C4)

        

        Jeff Krasnoff
        (CFCRE 2016-C4)

        Niral
Shah (CFCRE 2016-C4) 

        Adam
Singer (CFCRE 2016-C4)
	
        Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager 

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	 	 

 

		Re:	Pooling and Servicing Agreement (“Pooling
and Servicing Agreement”) relating to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4

 

In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.           The undersigned
has been appointed to act as the Controlling Class Representative.

 

2.           The undersigned
is not a Borrower Party.

 

3.           If the undersigned
becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification attached
as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached as Exhibit
L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

4.             The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.

 

     L-1G-1

     

    

 

5.           Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.] 

	 	 	 
	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

     L-1G-2

     

    

 

EXHIBIT L-2

 

FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.

 

In connection with
the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master
servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as certificate administrator, paying
agent and custodian, the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of BlackRock Financial Management, Inc., Bloomberg Financial
Markets, L.P., Intex Solutions, Inc., Trepp, LLC, Interactive Data Corporation, Markit LLC or Thomson Reuters Corporation, a market
data provider that has been given access to the Distribution Date Statements, CREFC® reports and supplemental notices
delivered or made available pursuant to Section 4.02 of the Pooling and Servicing Agreement to Privileged Persons on www.usbank.com/abs
(the “Website”) by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have
recertified that the representation above remains true and correct.

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

     L-2-1

     

    

 

EXHIBIT M

 

FORM OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To the Persons Listed on the attached Schedule
A

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C4	

		 	

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based upon the review required
under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan set forth on the attached defect schedule contains
a document or documents which (i) has not been executed or received, (ii) has not been recorded or filed (if required), (iii) is
unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, (iv) appears not to be what they purport to be or has
been torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as more fully described on the
attached defect schedule.

 

The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement. 

	 	 	 
	 	U.S.
bank NATIONAL ASSOCIATION, as Custodian

	 	 	 
		By:	 
	 	 	Name:

Title:

 

     M-1

     

    

 

SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager

 

Wells Fargo Bank, National
Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with an electronic copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com

 

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Niral Shah

Facsimile number: (305) 229-6425

E-mail: niral.shah@rialtocapital.com

 

     M-2

     

    

  

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Adam Singer

Facsimile number: (305) 229-6425

E-mail: adam.singer@rialtocapital.com

 

U.S. Bank National Association

190 South LaSalle, 7th Floor

Mail Code: MK-IL-SL7C 

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

 

To the applicable Mortgage Loan Seller:

 

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

Email: jim.barnard@sgcib.com

 

Benefit Street Partners CRE Finance LLC

9 West 57th Street

Suite 4920

New York, New York 10019

Attention: Micah Goodman and Tiffany Putman

 

     M-3

     

    

  

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

     M-4

     

    

  

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling and Servicing
                                         Agreement (“Pooling and Servicing Agreement”) relating to CFCRE 2016-C4
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C4	

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan listed on the Mortgage
Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the documents specified in clause (i) of the
definition of “Mortgage File”, (b) the foregoing documents delivered or caused to be delivered by the Mortgage Loan
Sellers as described in clause (a) above have been reviewed by it or by a Custodian on its behalf and appear regular on their
face, appear to be executed and purports to relate to such Mortgage Loan, except as identified on the schedule attached hereto,
and (c) each of the documents specified in Section 2.01(a)(ii), 2.01(a)(vii), 2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing
Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable)
and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the
Mortgage Loans identified in the Mortgage Loan Schedule.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement. 

	 	 	 
	 	U.S.
                                         BANK NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	 
	 	 	Name:

Title:

  

     N-1-1

     

    

 

SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

     N-1-2

     

    

  

EXHIBIT N-2

 

FORM OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

  

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2016-C4	

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing Agreement,
that, with respect to each Mortgage Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all documents (other
than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling and Servicing Agreement and the documents
referred to in clauses (iv)(B), (v) and (viii)(B) of Section 2.01(a) of the Pooling and Servicing Agreement and the assignments
of financing statements referred to in clause (xiii) of Section 2.01(a) of the Pooling and Servicing Agreement) referred to in
Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the documents referred to in Section 2.01(a)(iii), (v),
(viii), (ix), (x), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing Agreement, as identified to it in
writing by the related Mortgage Loan Seller) and any original recorded documents included in the delivery of a Mortgage File have
been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have
not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage
Loans identified in the Mortgage Loan Schedule, in each case, except as set forth on the attached schedule hereto.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

 

     N-2-1

     

    

  

	 	 	 
	 	U.S.
               BANK NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     N-2-2

     

    

  

SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

     N-2-3

     

    

 

EXHIBIT O

 

FORM OF TRUSTEE BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (The “Trust”)

 

The undersigned, __________,
a __________ of U.S. Bank National Association, on behalf of U.S. Bank National Association, as trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer,
Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as certificate administrator (the “Certificate
Administrator”) , paying agent and custodian, certifies to [       ], CCRE
Commercial Mortgage Securities, L.P. and its officers, directors and affiliates, to the extent that the following information is
within the Trustee’s normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge
and intent that they will rely upon this certification, that:

 

		1.	I am responsible for reviewing the activities performed by the Trustee and based on my knowledge
and the compliance reviews conducted in preparing the Trustee compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled
its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed
securities with respect to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report
on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K
for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 as set forth on
Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor and to the Certificate Administrator for
inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

     O-1

     

    

 

Date:___________________ 

	 	 	 
	 	U.S. BANK NATIONAL
ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     O-2

     

    

 

EXHIBIT P

 

FORM OF CUSTODIAN BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (The “Trust”)

 

The undersigned, __________,
a __________ of U.S. Bank National Association, on behalf of U.S. Bank National Association, as custodian (in such capacity, the
“Custodian”), under that certain Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling
and Servicing Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank,
National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as certificate administrator, paying
agent and custodian (in such capacity as certificate administrator, the “Certificate Administrator”), certifies
to [       ], CCRE Commercial Mortgage Securities, L.P. and its officers, directors and
affiliates, to the extent that the following information is within the Custodian’s normal area of responsibilities and duties
under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I am responsible for reviewing the activities performed by the Custodian and based on my knowledge
and the compliance reviews conducted in preparing the Custodian compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian has
fulfilled its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Custodian for
asset-backed securities with respect to the Custodian or any Servicing Function Participant retained by the Custodian and related
attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report
on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 as
set forth on Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

     P-1

     

    

 

Date:___________________ 

	 	 	 
	 	U.S. BANK NATIONAL
ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     P-2

     

    

 

EXHIBIT Q

 

FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (The “Trust”)

 

The undersigned, __________,
a __________ of U.S. Bank National Association, on behalf of U.S. Bank, National Association, as certificate administrator, (in
such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling and
Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), entered into among CCRE
Commercial Mortgage Securities, L.P., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”), Park Bridge Lender Services LLC, as operating advisor, Park
Bridge Lender Services LLC, as asset representations reviewer, U.S. Bank National
Association, as trustee (in such capacity, the “Trustee”), and U.S. Bank National Association, as certificate
administrator, paying agent and custodian, certifies to [       ], CCRE Commercial Mortgage
Securities, L.P. and its officers, directors and affiliates, to the extent that the following information is within the Certificate
Administrator’s normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge
and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing
Agreement; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the

 

     Q-1

     

    

 

			Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 as set forth on Schedule II to the Pooling and Servicing Agreement has been provided to the Depositor
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer and the Depositor.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement. 

 

Date:___________________ 

	 	 	 
	 	U.S. BANK NATIONAL
ASSOCIATION
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     Q-2

     

    

 

EXHIBIT R

 

FORM OF OPERATING ADVISOR BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (the “Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Operating Advisor Reports”)
have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the operating advisor information contained in the Operating Advisor Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

     R-1

     

    

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:___________________ 

	 	 	 
	 	PARK
               BRIDGE LENDER SERVICES LLC
	 	 	 
		By:	 
	 	Name:
 Title: 

 

     R-2

     

    

  

EXHIBIT S

 

FORM OF ASSET REPRESENTATIONS REVIEWER
BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (the “Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the
Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in
the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Asset
Representations Reviewer Reports”) have been submitted by the Asset Representations Reviewer to the Master Servicer,
the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports; and

 

		2.	Based on my knowledge, the asset representations reviewer information contained in the Asset Representations
Reviewer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports.

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:___________________ 

	 	 	 
	 	PARK
               BRIDGE LENDER SERVICES LLC
	 	 	 
		By:	 
	 	Name:
 Title:

 

     S-1

     

    

  

EXHIBIT T

 

FORM OF MASTER SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage
Trust (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master
Servicer”) under that certain Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing
Agreement”), entered into among CCRE Commercial Mortgage Securities, L.P., as depositor, the Master Servicer, Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, U.S. Bank National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, on behalf of the Master Servicer, certify to [Name
of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with
the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable Other
Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable
Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period, all servicing information and all reports
required to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
on Form 10-D or Form 8-K (the “Servicer Reports”) have been submitted by the Master Servicer to the Certificate
Administrator for inclusion in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by
the Special Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period,
the master servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of
Regulation AB with respect to the Master Servicer, and except 

 

     T-1

     

    

 

			as disclosed in the compliance certificate delivered by the Master
Servicer under Section 10.11 of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the
Pooling and Servicing Agreement in all material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other Trustee not retained by the master
servicer giving certification] and, notwithstanding the foregoing certifications, neither I nor Master Servicer makes any certification
under the foregoing clauses (2) and (3) with respect to the information in the Servicing Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement or by any Other Servicer, Other Special
Servicer or Other Trustee.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement. 

 

Date: ______________________

 

	 	wells
    fargo BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

     T-2

     

    

   

EXHIBIT U

 

FORM OF SPECIAL SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage Trust (the “Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of Rialto Capital Advisors, LLC, as special
servicer (the “Special Servicer”) under that certain Pooling and Servicing Agreement dated as of May 1, 2016
(the “Pooling and Servicing Agreement”), entered into between CCRE Commercial Mortgage Securities, L.P., as
depositor, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender
Services LLC, as asset representations reviewer, U.S. Bank National Association,
as trustee, U.S. Bank National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
paying agent and custodian, Wells Fargo Bank, National Association, as master servicer (the “Master Servicer”),
and the Special Servicer, on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports required to be submitted by the Special Servicer to the
Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
“Special Servicer Reports”) have been submitted by the Special Servicer to the Master Servicer, the Depositor,
the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made therein, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by these reports;

 

		3.	I am, or an officer under my supervision is, responsible for reviewing the activities performed
by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews
conducted in preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB with respect
to the Special Servicer, and except as disclosed in the compliance certificate delivered by the Special Servicer under Section
10.11 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order 

 

     U-1

     

    

 

to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Special Servicer
for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the Special
Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:
______________________

 

	 	
	 	Rialto
    capital advisors, LLC
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

     U-2

     

    

 

EXHIBIT V

 

FORM OF SUB-SERVICER BACKUP CERTIFICATION

 

CFCRE 2016-C4 Mortgage
Trust (the “Trust”)

 

As contemplated by Section 10.08 of that
certain Pooling and Servicing Agreement dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), entered
into between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer
(in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”), Park Bridge Lender Services LLC, as operating advisor, Park
Bridge Lender Services LLC, as asset representations reviewer, U.S. Bank National
Association, as trustee, and U.S. Bank National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, [identify the certifying individual], a                     
of                     ,
a                     
[corporation] (the “Sub-Servicer”) as Sub-Servicer in connection with the sub-servicing of one or more Mortgage
Loans and/or Serviced Companion Loan under the Pooling and Servicing Agreement, on behalf of the Sub-Servicer, certify to [Name
of Each Certifying Person for Sarbanes-Oxley Certification], the Depositor, the Master Servicer and their officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating
to the Mortgage Loans and/or Serviced Companion Loan delivered by the Sub-Servicer to the Master Servicer, pursuant to the Sub-Servicing
Agreement dated [___________], 20[__] by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing Agreement”);

 

		2.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all reports required to be submitted by the Sub-Servicer to the Certificate Administrator
pursuant to the Pooling and Servicing Agreement (the “Servicer Reports”) for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Sub-Servicer
to the Certificate Administrator for inclusion in these reports;

 

		3.	Based on my knowledge, with respect to the Relevant Period, all servicing information and all reports
required to be submitted by the Sub-Servicer to the Master Servicer pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) have been submitted by the Sub-Servicer to the Master Servicer;

 

		4.	Based on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports;

 

    V-1

     

    

 

		5.	Based upon my knowledge and the annual compliance review performed as required under Section [__]
of the Sub-Servicing Agreement, and except as disclosed in the compliance certificate delivered pursuant to Section [__] of the
Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects;

 

		6.	[I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Sub-Servicer under the Sub-Servicing Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB
with respect to the Sub-Servicer, and except as disclosed in the compliance certificate delivered by the Sub-Servicer under Section
[__] of the Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material
respects in the year which such report applies];

 

		7.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Sub-Servicer with respect to the Trust’s fiscal year _____ have been provided
all information relating to the Sub-Servicer’s assessment of compliance with the Relevant Servicing Criteria, in order to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

		8.	The report on assessment of compliance with servicing criteria applicable to the Sub-Servicer for
asset-backed securities with respect to the Sub-Servicer or any Servicing Function Participant retained by the Sub-Servicer and
related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the
annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

Capitalized terms used but not defined
herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing Agreement, then the
meanings set forth in the Pooling and Servicing Agreement.

	 	 	 
	Date:       _________________	 	 
	 	 	 
	 	[Insert
NAME OF SUB-SERVICER]
	 	 	  
		By:	   
	 	 	Name:

Title:

 

    V-2

     

    

 

EXHIBIT W

 

FORM OF SARBANES-OXLEY CERTIFICATION

 

I, [identify the certifying
individual], certify that:

 

1.             I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the CFCRE 2016-C4 Mortgage Trust (the “Exchange Act periodic reports”);

 

2.             Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.             Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.            Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in
all material respects; and

 

5.            All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    W-1

     

    

  

In giving the certifications above, I
have reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank, National Association,
Rialto Capital Advisors, LLC, U.S. Bank National Association, Park Bridge Lender Services LLC and [list any sub-servicers]. 

	 	 	 
	Dated:       _________________	 	 
		 	 
	 	 	[_____]

(Senior officer in charge of securitization of the depositor)

 

    W-2

     

    

 

EXHIBIT X

 

MORTGAGE LOAN SELLER SUB-SERVICERS 

 

	Mortgage Loan	Sub-Servicer Name
	Wilco Center	Berkeley Point Capital LLC
	GSP MHP Portfolio II	Berkeley Point Capital LLC
	Johnson Crossing & Shops at Westwind	Berkeley Point Capital LLC
	Hurley Way	Berkeley Point Capital LLC
	Athens Sentry Self Storage	Berkeley Point Capital LLC
	215 West 34th Street & 218 West 35th Street 	Berkeley Point Capital LLC
	Renaissance Cincinnati 	Berkeley Point Capital LLC
	GMR Portfolio	Berkeley Point Capital LLC
	NorCal Grocery Portfolio	Berkeley Point Capital LLC
	Marriott University Park	Berkeley Point Capital LLC
	Racine Dental	Berkeley Point Capital LLC
	Binz Building	Berkeley Point Capital LLC
	Albuquerque Tortilla	Berkeley Point Capital LLC
	Wharfside Village	Berkeley Point Capital LLC
	Fresenius Portfolio	Berkeley Point Capital LLC
	Yuma Mesa Shopping Center 	Berkeley Point Capital LLC
	Gables at Lakeside	Berkeley Point Capital LLC
	Boardwalk Apartments	Berkeley Point Capital LLC
	Concord Place Apartments	Berkeley Point Capital LLC
	Lakeview Terrace	Berkeley Point Capital LLC
	Inland Suites Memphis	Berkeley Point Capital LLC
	Marsh Creek Village	Berkeley Point Capital LLC
	OZRE Leased Fee Portfolio	Berkeley Point Capital LLC
	AvidXchange	Berkeley Point Capital LLC
	Madbury Commons	Berkeley Point Capital LLC
	3 Executive Campus 	Berkeley Point Capital LLC
	Stein Mart Plaza Westlake	PFG Servicing Corporation
	New Candlelight Apartments	RiverCore Servicing, LLC
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    X-1

     

    

 

EXHIBIT Y

 

MORTGAGE LOANS WITH EARNOUT/HOLDBACK
PROVISIONS

 

Renaissance Cincinnati

 

601 West Polk

 

    Y-1

     

    

  

EXHIBIT Z

 

FORM OF NRSRO CERTIFICATION

 

[Date]

 

U.S. Bank National Association 

190 South LaSalle, 7th Floor 

Chicago, Illinois 60603 

Attention: CFCRE 2016-C4 Mortgage Trust 

 

		Re:	CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4	 

  

In accordance with the
Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Agreement”), and executed in connection with
the above-referenced transaction, with respect to the certificates issued thereunder (the “Certificates”), the
undersigned hereby certifies as follows:

 

1.           
(a)           The undersigned is a Rating Agency; or

 

(b)           The undersigned
is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate certifications
under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is requesting access
pursuant to the Agreement to certain information (the “Information”) on such 17g-5 website pursuant to the provisions
of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with respect to the information obtained
from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information obtained from the 17g-5
Information Provider’s Website (including without limitation, to any information received by the Depositor for posting on
the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the Depositor’s 17g-5
website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality agreement attached
hereto as Annex A which shall be applicable to it with respect to any information obtained from the 17g-5 Information Provider’s
Website, including any information that is obtained from the section of the 17g-5 Information Provider’s Website that hosts
the Depositor’s 17g-5 website after the Closing Date.

 

2.                
The undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during
the most recently ended calendar year, or (b) has determined and maintained credit ratings for at least 10% of the issued securities
and money market instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the calendar year prior
to the year covered by the SEC Certification, if it accessed such information for 10 or more issued securities or money market
instruments.

 

    Z-1

     

    

 

3.                
The undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

    Z-2

     

    

  

ANNEX
A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with [________] (together with its affiliates, “[_______]”, the
“Furnishing Entities” and each a “Furnishing Entity”) furnishing certain financial, operational,
structural and other information relating to the issuance of the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2016-C4 (the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as
of May 1, 2016 (the “Pooling and Servicing Agreement”), by and among CCRE Commercial Mortgage Securities, L.P.,
as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, U.S.
Bank National Association, as trustee, U.S. Bank National Association, as certificate administrator, paying agent and custodian,
Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer,
and the assets underlying or referenced by the Certificates, including the identity of, and financial information with respect
to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of U.S. Bank National Association, as 17g-5 Information Provider under
the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s Website that hosts the Depositor’s
17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided by each Furnishing
Entity is labeled as provided by the specific Furnishing Entity.

 

		1.	Definition of Confidential Information. For
purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents
and other information (such information, the “Evaluation Material”) and (y)  any of the terms, conditions
or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status thereof;
provided, however, that the term Confidential Information shall not include information which:

 

		-	was or becomes generally available to the public (including through filing with the Securities and
Exchange Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative
(as defined in Section 2(c)(i) below) in violation of this Confidentiality Agreement;

 

		-	was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
that (i) is reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides
it to you without any obligation to maintain the information as confidential; or

 

    Z-3

     

    

 

		-	is independently developed by the NRSRO without reference to any Confidential Information.

 

		2.	Information to Be Held in Confidence.

 

		(a)	You will use the Confidential Information solely for the purpose of determining or monitoring a credit
rating on the Certificates and, to the extent that any information used is derived from but does not reveal any Confidential Information,
for benchmarking, modeling or research purposes (the “Intended Purpose”).

 

		(b)	You acknowledge that you are aware that the United States and state securities laws impose restrictions
on trading in securities when in possession of material, non-public information and that the NRSRO will advise (through policy
manuals or otherwise) each NRSRO Representative who is informed of the matters that are the subject of this Confidentiality Agreement
to that effect.

 

		(c)	You will treat the Confidential Information as private and confidential. Subject to Section 4, without
the prior written consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information,
whether such Confidential Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding
the foregoing, you may:

 

		(i)	disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
employees, legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable
judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that,
prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions
to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

		(ii)	solely to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),
post the Confidential Information to the NRSRO’s password protected website; and

 

		(iii)	use information derived from the Confidential Information in connection with an Intended Purpose,
if such derived information does not reveal any Confidential Information.

 

		3.	Disclosures Required by Law.
If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an

 

    Z-4

     

    

 

appropriate
protective order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it
so chooses. Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you
been informed by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance
for confidential treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential
Information while the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential
treatment is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order
or other reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that
is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the
NRSRO be required to take a position that such information should be entitled to receive such a protective order or reasonable
assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree
to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing
Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the
provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required
to disclose, at the sole expense of the relevant Furnishing Entity.

 

		4.	Obligation to Return Evaluation Material. Promptly
upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including copies thereof, that
contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding
the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing Evaluation Material
to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures
designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that
may be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation
Material obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain
subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

		5.	Violations of this Confidentiality Agreement.

 

		(a)	The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or
any NRSRO Representative.

 

		(b)	You agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or
unauthorized disclosure or use by any person of the Confidential Information which may come to your attention and to take all steps
reasonably requested by such Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure
or use.

 

		(c)	You acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and
would be irreparably harmed in the event that any of the 

 

    Z-5

     

    

 

provisions
of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief to prevent breaches
of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other remedy
to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that no failure to or delay
in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege.

 

		6.	Term. Notwithstanding the termination or cancellation
of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating on a Security, your obligations
under this Confidentiality Agreement will survive indefinitely.

 

		7.	Governing Law. This Confidentiality Agreement
and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships of the parties and/or the
interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with the
laws of the State of New York applicable to agreements made and to be performed within such State.

 

		8.	Amendments. This Confidentiality Agreement
may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

		9.	Entire Agreement. This Confidentiality Agreement
represents the entire agreement between you and the Furnishing Entities relating to the treatment of Confidential Information
heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between
us relating to such matters; provided, however, that, if the terms of this Confidentiality Agreement conflict with
another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede,
modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict
with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by entry
into this website.

 

		10.	Contact Information. Notices for each Furnishing
Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

		 	[__________________]

 

    Z-6

     

    

 

EXHIBIT AA-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	CCRE Commercial
                                         Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling
and Servicing Agreement”), and executed with respect to the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as Depositor, that:

 

1.            The Transferor
is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans for which _________________
is the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing
Fee Right free from any and all claims and encumbrances whatsoever.

 

2.            Neither the Transferor
nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action,
which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the Excess
Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would render the
disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities laws, or would
require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities
laws.

 

    AA-1-1

     

    

  

	 	 	 
	 	Very truly
yours,
	 	 	 
		By:	 
	 	 	Name:

Title:

  

    AA-1-2

     

    

 

EXHIBIT
AA-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

	Re:	CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4,

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling
and Servicing Agreement”), entered into and executed with respect to the above-referenced transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.            The Transferee
is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans as to which __________________ is the
applicable Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and not with
a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate
the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.             The Transferee
understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered
or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the
Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right
may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant
to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration

 

    AA-2-1

     

    

 

and
qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit AA-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a
certificate from the prospective transferee substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.

 

3.            The Transferee
understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance
with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.            Neither the Transferee
nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with
respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which
(in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of
the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right
pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.            The Transferee
has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon,
(c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.            The Transferee
is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited
investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which
all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee
has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the
Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.            The Transferee
agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing Agreement,
and made available to it,

 

    AA-2-2

     

    

 

confidential,
(ii) not to use or disclose such information in any manner which could result in a violation of any provision of the Securities
Act or would require registration of the Excess Servicing Fee Right or any Certificate pursuant to the Securities Act, and (iii)
not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives not to
disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than such holder’s auditors,
legal counsel and regulators, except to the extent such disclosure is required by law, court order or other legal requirement
or to the extent such information is of public knowledge at the time of disclosure by such holder or has become generally available
to the public other than as a result of disclosure by such holder; provided, however, that such holder may provide all or any
part of such information to any other Person who is contemplating an acquisition of the Excess Servicing Fee Right if, and only
if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such information confidential,
not to use or disclose such information in any manner which could result in a violation of any provision of the Securities Act
or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities Act and not to
disclose such information, and to cause its officers, directors, partners, employees, agents or representatives not to disclose
such information, in any manner whatsoever, in whole or in part, to any other Person other than such Persons’ auditors,
legal counsel and regulators.

 

8.            The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement. 

	 	 	 
	 	Very truly yours,
	 	 	 
		By:	  
	 	 	Name:

                              Title:

 

    AA-2-3

     

    

 

EXHIBIT BB

 

FORM OF OPERATING ADVISOR ANNUAL REPORT

  

Report Date: Report
will be delivered annually no later than [INSERT DATE].

Transaction: CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-C4

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer: Rialto Capital Advisors, LLC

Controlling Class Representative: RREF III Debt AIV, LP

 

I. Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement dated as of May 1, 2016 (the “Pooling and Servicing
Agreement”), between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, U.S. Bank National Association, as trustee, U.S. Bank National
Association, as certificate administrator, paying agent and custodian, and Park
Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, as well as the items listed below, the Operating Advisor has undertaken a limited
review of the Special Servicer’s operational activities in light of the Servicing Standard and the requirements of the Pooling
and Servicing Agreement with respect to the resolution and/or liquidation of the Specially Serviced Loans and provides this Operating
Advisor Annual Report.

 

No information or any
other content included in this Operating Advisor Annual Report contravenes any provision of the Pooling and Servicing Agreement.
This Operating Advisor Annual Report sets forth the Operating Advisor’s assessment of the Special Servicer’s performance of its
duties under the Pooling and Servicing Agreement during the prior calendar year on a platform-level basis with respect to the resolution
and liquidation of Specially Serviced Loans during the prior calendar year.

 

Subject to the restrictions
in the Pooling and Servicing Agreement, this Operating Advisor Annual Report (A) identifies any material deviations, if any (i)
from the Servicing Standard and (ii) from the Special Servicer’s obligations under the Pooling and Servicing Agreement with respect
to the resolution or liquidation of Specially Serviced Loans and (B) complies with all of the confidentiality requirements described
in the Pooling and Servicing Agreement.

 

In connection with
the assessment set forth in this report, the Operating Advisor:

 

		1.	Reviewed any annual compliance statement delivered to the Operating Advisor pursuant to Section
10.11 the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

    BB-1

     

    

 

		2.	Reviewed any annual independent public accountants’ servicing report delivered to the Operating
Advisor pursuant to Section 10.13 of the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

		3.	Reviewed any [Final] Asset Status Report and other information or communications delivered to the
Operating Advisor and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

Based on such review
and/or consultation with the Special Servicer and performance of the other obligations of the Operating Advisor under the Pooling
and Servicing Agreement, the Operating Advisor [does, does not] believe there are material violations of the Special Servicer’s
compliance with its obligations under the Pooling and Servicing Agreement.

 

Qualifications related
to the work product undertaken and opinions related to this report:

 

1.             The
Operating Advisor did not participate in, or have access to, the Special Servicer’s and Controlling Class Representative’s discussion(s)
regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Controlling Class Representative
directly pursuant to the Pooling and Servicing Agreement. As such, the Operating Advisor generally relied upon its interaction
with the Special Servicer in gathering the relevant information to generate this report.

 

2.            The
Special Servicer has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and
Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

3.            Confidentiality
and other contractual restrictions limit the Operating Advisor’s ability to outline herein the details or substance of certain
information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not
reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer. However, all such information
is considered in preparing this report.

 

4.            There
are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially Serviced Loans. These include, but
are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor
does not participate in discussions regarding such actions. As such, the Operating Advisor has not assessed the Special Servicer’s
operational compliance with respect to those types of actions.

 

5.          The
Operating Advisor is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors
have questions regarding this report, they should address such questions to the Certificate Administrator through the Certificate
Administrator’s Website.

 

    BB-2

     

    

 

Terms used but not
defined herein have the meaning set forth in the Pooling and Servicing Agreement as described herein. 

	 	 	 
	 	PARK BRIDGE
LENDER SERVICES LLC
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    BB-3

     

    

  

EXHIBIT CC

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO (866)807-8670 AND VIA
EMAIL TO 

CMBS.TRANSACTIONS@USBANK.COM AND VIA OVERNIGHT MAIL TO THE 

ADDRESSES IMMEDIATELY BELOW**

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4

 

CCRE Commercial Mortgage Securities, L.P.,

as Depositor

110 East 59th Street

New York, New York 10022

Attention: Anthony Orso

 

		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies and Gentlemen:

 

In accordance with Section [10.06][10.07][10.09]
of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”), entered
into between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer
(in such capacity, the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”), Park Bridge Lender Services LLC, as operating advisor, Park
Bridge Lender Services LLC, as asset representations reviewer, U.S. Bank National
Association, as trustee, and U.S. Bank National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, the undersigned, as                          ,
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

    CC-1

     

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure: 

 

Any inquiries related to this notification
should be directed to                          ,
phone number:                          ;
email address:                          . 

	 	 	 
	 	[NAME OF
PARTY], as [role]
	 	 	 
		By:	  
	 	 	Name:

Title:

 

    CC-2

     

    

  

EXHIBIT DD-1

 

FORM OF POWER OF ATTORNEY FOR MASTER
SERVICER

 

RECORDING REQUESTED
BY: 

Wells Fargo Bank, National Association 

Commercial Mortgage Servicing 

MAC D1086 

550 South Tryon Street, 14th
Floor 

Charlotte, North Carolina 28202 

Attention: CFCRE 2016-C4 Asset Manager 

 

SPACE ABOVE THIS LINE
FOR RECORDER’S USE

  

LIMITED POWER OF ATTORNEY

 

U.S. Bank National Association, a
national banking association organized and existing under the laws of the United States and having an office at 190 S. LaSalle
Street, MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as Trustee (“Trustee”), hereby
constitutes and appoints Wells Fargo Bank, National Association (“Master Servicer”), and in its name, aforesaid
Attorney-In-Fact, by and through any authorized representative appointed by the [Board of Directors] of the Master Servicer, to
execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for
the tasks described in the items (1) through (11) below; provided however, that the documents described below may only be executed
and delivered by such Attorneys-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing
Agreement dated as of May 1, 2016 (the “Agreement”) by and among CCRE Commercial Mortgage Securities, L.P., as
Depositor, the Master Servicer, U.S. Bank National Association, as the Trustee, Rialto Capital Advisors, LLC, as the Special Servicer
(“Special Servicer”), U.S. Bank National Association, as the Certificate Administrator, Paying Agent and Custodian,
and Park Bridge Lender Services LLC, as the Operating Advisor and Asset Representations Reviewer, on behalf of the CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 (the “Trust”), and no power is
granted hereunder to take any action that would be adverse to the interests of U.S. Bank National Association. 

 

This Limited Power of Attorney is being issued
in connection with Master Servicer’s responsibilities to service certain mortgage loans (the “Loans”)
held by the Trustee. These Loans are secured by collateral comprised of mortgages, deeds of trust, deeds to secure debt and other
forms of security instruments (collectively the “Security Instruments”) encumbering any and all real and personal
property delineated therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined
herein shall have the respective meanings assigned thereto in the Agreement.

 

1.            Demand, sue for, recover, collect and
receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due and payable) belonging
to or

 

    DD-1-1

     

    

 

claimed by the Trustee, and to use or take
any lawful means for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving
under a deed of trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting
deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties
under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions,
appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including
execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy
action, state or federal suit or any other action.

 

2.            Execute and/or file such documents and
take such other action as is proper and necessary to defend the Trustee in litigation and to resolve any litigation where the Master
Servicer has an obligation to defend the Trustee, including but not limited to dismissal, termination, cancellation, rescission
and settlement.

 

3.            Transact business of any kind regarding
the Loans and the Property.

 

4.            Obtain an interest in the Loans or the
Property and/or building thereon, as the Trustee’s act and deed, to contract for, purchase, receive and take possession and
evidence of title in and to the Property and/or to secure payment of a promissory note or performance of any obligation or agreement.

 

5.            Execute, complete, indorse or file bonds,
notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the Borrowers and/or the Property, including
but not limited to the execution of estoppel certificates, financing statements, continuation statements, releases, satisfactions,
assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption
agreements, subordination agreements, non-disturbance agreements, property adjustment agreements, management agreements, listing
agreements, purchase and sale agreements and other instruments pertaining to mortgages or deeds of trust, and execution of deeds
and associated instruments, if any, conveying the Property, in the interest of the Trustee.

 

6.            Endorse on behalf of the undersigned
all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace, substitute, release
or amend letters of credit as Property securing the Loans.

 

7.            Execute any document or perform any
act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary to transfer ownership of
the affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership of the Loans.

 

8.            Such other actions and file such other
instruments and certifications as are reasonably necessary to complete or accomplish the Master Servicer’s duties and responsibilities
under the Agreement.

 

    DD-1-2

     

    

 

9.             Subordinate the lien of a mortgage,
deed of trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable, or (ii) to an easement in favor
of a public utility company or a government agency or unit with powers of eminent domain, including but not limited to the execution
of partial satisfactions and releases and partial reconveyances reasonably required for such purpose, and the execution or requests
to the trustees to accomplish the same.

 

10.          Convey the Property to the mortgage
insurer, or close the title to the Property to be acquired as real estate owned, or convey title to real estate owned property
(“REO Property”).

 

11.           Execute and deliver the following documentation
with respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu of foreclosure, including, without limitation:
listing agreements; purchase and sale agreements; grant / limited or special warranty / quit claim deeds or any other deed, but
not general warranty deeds, causing the transfer of title of the property to a party contracted to purchase same; escrow instructions;
and any and all documents necessary to effect the transfer of REO Property.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do as of [date].

 

This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.

 

The Master Servicer hereby agrees to indemnify
and hold U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents (the “Indemnified
Parties”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, reasonable fees and disbursements
of counsel incurred by an Indemnified Party in any action or proceeding between the Master Servicer and the Indemnified Party or
between the Indemnified Party and any third party if the Trustee prevails on its indemnification claim) incurred by reason or result
of the negligent use or negligent or willful misuse of this Limited Power of Attorney by the Master Servicer. The foregoing indemnity
shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal of U.S.
Bank National Association, as Trustee under the Agreement.

 

This Limited Power of Attorney may not
be assigned by the Master Servicer without the consent of U.S. Bank National Association.

 

This Limited Power of Attorney is effective
as of the date below and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, or (b)
the termination, resignation or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal
of the Master Servicer as master servicer of the Trust.

 

Witness my hand and seal this [_] day of [_],
2016.

 

    DD-1-3

     

    

 

	 	 	 	 	 
	NO CORPORATE SEAL	 	U.S. Bank National Association, as Trustee, for CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 		, Vice President
	 	 	 	 
	 	 	 	 
	Attest:	, Trust Officer	 	 	 

 

    DD-1-4

     

    

  

CORPORATE ACKNOWLEDGMENT

  

State of Illinois 

 

County of Cook 

 

On this ____ day of __________, 2016, before
me, the undersigned, a Notary Public in and for said County and State, personally appeared ____________________, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as Vice President,
Vice President and Trust Officer, respectively of U.S. Bank National Association, a national banking association, and acknowledged
to me that such national banking association executed the within instrument pursuant to its by-laws or a resolution of its Board
of Directors.

 

WITNESS my hand and official seal.

 

	Signature:	 	 

	 	 	 
	My commission expires:	 	Document drafted by 

U.S. Bank
National Association, as Trustee

 

    DD-1-5

     

    

  

EXHIBIT DD-2

 

FORM OF POWER OF ATTORNEY FOR SPECIAL
SERVICER

 

RECORDING REQUESTED
BY: 

Rialto Capital Advisors, LLC 

790 NW 107th Avenue, 4th Floor 

Miami, Florida 33172 

 

SPACE ABOVE THIS LINE FOR
RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

U.S. Bank National Association, a
national banking association organized and existing under the laws of the United States and having an office at 190 S. LaSalle
Street, MK-IL-SL7C, Chicago, IL 60603, not in its individual capacity but solely as Trustee (“Trustee”), hereby
constitutes and appoints Rialto Capital Advisors, LLC (“Special Servicer”), and in its name, aforesaid Attorney-In-Fact,
by and through any authorized representative appointed by the [Board of Directors] of the Special Servicer, to execute and acknowledge
in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for the tasks described in
the items (1) through (11) below; provided however, that the documents described below may only be executed and delivered by such
Attorneys-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing Agreement dated as
of May 1, 2016 (the “Agreement”) by and among CCRE Commercial Mortgage Securities, L.P., as Depositor, Wells
Fargo Bank, National Association, as the Master Servicer (“Master Servicer”), U.S. Bank National Association,
as the Trustee, the Special Servicer, U.S. Bank National Association, as the Certificate Administrator, Paying Agent and Custodian,
and Park Bridge Lender Services LLC, as the Operating Advisor and Asset Representations Reviewer, on behalf of the CFCRE 2016-C4
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4 (the “Trust”), and no power is
granted hereunder to take any action that would be adverse to the interests of U.S. Bank National Association. 

 

This Limited Power of Attorney is being issued
in connection with Sepcial Servicer’s responsibilities to service certain mortgage loans (the “Loans”)
held by the Trustee. These Loans are secured by collateral comprised of mortgages, deeds of trust, deeds to secure debt and other
forms of security instruments (collectively the “Security Instruments”) encumbering any and all real and personal
property delineated therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined
herein shall have the respective meanings assigned thereto in the Agreement.

 

1.            Demand, sue for, recover, collect and
receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due and payable) belonging
to or

 

    DD-2-1

     

    

 

claimed by the Trustee, and to use or take
any lawful means for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving
under a deed of trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting
deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties
under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions,
appointments of receiver, suits for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including
execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy
action, state or federal suit or any other action. 

 

2.            Execute and/or file such documents and
take such other action as is proper and necessary to defend the Trustee in litigation and to resolve any litigation where the Special
Servicer has an obligation to defend the Trustee, including but not limited to dismissal, termination, cancellation, rescission
and settlement.

 

3.            Transact business of any kind regarding
the Loans and the Property.

 

4.            Obtain an interest in the Loans or the
Property and/or building thereon, as the Trustee’s act and deed, to contract for, purchase, receive and take possession and
evidence of title in and to the Property and/or to secure payment of a promissory note or performance of any obligation or agreement.

 

5.            Execute, complete, indorse or file bonds,
notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the Borrowers and/or the Property, including
but not limited to the execution of estoppel certificates, financing statements, continuation statements, releases, satisfactions,
assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance agreements, loan assumption
agreements, subordination agreements, non-disturbance agreements, property adjustment agreements, management agreements, listing
agreements, purchase and sale agreements and other instruments pertaining to mortgages or deeds of trust, and execution of deeds
and associated instruments, if any, conveying the Property, in the interest of the Trustee.

 

6.            Endorse on behalf of the undersigned
all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace, substitute, release
or amend letters of credit as Property securing the Loans.

 

7.            Execute any document or perform any
act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary to transfer ownership of
the affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership of the Loans.

 

8.            Such other actions and file such other
instruments and certifications as are reasonably necessary to complete or accomplish the Special Servicer’s duties and responsibilities
under the Agreement.

 

    DD-2-2

     

    

 

9.            Subordinate the lien of a mortgage,
deed of trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable, or (ii) to an easement in favor
of a public utility company or a government agency or unit with powers of eminent domain, including but not limited to the execution
of partial satisfactions and releases and partial reconveyances reasonably required for such purpose, and the execution or requests
to the trustees to accomplish the same.

 

10.          Convey the Property to the mortgage
insurer, or close the title to the Property to be acquired as real estate owned, or convey title to real estate owned property
(“REO Property”).

 

11.          Execute and deliver the following documentation
with respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu of foreclosure, including, without limitation:
listing agreements; purchase and sale agreements; grant / limited or special warranty / quit claim deeds or any other deed, but
not general warranty deeds, causing the transfer of title of the property to a party contracted to purchase same; escrow instructions;
and any and all documents necessary to effect the transfer of REO Property.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do as of [date].

 

This appointment is to be construed and interpreted
as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it
give rise to, and it is not to be construed as a general power of attorney.

 

The Special Servicer hereby agrees to indemnify
and hold U.S. Bank National Association, as Trustee, and its directors, officers, employees and agents (the “Indemnified
Parties”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, reasonable fees and disbursements
of counsel incurred by an Indemnified Party in any action or proceeding between the Special Servicer and the Indemnified Party
or between the Indemnified Party and any third party if the Trustee prevails on its indemnification claim) incurred by reason or
result of the negligent use or negligent or willful misuse of this Limited Power of Attorney by the Special Servicer. The foregoing
indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation or removal
of U.S. Bank National Association, as Trustee under the Agreement.

 

This Limited Power of Attorney may not
be assigned by the Special Servicer without the consent of U.S. Bank National Association.

 

This Limited Power of Attorney is effective
as of the date below and shall continue to remain in full force and effect until (a) revoked in writing by the Trustee, or (b)
the termination, resignation or removal of the Trustee as trustee of the Trust, or (c) the termination, resignation or removal
of the Special Servicer as special servicer of the Trust.

 

Witness my hand and seal this _____ day of
__________, 2016.

 

    DD-2-3

     

    

 

	 	 	 	 	 
	NO CORPORATE SEAL	 	U.S. Bank National Association, as Trustee, for CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust
Commercial Mortgage Pass-Through Certificates, Series 2016-C4
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	 	 
	Attest:	, Trust Officer	 	 	 

 

    DD-2-4

     

    

 

CORPORATE ACKNOWLEDGMENT

 

State of Illinois

 

County of Cook

 

On this ____ day of __________, 2016, before
me, the undersigned, a Notary Public in and for said County and State, personally appeared ____________________, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as Vice President,
Vice President and Trust Officer, respectively of U.S. Bank National Association, a national banking association, and acknowledged
to me that such national banking association executed the within instrument pursuant to its by-laws or a resolution of its Board
of Directors.

 

WITNESS my hand and official seal.

 

	Signature:	 	 

	 	 	 
	My commission expires:	 	Document drafted by 

U.S. Bank National Association,
as Trustee

 

    DD-2-5

     

    

 

EXHIBIT EE

 

FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

[Other Servicer] 

[ADDRESS] 

 

[Other Special Servicer]

[ADDRESS] 

 

[Other Trustee] 

[ADDRESS] 

 

The trust fund formed
in connection with the issuance of the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C4
(the “Trust Fund”) is the Note [__] Holder, as such term is defined under the Agreement between Noteholders, dated
as of [__], between [__], as each of the [__] Holder and the [__] Holder (the “[__] Intercreditor Agreement”).
In connection with the deposit of the Note [__] of the [__] Whole Loan into the Trust Fund, attached is an executed copy of the
related pooling and servicing agreement (the “Pooling and Servicing Agreement”). This Notice is being delivered
to you pursuant to Section 3.27(f) of the Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the
respective meanings ascribed to such terms in the Pooling and Servicing Agreement or, if not defined therein, in the [__] Intercreditor
Agreement. Contact information for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Directing Certificateholder and the Rating Agencies are as set forth on Schedule
I attached here.

 

The [__] Whole Loan is
being serviced pursuant to the terms of a pooling and servicing agreement dated [_], between [__], as depositor, [__], as master
servicer, [__], as special servicer, [__], as operating advisor, [__], as asset representations reviewer, and [__], as certificate
administrator and trustee (the “Other Pooling and Servicing Agreement”). [__], as certificate administrator
for the registered holders of the Trust Fund, hereby directs the applicable parties to the Other Pooling and Servicing Agreement
as follows:

 

(i)       
   [__], as master servicer under the Other Pooling and Servicing Agreement, shall remit no later than one (1) Business Day
after the Determination Date all amounts payable in accordance with the [__] Intercreditor Agreement and the Other Pooling
and Servicing Agreement due to the Note [__] Holder of the [__] Whole Loan on such days as specified in the Other Pooling and
Servicing Agreement to Wells Fargo Bank, National Association, as master servicer of the Trust Fund, to the collection
account set forth on Schedule II attached hereto in accordance with the terms of the Other Pooling and Servicing Agreement;
and

 

(ii)            [other Master
Servicer] and [other Certificate Administrator], as applicable, shall forward, deliver or otherwise make available, as the case
may be, all reports,

 

    EE-1

     

    

 

statements,
documents, communications and other information that are to be forwarded, delivered or otherwise made available to the holder
of Note [__] of the [__] Whole Loan in accordance with the [__] Intercreditor Agreement and the Other Pooling and Servicing Agreement
to Wells Fargo Bank, National Association, as master servicer of the Trust Fund, no later than one (1) Business Day after the
Determination Date.

 

You are advised that
the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the [__] Mortgage Loan
[is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice of request for delivery of all
Exchange Act reporting items deliverable to us pursuant to the terms of the Other Pooling and Servicing Agreement.

 

Thank you for your attention
to this matter. 

	 	 	 
	 	U.S. Bank National Association, as
Certificate Administrator for the Holders of the CFCRE 2016-C4 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-C4
	 	 	 
		By:	 
	 	 	[Name]

[Title]

  

    EE-2

     

    

 

SCHEDULE
I

 

TO FORM OF NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York, 10022

Attention: Anthony Orso

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

with a copy to:

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300 

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with an electronic copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com

 

with a copy to:

 

    EE-3

     

    

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Niral Shah

Facsimile number: (305) 229-6425

E-mail: niral.shah@rialtocapital.com

 

with a copy to:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Adam Singer

Facsimile number: (305) 229-6425

E-mail: adam.singer@rialtocapital.com

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CFCRE 2016-C4-Surveillance Manager

 

RREF III Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

with a copy to:

 

RREF III Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

 

    EE-4

     

    

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

Moody’s Investors Service, Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-1350

Email:cmbssurveillance@moodys.com

 

    EE-5

     

    

  

SCHEDULE II TO FORM OF  

 

NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

	 	Account:	Collection
Account
	 	 	 
	 	Account
#:	4436870364
	 	 	 
		Title:	Wells Fargo Bank, National Association, as Master Servicer, on behalf of U.S. Bank National Association,
as Trustee, for the benefit of Holders of CCRE Commercial Mortgage Securities, L.P., CFCRE 2016-C4 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2016-C4 Collection Account

 

		Location:	Wells Fargo Bank, National Association

 

    EE-6

     

    

   

EXHIBIT FF

 

FORM OF SERVICED COMPANION LOAN NOTEHOLDER
CERTIFICATION

 

[Date]

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CFCRE 2016-C4 Asset Manager

 

U.S. Bank National Association 

190 South LaSalle Street,
7th Floor

MK-IL-SL7C

Chicago, Illinois 60603 

Attention: CFCRE 2016-C4
Mortgage Trust

 

		Re:	CFCRE 2016-C4 Mortgage Trust – Companion Loan

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of May 1, 2016, between CCRE Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, U.S. Bank National Association, as trustee, and U.S. Bank National Association,
as certificate administrator, paying agent and custodian, with respect to any Companion Loan (as defined in the Agreement), the
undersigned hereby certifies and agrees as follows:

 

1.            The undersigned
is a Companion Loan Noteholder (as defined in the Agreement).

 

2.            The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate
Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner, in whole or in part.

 

    FF-1

     

    

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.            The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations contained herein remain true and correct.

 

4.            The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Underwriters,
the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by
the undersigned or any of its Representatives.

 

5.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN WITNESS WHEREOF,
the undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above. 

	 	 	 
	 	[Companion
Loan Noteholder]
	 	 	 
		By:	 
	 	 	Title:

Company:

Phone:

 

    FF-2

     

    

  

EXHIBIT GG

 

[RESERVED]

 

    GG-1

     

    

 

EXHIBIT HH

 

FORM OF ASSET REVIEW REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

Re:         CFCRE 2016-C4
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report.

 

		1.	We have performed an Asset Review on each Delinquent Loan identified by the Special Servicer and
our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as specifically detailed on the
scorecard attached hereto as Exhibit A] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

1
 This report is an indicative report, and the Asset Representations Reviewer will have
the ability to modify or alter the organization and content of this report, subject to compliance with the terms of the Pooling
and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    HH-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member

	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

	 	 	 
	 	By:	 

	 	 	 
	 	 Name: 	 

	 	 	 
	 	 Title: 	 

 

    HH-2

     

    

  

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	Test Failures
	Loan #	Loan Name	Mortgage Loan Seller	R&W #	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[Insert Test Description]	[Insert Test findings]
	31	Single-Purpose Entity	 	 

 

    HH-3

     

    

  

EXHIBIT II

 

FORM OF ASSET REVIEW REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER2

 

To: [Addresses of Recipients]

 

Re:         CFCRE 2016-C4
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report
Summary.

 

		1.	We have performed an Asset Review on each Delinquent Loan identified by the Special Servicer and
our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as identified on the summary scorecard
attached hereto as Exhibit A] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the
parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

2
This report is an indicative report, and the Asset Representations Reviewer will have
the ability to modify or alter the organization and content of this report, subject to compliance with the terms of the Pooling
and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    II-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE
LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member

	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

	 	 	 
	 	By:	 

	 	 	 
	 	 Name: 	 

	 	 	 
	 	 Title: 	 

 

    II-2

     

    

  

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	Test failures
	Loan #	Loan Name	Mortgage Loan Seller	Representations and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	31	Single-Purpose Entity

 

    II-3

     

    

  

EXHIBIT JJ

 

ASSET REVIEW PROCEDURES

 

Subject to the Pooling
and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each Delinquent Loan
based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit JJ and the terms of
the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representation Reviewer’s
responsibilities and duties with respect to Asset Reviews.

 

Call for Review
and Collection and Inventory of Review Materials 

 

		Step 1	Asset Representations Reviewer (“ARR”)
receives the following items before beginning its review from the parties specified in Section 11.01 of the Pooling and Servicing
Agreement:

 

		§	Notice
                                         of Asset Review Trigger (with attachments)

 

		§	Asset
                                         Review Vote Election

 

		§	Notice
                                         of Affirmative Asset Review Vote 

 

		§	List
                                         of all Delinquent Loans subject to the Asset Review

 

		§	Review
                                         Materials for each Delinquent Loan via Secure File System access, including the Diligence
                                         File

 

		§	Any
                                         Unsolicited Information (if applicable)

 

		Step 2	For each Delinquent Loan, ARR inventories all Review Materials
to which ARR is provided access in the Secure File System to determine what, if any, Review Materials for such Delinquent Loan
are missing, using the list of documents in Section 2.01(a)(i) through Section 2.01(a)(xxi) of this Agreement, any
comparable lists included in the related Mortgage Loan Purchase Agreement, and any closing checklist from the origination of such
Delinquent Loan, to guide its review and determination

 

    JJ-1

     

    

 

		Step 3	If ARR determines that the information made available to
it in the Secure File System with respect to any Delinquent Loan is missing any documents required to complete an Asset Review
of such Delinquent Loan, ARR shall prepare a list of such missing documents and notify Master Servicer (with respect to Non-Specially
Serviced Loans) and Special Servicer (with respect to Specially Serviced Loans) or applicable Mortgage Loan Seller of such missing
documents. If the Master Servicer or Special Servicer, as applicable, does not provide such document as provided in the Pooling
and Servicing Agreement, the ARR shall notify the related Mortgage Loan Seller of such missing information

 

Analysis and
Testing of Representations and Warranties

 

		Step 4	For each Delinquent Loan for which ARR has received all
Review Materials required to complete an Asset Review of such Delinquent Loan, ARR tests such Delinquent Loan for compliance with
each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Loan as follows:

 

		§	ARR
                                         reviews each representation and warranty and each item included in the Review Materials
                                         applicable or related to such representation or warranty to determine whether there is
                                         any evidence that such representation or warranty was not true when made by the related
                                         Mortgage Loan Seller

 

		§	For
                                         each representation and warranty, ARR lists 

 

		·	all
                                         items from the Review Materials reviewed or used in its testing of such representation
                                         and warranty

 

		·	whether
                                         ARR has determined that there is any evidence that such representation or warranty was
                                         not true when made by the related Mortgage Loan Seller, and

 

		o	if
                                         so, stating the aspect of the applicable representation or warranty that does not appear
                                         to have been true when made by the related Mortgage Loan Seller and ARR’s basis
                                         for its conclusion

 

		o	completing
                                         the Asset Review Report by setting forth, for each Delinquent Loan, the information contemplated
                                         herein with respect to each representation and warranty

 

ARR will not attempt
(and has no obligation) to determine the materiality of any potential breach of a representation or warranty that it discovers
evidence of during its review as contemplated herein.

 

    JJ-2

     

    

  

EXHIBIT KK

 

CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE FILE SYSTEM

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

MK-IL-SL7C

Chicago, Illinois 60603

Attention: CFCRE 2016-C4 Mortgage Trust

 

In accordance with the
requirements for obtaining access to the Secure File System pursuant to the Pooling and Servicing Agreement, dated as of May 1,
2016 (the “Pooling and Servicing Agreement”), by and among CCRE Commercial Mortgage Securities L.P., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, U.S. Bank National
Association, as Trustee, U.S. Bank National Association, as Certificate Administrator and Park Bridge Lender Services LLC, as Asset
Representations Reviewer and Operating Advisor, with respect to the certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:

 

1.            The undersigned
is an authorized representative of [________________________].

 

2.            The undersigned
acknowledges and agrees that (a) access to the Secure File System is being granted to it solely for purposes of the undersigned
carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make information
contained on the Secure File System available to any other person except in accordance with the Pooling and Servicing Agreement
or otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage Loans to
which the Asset Review relates.

 

3.            The undersigned
agrees that each time it accesses the Secure File System, the undersigned is deemed to have recertified that the representations
above remains true and correct.

 

    KK-1

     

    

 

4.            [The undersigned
is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified. 

	 	 	 
	 	[NAME OF
PARTY], as [role]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Dated:
____________________

  

[CCRE
Commercial Mortgage Securities, L.P., as Depositor]‡

 

	By:	 	 
	 	Name:

Title:	 

 

 

 

		‡	Required to the extent that
a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the Secure File System.

 

    KK-2

     

    

  

EXHIBIT LL

 

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
MORTGAGE 

LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET 

REVIEW TRIGGER]

 

[Date] 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina  28202

Attention:  CFCRE 2016-C4 Asset Manager	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  CFCRE 2016-C4-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)
	 	 
	
        Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention:  Liat Heller (CFCRE 2016-C4) 

        Jeff
Krasnoff (CFCRE 2016-C4)

Niral Shah (CFCRE 2016-C4) 

        Adam
Singer (CFCRE 2016-C4) 
	 
	 	 

		Attention:	CFCRE 2016-C4 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-C4

 

In accordance with Section
11.01(a) of the Pooling and Servicing Agreement, dated as of May 1, 2016 (the “Pooling and Servicing Agreement”),
by and among CCRE Commercial Mortgage Securities L.P., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Rialto Capital Advisors, LLC, as Special Servicer, U.S. Bank National Association, as Trustee, U.S. Bank National Association,
as Certificate Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and Operating Advisor, the
Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

		1.	_____ An additional Mortgage Loan has become a Delinquent
Loan.

 

		2.	_____ A Mortgage Loan has ceased to be a Delinquent
Loan.

 

		3.	_____An Asset Review Trigger has ceased to exist.

 

(check all that apply)

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    LL-1

     

    

	 	 	 
	 	U.S. Bank
National Association, as Certificate Administrator for the Holders of the CFCRE 2016-C4 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2016 C4
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    LL-2

     

    

  

SCHEDULE I

 

DIRECTING CERTIFICATEHOLDERS 

 

	Mortgage Loan	Directing Certificateholder	Contact Information
	 	 	 
	All Mortgage Loans (other than the OZRE Leased Fee Portfolio Mortgage Loan, the Hyatt Regency St. Louis at The Arch Mortgage Loan, the AG Life Time Fitness Portfolio Mortgage Loan, the One Commerce Plaza Mortgage Loan, the GFH Brennan Industrial Portfolio Mortgage Loan and the NMS Los Angeles Multifamily Portfolio Mortgage Loan)	RREF III Debt AIV, LP	
        RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646 

        Email: joseph.bachkosky@rialtocapital.com 

        with a copy to: 

         

        RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

Email: josh.cromer@rialtocapital.com 

	 	 	 
	OZRE Leased Fee Portfolio Mortgage Loan (until the OZRE Leased Fee Portfolio Companion Loan Securitization Date)	None	None

 

    Sch. I-1

    

 

SCHEDULE II

 

SERVICING CRITERIA TO BE ADDRESSED IN
ASSESSMENT OF COMPLIANCE

 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria” (with each
Servicing Function Participant deemed to be responsible for the items applicable to the functions it is performing and for which
the party that retained such Servicing Function Participant is responsible):

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master Servicer

Special Servicer

Certificate Administrator
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Master Servicer

Special Servicer

 

    	Sch. II-1

    	 

    

 

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert. Admin.
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee4

Master Servicer

Special Servicer
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	 	Investor Remittances and Reporting	 

 

 

 

4
Only to the extent that the Trustee was required to make an Advance pursuant to the
Pooling and Servicing Agreement during the applicable calendar year.

 

    	Sch. II-2

    	 

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Master Servicer.	Cert. Admin.

Operating Adv. 

(excluding clauses (C) and (D) in the case of the Operating Adv.)
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s investor records, or such other number of days specified in the transaction agreements.	Cert. Admin.

 
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert. Admin.
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

Master Servicer

Special Servicer
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Master Servicer

Special Servicer

 

    	Sch. II-3

    	 

    

 

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer
	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Adv.
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer

 

    	Sch. II-4

    	 

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

 

At all times that the
Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined assessment
of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    	Sch. II-5

    	 

    

 

SCHEDULE III

 

CLASS A-SB PLANNED PRINCIPAL BALANCE
SCHEDULE

 

	Period

	Balance
        ($)

	Period

	Balance
        ($)

	Period

	Balance
        ($)

	Initial Balance	46,464,000.00	July 2019	46,464,000.00	September 2022	33,020,083.08
	June 2016	46,464,000.00	August 2019	46,464,000.00	October 2022	32,115,841.61
	July 2016	46,464,000.00	September 2019	46,464,000.00	November 2022	31,273,308.60
	August 2016	46,464,000.00	October 2019	46,464,000.00	December 2022	30,361,658.16
	September 2016	46,464,000.00	November 2019	46,464,000.00	January 2023	29,511,436.60
	October 2016	46,464,000.00	December 2019	46,464,000.00	February 2023	28,657,489.70
	November 2016	46,464,000.00	January 2020	46,464,000.00	March 2023	27,604,632.64
	December 2016	46,464,000.00	February 2020	46,464,000.00	April 2023	26,742,322.56
	January 2017	46,464,000.00	March 2020	46,464,000.00	May 2023	25,811,448.71
	February 2017	46,464,000.00	April 2020	46,464,000.00	June 2023	24,941,278.27
	March 2017	46,464,000.00	May 2020	46,464,000.00	July 2023	24,002,764.11
	April 2017	46,464,000.00	June 2020	46,464,000.00	August 2023	23,124,665.01
	May 2017	46,464,000.00	July 2020	46,464,000.00	September 2023	22,242,717.78
	June 2017	46,464,000.00	August 2020	46,464,000.00	October 2023	21,292,756.54
	July 2017	46,464,000.00	September 2020	46,464,000.00	November 2023	20,402,778.36
	August 2017	46,464,000.00	October 2020	46,464,000.00	December 2023	19,445,011.00
	September 2017	46,464,000.00	November 2020	46,464,000.00	January 2024	18,546,932.11
	October 2017	46,464,000.00	December 2020	46,464,000.00	February 2024	17,644,917.07
	November 2017	46,464,000.00	January 2021	46,464,000.00	March 2024	16,611,951.08
	December 2017	46,464,000.00	February 2021	46,464,000.00	April 2024	15,701,449.87
	January 2018	46,464,000.00	March 2021	46,464,000.00	May 2024	14,723,734.00
	February 2018	46,464,000.00	April 2021	46,464,000.00	June 2024	13,804,953.77
	March 2018	46,464,000.00	May 2021	46,463,747.00	July 2024	12,819,190.63
	April 2018	46,464,000.00	June 2021	45,684,089.43	August 2024	11,892,059.43
	May 2018	46,464,000.00	July 2021	44,833,554.15	September 2024	10,960,864.07
	June 2018	46,464,000.00	August 2021	44,046,754.04	October 2024	9,963,033.37
	July 2018	46,464,000.00	September 2021	43,256,507.91	November 2024	9,023,379.18
	August 2018	46,464,000.00	October 2021	42,395,680.52	December 2024	8,017,326.44
	September 2018	46,464,000.00	November 2021	41,598,199.92	January 2025	7,069,139.91
	October 2018	46,464,000.00	December 2021	40,730,340.61	February 2025	6,116,796.45
	November 2018	46,464,000.00	January 2022	39,925,562.73	March 2025	4,974,673.50
	December 2018	46,464,000.00	February 2022	39,117,259.67	April 2025	4,013,140.03
	January 2019	46,464,000.00	March 2022	38,105,810.87	May 2025	2,985,820.47
	February 2019	46,464,000.00	April 2022	37,289,528.03	June 2025	2,015,564.50
	March 2019	46,464,000.00	May 2022	36,403,392.86	July 2025	979,766.61
	April 2019	46,464,000.00	June 2022	35,579,649.43	August 2025	712.33
	May 2019	46,464,000.00	July 2022	34,686,262.55	September 2025 and
    thereafter	0.00
	June 2019	46,464,000.00	August 2022	33,854,993.74	 	 

 

    	Sch. III-1

    	 

    

 

SCHEDULE IV

 

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.06 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with Item 6 below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this CFCRE 2016-C4 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	Item on Form 10-D	Party Responsible
	Item 1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included on the Distribution Date Statement	
        ·    Each
        Master Servicer (only with respect to 1121(a)(12) as to non Specially Serviced Loans)

        

        ·    Special
        Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        

        ·    Depositor

        

        ·    Certificate
        Administrator

        

        ·    Asset
        Representations Reviewer

        

        ·    Each
        Mortgage Loan Seller (only with respect to 1121(c)(2))

        

	Item 2: Legal Proceedings:

Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·    Master
        Servicer (as to itself)

        

        ·    Special
        Servicer (as to itself)

        

        ·    Trustee
        (as to itself)

        

        ·    Certificate
        Administrator (as to itself)

        

        ·    Depositor
        (as to itself)

        

        

        

        

  

    	Sch. IV-1

    	 

    

 

		
        

        

        ·    Any
        other Reporting Servicer (as to itself)

        

        ·  Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal
        control of the proceedings)

        

        ·    Each
        Mortgage Loan Seller

        

        ·    Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ·    Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

	Item 3:  Sale of Securities and Use of Proceeds	·    Depositor
	Item 4:  Defaults Upon Senior Securities	
        ·    Certificate
        Administrator

        

        ·    Trustee

        

	Item 5:  Submission of Matters to a Vote of Security Holders	·    Certificate Administrator
	Item 6:  Significant Obligors of Pool Assets	·    Master Servicer
	Item 7: Change in Sponsor Interest in the Securities:

Item 1124 of Regulation AB	·    Each Mortgage Loan Seller
	Item 8:  Significant Enhancement Provider Information	·    N/A
	Item 9:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·    Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 10:  Exhibits	
 ·    Depositor
        (exhibits required by Item 601 of Regulation S-K, such as material agreements)

        

        ·    Certificate
        Administrator (Monthly Statement to Certificateholders)

        

 

    	Sch. IV-2

    	 

    

 

SCHEDULE V

 

ADDITIONAL FORM 10-K DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with 1112(b) below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this CFCRE 2016-C4 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

  

	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	·    Depositor
	Item 9B:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·    Any party responsible for disclosure items on Form 8-K to the extent of such items as set forth in Schedule VI
	Item 15:  Exhibits, Financial Statement Schedules	
        ·    Certificate
        Administrator

        

        ·    Depositor

        

	Additional Item:

Disclosure per Item 1112(b)(1) of Regulation AB	·    Master Servicer
	Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	·    N/A

 

    	Sch. V-1

    	 

    

 

	Additional Item:

Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·    Master
        Servicer (as to itself)

        

        ·    Special
        Servicer (as to itself)

        

        ·    Certificate
        Administrator (as to itself)

        

        ·    Trustee
        (as to itself)

        

        ·    Depositor
        (as to itself)

        

        ·    Operating
        Advisor (as to itself)

        

        ·    Asset
        Representations Reviewer (as to itself)

        

        ·    Any
        other Reporting Servicer (as to itself)

        

        ·    Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        

        ·    Each
        Mortgage Loan Seller

        

        ·    Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ·    Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

 

    	Sch. V-2

    	 

    

 

	Additional Item:

Disclosure per Item 1119 of Regulation AB	
        ·    Master
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
        Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        

        ·    Special
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
        Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        

        ·    Certificate
        Administrator (as to itself) (to the extent material to Certificateholders)

        

        ·   Trustee (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the
        Master Servicer, Certificate Administrator, Special Servicer or a sub-servicer retained by it meeting any of the descriptions in
        Item 1108(a)(3))

        

        ·    Depositor
        (as to itself)

        

        ·    Depositor
        (as to the Trust)

        

        ·    Each
        Mortgage Loan Seller

        

        ·    Operating
        Advisor (as to itself)

        

        ·    Asset
        Representations Reviewer (as to itself)

        

        ·    Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ·    Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

 

    	Sch. V-3

    	 

    

 

SCHEDULE VI

 

FORM 8-K DISCLOSURE INFORMATION

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.09 of the Pooling
and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that
there is no “significant obligor” other than a party identified as such in the Prospectus. For this CFCRE 2016-C4 Mortgage
Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

 

	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.  

Examples: servicing agreement, custodial agreement.

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	·    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)
	Item 1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of  any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.  

 	·    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust  (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

 

    	Sch. VI-1

    	 

    

 

	Item on Form 8-K	Party Responsible 
	 

                                                                                Examples: servicing agreement, custodial agreement.
	
	Item 1.03- Bankruptcy or Receivership	
        ·    Depositor

        

        ·    Each
Mortgage Loan Seller 

	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	
        ·    Depositor

        

        ·    Certificate
        Administrator

         

	Item 3.03- Material Modification to Rights of Security Holders

Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement.	·    Certificate Administrator
	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

Disclosure is required of any amendment “to the governing documents of the issuing entity”.	·    Depositor
	Item 5.06 – Change in Shell Company Status	·    Depositor
	Item 5.07 – Submission of Matters to a Vote of Security Holders	·    Depositor
	Item 5.08 – Shareholder Director Nomination	·    Depositor
	Item 6.01- ABS Informational and Computational Material	·    Depositor
	Item 6.02- Change of Servicer or Trustee 

Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	
        ·    Master
        Servicer (as to itself or a servicer retained by it)

        

        ·    Special
        Servicer (as to itself or a servicer retained by it)

        

        ·    Certificate
        Administrator (as to itself or an entity retained by it)

        

        ·    Trustee (as to itself or an entity retained by it)

        

        

 

    	Sch. VI-2

    	 

    

 

	Item on Form 8-K	Party Responsible 
		·    Depositor
	Reg AB disclosure about any new servicer or master servicer is also required.	·    Master Servicer or Special Servicer, as applicable
	Reg AB disclosure about any new Trustee is also required.	·    Trustee
	Reg AB disclosure about any new Certificate Administrator is also required.	·    Certificate Administrator
	Item 6.03- Change in Credit Enhancement or Other External Support	       N/A
	Item 6.04- Failure to Make a Required Distribution	·    Certificate Administrator
	Item 6.05- Securities Act Updating Disclosure

If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	·    Depositor
	Item 7.01- Regulation FD Disclosure	·    Depositor
	Item 8.01 – Other Events

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.	·    Depositor
	Item 9.01 – Financial Statements and Exhibits	·    Responsible party for reporting/disclosing the financial statement or exhibit

 

    	Sch. VI-3

    	 

    

 

SCHEDULE VII

  

INITIAL SERVICED COMPANION
LOAN NOTEHOLDERS

  

	Serviced Companion Loan	Initial Noteholders	Address
	OZRE Leased Fee Portfolio (until the OZRE Leased Fee Portfolio Companion Loan Securitization Date)	Cantor Commercial Real Estate Lending, L.P. (Note A-2 Holder, Note A-3 Holder, Note A-6 Holder, Note A-7 Holder and Note A-8 Holder)	
        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso 

         

        with an electronic copy to: 

         

        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281

Attention: Lisa Pauquette, Esq. 

         

	215 West 34th Street & 218 West 35th Street	Citigroup Commercial Mortgage Trust 2016-GC36 (Note A-2 Holder)	
        KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Diane Haislip

E-mail: diane_c_haislip@keybank.com 

         

        with a copy to: 

         

        Polsinelli PC

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

E-mail:  

 

     Sch. VII-1

     

    

 

	 	 	kkohring@polsinelli.com
	 	
        CFCRE 2016-C3 Mortgage Trust (Note A-3 Holder)

         

         

         
	
        Wells Fargo Bank, National Association
Commercial Mortgage Servicing 

        MAC D1086 

        550 South Tryon Street, 14th Floor 

        Charlotte, North Carolina 28202 

        Attention: CFCRE 2016-C3 Asset Manager 

         

        with a copy to: 

         

        Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300 

        Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support 

         

        with a copy to: 

         

        K&L Gates LLP

        Hearst Tower

        214 North Tryon Street

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

         

	Renaissance Cincinnati	Cantor Commercial Real Estate Lending, L.P. (Note A-2 Holder)	Cantor Commercial Real Estate Lending,
L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso

         

        with an electronic copy to: 

         

        Cantor Commercial Real Estate Lending,
L.P.

 

     Sch. VII-2

     

    

 

			

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP

        200 Liberty Street

        New York, New York 10281 

        Attention: Lisa Pauquette, Esq.

         

	AvidXchange	
        Cantor Commercial Real Estate Lending, L.P.
        (Note A-2 Holder)

         

         

         
	
        Cantor Commercial Real Estate Lending,
L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso 

         

        with an electronic copy to: 

         

        Cantor Commercial Real Estate Lending,
L.P.

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Lisa Pauquette, Esq.

         

	Madbury Commons	Cantor Commercial Real Estate Lending, L.P. (Note A-2 Holder)	Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso

 

     Sch. VII-3

     

    

 

			 

        with an electronic copy to: 

         

        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Lisa Pauquette, Esq.

         

	3 Executive Campus	Cantor Commercial Real Estate Lending, L.P. (Note A-2 Holder)	
        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Anthony Orso  

         

        with an electronic copy to:  

         

        Cantor Commercial Real Estate Lending, L.P. 

        110 East 59th Street 

        New York, New York 10022 

        Attention: Legal Department 

        E-mail: legal@ccre.com

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Lisa Pauquette, Esq.

         

	Home Depot – Elk Grove Village	Citigroup Commercial Mortgage Trust 2016-P3 (Note A-2 Holder)	Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street, 14th Floor

 

     Sch. VII-4

     

    

 

			
        Charlotte, North Carolina 28202

Attention: CGCMT 2016-P3 Asset Manager 

         

        with a copy to:  

         

        Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053-300 

        Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support 

         

        with a copy to: 

         

        K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

 

     Sch. VII-5

     

    

 

SCHEDULE VIII

 

CONTACT INFORMATION
FOR THE OTHER 17G-5 INFORMATION PROVIDER

  

	Other 17g-5
    Information Provider	Transaction	Contact
    Information
	Wells
    Fargo Bank, National Association	COMM
    2016-CCRE28	Wells
                                         Fargo Bank, National Association

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045-1951

        Attention:
        Corporate Trust Services — COMM 2016-CCRE28

        E-mail:
        17g5informationprovider@wellsfargo.com (specifically with a subject reference of “COMM 2016-CCRE28 Mortgage
        Trust” and an identification of the type of information being provided in the body of such electronic mail)

	 	 	 
	Wells Fargo Bank, National Association	CFCRE 2016-C3	Wells
                                         Fargo Bank, National Association

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045-1951

        Attention:
        Corporate Trust Services — CFCRE 2016-C3

        E-mail:
        17g5informationprovider@wellsfargo.com (specifically with a subject reference of “CFCRE 2016-C3 Mortgage
        Trust” and an identification of the type of information being provided in the body of such electronic mail)

	 	 	 
	Citibank, N.A.	CGCMT 2016-P3	Citibank, N.A.

    388 Greenwich Street, 14th Floor

    New York, New York 10013

    Attention: Citibank Agency & Trust – CGCMT 2016-P3

    E-mail: ratingagencynotice@citi.com (specifically with a subject reference of “CGCMT 2016-P3” and an identification
    of the type of information being provided 

 

     Sch. VIII-1

     

    

 

	 	 	in
    the body of such electronic mail)
	Wells
    Fargo Bank, National Association	COMM
                                         2015-CCRE27

         
	Wells
                                         Fargo Bank, National Association

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045-1951

        Attention:
        Corporate Trust Services — COMM 2015-CCRE27

        E-mail:
        17g5informationprovider@wellsfargo.com (specifically with a subject reference of “COMM 2015-CCRE27 Mortgage
        Trust” and an identification of the type of information being provided in the body of such electronic mail)

  

     Sch. VIII-2Exhibit 4.3 

 

EXECUTION VERSION

 

CITIGROUP COMMERCIAL MORTGAGE SECURITIES
INC.,

Depositor,

 

KEYBANK NATIONAL ASSOCIATION,

Master Servicer,

 

Wells
Fargo Bank, National Association,

Special Servicer,

 

Pentalpha
Surveillance LLC,

Operating Advisor and Asset Representations Reviewer,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator,

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

Trustee

 

 

POOLING
AND SERVICING AGREEMENT

Dated as of February 1, 2016

 

 

 

Commercial Mortgage Pass-Through Certificates

Series 2016-GC36

 

    	 

    	 

    

 

TABLE OF CONTENTS

	 	 	 	 
	 	 	 	Page
	 	 	 	 
	ARTICLE I
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	Section 1.01	Defined Terms	 	4
	Section 1.02	Certain Calculations	 	130
	Section 1.03	Certain Constructions	 	134
	 	 	 	 
	ARTICLE II
	 	 	 	 
	CONVEYANCE OF MORTGAGE LOANS;
	ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 	 
	Section 2.01	Conveyance of Mortgage Loans	 	135
	Section 2.02	Acceptance by the Trustee, the Custodian and the Certificate Administrator	 	139
	Section 2.03	Mortgage Loan Sellers’ Repurchase, Substitution or Cures of Mortgage Loans for Document Defects in Mortgage Files and Breaches of Representations and Warranties	 	142
	Section 2.04	Representations and Warranties of the Depositor	 	157
	Section 2.05	Representations, Warranties and Covenants of the Master Servicer	 	159
	Section 2.06	Representations, Warranties and Covenants of the Special Servicer	 	160
	Section 2.07	Representations and Warranties of the Trustee	 	162
	Section 2.08	Representations and Warranties of the Certificate Administrator	 	164
	Section 2.09	Representations, Warranties and Covenants of the Operating Advisor	 	165
	Section 2.10	Representations, Warranties and Covenants of the Asset Representations Reviewer	 	167
	Section 2.11	Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests	 	168
	Section 2.12	Miscellaneous REMIC and Grantor Trust Provisions	 	169
	 	 	 	 
	ARTICLE III
	 	 	 	 
	ADMINISTRATION AND SERVICING
	OF THE MORTGAGE LOANS
	 	 	 	 
	Section 3.01	Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Mortgage Loans	 	170
	Section 3.02	Liability of the Master Servicer and the Special Servicer	 	183
	Section 3.03	Collection of Certain Mortgage Loan Payments	 	184
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	 	185

 

    	-i-

    	 

    

 

	 	 	 	Page
	 	 	 	 
	Section 3.05	Collection Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account	 	188
	Section 3.05 A.	Loan Combination Custodial Account	 	192
	Section 3.06	Permitted Withdrawals From the Collection Account	 	195
	Section 3.06 A.	Permitted Withdrawals From the Loan Combination Custodial Account	 	201
	Section 3.07	Investment of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts	 	206
	Section 3.08	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	 	208
	Section 3.09	Enforcement of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions	 	213
	Section 3.10	Appraisal Reductions; Calculation and allocation of Collateral Deficiency Amounts; Realization Upon Defaulted Loans	 	219
	Section 3.11	Trustee to Cooperate; Release of Mortgage Files	 	226
	Section 3.12	Servicing Fees, Trustee/Certificate
Administrator Fees and Special Servicing Compensation	 	227
	Section 3.13	Compensating Interest Payments	 	234
	Section 3.14	Application of Penalty Charges and Modification Fees	 	235
	Section 3.15	Access to Certain Documentation	 	236
	Section 3.16	Title and Management of REO Properties	 	238
	Section 3.17	Sale of Defaulted Loans and REO Properties; Sale of Outside Serviced Mortgage Loans	 	243
	Section 3.18	Additional Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports to the Serviced Companion Loan Holder	 	251
	Section 3.19	Lock-Box Accounts, Escrow Accounts	 	252
	Section 3.20	Property Advances	 	252
	Section 3.21	Appointment of Special Servicer; Asset Status Reports	 	257
	Section 3.22	Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping	 	261
	Section 3.23	Interest Reserve Account	 	262
	Section 3.24	Modifications, Waivers and Amendments	 	263
	Section 3.25	Additional Obligations With Respect to Certain Mortgage Loans	 	269
	Section 3.26	Certain Matters Relating to the Outside
Serviced Mortgage Loans	 	269
	Section 3.27	Additional Matters Regarding Advance Reimbursement	 	269
	Section 3.28	Serviced Companion Loan Intercreditor Matters	 	271
	Section 3.29	Appointment and Duties of the Operating Advisor	 	273
	Section 3.30	Rating Agency Confirmation	 	279
	Section 3.31	General Acknowledgement Regarding Companion Loan Holders	 	282
	Section 3.32	Delivery of Excluded Information to the Certificate Administrator	 	282
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 	 
	Section 4.01	Distributions	 	283

 

    	-ii-

    	 

    

 

	 	 	 	Page
	 	 	 	 
	Section 4.02	Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer	 	297
	Section 4.03	Compliance With Withholding Requirements	 	314
	Section 4.04	REMIC Compliance	 	315
	Section 4.05	Imposition of Tax on the Trust REMICs	 	317
	Section 4.06	Remittances; P&I Advances	 	318
	Section 4.07	Grantor Trust Reporting	 	323
	Section 4.08	Calculations	 	325
	Section 4.09	Secure Data Room	 	325
	 	 	 	 
	ARTICLE V
	 	 	 	 
	THE CERTIFICATES
	 	 	 	 
	Section 5.01	The Certificates	 	326
	Section 5.02	Form and Registration	 	327
	Section 5.03	Registration of Transfer and Exchange of Certificates	 	330
	Section 5.04	Mutilated, Destroyed, Lost or Stolen Certificates	 	337
	Section 5.05	Persons Deemed Owners	 	338
	Section 5.06	Appointment of Paying Agent	 	338
	Section 5.07	Access to Certificateholders’ Names and Addresses; Special Notices	 	338
	Section 5.08	Actions of Certificateholders	 	339
	Section 5.09	Authenticating Agent	 	340
	Section 5.10	Appointment of Custodian	 	341
	Section 5.11	Maintenance of Office or Agency	 	341
	Section 5.12	Exchanges of Exchangeable Certificates	 	342
	Section 5.13	Voting Procedures	 	343
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
	OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER AND THE
	CONTROLLING CLASS REPRESENTATIVE
	 	 	 	 
	Section 6.01	Liability of the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Operating Advisor	 	345
	Section 6.02	Merger or Consolidation of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	 	346
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	 	346
	Section 6.04	Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor	 	348
	Section 6.05	Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the Master Servicer and Special Servicer	 	350
	Section 6.06	Master Servicer, Special Servicer as Owner of a Certificate	 	351
	Section 6.07	Rating Agency Fees	 	352

 

    	-iii-

    	 

    

 

	 	 	 	Page
	 	 	 	 
	Section 6.08	Termination of the Special Servicer Without Cause	 	352
	Section 6.09	The Directing Holder and the Controlling Class Representative	 	358
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	DEFAULT
	 	 	 	 
	Section 7.01	Servicer Termination Events	 	365
	Section 7.02	Trustee to Act; Appointment of Successor	 	371
	Section 7.03	Notification to Certificateholders	 	373
	Section 7.04	Other Remedies of Trustee	 	373
	Section 7.05	Waiver of Past Servicer Termination
    Events and Operating Advisor Termination Events; Termination	 	374
	Section 7.06	Termination of the Operating Advisor	 	375
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	 	 	 	 
	Section 8.01	Duties of the Trustee and the Certificate Administrator	 	379
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	 	382
	Section 8.03	Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Mortgage Loans	 	385
	Section 8.04	Trustee and Certificate Administrator May Own Certificates	 	387
	Section 8.05	Payment of Trustee/Certificate Administrator Fees and Expenses; Indemnification	 	387
	Section 8.06	Eligibility Requirements for the Trustee and the Certificate Administrator	 	390
	Section 8.07	Resignation and Removal of the Trustee or the Certificate Administrator	 	390
	Section 8.08	Successor Trustee or Successor Certificate Administrator	 	392
	Section 8.09	Merger or Consolidation of the Trustee or the Certificate Administrator	 	393
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	 	393
	Section 8.11	Access to Certain Information	 	395
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE
	 	 	 	 
	Section 9.01	Termination; Optional Mortgage Loan Purchase	 	397
	 	 	 	 
	ARTICLE X
	 	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 	 
	Section 10.01	Intent of the Parties; Reasonableness	 	401

 

    	-iv-

    	 

    

 

	 	 	 	Page
	 	 	 	 
	Section 10.02	Succession; Sub-Servicers; Subcontractors	 	402
	Section 10.03	Filing Obligations	 	404
	Section 10.04	Form 10-D Filings	 	405
	Section 10.05	Form 10-K Filings	 	409
	Section 10.06	Sarbanes-Oxley Certification	 	412
	Section 10.07	Form 8-K Filings	 	413
	Section 10.08	Annual Compliance Statements	 	415
	Section 10.09	Annual Reports on Assessment of Compliance With Servicing Criteria	 	416
	Section 10.10	Annual Independent Public Accountants’ Servicing Report	 	418
	Section 10.11	Significant Obligors	 	419
	Section 10.12	Indemnification	 	420
	Section 10.13	Amendments	 	423
	Section 10.14	Regulation AB Notices	 	423
	Section 10.15	Termination of the Certificate Administrator	 	424
	Section 10.16	Termination of the Master Servicer or the Special Servicer	 	424
	Section 10.17	Termination of Sub-Servicing Agreements	 	424
	Section 10.18	Notification Requirements and
    Deliveries in Connection With Securitization of a Serviced
    Companion Loan	 	425
	Section 10.19	Termination of Exchange Act Filings With Respect to the Trust	 	427
	 	 	 	 
	ARTICLE XI
	 	 	 	 
	ASSET REVIEW PROVISIONS
	 	 	 	 
	Section 11.01	Asset Review	 	427
	Section 11.02	Payment of Asset Representations
    Reviewer Fees and Expenses; Limitation of Liability	 	434
	Section 11.03	Resignation of the Asset Representations Reviewer	 	435
	Section 11.04	Restrictions of the Asset Representations Reviewer	 	436
	Section 11.05	Termination of the Asset Representations Reviewer	 	436
	 	 	 	 
	ARTICLE XII
	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 
	Section 12.01	Counterparts	 	439
	Section 12.02	Limitation on Rights of Certificateholders	 	439
	Section 12.03	Governing Law	 	440
	Section 12.04	Notices	 	440
	Section 12.05	Severability of Provisions	 	442
	Section 12.06	Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency	 	443
	Section 12.07	Amendment	 	444
	Section 12.08	Confirmation of Intent	 	448
	Section 12.09	Third-Party Beneficiaries	 	448
	 	 	 	 

 

    	-v-

    	 

    

 

	 	 	 	Page
	 	 	 	 
	Section 12.10	Request by Certificateholders or the Serviced Companion Loan Holder	 	449
	Section 12.11	Waiver of Jury Trial	 	449
	Section 12.12	Submission to Jurisdiction	 	449
	Section 12.13	Exchange Act Rule 17g-5 Procedures	 	450
	Section 12.14	Cooperation with the Mortgage Loan
    Sellers with Respect to Rights Under the Loan Agreements	 	455
	 		 	

 

    	-vi-

    	 

    

 

TABLE OF EXHIBITS

 

	Exhibit A-1	Form of Class A-1 Certificate
	Exhibit A-2	Form of Class A-2 Certificate
	Exhibit A-3	Form of Class A-3 Certificate
	Exhibit A-4	Form of Class A-4 Certificate
	Exhibit A-5	Form of Class A-5 Certificate
	Exhibit A-6	Form of Class A-AB Certificate
	Exhibit A-7	Form of Class X-A Certificate
	Exhibit A-8	Form of Class A-S Certificate
	Exhibit A-9	Form of Class B Certificate
	Exhibit A-10	Form of Class EC Certificate
	Exhibit A-11	Form of Class C Certificate
	Exhibit A-12	Form of Class D Certificate
	Exhibit A-13	Form of Class X-D Certificate
	Exhibit A-14	Form of Class E Certificate
	Exhibit A-15	Form of Class F Certificate
	Exhibit A-16	Form of Class G Certificate
	Exhibit A-17	Form of Class H Certificate
	Exhibit A-18	Form of Class R Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C	Form of Request for Release
	Exhibit D	Form of Distribution Date Statement
	Exhibit E	Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate
	Exhibit F	Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate
	Exhibit G	Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during Restricted Period
	Exhibit H	Form of Certification to be given by Certificate Owner of Temporary Regulation S Global Certificate
	Exhibit I	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	Exhibit J	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Global Certificate
	Exhibit K	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Global Certificate
	Exhibit L-1	Form of Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Internal Revenue Code of 1986, as Amended
	Exhibit L-2	Form of Transferor Letter
	Exhibit L-3	Form of Transferee Letter
	Exhibit L-4	Form of Investment Representation Letter
	Exhibit M-1A	Form of Investor Certification for Obtaining Information and Notices (for persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

    	-i-

    	 

    

 

	Exhibit M-1B	Form of Investor Certification for Non-Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit M-1C	Form of Investor Certification for Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit M-1C-II	Form of Investor Certification for Borrower Party (for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit M-1D	Form of Notice of Excluded Controlling Class Holder
	Exhibit M-1E	Form of Notice of Excluded Controlling Class Holder to Certificate Administrator
	Exhibit M-1F	Form of Certification of the Controlling Class Representative
	Exhibit M-2A	Form of Investor Certification for Exercising Voting Rights for Non-Borrower Party
	Exhibit M-2B	Form of Investor Certification for Exercising Voting Rights for Borrower Party
	Exhibit M-3	Form of Online Vendor Certification
	Exhibit M-4	Form of Confidentiality Agreement
	Exhibit M-5	Form of NRSRO Certification
	Exhibit N	Custodian Certification
	Exhibit O	Servicing Criteria to be Addressed in Assessment of Compliance
	Exhibit P	Supplemental Servicer Schedule
	Exhibit Q	[Reserved]
	Exhibit R	Form of Operating Advisor Annual Report
	Exhibit S	Sub-Servicing Agreements
	Exhibit T	Form of Recommendation of Special Servicer Termination
	Exhibit U	Additional Form 10-D Disclosure
	Exhibit V	Additional Form 10-K Disclosure
	Exhibit W-1	Form of Additional Disclosure Notification
	Exhibit W-2	Form of Additional Disclosure Notification (Accounts)
	Exhibit W-3	Form of Notice of Additional Indebtedness Notification
	Exhibit X	Form Certification to be Provided with Form 10-K
	Exhibit Y-1	Form of Certification to be Provided to Depositor by the Certificate Administrator
	Exhibit Y-2	Form of Certification to be Provided to Depositor by the Master Servicer
	Exhibit Y-3	Form of Certification to be Provided to Depositor by the Special Servicer
	Exhibit Y-4	Form of Certification to be Provided to Depositor by the Operating Advisor
	Exhibit Y-5	Form of Certification to be Provided to Depositor by the Custodian
	Exhibit Y-6	Form of Certification to be Provided to Depositor by the Trustee
	Exhibit Y-7	Form of Certification to be Provided to Depositor by the Asset Representations Reviewer
	Exhibit Z	Form 8-K Disclosure Information
	Exhibit AA-1	Form of Power of Attorney for Master Servicer
	Exhibit AA-2	Form of Power of Attorney for Special Servicer
	Exhibit BB	Class A-AB Scheduled Principal Balance
	Exhibit CC-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit CC-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit DD	Form of Notice and Certification Regarding Defeasance of Mortgage Loan

 

    	-ii-

    	 

    

 

	Exhibit EE	Form of Notice of Exchange of Exchangeable Certificates
	Exhibit FF	Form of Notice Regarding Outside Serviced Mortgage Loan
	Exhibit OO	Form of Asset Review Report
	Exhibit PP	Form of Asset Review Report Summary
	Exhibit QQ	Asset Review Procedures
	Exhibit RR	Form of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit SS	Form of Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]

 

    	-iii-

    	 

    

 

Pooling and Servicing
Agreement, dated as of February 1, 2016, among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor,
Pentalpha Surveillance LLC, as Asset Representations Reviewer, Wells Fargo Bank, National Association, as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee.

 

PRELIMINARY STATEMENT:

(Terms used but not defined in this Preliminary

Statement shall have the meanings

specified in Article I hereof)

 

The Depositor intends
to sell pass-through certificates to be issued hereunder in multiple classes which in the aggregate will evidence the entire beneficial
ownership interest in the Trust Fund consisting primarily of the Mortgage Loans. As provided herein, the Certificate Administrator
will elect that two segregated portions of the Trust Fund (other than the Class A-S Specific Grantor Trust Assets, the Class B
Specific Grantor Trust Assets, any Excess Interest Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class EC
Specific Grantor Trust Assets and the proceeds of the foregoing) be treated for federal income tax purposes as two separate REMICs
(designated as the “Upper-Tier REMIC” and the “Lower-Tier REMIC”, respectively). The Regular
Certificates and the Class EC Regular Interests will represent “regular interests” in the Upper-Tier REMIC, and the
Upper-Tier Residual Interest will be the sole class of “residual interests” in the Upper-Tier REMIC.

 

There are also (i) 14
classes of uncertificated Lower-Tier Regular Interests issued under this Agreement (designated as the Class LA-1, Class LA-2,
Class LA-3, Class LA-4, Class LA-5, Class LA-AB, Class LA-S, Class LB, Class LC, Class LD,
Class LE, Class LF, Class LG and Class LH Interests), each of which will constitute a class of “regular interests”
in the Lower-Tier REMIC, and (ii) the Lower-Tier Residual Interest, which will be the sole class of “residual interests”
in the Lower-Tier REMIC.

 

The Lower-Tier Regular
Interests will be held by the Trustee as assets of the Upper-Tier REMIC. The Class R Certificates will represent both the
Lower-Tier Residual Interest and the Upper-Tier Residual Interest.

 

The parties intend that
(i) the portion of the Trust Fund representing the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust
Assets, the Class C Specific Grantor Trust Assets, the Class EC Specific Grantor Trust Assets, any Excess Interest Grantor Trust
Assets and the proceeds of the foregoing will be treated as assets of a grantor trust under subpart E of Part I of subchapter J
of the Code and (ii) the beneficial interests in such grantor trust will be represented by the Class A-S Certificates, the
Class B Certificates, the Class C Certificates, the Class EC Certificates and any Excess Interest Certificates.

 

    	 

    	 

    

 

UPPER-TIER REMIC

 

The following table sets
forth the Class designation, the approximate initial pass-through rate and the aggregate initial principal amount (the “Original
Certificate Balance”) or, in the case of the Class X-A and Class X-D Certificates, notional amount (the “Original
Notional Amount”), as applicable, for each Class of Certificates and each Class EC Regular Interest comprising or evidencing
the interests in the Upper-Tier REMIC created hereunder:

 

	Class Designation
	 	Approximate

        Initial

        Pass-Through Rate

        (per annum)
	 	Original

        Certificate Balance / Original Notional Amount

	Class A-1	 	1.613%	 	$42,973,000
	Class A-2	 	2.292%	 	$22,079,000
	Class A-3	 	3.524%	 	$33,518,000
	Class A-4	 	3.349%	 	$225,000,000
	Class A-5	 	3.616%	 	$415,175,000
	Class A-AB	 	3.368%	 	$70,409,000
	Class X-A(1)	 	1.356%	 	$861,171,000
	Class A-S Regular Interest	 	3.849%	 	$52,017,000
	Class B Regular Interest	 	4.759%	 	$75,136,000
	Class C Regular Interest	 	4.759%	 	$54,907,000
	Class D	 	2.850%	 	$65,021,000
	Class X-D(1)	 	1.909%	 	$65,021,000
	Class E	 	4.759%	 	$28,898,000
	Class F	 	4.759%	 	$11,560,000
	Class G	 	4.759%	 	$15,894,000
	Class H	 	4.759%	 	$43,347,829
	Class R(2)	 	N/A	 	N/A               

 

 

		(1)	The Class X-A
                                         and Class X-D Certificates will not have Certificate Balances; rather, each such
                                         Class of Certificates will accrue interest as provided herein on the related Notional
                                         Amount.

 

		(2)	The Class R
                                         Certificates will not have a Certificate Balance or Notional Amount, will not bear interest
                                         and will not be entitled to distributions of Yield Maintenance Charges. Any Available
                                         Funds remaining in the Lower-Tier REMIC Distribution Account and the Upper-Tier REMIC
                                         Distribution Account, after all required distributions under this Agreement have been
                                         made with respect to the Regular Certificates and the Class EC Regular Interests, will
                                         be distributed to the Holders of the Class R Certificates.

 

LOWER-TIER REMIC

 

The following table sets
forth the Class designation, the corresponding Lower-Tier Regular Interest (the “Corresponding Lower-Tier Regular Interest”)
and its original Lower-Tier Principal Balance, and the corresponding component of the Class X Certificates (the

 

    	-2-

    	 

    

 

“Corresponding
Component”) for each Class of Regular Certificates and each Class EC Regular Interest. Each Class of Regular Certificates
(other than the Class X Certificates) and each Class EC Regular Interest constitutes the “Corresponding Certificates”
with respect to that Class’ or Class EC Regular Interest’s Corresponding Lower-Tier Regular Interest and Corresponding
Component.

 

	Class Designation
	 	Corresponding

        Lower-Tier Regular 

Interest(1)(2)
	 	Original
        Lower-Tier 

        Principal Balance
	 	Corresponding
        

        Component(2)

	Class A-1	 	LA-1	 	$42,973,000	 	Class A-1
	Class A-2	 	LA-2	 	$22,079,000	 	Class A-2
	Class A-3	 	LA-3	 	$33,518,000	 	Class A-3
	Class A-4	 	LA-4	 	$225,000,000	 	Class A-4
	Class A-5	 	LA-5	 	$415,175,000	 	Class A-5
	Class A-AB	 	LA-AB	 	$70,409,000	 	Class A-AB
	Class A-S Regular Interest	 	LA-S	 	

        $52,017,000
	 	Class A-S
	Class B Regular Interest	 	LB	 	

        $75,136,000

        	 	N/A
	Class C Regular Interest	 	LC	 	

        $54,907,000

        	 	N/A
	Class D	 	LD	 	$65,021,000	 	Class D
	Class E	 	LE	 	$28,898,000	 	N/A
	Class F	 	LF	 	$11,560,000	 	N/A
	Class G	 	LG	 	$15,894,000	 	N/A
	Class H	 	LH	 	$43,347,829	 	N/A

 

 

		(1)	The interest
                                         rate of each Lower-Tier Regular Interest is the WAC Rate.

 

		(2)	The Corresponding
                                         Lower-Tier Regular Interest and Corresponding Component with respect to any Class of
                                         Regular Certificates or any Class EC Regular Interest are also the Corresponding Lower-Tier
                                         Regular Interest and Corresponding Component with respect to each other.

 

GRANTOR TRUST

 

The portions of the Trust
Fund consisting of the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific
Grantor Trust Assets, the Class EC Specific Grantor Trust Assets and any Excess Interest Grantor Trust Assets shall be treated
as a grantor trust under subpart E, part I of subchapter J of the Code (the “Grantor Trust”) for federal income
tax purposes. The Class A-S Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting
of the Class A-S Specific Grantor Trust Assets. The Class B Certificates shall represent undivided beneficial interests in the
portion of the Grantor Trust consisting of the Class B Specific Grantor Trust Assets. The Class EC Certificates shall represent
undivided beneficial interests in the portion of the Grantor Trust consisting of the Class EC Specific Grantor Trust Assets. The
Class C Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the Class
C Specific Grantor Trust Assets. The Excess Interest Certificates shall represent undivided beneficial interests in the portion
of the Grantor Trust consisting of any Excess Interest Grantor Trust Assets. As provided herein, the Certificate Administrator
shall not take any actions that

 

    	-3-

    	 

    

 

would
cause the Grantor Trust to either (i) lose its status as a “grantor trust” or (ii) be treated as part of either Trust
REMIC.

 

The following table sets
forth the Class designation, the approximate initial Pass-Through Rate and the Original Certificate Balance for each Class of Exchangeable
Certificates representing a beneficial ownership interest in one or more of the Class EC Regular Interests:

 

	Class Designation
	 	Approximate
        Initial 

Pass-Through Rate 

(per annum)
	 	Original
        Certificate 

Balance

	Class A-S(1)	 	3.849%	 	$52,017,000
	Class B(2)	 	4.759%	 	$75,136,000
	Class EC(3)	 	N/A(4)	 	$0
	Class C(5)	 	4.759%	 	$54,907,000

 

		(1)	The Class
                                         A-S Certificates represent a beneficial ownership interest in the Class A-S Percentage
                                         Interest of the Class A-S Regular Interest. The aggregate Certificate Balance of the
                                         Class A-S Certificates and the Class EC Component A-S will at all times equal the Certificate
                                         Balance of the Class A-S Regular Interest.

 

		(2)	The Class
                                         B Certificates represent a beneficial ownership interest in the Class B Percentage Interest
                                         of the Class B Regular Interest. The aggregate Certificate Balance of the Class
                                         B Certificates and the Class EC Component B will at all times equal the Certificate
                                         Balance of the Class B Regular Interest.

 

		(3)	The Class
                                         EC Certificates represent a beneficial ownership interest in the Class A-S-Exchange Percentage
                                         Interest of the Class A-S Regular Interest, the Class B-Exchange Percentage Interest
                                         of the Class B Regular Interest and the Class C-Exchange Percentage Interest of the Class
                                         C Regular Interest.

 

		(4)	The Class
                                         EC Certificates will not have a Pass-Through Rate, but will be entitled to receive the
                                         sum of the interest distributable on the Class EC Percentage Interest of the Class EC
                                         Regular Interests.

 

		(5)	The Class
                                         C Certificates represent a beneficial ownership interest in the Class C Percentage Interest
                                         of the Class C Regular Interest. The aggregate Certificate Balance of the Class
                                         C Certificates and the Class EC Component C will at all times equal the Certificate
                                         Balance of the Class C Regular Interest.

 

As of the Cut-Off Date,
the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $1,155,934,829.

 

In consideration of the
mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator and the Trustee agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.01          Defined Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires,
shall have the meanings specified in this Article.

 

“10-K Filing
Deadline”: As defined in Section 10.05 of this Agreement.

 

“215 West 34th
Street & 218 West 35th Street Co-Lender Agreement”: With respect to the 215 West 34th Street & 218 West 35th
Street Loan Combination, the related co-

 

    	-4-

    	 

    

 

lender
agreement, dated as of January 28, 2016, by and between the holder of the 215 West 34th Street & 218 West 35th Street Mortgage
Loan and the 215 West 34th Street & 218 West 35th Street Companion Loan Holders, relating to the relative rights of the holder
of the 215 West 34th Street & 218 West 35th Street Mortgage Loan and the 215 West 34th Street & 218 West 35th Street Companion
Loan Holders, as the same may be amended from time to time in accordance with the terms thereof.

 

“215 West 34th
Street & 218 West 35th Street Companion Loans”: With respect to the 215 West 34th Street & 218 West 35th Street
Loan Combination, the related promissory notes made by the related Mortgagor and secured by the 215 West 34th Street & 218
West 35th Street Mortgage and designated as promissory notes A-1 and A-3, which are not included in the Trust and are pari passu
in right of payment with the 215 West 34th Street & 218 West 35th Street Mortgage Loan to the extent set forth in the related
Loan Documents and as provided in the 215 West 34th Street & 218 West 35th Street Co-Lender Agreement.

 

“215 West 34th
Street & 218 West 35th Street Companion Loan Holder”: The holder of a 215 West 34th Street & 218 West 35th Street
Companion Loan.

 

“215 West 34th
Street & 218 West 35th Street Controlling Companion Loan”: The 215 West 34th Street & 218 West 35th Street Companion
Loan that is evidenced by the controlling promissory note A-1.

 

“215 West 34th
Street & 218 West 35th Street Controlling Note Securitization Date”: With respect to the 215 West 34th Street &
218 West 35th Street Loan Combination, the date on which the 215 West 34th Street & 218 West 35th Street Controlling Companion
Loan is included in an Other Securitization Trust.

 

“215 West 34th
Street & 218 West 35th Street Loan Combination”: The 215 West 34th Street & 218 West 35th Street Mortgage Loan,
together with the 215 West 34th Street & 218 West 35th Street Companion Loans, each of which is secured by the 215 West 34th
Street & 218 West 35th Street Mortgage. References herein to the 215 West 34th Street & 218 West 35th Street Loan Combination
shall be construed to refer to the aggregate indebtedness secured under the 215 West 34th Street & 218 West 35th Street Mortgage.

 

“215 West 34th
Street & 218 West 35th Street Mortgage”: The Mortgage securing the 215 West 34th Street & 218 West 35th Street
& 218 West 35th Street Mortgage Loan and the 215 West 34th Street & 218 West 35th Street & 218 West 35th Street Companion
Loans.

 

“215 West 34th
Street & 218 West 35th Street Mortgage Loan”: With respect to the 215 West 34th Street & 218 West 35th Street
Loan Combination, the Mortgage Loan included in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage
Loan Schedule as 215 West 34th Street & 218 West 35th Street, (ii) evidenced by a promissory note A-2 and (iii) pari passu
in right of payment with the 215 West 34th Street & 218 West 35th Street Companion Loans to the extent set forth in the related
Loan Documents and as provided in the 215 West 34th Street & 218 West 35th Street Co-Lender Agreement.

 

    	-5-

    	 

    

 

“30/360 Basis”:
The accrual of interest on the basis of a 360-day year consisting of twelve 30-day months.

 

“5 Penn Plaza
Co-Lender Agreement”: With respect to the 5 Penn Plaza Loan Combination, the related co-lender agreement, dated as of
January 6, 2016, by and between the holder of the 5 Penn Plaza Mortgage Loan and the 5 Penn Plaza Companion Loan Holders, relating
to the relative rights of the holder of the 5 Penn Plaza Mortgage Loan and the 5 Penn Plaza Companion Loan Holders, as the same
may be amended from time to time in accordance with the terms thereof.

 

“5 Penn Plaza
Companion Loans”: With respect to the 5 Penn Plaza Loan Combination, the related promissory notes made by the related
Mortgagor and secured by the 5 Penn Plaza Mortgage and designated as promissory notes A-2 and A-3, which are not included in the
Trust and are pari passu in right of payment with the 5 Penn Plaza Mortgage Loan to the extent set forth in the related Loan Documents
and as provided in the 5 Penn Plaza Co-Lender Agreement.

 

“5 Penn Plaza
Companion Loan Holder”: The holder of a 5 Penn Plaza Companion Loan.

 

“5 Penn Plaza
Loan Combination”: The 5 Penn Plaza Mortgage Loan, together with the 5 Penn Plaza Companion Loans, each of which is secured
by the 5 Penn Plaza Mortgage. References herein to the 5 Penn Plaza Loan Combination shall be construed to refer to the aggregate
indebtedness secured under the 5 Penn Plaza Mortgage.

 

“5 Penn Plaza
Mortgage”: The Mortgage securing the 5 Penn Plaza Mortgage Loan and the 5 Penn Plaza Companion Loans.

 

“5 Penn Plaza
Mortgage Loan”: With respect to the 5 Penn Plaza Loan Combination, the Mortgage Loan included in the Trust, which is
(i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 5 Penn Plaza, (ii) evidenced by promissory note
A-1 and (iii) pari passu in right of payment with the 5 Penn Plaza Companion Loans to the extent set forth in the related Loan
Documents and as provided in the 5 Penn Plaza Co-Lender Agreement.

 

“AB Loan Combination”:
A Loan Combination that includes a Subordinate Companion Loan. There are no AB Loan Combinations related to the Trust and all references
in this Agreement to “AB Loan Combinations” shall be disregarded.

 

“AB Modified
Loan” Any Corrected Loan (1) that became a Corrected Loan (which includes for purposes of this definition any Outside
Serviced Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto) pursuant to the related
Outside Servicing Agreement) due to a modification thereto that resulted in the creation of an A/B note structure (or similar structure)
and as to which the new junior note(s) did not previously exist or the principal amount of the new junior note(s) was previously
part of either an A note held by the Trust or the original unmodified Mortgage Loan and (2) as to which an Appraisal Reduction
Amount is not in effect.

 

    	-6-

    	 

    

 

“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination), any Default arising when
the related Loan Documents require that the related Mortgagor must maintain all risk casualty insurance or other insurance that
covers damages or losses arising from acts of terrorism and the Special Servicer has determined, in its reasonable judgment in
accordance with the Servicing Standard (and, with the consent of the related Directing Holder, unless (if the Controlling Class
Representative is the related Directing Holder) a Control Termination Event has occurred and is continuing), that (i) such
insurance is not available at commercially reasonable rates and the subject hazards are not commonly insured against by prudent
owners of similar real properties located in or near the geographic region in which the Mortgaged Property is located (but only
by reference to such insurance that has been obtained by such owners at current market rates), or (ii) such insurance is not
available at any rate; provided, however, that the related Directing Holder shall have no more than 30 days
to respond to the Special Servicer’s request for such consent; provided, further, that upon the Special Servicer’s
determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Special Servicer to consult
with the related Directing Holder, the Special Servicer shall not be required to do so. In making this determination, the Special
Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant.

 

“Accrued Component
Interest”: With respect to each Component for any Distribution Date, one month’s interest at the Class X Strip
Rate applicable to such Component for such Distribution Date, accrued on the Component Notional Amount of such Component outstanding
immediately prior to such Distribution Date. Accrued Component Interest shall be calculated on a 30/360 Basis and, with respect
to any Component and any Distribution Date, shall be deemed to accrue during the calendar month preceding the month in which such
Distribution Date occurs.

 

“Act”
or “Securities Act”: The Securities Act of 1933, as it may be amended from time to time and the rules and regulations
thereunder.

 

“Actual/360
Basis”: The accrual of interest on the basis of the actual number of days elapsed during any relevant accrual period
in a year assumed to consist of 360 days.

 

“Actual/360
Mortgage Loan”: A Mortgage Loan that accrues interest on an Actual/360 Basis.

 

“Additional
Debt”: With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender under
such Mortgage Loan that is secured by the related Mortgaged Property.

 

“Additional
Disclosure Notification”: The form of notification to be included with any Additional Form 10-D Disclosure, Additional
Form 10-K Disclosure or Form 8-K Disclosure Information which is attached to this Agreement as Exhibit W.

 

“Additional
Form 10-D Disclosure”: As defined in Section 10.04 of this Agreement.

 

    	-7-

    	 

    

 

“Additional
Form 10-K Disclosure”: As defined in Section 10.05 of this Agreement.

 

“Additional
Information”: As defined in Section 4.02(a) of this Agreement.

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Depositor, any Mortgage Loan Seller or any of the Underwriters that Services any of the Mortgage Loans, each Outside Servicer,
each Outside Special Servicer and each Person, other than the Special Servicer or the Certificate Administrator, who is not an
Affiliate of the Master Servicer, the Certificate Administrator, the Trustee, the Depositor, any Mortgage Loan Seller or any of
the Underwriters who Services 10% or more of the Mortgage Loans by unpaid principal balance calculated in accordance with the provisions
of Regulation AB.

 

“Additional
Special Servicing Compensation”: As defined in Section 3.12(c) of this Agreement.

 

“Additional
Trust Fund Expenses”: (i) Special Servicing Fees, Workout Fees and Liquidation Fees, (ii) interest in respect
of unreimbursed Advances, (iii) the cost of various default-related or unanticipated Opinions of Counsel required or permitted
to be obtained in connection with the servicing of the Mortgage Loans and the administration of the Trust Fund, (iv) unanticipated,
non-Mortgage Loan specific expenses of the Trust Fund, including indemnities and expense reimbursements to the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Operating Advisor and the Depositor and federal, state and local
taxes, and tax-related expenses, specifically payable out of the Trust Fund and (v) any other default-related or unanticipated
expense of the Trust Fund that is not covered by a Property Advance and for which there is no corresponding collection from a Mortgagor.

 

“Administrative
Cost Rate”: As of any date of determination, a rate equal to the sum of the Servicing Fee Rate, the Operating Advisor
Fee Rate, the Asset Representations Reviewer Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate
and the Trustee/Certificate Administrator Fee Rate.

 

“Advance”:
Any P&I Advance or Property Advance.

 

“Advance Interest
Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances and Property Advances for which the
Master Servicer, the Special Servicer or the Trustee, as applicable, have not been reimbursed for the number of days from the date
on which such Advance was made through, but not including, the date of reimbursement of the related Advance, less any amount of
interest previously paid on such Advance; provided, however, that with respect to any P&I Advance made prior
to the expiration of the related grace period (or, if there is no grace period, on or prior to the related Due Date), interest
on such P&I Advance shall accrue only from and after the expiration of such grace period (or, if there is no grace period,
from and after the related Due Date) and only if the subject Mortgage Loan is then still delinquent; and provided, further,
that interest at the Advance Rate shall not accrue on any Advance made to cover a delinquent Applicable Monthly Payment that has
been received after the Determination Date and prior to 2:00 p.m. (Eastern Time) on the related Master Servicer Remittance Date.

 

    	-8-

    	 

    

 

“Advance Rate”:
A per annum rate equal to the Prime Rate, compounded annually.

 

“Affected Loan(s)”:
As defined in Section 2.03(a) of this Agreement.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person; provided that, solely for the purposes of the definition of “Borrower Party”, the term “Affiliate”
means, with respect to any specified Person, (i) any other Person controlling or controlled by or under common control with such
specified Person or (ii) any other Person that owns, directly or indirectly, 25% or more of the ownership interests in such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. The Trustee and/or the Certificate Administrator may obtain and rely on an Officer’s Certificate of the Master
Servicer, the Special Servicer or the Depositor to determine whether any Person is an Affiliate of such party.

 

“Affirmative
Asset Review Vote”: As defined in Section 11.01(a).

 

“Agreement”:
This Pooling and Servicing Agreement and all amendments hereof and supplements hereto.

 

“A.M. Best”:
A.M. Best Company, Inc. or its successors in interest. If neither A.M. Best nor any successor remains in existence, “A.M.
Best” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably
designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Master
Servicer and the Special Servicer and specific ratings of A.M. Best herein referenced shall be deemed to refer to the equivalent
ratings (as reasonably determined by the Depositor) of the party so designated.

 

“Ancillary Fees”:
With respect to any Serviced Loan, any and all demand fees, beneficiary statement charges, fees for insufficient or returned checks
and other usual and customary charges and fees (other than Modification Fees, Consent Fees, Penalty Charges, Assumption Fees, assumption
application fees and defeasance fees) actually received from the related Mortgagor.

 

“Anticipated
Repayment Date”: With respect to any ARD Mortgage Loan, the date upon which such ARD Mortgage Loan commences accruing
interest at its Revised Rate.

 

“Anticipated
Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant to
Section 9.01(c) of this Agreement.

 

“Applicable
Laws”: As defined in Section 3.01(l) and Section 8.02(h), respectively, of this Agreement.

 

“Applicable
Monthly Payment”: For any Mortgage Loan (including an Outside Serviced Mortgage Loan) with respect to any month (including
any such Mortgage Loan as to

 

    	-9-

    	 

    

 

which
the related Mortgaged Property has become an REO Property), the Monthly Payment; provided, however, that for purposes
of calculating the amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the
amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate; and
provided, further, that for purposes of determining the amount of any P&I Advance, the Monthly Payment shall
be as reduced pursuant to any modification of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant
to the applicable Outside Servicing Agreement, or pursuant to any bankruptcy, insolvency, or other similar proceeding involving
the related Mortgagor.

 

“Applicant”:
As defined in Section 5.07(a) of this Agreement.

 

“Appraisal”:
An appraisal prepared by an Appraiser, which shall be prepared in accordance with MAI standards.

 

“Appraisal Reduction
Amount”: For any Distribution Date and for any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) as
to which an Appraisal Reduction Event has occurred and an Appraisal Reduction Amount is required to be calculated, an amount equal
to the excess, if any, of (a) the Stated Principal Balance of such Serviced Mortgage Loan (or Serviced Loan Combination) as
of the last day of the related Collection Period over (b) the excess of (i) the sum of (A) 90% of the appraised
value of the related Mortgaged Property or Properties (as determined by one or more Appraisals obtained by the Special Servicer
(the cost of which shall be advanced by the Master Servicer as a Property Advance unless such Property Advance would be a Nonrecoverable
Advance)), minus such downward adjustments as the Special Servicer may make in accordance with the Servicing Standard (without
implying any obligation to do so) based upon the Special Servicer’s review of the Appraisal and such other information
as the Special Servicer may deem appropriate and (B) all escrows, letters of credit and reserves in respect of such Serviced
Mortgage Loan (or Serviced Loan Combination) as of the date of the calculation over (ii) the sum, as of the Due Date occurring
in the month of the date of determination, of (A) to the extent not previously advanced by the Master Servicer or the Trustee,
all unpaid interest on such Serviced Mortgage Loan (or Serviced Loan Combination) at a per annum rate equal to its Mortgage
Rate (and with respect to a Serviced Loan Combination, interest on the related Serviced Companion Loan(s) at the related Mortgage
Rate), (B) all unreimbursed Advances (which shall include, without limitation, (1) any Advances as to which the advancing
party was reimbursed from a source other than the related Mortgagor and (2) any Unliquidated Advances), with interest thereon
at the Advance Rate in respect of such Serviced Mortgage Loan (or Serviced Loan Combination) and (C) all currently due and
unpaid real estate taxes and assessments, insurance premiums and ground rents, unpaid Special Servicing Fees and all other amounts,
due and unpaid with respect to such Serviced Mortgage Loan (or Serviced Loan Combination) (which taxes, premiums, ground rents
and other amounts have not been the subject of an Advance by the Master Servicer, the Special Servicer or the Trustee, as applicable,
and/or for which funds have not been escrowed). Promptly upon the occurrence of an Appraisal Reduction Event (or a longer period
so long as the Special Servicer is (as certified thereby to the Trustee in writing) diligently and in good faith proceeding
to obtain such), if an Appraisal has not been obtained within the immediately preceding nine (9) months (or if the Special
Servicer has determined in accordance with the Servicing Standard such Appraisal to be materially inaccurate), the Special Servicer

 

    	-10-

    	 

    

 

shall
obtain an Appraisal, the costs of which shall be paid by the Master Servicer as a Property Advance (or as an expense of the Trust
Fund and paid by the Master Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance).
The Master Servicer shall provide (via electronic delivery) the Special Servicer with information in its possession that is reasonably
required to calculate or recalculate any Appraisal Reduction Amount pursuant to this definition using reasonable efforts to deliver
such information within four (4) Business Days of the Special Servicer’s reasonable written request. None of the Master
Servicer, the Trustee or the Certificate Administrator shall calculate or verify Appraisal Reduction Amounts. On the first Determination
Date occurring on or after the receipt of such Appraisal, the Special Servicer shall calculate or adjust, as applicable, the Appraisal
Reduction Amount to take into account such Appraisal and such information, if any, reasonably requested by the Special Servicer
from the Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount. Notwithstanding the foregoing,
if an Appraisal is required to be obtained in accordance with Section 3.10(a) of this Agreement but is not obtained
within 120 days following the events described in the applicable clause of the definition “Appraisal Reduction Event”
(without regard to the time periods stated therein), then, until such Appraisal is obtained and solely for purposes of determining
the amounts of P&I Advances, the Appraisal Reduction Amount for or allocable to the related Serviced Mortgage Loan will equal
25% of the Stated Principal Balance of such related Serviced Mortgage Loan; provided that, upon receipt of an Appraisal,
however, the Appraisal Reduction Amount for such Serviced Mortgage Loan (or Serviced Loan Combination) will be recalculated in
accordance with this definition without regard to this sentence. With respect to each Serviced Loan as to which an Appraisal Reduction
Event has occurred (unless the Serviced Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect
to the related Serviced Loan) and has remained current for three consecutive Monthly Payments, and with respect to which no other
Appraisal Reduction Event has occurred during the preceding three months), the Special Servicer shall, within 30 days of
each anniversary of such Appraisal Reduction Event, order an Appraisal (which may be an update of the prior Appraisal) (the cost
of which will be covered by, and reimbursable as, a Property Advance by the Master Servicer or as an expense of the Trust Fund
and paid by the Master Servicer out of the Collection Account if such Property Advance would be a Nonrecoverable Advance), provided,
however, no new or updated Appraisal will be required if the Serviced Loan or REO Property is under contract to be sold
within 90 days of such Appraisal Reduction Event or anniversary thereof and the Special Servicer reasonably believes such
sale is likely to close. Based upon such Appraisal or letter updates thereto, the Special Servicer shall determine and report
to the Master Servicer and the Certificate Administrator the Appraisal Reduction Amount, if any, with respect to such Serviced
Mortgage Loan (or Serviced Loan Combination), and each of those parties shall be entitled to rely conclusively on such determination
by the Special Servicer. The Special Servicer shall deliver a copy of any such Appraisal to the Master Servicer and the Certificate
Administrator, which shall be in electronic format. Each Appraisal Reduction Amount shall also be adjusted with respect to the
next Distribution Date to take into account any subsequent Appraisal and annual letter updates, as of the date of each such subsequent
Appraisal or letter update.

 

Upon payment in full
or liquidation of any Serviced Loan for which an Appraisal Reduction Amount has been determined, such Appraisal Reduction Amount
will be eliminated. In addition, with respect to any Serviced Loan, as to which an Appraisal Reduction Event has occurred, such
Serviced Loan shall no longer be subject to the Appraisal Reduction Amount if

 

    	-11-

    	 

    

 

(a) such
Serviced Loan has become a Corrected Loan (if a Servicing Transfer Event had occurred with respect to the related Serviced Loan)
and such Serviced Loan becomes and remains current for three consecutive Monthly Payments and (b) no other Appraisal Reduction
Event has occurred and is continuing with respect to such Serviced Loan.

 

Appraisal Reduction Amounts
with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion
Loan (up to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan and any related
Serviced Pari Passu Companion Loan(s) on a pro rata and pari passu basis in accordance with the respective outstanding principal
balances of such Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.

 

Notwithstanding the foregoing,
with respect to each Outside Serviced Mortgage Loan, the Appraisal Reduction Amount shall be the portion of any “appraisal
reduction amount” relating to such Outside Serviced Loan Combination, that is calculated pursuant to the applicable Outside
Servicing Agreement by the related Outside Special Servicer or related Outside Servicer, as applicable, and that is allocable to
such Outside Serviced Mortgage Loan pursuant to such Outside Servicing Agreement and the related Co-Lender Agreement. The parties
hereto shall be entitled to rely on such calculations as reported to them by the related Outside Servicer. By their acceptance
of their Certificates, the Certificateholders shall be deemed to have acknowledged that the applicable Outside Servicing Agreement
and the related Co-Lender Agreement, taken together, provide that any such “appraisal reduction amount” will be calculated
under the applicable Outside Servicing Agreement by the applicable party thereto.

 

“Appraisal
Reduction Event”: With respect to any Serviced Loan, the earliest of (i) the date on which such Serviced Loan
becomes a Modified Asset, (ii) the date on which such Serviced Loan is 60 days or more delinquent in respect of any
Monthly Payment, which does not include a Balloon Payment, (iii) in the case of a delinquent Balloon Payment,
(A) the date occurring 60 days after the date on which such Balloon Payment was due (except as described in the
immediately following clause (B)) or (B) if the related Mortgagor has delivered to the Master Servicer (who
shall promptly deliver a copy thereof to the Special Servicer) or the Special Servicer (who shall promptly deliver a copy
thereof to the Master Servicer) a refinancing commitment acceptable to the Special Servicer prior to the date 60 days
after the Balloon Payment was due, the date occurring 120 days after the date on which the Balloon Payment was due (or
such shorter period beyond the date on which that Balloon Payment was due during which the refinancing is scheduled to
occur), (iv) the date on which the related Mortgaged Property has become an REO Property, (v) a receiver or similar
official is appointed and continues for 60 days in such capacity in respect of the related Mortgaged Property,
(vi) 60 days after the related Mortgagor is subject to a bankruptcy, insolvency or similar proceedings, which, in
the case of an involuntary bankruptcy, insolvency or similar proceeding, is not dismissed within those 60 days, or (vii)
the date on which such Serviced Loan remains outstanding five (5) years following any extension of its maturity date
pursuant to Section 3.24 of this Agreement. If an Appraisal Reduction Event occurs with respect to any Serviced
Mortgage Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction Event shall be deemed to have occurred
with respect to the related Serviced Companion Loan(s). If an Appraisal Reduction Event occurs with respect to any Serviced
Companion Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction Event shall be deemed to
have occurred with respect

 

    	-12-

    	 

    

 

to the
related Serviced Mortgage Loan and any other Serviced Companion Loan(s) included as part of that Serviced Loan Combination. No
Appraisal Reduction Event may occur at any time when the aggregate Certificate Balance of all Classes of Principal Balance Certificates
(other than the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates) has
been reduced to zero. The Special Servicer shall notify the Master Servicer and the Master Servicer shall notify the Special Servicer,
as applicable, promptly upon the occurrence of any of the foregoing events.

 

“Appraised Value”:
As of any date of determination, (i) with respect to any Mortgaged Property (other than a Mortgaged Property securing an Outside
Serviced Mortgage Loan), the appraised value thereof based upon an appraisal or update thereof prepared by an Appraiser that is
contained in the related Servicing File obtained within the time parameters required by this Agreement, and (ii) with respect to
each Mortgaged Property securing an Outside Serviced Mortgage Loan, the appraised value allocable thereto, as determined pursuant
to the Outside Servicing Agreement.

 

“Appraised-Out
Class”: As defined in Section 3.10(a) of this Agreement.

 

“Appraiser”:
An Independent nationally recognized professional commercial real estate appraiser who (i) is a member in good standing of
the Appraisal Institute, (ii) if the state in which the related Mortgaged Property is located certifies or licenses appraisers,
is certified or licensed in such state, and (iii) has a minimum of five years’ experience in the related property type
and market.

 

“Arbitration
Rules”: As defined in Section 2.03(i)(i).

 

“Arbitration
Services Provider”: As defined in Section 2.03(i)(i).

 

“ARD Mortgage
Loan”: Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage
Loan Schedule. There are no ARD Mortgage Loans included in the Trust Fund and all references in this Agreement to “ARD Mortgage
Loan” and “ARD Mortgage Loans” shall be disregarded.

 

“Asset Representations
Reviewer”: Pentalpha Surveillance LLC, a Delaware limited liability company, or its successor-in-interest, or any successor
Asset Representations Reviewer as herein provided.

 

“Asset Representations
Reviewer Asset Review Fee”: As defined in Section 11.02(b).

 

“Asset Representations
Reviewer Fee”: As defined in Section 11.02(a).

 

“Asset Representations
Reviewer Fee Rate”: As defined in Section 11.02(a).

 

“Asset Representations
Reviewer Termination Event”: As defined in Section 11.05(a).

 

“Asset Representations
Reviewer Upfront Fee”: As defined in Section 11.02(a).

 

    	-13-

    	 

    

 

“Asset Review”:
A review of the compliance of each Delinquent Loan with the representations and warranties of the applicable Mortgage Loan Seller,
in accordance with the Asset Review Standard and the procedures set forth on Exhibit QQ hereto.

 

“Asset Review
Notice”: As defined in Section 11.01(a).

 

“Asset Review
Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 11.01(a),
the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by all of the Certificates.

 

“Asset Review
Report”: As defined in Section 11.01(b)(vii)(C).

 

“Asset Review
Report Summary”: As defined in Section 11.01(b)(vii).

 

“Asset Review
Standard”: The performance by the Asset Representations Reviewer of its duties under this Agreement in good faith subject
to the express terms of this Agreement. Except as otherwise expressly set forth in this Agreement, all determinations or assumptions
made by the Asset Representations Reviewer in connection with an Asset Review shall be made in the Asset Representations Reviewer’s
good faith discretion and judgment based on the facts and circumstances known to it at the time of such determination or assumption.

 

“Asset Review
Trigger”: Any time when, as of the end of the applicable Collection Period, either (1) Mortgage Loans with an aggregate
outstanding principal balance of 25.0% or more of the aggregate outstanding principal balance of all of the Mortgage Loans (including
any REO Mortgage Loans) held by the Trust are Delinquent Loans, or (2) at least 15 Mortgage Loans are Delinquent Loans and
the aggregate outstanding principal balance of such Delinquent Loans constitutes at least 20.0% of the aggregate outstanding principal
balance of all of the Mortgage Loans (including any REO Mortgage Loans) held by the Trust.

 

“Asset Review
Vote Election”: As defined in Section 11.01(a).

 

“Asset Status
Report”: As defined in Section 3.21(b) of this Agreement.

 

“Assignment
of Leases”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar agreement
executed by the Mortgagor, assigning to the mortgagee all of the income, rents and profits derived from the ownership, operation,
leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged and delivered,
as amended, modified, renewed or extended through the date hereof and from time to time hereafter.

 

“Assumed Scheduled
Payment”: With respect to any Mortgage Loan (including any Outside Serviced Mortgage Loan) that is delinquent in respect
of its Balloon Payment beyond the end of the Collection Period in which the related Maturity Date occurred, for any Due Date from
and after the related Maturity Date, and with respect to any Mortgage Loan as to which the related Mortgaged Property has become
an REO Property, for any Due Date from and after the date of the related REO Acquisition, an amount equal to the Monthly Payment
(which does not include the Balloon Payment) that, but for the occurrence of such event, would have been due on such Mortgage Loan
on such Due Date.

 

    	-14-

    	 

    

 

“Assumption
Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), any and all assumption
fees of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) for transactions effected under Section 3.09(a),
3.09(b) and 3.09(c) of this Agreement (excluding assumption application fees), actually paid by the related Mortgagor
and other applicable fees (not including assumption fees and/or assumption application fees) actually paid by the related Mortgagor
in accordance with the related Loan Documents, with respect to any assumption or substitution agreement entered into by the Master
Servicer or the Special Servicer on behalf of the Trust (or, in the case of a Serviced Loan Combination, on behalf of the Trust
and the Serviced Companion Loan Holder) pursuant to Section 3.09(a) of this Agreement or paid by the related Mortgagor
with respect to any transfer of an interest in such Mortgagor pursuant to Section 3.09(a) of this Agreement.

 

“Austin Block
21 Co-Lender Agreement”: With respect to the Austin Block 21 Loan Combination, the related co-lender agreement, dated
as of February 1, 2016, by and between the holder of the Austin Block 21 Mortgage Loan and the Austin Block 21 Companion Loan Holders,
relating to the relative rights of the holder of the Austin Block 21 Mortgage Loan and the Austin Block 21 Companion Loan Holder,
as the same may be amended from time to time in accordance with the terms thereof.

 

“Austin Block
21 Companion Loan”: With respect to the Austin Block 21 Loan Combination, the related promissory note made by the related
Mortgagor and secured by the Austin Block 21 Mortgage and designated as promissory note A-2, which is not included in the Trust
and is pari passu in right of payment with the Austin Block 21 Mortgage Loan to the extent set forth in the related Loan Documents
and as provided in the Austin Block 21 Co-Lender Agreement.

 

“Austin Block
21 Companion Loan Holder”: The holder of the Austin Block 21 Companion Loan.

 

“Austin Block
21 Loan Combination”: The Austin Block 21 Mortgage Loan, together with the Austin Block 21 Companion Loan, each of which
is secured by the Austin Block 21 Mortgage. References herein to the Austin Block 21 Loan Combination shall be construed to refer
to the aggregate indebtedness secured under the Austin Block 21 Mortgage.

 

“Austin Block
21 Mortgage”: The Mortgage securing the Austin Block 21 Mortgage Loan and the Austin Block 21 Companion Loan.

 

“Austin Block
21 Mortgage Loan”: With respect to the Austin Block 21 Loan Combination, the Mortgage Loan included in the Trust, which
is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Austin Block 21, (ii) evidenced by promissory
note A-1 and (iii) pari passu in right of payment with the Austin Block 21 Companion Loan to the extent set forth in the related
Loan Documents and as provided in the Austin Block 21 Co-Lender Agreement.

 

“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 5.09 of this
Agreement.

 

    	-15-

    	 

    

 

“Available Funds”:
With respect to any Distribution Date, an amount equal to the sum of (without duplication):

 

(a)         
the aggregate amount of all cash received on the Mortgage Loans and any REO Properties on deposit in the Collection Account
(in each case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held for the
benefit of the Companion Loan Holders) and/or the Lower-Tier REMIC Distribution Account as of the close of business on the Business
Day immediately preceding the related Master Servicer Remittance Date, exclusive of any portion of the foregoing that represents
(without duplication):

 

(i)            
Monthly Payments, together with any Balloon Payments that are accompanied by interest through the related Maturity Date,
that are due on a Due Date (without regard to grace periods) that occurs after the related Determination Date;

 

(ii)           
payments (scheduled or otherwise) of principal (including Principal Prepayments) and interest, Net Liquidation Proceeds,
Net Insurance Proceeds, Net Condemnation Proceeds and other unscheduled recoveries that were received in respect of the Mortgage
Pool subsequent to the related Determination Date (other than any remittances on the Outside Serviced Mortgage Loans or the Trust’s
interest in any related REO Property contemplated by clause (b) of this definition for the subject Distribution Date);

 

(iii)           amounts payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (ix), inclusive,
of Section 3.06(a) of this Agreement;

 

(iv)           Yield Maintenance Charges;

 

(v)           
Penalty Charges retained in the Collection Account pursuant to Section 3.14 of this Agreement;

 

(vi)           all amounts deposited in the Collection Account or the Lower-Tier REMIC Distribution Account, as the case may be, in error;
and

 

(vii)          with respect to the Mortgage Loans (including REO Mortgage Loans) for which Withheld Amounts are required to be deposited
in the Interest Reserve Account, and any Distribution Date in January (other than during a leap year) or February of
any calendar year (unless such Distribution Date is the final Distribution Date), an amount equal to one day of interest on the
Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the
month in which the subject Distribution Date occurs at the related Mortgage Rate, less the Administrative Cost Rate, to the extent
such amounts are on deposit in the Collection Account;

 

(b)           if and to the extent not already included in clause (a) of this definition for the subject Distribution Date, (i) the aggregate
amount allocable to the Mortgage Loans

 

    	-16-

    	 

    

 

transferred
from any REO Account or Loan Combination Custodial Account to the Collection Account for the subject Distribution Date pursuant
to Section 3.16 or Section 3.06A, as applicable, of this Agreement, and (ii) all remittances received on the Outside
Serviced Mortgage Loans or the Trust’s interest in any related REO Property in the month of the subject Distribution Date,
in each case to the extent that such transfer is made or such remittances are received, as the case may be, by the close of business
on the Business Day immediately preceding the related Master Servicer Remittance Date;

 

(c)          
the aggregate amount of any Compensating Interest Payments made by the Master Servicer with respect to the Mortgage Loans
with respect to the subject Distribution Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with
respect to the subject Distribution Date (net of the related Trustee/Certificate Administrator Fee with respect to the Mortgage
Loans (including REO Mortgage Loans) for which such Compensating Interest Payments or P&I Advances are made, to the extent
not already deducted from Available Funds pursuant to clause (a)(iii) of this definition);

 

(d)           with respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February if
the related Distribution Date is the final Distribution Date), commencing in 2017, the Withheld Amounts remitted to the Lower-Tier
REMIC Distribution Account pursuant to Section 3.23 of this Agreement; and

 

(e)          
with respect to each Actual/360 Mortgage Loan and the Distribution Date occurring in March 2016 (if and to the extent not
already included in clause (a) of this definition for the subject Distribution Date), the related Interest Deposit Amount.

 

Notwithstanding the investment of funds
held in the Collection Account or the Lower Tier Distribution Account pursuant to Section 3.07 of this Agreement, for
purposes of calculating the Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“Balloon Loan”:
Any Mortgage Loan or Serviced Companion Loan that by its original terms or by virtue of any modification provides for an amortization
schedule extending beyond its Maturity Date, unless such extension results solely from the accrual of interest on the basis of
the actual number of days elapsed in a year of 360 days, notwithstanding calculation of Monthly Payments based on a 360-day
year consisting of twelve 30-day months.

 

“Balloon Payment”:
With respect to any Balloon Loan as of any date of determination, the amount outstanding on the Maturity Date of such Mortgage
Loan in excess of the related Monthly Payment.

 

“Base Interest
Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class of Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates or any Class EC Regular
Interest, a fraction (a) whose numerator is the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates
or Class EC Regular Interest exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating
the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage
of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance

 

    	-17-

    	 

    

 

charge
or that is otherwise described in the related Loan Documents) and (b) whose denominator is the amount, if any, by which (i) the
Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate used in accordance with the related Loan Documents in
calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed
percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge
or that is otherwise described in the related Loan Documents); provided, however, that under no circumstances shall
the Base Interest Fraction be greater than one. If the discount rate referred to in the preceding sentence is greater than or
equal to both of (x) the Mortgage Rate on the related Mortgage Loan and (y) the Pass-Through Rate described in the preceding
sentence, then the Base Interest Fraction shall equal zero, and if such discount rate is greater than or equal to the Mortgage
Rate on such Mortgage Loan, but less than the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction
shall equal one.

 

“Borrower Delayed
Reimbursements”: Any Additional Trust Fund Expenses and reimbursements of Advances that the related Mortgagor is required,
pursuant to a written modification agreement, to pay in the future to the Trust in its capacity as owner of the related Mortgage
Loan.

 

“Borrower Party”:
Either (i) a borrower, a Mortgagor or a manager of a Mortgaged Property or any Affiliate of any of the foregoing or (ii) a lender
under a mezzanine loan (secured by a pledge of the direct (or indirect) equity interests in a Mortgagor under a Mortgage Loan or
Loan Combination) that has accelerated such mezzanine loan or commenced foreclosure proceedings against the equity collateral pledged
to secure that mezzanine loan or any Affiliate of such accelerating or foreclosing mezzanine lender.

 

“Breach”:
As defined in Section 2.03(a) of this Agreement.

 

“Business Day”:
Any day other than a Saturday, a Sunday or any day on which the New York Stock Exchange, the Federal Reserve Bank of New York or
banking institutions in the States of New York, North Carolina, Ohio, Kansas and California, the cities in which the principal
offices of the Operating Advisor, the Master Servicer or the Special Servicer are located, or the city in which the Corporate Trust
Office of the Certificate Administrator or the Trustee is located, are authorized or obligated by law, executive order or governmental
decree to be closed.

 

“CCRE”:
Cantor Commercial Real Estate Lending, L.P., a Delaware limited partnership, and its successors in interest.

 

“CCRE Loan Purchase
Agreement”: The mortgage loan purchase agreement, dated as of February 1, 2016, by and between CCRE and the Depositor.

 

“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest
payments on a Mortgage Loan or proceeds from the sale of a Defaulted Mortgage Loan, the highest of (1) the rate determined
by the Master Servicer or the Special Servicer, as applicable, that approximates the market rate that would be obtainable by the
Mortgagors on similar debt of the Mortgagors as of such date of determination, (2) the Mortgage Rate and (3) the yield
on 10-year U.S. treasuries and (ii) for all other cash

 

    	-18-

    	 

    

 

flows,
including property cash flow, the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal).

 

“Certificate”:
Any Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-D, Class A-S,
Class B, Class EC, Class C, Class D, Class E, Class F, Class G, Class H and Class R Certificate
issued, authenticated and delivered hereunder.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, or its successor in interest,
or any successor Certificate Administrator appointed as herein provided. Wells Fargo Bank, National Association will perform its
obligations as Certificate Administrator through its Corporate Trust Services division.

 

“Certificate
Administrator Accounts”: As defined in Section 3.07(a) of this Agreement.

 

“Certificate
Administrator Personnel”: The divisions and individuals of the Certificate Administrator who are involved in the performance
of the duties of the Certificate Administrator under this Agreement.

 

“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at www.ctslink.com.

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates (other than the Class EC Certificates) or any Class
EC Regular Interest, as applicable (a) as of any date of determination on or prior to the first Distribution Date, an amount
(adjusted in the case of any Class of Class A-S, Class B and Class C Certificates to take into account any Certificate exchanges
pursuant to Section 5.12 of this Agreement from and including the Closing Date up to and including such date of determination)
equal to the aggregate initial Certificate Balance of such Class of Principal Balance Certificates or such Class EC Regular Interest,
as specified in the Preliminary Statement hereto, and (b) as of any date of determination after the first Distribution Date,
an amount (adjusted in the case of any Class of Class A-S, Class B and Class C Certificates to take into account any Certificate
exchanges pursuant to Section 5.12 of this Agreement after the Distribution Date immediately prior to such date of determination
up to and including such date of determination) equal to the Certificate Balance of such Class of Principal Balance Certificates
or such Class EC Regular Interest on the Distribution Date immediately prior to such date of determination, after any actual distributions
of principal thereon and allocations of Realized Losses thereto on such prior Distribution Date, and after any increases to such
Certificate Balance on such prior Distribution Date (as and to the extent provided in the penultimate sentence of the first paragraph
of Section 4.01(f) of this Agreement) in connection with recoveries of Nonrecoverable Advances previously reimbursed
out of collections of principal on the Mortgage Loans. The Certificate Balance of the Class EC Component A-S shall at all times
equal the Class A-S-Exchange Percentage Interest of the Certificate Balance of the Class A-S Regular Interest. The Certificate
Balance of the Class EC Component B shall at all times equal the Class B-Exchange Percentage Interest of the Certificate Balance
of the Class B Regular Interest. The Certificate Balance of the Class EC Component C shall at all times equal the Class C-Exchange
Percentage Interest of the Certificate Balance of the Class C Regular Interest. The Certificate Balance of the Class EC Certificates
shall at all times equal the aggregate Certificate Balances of the Class EC Components.

 

    	-19-

    	 

    

 

“Certificate
Factor”: With respect to any Class of Regular Certificates and any Class EC Regular Interest, as of any date of determination,
a fraction, expressed as a decimal carried to eight places, the numerator of which is the then related Certificate Balance or the
Notional Amount, as the case may be, and the denominator of which is the related initial Certificate Balance or the initial Notional
Amount, as the case may be.

 

“Certificate
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository). Each of the Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer shall have the right to require, as a condition to
acknowledging the status of any Person as a Certificate Owner under this Agreement, that such Person provide evidence (which may
be in the form of an Investor Certification) at its expense of its status as a Certificate Owner hereunder.

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.03(a) of this Agreement.

 

“Certificateholder”:
With respect to any Certificate, the Person whose name is registered in the Certificate Register (including, solely for the purposes
of distributing reports, statements or other information pursuant to this Agreement, Certificate Owners or potential transferees
of Certificates to the extent the Person distributing such information has been provided with an Investor Certification by or on
behalf of such Certificate Owner or potential transferee); provided, however, that

 

(a) solely for the
purpose of giving any consent, approval, waiver or taking any action pursuant to this Agreement (including voting on
amendments to this Agreement) that specifically relates to the rights, duties, compensation or termination of, and/or any
other matter specifically involving, the Depositor, the Master Servicer, the Special Servicer, any Excluded Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, any Mortgage Loan Seller or any Person known to a
Responsible Officer of the Certificate Registrar to be an Affiliate of any such party, any Certificate registered in the name
of or beneficially owned by such party or any Affiliate thereof shall be deemed not to be outstanding and the Voting Rights
to which it is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights
necessary to effect any such consent, approval, waiver or take any such action has been obtained (provided, that
notwithstanding the foregoing, for purposes of exercising any rights it may have solely as a member of the Controlling Class,
any Controlling Class Certificate owned by an Excluded Controlling Class Holder shall be deemed not to be outstanding as to
such Excluded Controlling Class Holder solely with respect to giving consent and taking any action with respect to any
related Excluded Controlling Class Mortgage Loan);

 

(b) solely for the purpose
of giving any consent, approval, waiver or taking any action pursuant to this Agreement, any Certificate beneficially owned by
a manager of a Mortgaged Property, a Mortgagor or any Person known to a Responsible Officer of the Certificate Registrar to be
an Affiliate of a manager of a Mortgaged Property or a Mortgagor shall be deemed not to be outstanding and the Voting Rights to
which it is entitled shall not be

 

    	-20-

    	 

    

 

taken
into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval,
waiver or take any such action has been obtained; and

 

(c) if the Master Servicer,
the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is a member of the Controlling Class, it shall
be permitted to act in such capacity and exercise all rights under this Agreement bestowed upon the Controlling Class (other than,
with respect to any Excluded Controlling Class Mortgage Loan with respect to which such party is an Excluded Controlling Class
Holder, as described in the proviso in parenthesis in clause (a) above).

 

“Certificateholder
Quorum” The holders of Certificates evidencing at least 75% of the aggregate Voting Rights (taking into account the allocation
of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates) of all Certificates (other
than the Class R Certificates), on an aggregate basis.

 

“Certificateholder
Repurchase Request”: As defined in Section 2.03(f) of this Agreement.

 

“Certification
Parties”: As defined in Section 10.06 of this Agreement.

 

“Certifying
Certificateholder”: As defined in Section 5.07(a) of this Agreement.

 

“Certifying
Person”: As defined in Section 10.06 of this Agreement.

 

“Certifying
Servicer”: As defined in Section 10.08 of this Agreement.

 

“CFCRE 2016-C3
Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of January 1, 2016, between CCRE Commercial
Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset Management
LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator and custodian, and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, as the
same may be amended from time to time in accordance with the terms thereof, pursuant to which the CFCRE 2016-C3 Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2016-C3 were issued.

 

“CGMRC”:
Citigroup Global Markets Realty Corp., a New York corporation, and its successors in interest.

 

“CGMRC Loan
Purchase Agreement”: The mortgage loan purchase agreement, dated as of February 1, 2016, by and between CGMRC and the
Depositor.

 

“Class”:
With respect to the Certificates, all of the Certificates bearing the same alphabetical or alphanumeric class designation, and
with respect to the Lower-Tier Regular Interests, each interest set forth in the Preliminary Statement hereto.

 

    	-21-

    	 

    

 

“Class A-1
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-1 hereto.

 

“Class A-1
Component”: The Component having such designation.

 

“Class A-1
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 1.613%.

 

“Class A-2
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-2 hereto.

 

“Class A-2
Component”: The Component having such designation.

 

“Class A-2
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.292%.

 

“Class A-3
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-3 hereto.

 

“Class A-3
Component”: The Component having such designation.

 

“Class A-3
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.524%.

 

“Class A-4
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-4 hereto.

 

“Class A-4
Component”: The Component having such designation.

 

“Class A-4
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.349%.

 

“Class A-5
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-5 hereto.

 

“Class A-5
Component”: The Component having such designation.

 

“Class A-5
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.616%.

 

    	-22-

    	 

    

 

“Class A-AB
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-6 hereto.

 

“Class A-AB
Component”: The Component having such designation.

 

“Class A-AB
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.368%.

 

“Class A-AB
Scheduled Principal Balance”: For any Distribution Date, the scheduled principal balance for such Distribution Date set
forth on Exhibit BB to this Agreement.

 

“Class A-S
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-8 hereto. The Class A-S Certificates represent undivided beneficial
interests in the Class A-S Specific Grantor Trust Assets.

 

“Class A-S
Component”: The Component having such designation.

 

“Class A-S-Exchange
Percentage Interest”: As of any date of determination, with respect to the Class A-S Regular Interest and the Class EC
Certificates, a percentage interest equal to 100.0% minus the Class A-S Percentage Interest.

 

“Class A-S Interest
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class A-S Percentage
Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of
the Class A-S Regular Interest on such Distribution Date.

 

“Class A-S
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 3.849%.

 

“Class A-S Percentage
Interest”: As of any date of determination, with respect to the Class A-S Regular Interest and the Class A-S
Certificates, a percentage interest equal to a fraction, the numerator of which is the Certificate Balance of the Class A-S
Certificates, and the denominator of which is the Certificate Balance of the Class A-S Regular Interest.

 

“Class A-S Principal
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class A-S Percentage
Interest and (ii) the Class A-S Regular Interest Principal Distribution Amount for such Distribution Date.

 

“Class A-S Regular
Interest”: The uncertificated interest corresponding to the Class A-S Certificates and the Class EC Certificates (to
the extent of the Class A-S-Exchange Percentage Interest of the Class A-S Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.

 

    	-23-

    	 

    

 

“Class A-S Regular
Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of all principal
and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly made on or in
respect of the Class A-S Regular Interest with respect to such Distribution Date.

 

“Class A-S Regular
Interest Pass-Through Rate”: The Class A-S Pass-Through Rate.

 

“Class A-S Regular
Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount of principal
distributed pursuant to Section 4.01(b) of this Agreement in respect of the Class A-S Regular Interest on such Distribution
Date.

 

“Class A-S Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class A-S Percentage Interest of the Class
A-S Regular Interest and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent distributions
on the Class A-S Percentage Interest in the Class A-S Regular Interest.

 

“Class B
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-9 hereto. The Class B Certificates represent undivided beneficial
interests in the Class B Specific Grantor Trust Assets.

 

“Class B Exchange
Percentage Interest”: As of any date of determination, with respect to the Class B Regular Interest and the Class EC
Certificates, a percentage interest equal to 100.0% minus the Class B Percentage Interest.

 

“Class B Interest
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class B Percentage
Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of
the Class B Regular Interest on such Distribution Date.

 

“Class B
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

 

“Class B Percentage
Interest”: As of any date of determination, with respect to the Class B Regular Interest and the Class B Certificates,
a percentage interest equal to a fraction, the numerator of which is the Certificate Balance of the Class B Certificates, and the
denominator of which is the Certificate Balance of the Class B Regular Interest.

 

“Class B Principal
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class B Percentage
Interest and (ii) the Class B Regular Interest Principal Distribution Amount for such Distribution Date.

 

“Class B Regular
Interest”: The uncertificated interest corresponding to the Class B Certificates and the Class EC Certificates (to
the extent of the Class B-Exchange Percentage Interest of the Class B Regular Interest), constituting a “regular interest”
in the

 

    	-24-

    	 

    

 

Upper-Tier
REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.

 

“Class B Regular
Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of all principal
and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly made on or in
respect of the Class B Regular Interest with respect to such Distribution Date.

 

“Class B Regular
Interest Pass-Through Rate”: The Class B Pass-Through Rate.

 

“Class B Regular
Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount of principal
distributed pursuant to Section 4.01(b) of this Agreement in respect of the Class B Regular Interest on such Distribution
Date.

 

“Class B Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class B Percentage Interest of the Class B
Regular Interest and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent distributions
on the Class B Percentage Interest in the Class B Regular Interest.

 

“Class C
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-11 hereto. The Class C Certificates represent undivided beneficial
interests in the Class C Specific Grantor Trust Assets.

 

“Class C Exchange
Percentage Interest”: As of any date of determination, with respect to the Class C Regular Interest and the Class EC
Certificates, a percentage interest equal to 100.0% minus the Class C Percentage Interest.

 

“Class C Interest
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class C Percentage
Interest and (ii) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of
the Class C Regular Interest on such Distribution Date.

 

“Class C
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

 

“Class C Percentage
Interest”: As of any date of determination, with respect to the Class C Regular Interest and the Class C Certificates,
a percentage interest equal to a fraction, the numerator of which is the Certificate Balance of the Class C Certificates, and the
denominator of which is the Certificate Balance of the Class C Regular Interest.

 

“Class C Principal
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the Class C Percentage
Interest and (ii) the Class C Regular Interest Principal Distribution Amount for such Distribution Date.

 

“Class C Regular
Interest”: The uncertificated interest corresponding to the Class C Certificates and the Class EC Certificates (to
the extent of the Class C-Exchange

 

    	-25-

    	 

    

 

Percentage
Interest of the Class C Regular Interest), constituting a “regular interest” in the Upper-Tier REMIC for purposes
of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.

 

“Class C Regular
Interest Available Funds”: With respect to any Distribution Date, an amount equal to the total amount of all principal
and/or interest distributions, as well as any other distributions (including Yield Maintenance Charges), properly made on or in
respect of the Class C Regular Interest with respect to such Distribution Date.

 

“Class C Regular
Interest Pass-Through Rate”: The Class C Pass-Through Rate.

 

“Class C Regular
Interest Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the amount of principal
distributed pursuant to Section 4.01(b) of this Agreement in respect of the Class C Regular Interest on such Distribution
Date.

 

“Class C Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class C Percentage Interest of the Class C
Regular Interest and (ii) amounts held from time to time in the Exchangeable Distribution Account that represent distributions
on the Class C Percentage Interest in the Class C Regular Interest.

 

“Class D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-12 hereto.

 

“Class D Component”:
The Component having such designation.

 

“Class D
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to 2.850%.

 

“Class E
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-14 hereto.

 

“Class E
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

 

“Class EC Certificate”:
Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially
the form set forth in Exhibit A-10 hereto. The Class EC Certificates represent undivided beneficial interests in the
Class EC Specific Grantor Trust Assets.

 

“Class EC Component”:
Any of the Class EC Component A-S, Class EC Component B or Class EC Component C.

 

“Class EC Component
A-S”: The portion of the Class A-S Regular Interest evidenced by the Class EC Certificates equal to the Class A-S-Exchange
Percentage Interest of the Class A-S Regular Interest.

 

    	-26-

    	 

    

 

“Class EC Component
A-S Principal Amount”: The product of the Class A-S-Exchange Percentage Interest and the Certificate Balance of the Class
A-S Regular Interest.

 

“Class EC Component
B”: The portion of the Class B Regular Interest evidenced by the Class EC Certificates equal to the Class B-Exchange
Percentage Interest of the Class B Regular Interest.

 

“Class EC Component
B Principal Amount”: The product of the Class B-Exchange Percentage Interest and the Certificate Balance of the Class
B Regular Interest.

 

“Class EC Component
C”: The portion of the Class C Regular Interest evidenced by the Class EC Certificates equal to the Class C-Exchange
Percentage Interest of the Class C Regular Interest.

 

“Class EC Component
C Principal Amount”: The product of the Class C-Exchange Percentage Interest and the Certificate Balance of the Class
C Regular Interest.

 

“Class EC Interest
Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of (i) the product of (a) the
Class A-S-Exchange Percentage Interest and (b) the amount of interest distributable pursuant to Section 4.01(b) of
this Agreement in respect of the Class A-S Regular Interest on such Distribution Date, (ii) the product of (a) the Class B-Exchange
Percentage Interest and (b) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect
of the Class B Regular Interest on such Distribution Date and (iii) the product of (a) the Class C-Exchange Percentage Interest
and (b) the amount of interest distributable pursuant to Section 4.01(b) of this Agreement in respect of the Class
C Regular Interest on such Distribution Date.

 

“Class EC Percentage
Interest”: Any of the Class A-S-Exchange Percentage Interest, the Class B-Exchange Percentage Interest or the Class C-Exchange
Percentage Interest.

 

“Class EC Principal
Distribution Amount”: With respect to any Distribution Date, an amount equal to the sum of (i) the product of (a) the
Class A-S-Exchange Percentage Interest and (b) the Class A-S Regular Interest Principal Distribution Amount for such Distribution
Date, (ii) the product of (a) the Class B-Exchange Percentage Interest and (b) the Class B Regular Interest Principal Distribution
Amount for such Distribution Date and (iii) the product of (a) the Class C-Exchange Percentage Interest and (b) the Class C Regular
Interest Principal Distribution Amount for such Distribution Date.

 

“Class EC Regular
Interests”: The Class A-S, Class B and Class C Regular Interests.

 

“Class EC Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class EC Components and (ii) amounts held
from time to time in the Exchangeable Distribution Account that represent distributions on the Class EC Components.

 

“Class F
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-15 hereto.

 

    	-27-

    	 

    

 

“Class F
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

 

“Class G
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-16 hereto.

 

“Class G
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

 

“Class H
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-17 hereto.

 

“Class H
Pass-Through Rate”: For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

 

“Class R
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-18 hereto. The Class R Certificates have no Pass-Through
Rate, Certificate Balance or Notional Amount.

 

“Class X
Certificates”: The Class X-A Certificates and/or the Class X-D Certificates, as the context requires.

 

“Class X
Strip Rate”: With respect to each Component for any Distribution Date, a rate per annum equal to (i) the
WAC Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-A
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-7 hereto.

 

“Class X-A Components”:
The Class A-1 Component, Class A-2 Component, Class A-3 Component, Class A-4 Component, Class A-5 Component,
Class A-AB Component and Class A-S Component, each of which constitutes a separate class of “regular interests”,
within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate
from time to time and a notional amount equal to its Component Notional Amount from time to time.

 

“Class X-A
Notional Amount”: With respect to the Class X-A Certificates as of any date of determination, the sum of the Component
Notional Amounts of the Class X-A Components.

 

“Class X-A
Pass-Through Rate”: For any Distribution Date, the weighted average of Class X Strip Rates for the Class X-A
Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding
immediately prior to such Distribution Date).

 

    	-28-

    	 

    

 

“Class X-D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form set forth in Exhibit A-13 hereto.

 

“Class X-D Component”:
The Class D Component, which constitutes a separate class of “regular interests”, within the meaning of Code Section
860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X Strip Rate from time to time and a notional amount
equal to its Component Notional Amount from time to time.

 

“Class X-D
Notional Amount”: With respect to the Class X-D Certificates as of any date of determination, the Component Notional
Amount of the Class X-D Component.

 

“Class X-D
Pass-Through Rate”: For any Distribution Date, the Class X Strip Rate for the Class X-D Component for such
Distribution Date.

 

“Clearing Agency”:
An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing
Agency shall be The Depository Trust Company.

 

“Clearstream”:
Clearstream Banking, société anonyme, and its successors in interest.

 

“Closing Date”:
February 17, 2016.

 

“CMBS”:
Commercial mortgage-backed securities.

 

“Co-Lender Agreement”:
With respect to any Loan Combination, the co-lender agreement, intercreditor agreement, agreement among noteholders or similar
agreement governing the relative rights of the holders of the related Mortgage Loan and Companion Loan(s). The only Co-Lender Agreements
related to the Trust as of the Closing Date are the 5 Penn Plaza Co-Lender Agreement, the Sheraton Denver Downtown Fee Co-Lender
Agreement, the Austin Block 21 Co-Lender Agreement, the Glenbrook Square Co-Lender Agreement, the Westin Boston Waterfront Co-Lender
Agreement, the Park Place Co-Lender Agreement, the 215 West 34th Street & 218 West 35th Street Co-Lender Agreement, the South
Plains Mall Co-Lender Agreement, the GSA Portfolio Co-Lender Agreement, the Heinz 57 Center Co-Lender Agreement, the Element LA
Co-Lender Agreement and the DoubleTree Hotel Universal Co-Lender Agreement.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations
of the United States Department of the Treasury promulgated pursuant thereto.

 

“Collateral
Deficiency Amount” With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated
Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum
of (in the case of a Loan Combination, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised
Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account
in such Appraised Value and to the

 

    	-29-

    	 

    

 

extent
on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional
collateral contributed by the related Mortgagor at the time the Mortgage Loan became (and as part of the modification related
to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided, that in the case
of an Outside Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent
relevant information is received by the Special Servicer), plus (z) any other escrows or reserves (in addition to any amounts
set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such
determination. The Certificate Administrator shall be entitled to conclusively rely on the Special Servicer’s calculation
or determination of any Collateral Deficiency Amount.

 

“Collection
Account”: The account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled
“KeyBank National Association, as Master Servicer on behalf of Wilmington Trust, National Association, as Trustee, for the
benefit of the registered holders of Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates,
Series 2016-GC36” and which must be an Eligible Account.

 

“Collection
Period”: With respect any Distribution Date, the period beginning on the day immediately following the Determination
Date occurring in the month preceding the month in which that Distribution Date occurs (or, in the case of the Collection Period
for the initial Distribution Date, with respect to any particular Mortgage Loan or Companion Loan, beginning on the day immediately
following the Due Date for such Mortgage Loan or Companion Loan in the month preceding the month in which that Distribution Date
occurs (or the date that would have been the Due Date if such Mortgage Loan or Companion Loan had a Due Date in such preceding
month)) and ending on and including the Determination Date occurring in the month in which that Distribution Date occurs.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion Loan”:
Any mortgage loan that is part of a Loan Combination but is not an asset of the Trust. The only Companion Loans related to the
Trust as of the Closing Date are the 5 Penn Plaza Companion Loans, the Sheraton Denver Downtown Fee Companion Loan, the Austin
Block 21 Companion Loan, the Glenbrook Square Companion Loan, the Westin Boston Waterfront Companion Loans, the Park Place Companion
Loan, the 215 West 34th Street & 218 West 35th Street Companion Loans, the South Plains Mall Companion Loans, the GSA Portfolio
Companion Loan, the Heinz 57 Center Companion Loan, the Element LA Companion Loans and the DoubleTree Hotel Universal Companion
Loans.

 

“Companion Loan
Holder”: The holder of a Companion Loan.

 

“Companion Loan
Holder Representative”: With respect to each Serviced Companion Loan, any representative appointed by the related Companion
Loan Holder.

 

“Companion Loan
Rating Agency”: With respect to any Serviced Companion Loan, any rating agency that was engaged by a participant in the
securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.

 

    	-30-

    	 

    

 

“Companion Loan
Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced Companion
Loan or any related REO Property as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may be
in electronic form) by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class
of such Serviced Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided that upon receipt of a
written waiver or other acknowledgment from the Companion Loan Rating Agency indicating its decision not to review or declining
to review the matter for which the Companion Loan Rating Agency Confirmation is sought (such written notice, a “Companion
Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement for the Companion
Loan Rating Agency Confirmation from the applicable Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Companion Loan
Rating Agency Declination”: As defined in the definition of “Companion Loan Rating Agency Confirmation” in
this Agreement.

 

“Compensating
Interest Payments”: Any payment required to be made by the Master Servicer pursuant to Section 3.13 of this
Agreement to cover Prepayment Interest Shortfalls.

 

“Component”:
With respect to the Class X-A Certificates, the Class A-1 Component, Class A-2 Component, Class A-3 Component,
Class A-4 Component, Class A-5 Component, Class A-AB Component and Class A-S Component; and with respect to
the Class X-D Certificates, the Class D Component.

 

“Component Notional
Amount”: With respect to each Component and any date of determination, an amount equal to the Lower-Tier Principal Balance
of the Corresponding Lower-Tier Regular Interest for that Component.

 

“Condemnation
Proceeds”: All proceeds received in connection with the taking of all or a part of a Mortgaged Property or REO Property
(including with respect to the Outside Serviced Mortgage Loans) by exercise of the power of eminent domain or condemnation, subject,
however, to the rights of any tenants and ground lessors, as the case may be, and the terms of the related Mortgage; provided
that, in the case of an Outside Serviced Mortgage Loan, “Condemnation Proceeds” under this Agreement shall be limited
to any related proceeds of the type described above in this definition that are received by the Trust Fund in connection with such
Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“Confidential
Information”: With respect to each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor
the Certificate Administrator, and the Trustee, all material non-public information obtained in the course of and as a result of
such Person’s performance of its duties under this Pooling and Servicing Agreement with respect to any Mortgage Loan (or
Serviced Loan Combination), any Mortgagor and any Mortgaged Property, unless such information (i) was already in the possession
of such Person prior to being disclosed to such Person, (ii) is or becomes available to such Person from a source other than
its activities as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the

 

    	-31-

    	 

    

 

Certificate
Administrator or the Trustee, as applicable, or (iii) is or becomes generally available to the public other than as a result
of a disclosure by the Master Servicer Servicing Personnel, the Special Servicer Servicing Personnel, the Operating Advisor Personnel,
the Certificate Administrator Personnel or the Trustee Personnel.

 

“Consent Fees”:
With respect to any Serviced Loan, any and all fees actually paid by a Mortgagor with respect to any consent or approval (or review
thereof) required pursuant to the terms of the Loan Documents that does not involve a modification evidenced by a signed writing,
assumption, extension, waiver or amendment of the terms of the Loan Documents.

 

“Consultation
Termination Event”: The event that either (i) occurs when none of the Classes of Control Eligible Certificates has an
outstanding Certificate Balance, without regard to the allocation of any Cumulative Appraisal Reduction Amounts, that is equal
to or greater than 25% of the initial Certificate Balance of that Class of Certificates or (ii) is deemed to occur pursuant to
Section 6.09(d) or Section 6.09(h) of this Agreement; provided, however, that a Consultation Termination Event
shall in no event exist at any time that the aggregate Certificate Balance of each Class of Certificates (other than the Control
Eligible Certificates) (without regard to the allocation of Appraisal Reduction Amounts) has been reduced to zero. With respect
to Excluded Mortgage Loans, a Consultation Termination Event shall be deemed to exist.

 

“Control Eligible
Certificates”: Any of the Class E, Class F, Class G and Class H Certificates.

 

“Control Termination
Event”: The event that either (i) occurs when none of the Classes of Control Eligible Certificates has an outstanding
Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts then allocable to such Class in accordance
with Section 3.10(a) of this Agreement) that is at least equal to 25% of the initial Certificate Balance of such Class of
Certificates or (ii) is deemed to occur pursuant to Section 6.09(d) or Section 6.09(h) of this Agreement; provided,
however, that a Control Termination Event shall in no event exist at any time that the aggregate Certificate Balance of each Class
of Certificates (other than the Control Eligible Certificates) (without regard to the allocation of Appraisal Reduction Amounts)
has been reduced to zero. With respect to Excluded Mortgage Loans, a Control Termination Event shall be deemed to exist.

 

“Controlling
Class”: As of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such Class in
accordance with Section 3.10(a) of this Agreement) at least equal to 25% of the initial Certificate Balance of such
Class or if no Class of Control Eligible Certificates meets the preceding requirement, the Class E Certificates; provided,
however, that (at any time that the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-AB and Class D Certificates and the Class EC Regular Interests has been reduced to zero without regard to the allocation
of Appraisal Reduction Amounts) (a) in the case of any Class of Control Eligible Certificates to which the designation of “Controlling
Class” would otherwise shift by operation of this definition, where the Certificate Balance of such Class of Control Eligible
Certificates has

 

    	-32-

    	 

    

 

been
reduced to zero (without regard to the allocation of Cumulative Appraisal Reduction Amounts) prior to such shift, then designation
of “Controlling Class” shall not shift and shall remain with the Class of Control Eligible Certificates currently
designated as the Controlling Class, and (b) in the case of any Class of Control Eligible Certificates which is then designated
the “Controlling Class”, if the Certificate Balance of such Class of Control Eligible Certificates is reduced to zero
(without regard to the allocation of Cumulative Appraisal Reduction Amounts), then the designation of “Controlling Class”
shall shift to the Class of Control Eligible Certificates that is the most subordinate and that also has a remaining Certificate
Balance. The Controlling Class as of the Closing Date will be the Class H Certificates.

 

“Controlling
Class Certificateholder”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling
Class as determined by the Certificate Administrator from time to time.

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or other representative) selected by at least
a majority of the Controlling Class Certificateholders by Certificate Balance, as identified by notice to the Certificate Administrator
by the applicable Controlling Class Certificateholders from time to time, with notice of such selection delivered to the Special
Servicer, the Master Servicer, the Operating Advisor and the Trustee; provided that, (i) absent such selection, or
(ii) until a Controlling Class Representative is so selected, or (iii) upon receipt of notice from the Controlling Class Certificateholders
that own Certificates representing more than 50% of the Certificate Balance of the Controlling Class that a Controlling Class Representative
is no longer so designated, the Controlling Class Representative shall be the Controlling Class Certificateholder that owns
Certificates representing the largest aggregate Certificate Balance of the Controlling Class as identified to the Certificate Administrator.
No Person may exercise any of the consent or consultation rights and powers of the Controlling Class Representative with respect
to an Excluded Mortgage Loan.

 

The initial Controlling
Class Representative on the Closing Date shall be Eightfold Real Estate Capital, L.P., and the Certificate Registrar and the
other parties to this Agreement shall be entitled to assume Eightfold Real Estate Capital, L.P. is the Controlling Class Representative
on behalf of the Controlling Class Certificateholders, until the Certificate Administrator, the Master Servicer and each other
Controlling Class Certificateholder receives (a) written notice of a replacement Controlling Class Representative or (b) written
notice that Eightfold Real Estate Capital, L.P. is no longer the Holder (or Certificate Owner) of a majority of the applicable
Controlling Class.

 

“Corporate Trust
Office”: The office of the Trustee or the Certificate Administrator, at which at any particular time its corporate trust
business shall be principally administered. At the date of this Agreement, the corporate trust office of (i) the Trustee is located
at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee CGCMT 2016-GC36, (ii) the Certificate Administrator
is located (a) with respect to Certificate transfers and surrenders, at Wells Fargo Center, Sixth Street and Marquette Avenue,
Minneapolis, Minnesota 55479 0113; and (b) for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention:
Corporate Trust Services (CMBS), CGCMT Commercial Mortgage Securities Trust 2016-GC36, telecopy number (410) 715-2380.

 

    	-33-

    	 

    

 

“Corrected Loan”:
Any Serviced Loan that had been a Specially Serviced Loan but has ceased to be such in accordance with the definition of “Specially
Serviced Loan” (other than by reason of a Liquidation Event occurring in respect of such Serviced Loan or a related Mortgaged
Property becoming an REO Property).

 

“Corresponding
Certificates”: As identified in the Preliminary Statement with respect to any Lower-Tier Regular Interest or Component.

 

“Corresponding
Component”: As identified in the Preliminary Statement with respect to any Class of Regular Certificates, Class EC Regular
Interest or Lower-Tier Regular Interest.

 

“Corresponding
Lower-Tier Regular Interest”: As identified in the Preliminary Statement with respect to any Class of Regular Certificates,
Class EC Regular Interest or Component.

 

“CREFC®”:
CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any association or organization that is a
successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose
principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial
mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties
underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association
or organization. If an organization or association described in one of the preceding sentences of this definition does not exist,
“CREFC®” shall be deemed to refer to such other association or organization as shall be selected by
the Master Servicer and reasonably acceptable to the Certificate Administrator, the Special Servicer and, for so long as no Control
Termination Event has occurred and is continuing, the Controlling Class Representative.

 

“CREFC® Advance
Recovery Report”: A monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Advance Recovery Report” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional
information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Appraisal Reduction Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Assumption Modification Posting Instructions Template”: A report substantially in the form of, and containing the information
called for in, the downloadable form

 

    	-34-

    	 

    

 

of
the “Assumption Modification Posting Instructions Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may
from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially in the
form of and containing the information called for therein, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Capitalized Amounts/Non-Recoverable Trust Expense Template”: A report substantially in the form of, and containing the
information called for in, the downloadable form of the “Capitalized Amounts/Non-Recoverable Trust Expense Template”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be approved by the CREFC® for commercial
mortgage securities transactions generally.

 

“CREFC®
Collateral Summary File”: The data file in the “CREFC® Collateral Summary File” format substantially
in the form of and containing the information called for therein, or such other form for the presentation of such information as
may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the
presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities
transactions generally.

 

“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities
transactions generally.

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially in the
form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such
information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation Template”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage
securities transactions generally.

 

    	-35-

    	 

    

 

“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Historical Liquidation Loss Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”: The monthly report in the “Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report” format substantially in the form of and containing the
information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved
from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (including any REO Mortgage Loan) and
for any Distribution Date, the amount accrued during the related Interest Accrual Period at the CREFC® Intellectual
Property Royalty License Fee Rate on, in the case of the initial Distribution Date, the Cut-Off Date Balance of such Mortgage Loan
and, in the case of any subsequent Distribution Date, the Stated Principal Balance of such Mortgage Loan as of the close of business
on the Distribution Date in the related Interest Accrual Period; provided that such amounts shall be computed for the same
period and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Mortgage
Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the CREFC® Intellectual
Property Royalty License Fee shall be payable from the Lower-Tier REMIC.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.0005% per annum.

 

“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available as of the Closing Date
on the CREFC® Website, or such other form for the presentation of such information and containing such additional
information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Investor Reporting Package (IRP)”: Collectively: (a)  the following seven data files (and any other files as
may be, or have been, adopted and promulgated by CREFC® as part of the CREFC® Investor Reporting
Package (IRP) from time to time): (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic
Update File, (iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC®
Financial File, (vi) CREFC® Collateral Summary File and (vii) CREFC® Special Servicer Loan
File;

 

(b)           the following ten supplemental reports (and any other reports as may be, or have been, adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Delinquent
Loan Status Report, (ii) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report,
(iii) CREFC® REO Status Report, (iv) CREFC® Operating Statement Analysis Report, (v) CREFC®

 

    	-36-

    	 

    

 

Comparative
Financial Status Report, (vi) CREFC® Servicer Watchlist/Portfolio Review Guidelines, (vii) CREFC®
Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet, (ix) CREFC®
Advance Recovery Report, and (x) CREFC® Total Loan Report;

 

(c)          
the following fifteen templates (and any other templates as may be, or have been, adopted and promulgated by CREFC®
as part of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Appraisal Reduction
Template, (ii) CREFC® Servicer Realized Loss Template, (iii) CREFC® Reconciliation of Funds Template,
(iv) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (v) CREFC® Historical
Liquidation Loss Template, (vi) CREFC® Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer
Remittance to Certificate Administrator Template, (viii) CREFC® Significant Insurance Event Template, (ix) CREFC®
Loan Modification Report Template; (x) CREFC® Loan Liquidation Report Template, (xi) CREFC®
REO Liquidation Report Template; (xii) CREFC® Payment Posting Instructions Template; (xiii) CREFC®
Modification Posting Instructions Template; (xiv) CREFC® Assumption Modification Posting Instructions
Template, and (xv) CREFC® Capitalized Amounts/Non-Recoverable Trust Expense Template; and

 

(d)           such other reports and data files as CREFC® may designate, or has designated, as part of the “CREFC®
Investor Reporting Package (CREFC® IRP)” from time to time.

 

“CREFC®
Loan Level Reserve/LOC Report”: The monthly report in the “CREFC® Loan Level Reserve/LOC Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Loan Liquidation Report Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Liquidation Report Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Loan Modification Report Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Modification Report Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Loan Periodic Update File”: The data file in the “CREFC® Loan Periodic Update File” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the
presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities
transactions generally.

 

    	-37-

    	 

    

 

“CREFC®
Loan Setup File”: The data file in the “CREFC® Loan Setup File” format substantially in the
form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such
information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Modification Posting Instructions Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Modification Posting Instructions Template” available as of the Closing Date
on the CREFC® Website, or such other form for the presentation of such information and containing such additional
information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
NOI Adjustment Worksheet”: The worksheet in the “NOI Adjustment Worksheet” format substantially in the form
of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Operating Statement Analysis Report”: The monthly report in the “Operating Statement Analysis Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the
presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities
transactions generally.

 

“CREFC®
Payment Posting Instructions Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Payment Posting Instructions Template” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional
information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Property File”: The data file in the “CREFC® Property File” format substantially in the form
of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Reconciliation of Funds Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
REO Liquidation Report Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “REO Liquidation Report Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from

 

    	-38-

    	 

    

 

time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
REO Status Report”: The report in the “REO Status Report” format substantially in the form of and containing
the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Servicer Realized Loss Template” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Servicer Remittance to Certificate Administrator Template”: A report substantially in the form of, and containing the
information called for in, the downloadable form of the “Interest Servicer Remittance to Certificate Administrator Template”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Servicer Watch List/Portfolio Review Guidelines”: As of each Determination Date a report, including and identifying each
Performing Serviced Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time to time
by the CREFC® in the “CREFC® Servicer Watch List” format substantially in the form of
and containing the information called for therein for the Mortgage Loans, or such other form (including other portfolio review
guidelines) for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally.

 

“CREFC®
Significant Insurance Event Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Interest Significant Insurance Event Template” available as of the Closing Date on
the CREFC® Website, or such other form for the presentation of such information and containing such additional information
as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Special Servicer Loan File”: The data file in the “CREFC® Special Servicer Loan File” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the
presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities
transactions generally.

 

“CREFC®
Total Loan Report”: The report in the “Total Loan Report” format substantially in the form of and containing
the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

    	-39-

    	 

    

 

“CREFC®
Website”: The CREFC®’s Website located at “www.crefc.org” or such other primary website
as the CREFC® may establish for dissemination of its report forms.

 

“Cross-Collateralized
Group”: Any group of Mortgage Loans that are cross-collateralized and cross-defaulted with each other; provided that
a Mortgage Loan shall be part of a Cross-Collateralized Group only if and for so long as such Mortgage Loan is cross-collateralized
and cross-defaulted with each other Mortgage Loan in such Cross-Collateralized Group. There are no Cross-Collateralized Groups
included as assets of the Trust as of the Closing Date.

 

“Cross-Collateralized
Mortgage Loan”: Any Mortgage Loan that is part of a Cross-Collateralized Group.

 

“Cross-Over
Date”: The Distribution Date on which the Certificate Balances of the Class D, Class E, Class F, Class G and Class H
Certificates and all of the Class EC Regular Interests are reduced to zero due to the application of Realized Losses.

 

“Cumulative
Appraisal Reduction Amount”: As of any date of determination for any Mortgage Loan, the sum of (i) all Appraisal Reduction
Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate
Administrator shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative
Appraisal Reduction Amount.

 

“Cure/Contest
Period”: As defined in Section 11.01(b)(vii).

 

“Custodial Agreement”:
The custodial agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator,
as the same may be amended or modified from time to time in accordance with the terms thereof. For avoidance of doubt, as of the
Closing Date, the Custodian is the Certificate Administrator.

 

“Custodian”:
Any Custodian appointed pursuant to Section 5.10 of this Agreement and, unless the Certificate Administrator is Custodian,
named pursuant to any Custodial Agreement. The Custodian may (but need not) be the Trustee, the Certificate Administrator
or the Master Servicer or any Affiliate or agent of the Trustee, the Certificate Administrator or the Master Servicer, but may
not be the Depositor or any Affiliate thereof. The Certificate Administrator shall be the initial Custodian. Wells Fargo Bank,
National Association will perform its duties as Custodian hereunder through its Document Custody division.

 

“Cut-Off Date”:
With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan
that has its first Due Date in March 2016, the date that would have been its Due Date in February 2016 under the terms of that
Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

 

“Cut-Off Date
Balance”: With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan as of the Cut-Off
Date, after application of all payments of principal due on or before such date, whether or not received.

 

“DBRS”:
DBRS, Inc. or its successors in interest.

 

    	-40-

    	 

    

 

 

“Debt Service
Coverage Ratio”: With respect to any Mortgage Loan (or Serviced Loan Combination, if applicable), for any twelve-month
period covered by an annual operating statement for the related Mortgaged Property, the ratio of (i) Net Operating Income produced
by the related Mortgaged Property during such period to (ii) the aggregate amount of Monthly Payments (which do not include Balloon
Payments) due under such Mortgage Loan (or Serviced Loan Combination, if applicable) during such period; provided that with
respect to the Mortgage Loans (and with respect to any Serviced Loan Combination that includes a Mortgage Loan) identified on the
Mortgage Loan Schedule as paying interest only for a specified period of time set forth in the related Loan Documents and then
paying principal and interest, the related Monthly Payment will be calculated (for purposes of this definition only) to include
interest and principal (based on the remaining amortization term indicated in the Mortgage Loan Schedule).

 

“Default”:
An event of default under the Mortgage Loan (or Serviced Loan Combination, if applicable) or an event which, with the passage of
time or the giving of notice, or both, would constitute an event of default under the Mortgage Loan (or Serviced Loan Combination,
if applicable).

 

“Default Interest”:
With respect to any Mortgage Loan or Serviced Companion Loan, all interest other than Excess Interest accrued in respect of such
Mortgage Loan or Serviced Companion Loan as provided in the related Note or Mortgage as a result of a default (exclusive of late
payment charges) that is in excess of interest at the related Mortgage Rate.

 

“Default Rate”:
With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues on such Mortgage
Loan or Serviced Companion Loan, as the case may be, following any event of default on such Mortgage Loan or Serviced Companion
Loan, as the case may be, including a default in the payment of a Monthly Payment or a Balloon Payment.

 

“Defaulted Loan”:
A Serviced Loan (i) that is delinquent at least sixty days in respect of its Monthly Payments or delinquent in respect of its Balloon
Payment, if any, in either case such delinquency to be determined without giving effect to any grace period permitted by the related
Mortgage or Note and without regard to any acceleration of payments under the related Mortgage and Note or (ii) as to which the
Master Servicer or Special Servicer has, by written notice to the related Mortgagor, accelerated the maturity of the indebtedness
evidenced by the related Note.

 

“Defaulted Mortgage
Loan”: A Mortgage Loan that is a Defaulted Loan.

 

“Defaulted Serviced
Loan Combination”: Any Serviced Loan Combination with respect to which the related Serviced Mortgage Loan or Serviced
Companion Loan is a Defaulted Loan.

 

“Defeasance
Loan”: Those Mortgage Loans which provide the related Mortgagor with the option to defease the related Mortgaged Property.

 

“Defective Mortgage
Loan”: As defined in Section 2.03(a) of this Agreement.

 

    	-41-

    	 

    

 

“Deficient Exchange
Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Custodian, the Trustee and each Servicing Function Participant and Additional Servicer
retained by it (other than a Mortgage Loan Seller Sub-Servicer), any item (x) regarding such party, (y) prepared by such party
or any registered public accounting firm, attorney or other agent retained by such party to prepare such item and (z) delivered
by or on behalf of such party pursuant to the delivery requirements under Article X of this Agreement, that does not conform to
the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and/or the rules and regulations
promulgated thereunder.

 

“Definitive
Certificate”: Any Certificate in fully registered certificated form without interest coupons.

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Monthly Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any Grace Period.

 

“Depositor”:
Citigroup Commercial Mortgage Securities Inc., a Delaware corporation, and its successors and assigns.

 

“Depositor’s
Rule 17g-5 Website”: A website to be maintained (or caused to be maintained) by the Depositor in order to comply with
Exchange Act Rule 17g-5.

 

“Depository”:
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).

 

“Depository
Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities
deposited with the Depository.

 

“Designated
Servicing Documents”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, if applicable, collectively
the following documents:

 

(1)          (A)
a copy of the executed Note for such Mortgage Loan (or, alternatively, if the original executed Note has been lost, a copy of a
lost note affidavit and indemnity with a copy of such Note), and (B) in the case of a Serviced Loan Combination, a copy of the
executed Note for the related Companion Loan;

 

(2)          a
copy of the related Loan Agreement, if any;

 

(3)          a
copy of the Mortgage;

 

(4)          a
copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or Serviced Loan Combination, if any;

 

(5)          any
pre-funding insurance review documentation and insurance certificates (for insurance policies other than environmental policy);

 

    	-42-

    	 

    

 

(6)          a
copy of any related title insurance policy or a marked up commitment therefor;

 

(7)          a
copy of any environmental insurance policy or a copy of the insurance certificate therefor ;

 

(8)          legal
description of the related Mortgaged Property;

 

(9)          a
copy of the related escrow agreement and the related security agreement (in each case, if such item is a document separate from
the Loan Agreement and the Mortgage);

 

(10)        a
copy of the agreement governing post-closing obligations (if such item is a document separate from the Loan Agreement and the Mortgage),
if any;

 

(11)        a
copy of the closing statement and/or sources and uses statement;

 

(12)        the
related Mortgage Loan Seller’s asset summary, if any (provided that the delivery of such item shall not result in any liability
to the related Mortgage Loan Seller);

 

(13)        the
related Mortgagor tax ID;

 

(14)        a
PIP Schedule (if such item is a document separate from the Loan Agreement and the Mortgage), if any;

 

(15)        a
copy of an approved operating budget, if applicable;

 

(16)        a
copy of the related Ground Lease relating to such Mortgage Loan (or Serviced Loan Combination, if applicable), if any; and

 

(17)        in
the case of a Serviced Loan Combination, a copy of the related Co-Lender Agreement.

 

“Designated
Site”: The internet website to which Diligence Files are uploaded as designated by the Depositor to the Mortgage Loan
Sellers, initially located at www.intralinks.com.

 

“Determination
Date”: The sixth day of each calendar month (or, if the sixth day of that month is not a Business Day, the next Business
Day), commencing in March 2016.

 

“Diligence File”:
With respect to each Mortgage Loan, collectively the following documents in electronic format:

 

(a)          A
copy of each of the following documents:

 

(i)          (A)
the Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
or in blank, and further showing a complete, unbroken chain of endorsement from the

 

    	-43-

    	 

    

 

originator (if such originator is not the applicable
Mortgage Loan Seller) (or, alternatively, if the original executed Note has been lost, a lost note affidavit and indemnity with
a copy of such Note), and (B) if such Mortgage Loan is part of a Serviced Loan Combination, the executed Note for each related
Serviced Companion Loan;

 

(ii)        the
Mortgage, together with any and all intervening assignments thereof, in each case (unless the particular item has not been returned
from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s
office (if in the possession of the applicable Mortgage Loan Seller);

 

(iii)       any
related Assignment of Leases (if such item is a document separate from the Mortgage), together with any and all intervening assignments
thereof, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of
recording indicated thereon or certified by the applicable recorder’s office (if in the possession of the applicable Mortgage
Loan Seller);

 

(iv)        final
written modification agreements in those instances where the terms or provisions of the Note for such Mortgage Loan (or, if applicable,
any Note of a related Serviced Companion Loan) or the related Mortgage have been modified, in each case (unless the particular
item has not been returned from the applicable recording office) with evidence of recording indicated thereon if the instrument
being modified is a recordable document;

 

(v)         the
policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan (or the related Serviced Loan
Combination, if applicable) or, if such policy has not been issued or located, an irrevocable, binding commitment (which may be
a “marked-up” pro forma title policy marked as binding and executed by an authorized representative of the title insurer
or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title
insurer) to issue such title insurance policy;

 

(vi)        the
Ground Lease relating to such Mortgage Loan (or the related Serviced Loan Combination, if applicable), if any, and any ground lessor
estoppel;

 

(vii)       the
related Loan Agreement, if any;

 

(viii)      the
guaranty under such Mortgage Loan or the related Serviced Loan Combination, if any;

 

(ix)        the
lock box agreement or cash management agreement relating to such Mortgage Loan or the related Serviced Loan Combination, if any;

 

(x)         the
environmental indemnity from the related Mortgagor, if any;

 

    	-44-

    	 

    

 

(xi)        the
related escrow agreement and the related security agreement (in each case, if such item is a document separate from the Mortgage)
and, if applicable, any intervening assignments thereof;

 

(xii)       any
filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator of such
Mortgage Loan (or the related Serviced Loan Combination, if applicable) or in favor of any assignee prior to the Trustee (or, in
each case, a copy thereof certified to be the copy of such assignment submitted or to be submitted for filing), if in the possession
of the applicable Mortgage Loan Seller;

 

(xiii)     
in the case of any Mortgage Loan or the related Serviced Loan Combination as to which there exists a related mezzanine loan, the
related intercreditor agreement;

 

(xiv)       any
related environmental insurance policy;

 

(xv)        any
letter of credit relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment thereof;

 

(xvi)       any
related franchise agreement, property management agreement or hotel management agreement and related comfort letters (together
with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee the benefits of
such comfort letter or (ii) if the related comfort letter contemplates that a request be made of the related franchisor to issue
a replacement comfort letter for the benefit of the Trust or Trustee, a copy of the notice requesting the issuance of such replacement
comfort letter) and/or estoppel letters relating to such Mortgage Loan or the related Serviced Loan Combination and any related
assignment thereof; and

 

(xvii)      in
the case of a Mortgage Loan that is part of a Loan Combination, the related Co-Lender Agreement;

 

(b)          a
copy of any engineering reports or property condition reports;

 

(c)          other
than with respect to a hotel property (except with respect to tenanted commercial space within a hotel property), copies of a rent
roll;

 

(d)          for
any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance
agreements delivered to the related Mortgage Loan Seller;

 

(e)          a
copy of all legal opinions (excluding attorney-client communications between the related Mortgage Loan Seller, and its counsel
that are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with the
closing of the related Mortgage Loan;

 

    	-45-

    	 

    

 

(f)          a
copy of all Mortgagor’s certificates of hazard insurance and/or hazard insurance policies or other applicable insurance policies
(to the extent not previously included as part of this definition), if any, delivered in connection with the closing of the related
Mortgage Loan;

 

(g)         a
copy of the appraisal for the related Mortgaged Property or Mortgaged Properties;

 

(h)         for
any Mortgage Loan that the related Mortgaged Property or Mortgaged Properties is leased to a single tenant, a copy of the lease;

 

(i)          a
copy of the applicable Mortgage Loan Seller’s asset summary;

 

(j)          a
copy of all surveys for the related Mortgaged Property or Mortgaged Properties;

 

(k)         a
copy of all zoning reports;

 

(l)          a
copy of financial statements of the related Mortgagor;

 

(m)        a
copy of operating statements for the related Mortgaged Property or Mortgaged Properties;

 

(n)          a
copy of all UCC searches;

 

(o)          a
copy of all litigation searches;

 

(p)          a
copy of all bankruptcy searches;

 

(q)          a
copy of any origination settlement statement;

 

(r)          a
copy of the Insurance Summary Report;

 

(s)          a
copy of the organizational documents of the related Mortgagor and any guarantor;

 

(t)          a
copy of all escrow statements related to the escrow account balances as of the Mortgage Loan origination date, if not included
in the origination settlement statement;

 

(u)          the
original or a copy of all related environmental reports that were received by the applicable Mortgage Loan Seller;

 

(v)          unless
already included as part of the environmental reports, a copy of any closure letter (environmental); and

 

(w)         unless
already included as part of the environmental reports, a copy of any environmental remediation agreement for the related Mortgaged
Property or Mortgaged Properties,

 

    	-46-

    	 

    

 

in each case, to the
extent that the related originator received such documents or information in connection with the origination of such Mortgage Loan.
In the event any of the items identified above were not received in connection with the origination of such Mortgage Loan (other
than documents that would not be included in connection with the origination of the Mortgage Loan because such document is inapplicable
to the origination of a Mortgage Loan of that structure or type, taking into account whether or not such Mortgage Loan has any
additional debt), the Diligence File shall include a statement to that effect. No information that is proprietary to the related
originator or Mortgage Loan Seller or any draft documents, privileged or internal communications, credit underwriting or due diligence
analysis shall constitute part of the Diligence File. It is not required to include any of the same items identified above again
if such items have already been included under another clause of the definition of Diligence File, and the Diligence File shall
include a statement to that effect. The Mortgage Loan Seller may, without any obligation to do so, include such other documents
or information as part of the Diligence File that such Mortgage Loan Seller believes should be included to enable the Asset Representations
Reviewer to perform the Asset Review on such Mortgage Loan; provided that such documents or information are clearly labeled
and identified.

 

“Diligence File
Certification”: As defined in Section 2.01(i) of this Agreement.

 

“Directing Holder”:
(a) With respect to all of the Serviced Loans other than a Serviced Outside Controlled Loan Combination and any Excluded Mortgage
Loan, the Controlling Class Representative, and (b) with respect to any Serviced Outside Controlled Loan Combination, the related
Outside Controlling Note Holder.

 

“Directly Operate”:
With respect to any REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily provided
to tenants in connection with the rental of space “for occupancy only” within the meaning of Treasury Regulations Section
1.512(b)-1(c)(5), the management or operation of such REO Property, the holding of such REO Property primarily for sale to customers
in the ordinary course of a trade or business or any use of such REO Property in a trade or business conducted by the Trust Fund,
or the performance of any construction work on the REO Property (other than the completion of a building or improvement, where
more than 10% of the construction of such building or improvement was completed before default became imminent), other than through
an Independent Contractor; provided, however, that the Special Servicer, on behalf of the Trust Fund, shall not be
considered to Directly Operate an REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental
terms, chooses tenants, enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital
expenditures with respect to such REO Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to any Serviced Loan or related REO Property, any compensation and other remuneration
(including, without limitation, in the form of commissions, brokerage fees and rebates) received or retained by the Special Servicer
or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Mortgagor, any Manager, any
guarantor or indemnitor in respect of a Serviced Loan and any purchaser of any Serviced Loan or REO Property (or an interest in
an REO Property related to a Serviced Loan Combination, if applicable) in connection with the disposition,

 

    	-47-

    	 

    

 

workout or foreclosure
of any Serviced Loan, the management or disposition of any REO Property, and the performance by the Special Servicer or any such
Affiliate of any other special servicing duties under this Agreement, other than (1) any Special Servicing Compensation which is
payable to the Special Servicer under this Agreement, and (2) any Permitted Special Servicer/Affiliate Fees.

 

“Dispute Resolution
Consultation”: As defined in Section 2.03(g) of this Agreement.

 

“Dispute Resolution
Cut-off Date”: As defined in Section 2.03(g) of this Agreement.

 

“Disqualified
Non-U.S. Tax Person”: With respect to a Class R Certificate, any Non-U.S. Tax Person or agent thereof other than (i)
a Non-U.S. Tax Person that holds the Class R Certificate in connection with the conduct of a trade or business within the United
States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI or (ii) a Non-U.S. Tax
Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally recognized tax counsel
to the effect that the transfer of the Class R Certificate to it is in accordance with the requirements of the Code and the regulations
promulgated thereunder and that such transfer of the Class R Certificate will not be disregarded for federal income tax purposes.

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof, any possession of the United
States, or any agency or instrumentality of any of the foregoing (other than an instrumentality that is a corporation if all of
its activities are subject to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of its board of directors
is not selected by any such governmental unit), (b) a foreign government, International Organization or agency or instrumentality
of either of the foregoing, (c) an organization that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
by Code Section 511 on unrelated business taxable income) on any excess inclusions (as defined in Code Section 860E(c)(1)) with
respect to the Class R Certificates (except certain farmers’ cooperatives described in Code Section 521), (d) rural electric
and telephone cooperatives described in Code Section 1381(a)(2) or (e) any other Person so designated by the Certificate Registrar
based upon an Opinion of Counsel to the effect that any Transfer to such Person may cause either Trust REMIC to be subject to tax
or to fail to qualify as a REMIC for federal income tax purposes at any time that the Certificates are outstanding. For purposes
of this definition, the terms “United States,” “State” and “International Organization” shall
have the meanings set forth in Code Section 7701 or successor provisions.

 

“Distribution
Account”: Collectively, the Lower-Tier REMIC Distribution Account and the Upper-Tier REMIC Distribution Account, each
of which may be subaccounts of a single Eligible Account.

 

“Distribution
Date”: The fourth Business Day following each Determination Date, commencing in March 2016. The first Distribution Date
shall be March 11, 2016.

 

“Distribution
Date Statement”: As defined in Section 4.02(a) of this Agreement.

 

    	-48-

    	 

    

 

“Document Defect”:
As defined in Section 2.03(a) of this Agreement.

 

“DoubleTree
Hotel Universal Co-Lender Agreement”: With respect to the DoubleTree Hotel Universal Loan Combination, the related co-lender
agreement, dated as of December 1, 2015, by and between the holder of the DoubleTree Hotel Universal Mortgage Loan and the DoubleTree
Hotel Universal Companion Loan Holders, relating to the relative rights of the holder of the DoubleTree Hotel Universal Mortgage
Loan and the DoubleTree Hotel Universal Companion Loan Holders, as the same may be amended from time to time in accordance with
the terms thereof.

 

“DoubleTree
Hotel Universal Companion Loans”: With respect to the DoubleTree Hotel Universal Loan Combination, the related promissory
notes made by the related Mortgagor and secured by the DoubleTree Hotel Universal Mortgage and designated as promissory notes A-1
and A-2, which are not included in the Trust and are pari passu in right of payment with the DoubleTree Hotel Universal Mortgage
Loan to the extent set forth in the related Loan Documents and as provided in the DoubleTree Hotel Universal Co-Lender Agreement.

 

“DoubleTree
Hotel Universal Companion Loan Holder”: The holder of a DoubleTree Hotel Universal Companion Loan.

 

“DoubleTree
Hotel Universal Loan Combination”: The DoubleTree Hotel Universal Mortgage Loan, together with the DoubleTree Hotel Universal
Companion Loans, each of which is secured by the DoubleTree Hotel Universal Mortgage. References herein to the DoubleTree Hotel
Universal Loan Combination shall be construed to refer to the aggregate indebtedness secured under the DoubleTree Hotel Universal
Mortgage.

 

“DoubleTree
Hotel Universal Mortgage”: The Mortgage securing the DoubleTree Hotel Universal Mortgage Loan and the DoubleTree Hotel
Universal Companion Loans.

 

“DoubleTree
Hotel Universal Mortgage Loan”: With respect to the DoubleTree Hotel Universal Loan Combination, the Mortgage Loan included
in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as DoubleTree Hotel Universal,
(ii) evidenced by a promissory note A-3 and (iii) pari passu in right of payment with the DoubleTree Hotel Universal Companion
Loans to the extent set forth in the related Loan Documents and as provided in the DoubleTree Hotel Universal Co-Lender Agreement.

 

“Due Date”:
With respect to any Mortgage Loan or Companion Loan, for any calendar month: (i) up to and including the calendar month in which
its Maturity Date occurs, the day of such month set forth in the related Note on which the Monthly Payment thereon is scheduled
to be first due (without regard to any grace period); (ii) after the calendar month in which its Maturity Date occurred, the day
of such month that would have been the Due Date in accordance with clause (i) of this definition without regard to the occurrence
of the Maturity Date; and (iii) if such Mortgage Loan or Companion Loan, as applicable, has become an REO Mortgage Loan or REO
Companion Loan, as applicable, the day of such month that would have been the Due Date in accordance with clause (i) of this definition
without regard to the occurrence of such event.

 

    	-49-

    	 

    

 

“Due Diligence
Service Provider”: As defined in Section 11.13(l) of this Agreement.

 

“Due Period”:
With respect to any Distribution Date and any Mortgage Loan (including an REO Mortgage Loan) or Companion Loan, the period beginning
on the day immediately following the Due Date in the month preceding the month in which such Distribution Date occurs (or, in the
case of the Distribution Date occurring in March 2016, beginning on the day after the date that would have been the Due Date if
such Mortgage Loan or Companion Loan had a Due Date in such preceding month) and ending on and including the Due Date in the month
in which such Distribution Date occurs.

 

“Early Termination
Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans (including REO Mortgage
Loans) is less than 1.0% of the sum of the aggregate Cut-Off Date Balance of the Mortgage Pool initially included in the Trust
Fund.

 

“EDGAR”:
The Commission’s Electronic Data Gathering and Retrieval System.

 

“EDGAR-Compatible
Format”: Any format compatible with EDGAR, including HTML, Word, Excel or clean, searchable PDFs.

 

“Element LA
Co-Lender Agreement”: With respect to the Element LA Loan Combination, the related co-lender agreement, dated as of October
9, 2015, by and between the holder of the Element LA Mortgage Loan and the Element LA Companion Loan Holders, relating to the relative
rights of the holder of the Element LA Mortgage Loan and the Element LA Companion Loan Holders, as the same may be amended from
time to time in accordance with the terms thereof.

 

“Element LA
Companion Loans”: With respect to the Element LA Loan Combination, the related promissory notes made by the related Mortgagor
and secured by the Element LA Mortgage and designated as promissory notes A-1A, A-1B and A-2A, which are not included in the Trust
and are pari passu in right of payment with the Element LA Mortgage Loan to the extent set forth in the related Loan Documents
and as provided in the Element LA Co-Lender Agreement.

 

“Element LA
Companion Loan Holder”: The holder of an Element LA Companion Loan.

 

“Element LA
Controlling Companion Loan”: The Element LA Companion Loan that is evidenced by the controlling promissory note A-1A.

 

“Element LA
Loan Combination”: The Element LA Mortgage Loan, together with the Element LA Companion Loans, each of which is secured
by the Element LA Mortgage. References herein to the Element LA Loan Combination shall be construed to refer to the aggregate indebtedness
secured under the Element LA Mortgage.

 

“Element LA
Mortgage”: The Mortgage securing the Element LA Mortgage Loan and the Element LA Companion Loans.

 

    	-50-

    	 

    

 

“Element LA
Mortgage Loan”: With respect to the Element LA Loan Combination, the Mortgage Loan included in the Trust, which is (i)
secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Element LA, (ii) evidenced by a promissory note A-2B
and (iii) pari passu in right of payment with the Element LA Companion Loans to the extent set forth in the related Loan Documents
and as provided in the Element LA Co-Lender Agreement.

 

“Eligible Account”:
Any of (i) a segregated account or accounts maintained with a federal or state chartered depository institution or trust company
(including the Trustee and the Certificate Administrator), the long-term unsecured debt obligations (or short-term unsecured debt
obligations if the account holds funds for less than 30 days) or commercial paper of which are rated by Fitch and Moody’s
in its highest rating category at all times (or, in the case of the REO Account, Collection Account, Loan Combination Custodial
Account, Interest Reserve Account, Excess Liquidation Proceeds Reserve Account and Escrow Account, the long-term unsecured debt
obligations (or short-term unsecured debt obligations if the account holds funds for less than 30 days) of which are rated at least
“AA-” by Fitch (or “A” by Fitch so long as the short-term deposit or short-term unsecured debt obligations
of such depository institution or trust company are rated no less than “F1” by Fitch) and “A2” by Moody’s
or, if applicable, the short-term rating equivalent thereof, which is at least “F1” by Fitch and “P-1”
by Moody’s), (ii) an account or accounts maintained with Wells Fargo Bank, National Association so long as Wells Fargo Bank,
National Association’s long-term unsecured debt rating or deposit account rating shall be at least “A-” by Fitch
and “A2” by Moody’s (if the deposits are to be held in the account for more than 30 days) or Wells Fargo Bank,
National Association’s short-term deposit account or short-term unsecured debt rating shall be at least “F1”
by Fitch and “P-1” by Moody’s (if the deposits are to be held in the account for 30 days or less), (iii) an account
or accounts maintained with KeyBank National Association so long as (1) KeyBank National Association’s long-term unsecured
debt rating or deposit account rating shall be at least A- by Fitch and “A2” by Moody’s if the deposits are to
be held in such account for more than 30 days or (2) KeyBank National Association’s short-term deposit account or short-term
unsecured debt rating shall be at least “F1” by Fitch and “P-1” by Moody’s if the deposits are to
be held in such account for 30 days or less, (iv) a segregated trust account or accounts maintained with the corporate trust department
of a federal or state chartered depository institution or trust company that, in either case, has corporate trust powers, acting
in its fiduciary capacity, which institution or trust company has a combined capital and surplus of at least $50,000,000, is (in
the case of a state chartered depository institution or trust company) subject to regulations substantially similar to 12 C.F.R.
§9.10(b), and is subject to supervision or examination by federal and state authority, and the long-term unsecured debt obligations
of which are rated at least “A2” by Moody’s, (v) such other account or accounts that, but for the failure to
satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) - (iv) above, with
respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth
in the applicable clause is not satisfied with respect to such account, or (vi) such other account or accounts not listed in clauses
(i) - (iv) above with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency. Eligible Accounts
may bear interest. No Eligible Account shall be evidenced by a certificate of deposit, passbook or other similar instrument.

 

    	-51-

    	 

    

 

“Eligible Asset
Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, Fitch, KBRA, S&P, DBRS or Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which any of Moody’s, Fitch, KBRA, S&P,
DBRS or Morningstar has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for such
transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations
reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations and warranties
set forth in Section 2.10, (c) is not (and is not affiliated with) a Sponsor, a Mortgage Loan Seller, an originator, the Master
Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Holder or any of their
respective Affiliates, (d) has not performed (and is not affiliated with any party hired to perform) any due diligence, loan underwriting,
brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion Loan prior to the Closing
Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter, any party to this Agreement or the Directing Holder
or any of their respective Affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection
with any such services, and (e) does not directly or indirectly, through one or more Affiliates or otherwise, own any interest
in any Certificates, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any
financial interest in the securitization transaction to which this Agreement relates, other than in fees from its role as Asset
Representations Reviewer (or as Operating Advisor, if applicable).

 

“Eligible Operating
Advisor”: An institution (i) that is the special servicer or operating advisor on a transaction rated by any of Moody’s,
Fitch, KBRA, S&P, Morningstar and/or DBRS but has not been the special servicer or operating advisor on a transaction for which
Moody’s, Fitch, KBRA, S&P, Morningstar and/or DBRS has qualified, downgraded or withdrawn its rating or ratings of, one
or more classes of certificates for such transaction citing servicing concerns with the special servicer or operating advisor,
as applicable, as the sole or material factor in such rating action, (ii) that can and will make the representations and warranties
set forth in Section 2.09(a) of this Agreement, (iii) that is not (and is not affiliated with) the Depositor, the Trustee,
the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage Loan Seller, the Controlling Class Representative,
or a depositor, a trustee, a certificate administrator, a master servicer or special servicer with respect to the securitization
of a Companion Loan, or any of their respective Affiliates and (iv) that has not been paid any fees, compensation or other remuneration
by any Special Servicer or successor Special Servicer (x) in respect of its obligations under this Agreement or (y) for the recommendation
of the replacement of the Special Servicer or the appointment of a successor special servicer to become the Special Servicer.

 

“Emergency Advance”:
Any Property Advance that, pursuant hereto, the Special Servicer is required to either (a) make (in its sole discretion in accordance
with the Servicing Standard) or (b) to request the Master Servicer to make, that must be made in an emergency situation or on an
urgent basis within two (2) Business Days of the Special Servicer becoming aware that it must be made in order to avoid any material
penalty, any material harm to a Mortgaged Property securing a Mortgage Loan or any other material adverse consequence to the Trust
Fund or any related Companion Loan Holder.

 

    	-52-

    	 

    

 

“Enforcing Party”:
In connection with any Repurchase Request, (i) in the event one or more Requesting Certificateholders has delivered a Final Dispute
Resolution Election Notice with respect thereto pursuant to Section 2.03(g) of this Agreement, with respect to the mediation
or arbitration that arises out of such Final Dispute Resolution Election Notice, such Requesting Certificateholders, or (ii) in
all other cases, the Enforcing Servicer.

 

“Enforcing Servicer”:
The Master Servicer (in the case of Mortgage Loans that are not Specially Serviced Loans) or the Special Servicer (in the case
of Mortgage Loans that are Specially Serviced Loans). If the Master Servicer is the Enforcing Servicer, the Master Servicer may
(but shall not be obligated to) consult with the Special Servicer and (for so long as no Consultation Termination Event has occurred)
the Directing Holder regarding any Proposed Course of Action.

 

“Environmental
Report”: The environmental audit report or reports with respect to each Mortgaged Property delivered to the related Mortgage
Loan Seller in connection with the origination or acquisition of the related Mortgage Loan.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

“ERISA Restricted
Certificate”: Any Class E, Class F, Class G or Class H Certificate; provided that any such Certificate: (a) will
cease to be considered an ERISA Restricted Certificate and (b) will cease to be subject to the transfer restrictions with respect
to ERISA Restricted Certificates contained in Section 5.03(m) of this Agreement if, as of the date of a proposed transfer
of such Certificate, it is rated in one of the four highest generic ratings categories by a credit rating agency that meets the
requirements of the Underwriter Exemption or (ii) relevant provisions of ERISA would permit the transfer of such Certificate to
a Plan.

 

“Escrow Account”:
As defined in Section 3.04(b) of this Agreement.

 

“Escrow Payment”:
Any payment made by any Mortgagor to the Master Servicer pursuant to the related Mortgage, Lock-Box Agreement or Loan Agreement
for the account of such Mortgagor for application toward the payment of taxes, insurance premiums, assessments, ground rents, mandated
improvements and similar items in respect of the related Mortgaged Property.

 

“Euroclear”:
Euroclear Bank, as operator of the Euroclear System, and its successors in interest.

 

“Excess Interest”:
With respect to each ARD Mortgage Loan, additional interest accrued on such ARD Mortgage Loan after the Anticipated Repayment Date
allocable to the difference between the Revised Rate and the Mortgage Rate, plus any compound interest thereon, to the extent permitted
by applicable law and the related Loan Documents. The Excess Interest on any ARD Mortgage Loan shall not be an asset of any Trust
REMIC, but rather shall be an asset of the Grantor Trust. There are no ARD Mortgage Loans included in the Trust Fund and, accordingly,
no Excess Interest is payable to the Trust and all references in this Agreement to “Excess Interest” shall be disregarded.

 

    	-53-

    	 

    

 

“Excess Interest
Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that are designated
as evidencing an interest in the Excess Interest Grantor Trust Assets. There are no Excess Interest Grantor Trust Assets in the
Trust Fund, and, accordingly, no Excess Interest Certificates shall be designated or issued, and all references in this Agreement
to “Excess Interest Certificates” shall be disregarded.

 

“Excess Interest
Distribution Account”: If there are any ARD Mortgage Loans included in the Trust Fund, the trust account or subaccount
created and maintained by the Certificate Administrator pursuant to Section 3.05(e) of this Agreement in trust for the Holders
of any Excess Interest Certificates (if applicable), which (subject to changes in the identities of the Certificate Administrator
and/or the Trustee) shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of
Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage
Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36 – Excess Interest Distribution Account”.
Any such account shall be an Eligible Account. The Excess Interest Distribution Account shall be held solely for the benefit of
the Holders of any Excess Interest Certificates (if applicable). The Excess Interest Distribution Account shall not be an asset
of the Lower Tier REMIC or the Upper Tier REMIC, but rather shall be an asset of the Grantor Trust. There are no ARD Mortgage Loans
included in the Trust Fund and, accordingly, no Excess Interest Distribution Account will be established with respect to the Trust
and all references in this Agreement to “Excess Interest Distribution Account” shall be disregarded.

 

“Excess Interest
Grantor Trust Assets”: The portion of the Trust Fund consisting of the Excess Interest, the Excess Interest Distribution
Account and amounts held from time to time in the Excess Interest Distribution Account. There is no Excess Interest in the Trust
Fund and no Excess Interest Distribution Account shall be established. Accordingly, all references in this Agreement to “Excess
Interest Grantor Trust Assets” shall be disregarded.

 

“Excess Liquidation
Proceeds”: With respect to any Mortgage Loan, the excess of (i) Liquidation Proceeds of that Mortgage Loan or related
REO Property (net of any related Liquidation Expenses and any amounts payable to a related Serviced Companion Loan Holder pursuant
to the related Co-Lender Agreement), over (ii) the amount that would have been received if a Principal Payment in full had been
made, and all other outstanding amounts had been paid, with respect to such Mortgage Loan on the Due Date immediately following
the date on which such proceeds were received. With respect to any Outside Serviced Mortgage Loan, Excess Liquidation Proceeds
shall mean such Outside Serviced Mortgage Loan’s pro rata share of any “Excess Liquidation Proceeds” determined
in accordance with the applicable Outside Servicing Agreement and the related Co-Lender Agreement that are received by the Trust.

 

“Excess Liquidation
Proceeds Reserve Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant
to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities
of the Trustee and/or the Certificate Administrator) shall be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup
Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates,

    	-54-

    	 

    

 

Series 2016-GC36, Excess Liquidation Proceeds
Reserve Account.” Any such account shall be an Eligible Account.

 

“Excess Modification
Fees”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the sum of (A) the excess
of (i) any and all Modification Fees with respect to any modification, waiver, extension or amendment of any of the terms of a
Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), over (ii) all unpaid or unreimbursed Advances and Additional
Trust Fund Expenses (including, without limitation, interest on unreimbursed Advances to the extent not otherwise paid or reimbursed
by the related Mortgagor (including indirect reimbursement from Penalty Charges or otherwise), but excluding (1) Special Servicing
Fees, Workout Fees and Liquidation Fees and (2) Borrower Delayed Reimbursements) outstanding or previously incurred hereunder with
respect to the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and reimbursed from such Modification
Fees (which such Additional Trust Fund Expenses shall be reimbursed from such Modification Fees) and (B) expenses previously paid
or reimbursed from Modification Fees as described in the preceding clause (A), which expenses have been recovered from the related
Mortgagor as Penalty Charges, specific reimbursements or otherwise. All Excess Modification Fees earned by the Special Servicer
shall offset any future Workout Fees or Liquidation Fees payable with respect to the related Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) or REO Property; provided that if the Serviced Mortgage Loan (or Serviced Loan Combination,
if applicable) ceases being a Corrected Loan, and is subject to a subsequent modification, any Excess Modification Fees earned
by the Special Servicer prior to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceasing to be a Corrected
Loan shall no longer be offset against future Liquidation Fees and Workout Fees unless such Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) ceased to be a Corrected Loan within 18 months of it becoming a modified Serviced Mortgage Loan
(or modified Serviced Loan Combination, if applicable). If such Mortgage Loan (or Serviced Loan Combination) ceases to be a Corrected
Mortgage Loan, the Special Servicer shall be entitled to a Liquidation Fee or Workout Fee (to the extent not previously offset)
with respect to the new modification, waiver, extension or amendment or future liquidation of the Specially Serviced Loan or related
REO Property (including in connection with a repurchase, sale, refinance, discounted or full payoff or other liquidation); provided
that any Excess Modification Fees earned and paid to the Special Servicer in connection with such subsequent modification, waiver,
extension or amendment (or, as contemplated by the preceding proviso, a prior modification, waiver, extension or amendment) shall
be applied to offset such Liquidation Fee or Workout Fee to the extent described above. Within any prior 12-month period, all Excess
Modification Fees earned by the Master Servicer or the Special Servicer (after taking into account any offset described above applied
during such 12-month period) with respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) shall be
subject to a cap equal to the greater of (i) 1% of the outstanding principal balance of such Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) after giving effect to such transaction, and (ii) $25,000.

 

“Excess Penalty
Charges”: With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and any Collection
Period, the sum of (A) the excess of (i) any and all Penalty Charges collected in respect of such Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) during such Collection Period, over (ii) all unpaid or unreimbursed Advances and Additional Trust
Fund Expenses (including, without limitation,

 

    	-55-

    	 

    

 

interest on Advances to the extent not otherwise paid or reimbursed by the related
Mortgagor, but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously incurred on behalf
of the Trust (and, if applicable, the related Serviced Companion Loan Holder) with respect to such Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) and reimbursed from such Penalty Charges (which such Advances and Additional Trust Fund Expenses
shall be reimbursed from such Penalty Charges) in accordance with Section 3.14 of this Agreement and (B) Advances and expenses
previously paid or reimbursed from Penalty Charges as described in the immediately preceding clause (A), which Advances and expenses
have been recovered from the related Mortgagor or otherwise.

 

“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, the aggregate of any Prepayment Interest Shortfalls resulting
from any Principal Prepayments made on the Mortgage Loans to be included in the Available Funds for such Distribution Date that
are not covered by the Master Servicer’s Compensating Interest Payment for such Distribution Date and/or the portion of any
compensating interest payments allocable to any Outside Serviced Mortgage Loan to the extent received from the related Outside
Master Servicer.

 

“Excess Servicing
Fees”: With respect to each Mortgage Loan (including an REO Mortgage Loan), that portion of the Servicing Fee that accrues
at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan (including an REO Mortgage Loan), a rate per annum equal to the
Servicing Fee Rate (minus the applicable fee rate, if any, set forth under the column labeled “Subservicing Fee Rate (%)”
on the Mortgage Loan Schedule) minus 0.0025%; provided that such rate shall be subject to reduction at any time following
any resignation of the Master Servicer pursuant to Section 6.04 of this Agreement (if no successor is appointed in accordance
with Section 6.04 of this Agreement) or any termination of the Master Servicer pursuant to Section 7.01 of this Agreement,
to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer (which successor may include the Trustee) that meets the requirements of Section 7.02 of this Agreement.

 

“Excess Servicing
Fee Right”: With respect to each Mortgage Loan (including an REO Mortgage Loan with respect thereto), the right to receive
Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Master Servicer shall be the owner
of such Excess Servicing Fee Right.

 

“Exchange Act”:
The Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

 

“Exchange Date”:
As defined in Section 5.12(g) of this Agreement.

 

“Exchangeable
Certificates”: The Class A-S, Class B and Class C Certificates, collectively.

 

“Exchangeable
Distribution Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant
to Section 3.05(d) of this Agreement in trust for the Holders of the Exchangeable Certificates, which (subject to any changes
in the

 

    	-56-

    	 

    

 

identity of the Trustee and/or the Certificate Administrator) shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Exchangeable
Distribution Account.” Any such account shall be an Eligible Account. The Exchangeable Distribution Account shall not be
an asset of any Trust REMIC formed hereunder, but rather shall be an asset of the Grantor Trust.

 

“Exchangeable
Proportion”: Class A-S, Class B and Class C Certificates that evidence equal Tranche Percentage Interests in the related
Class EC Regular Interests.

 

“Excluded Controlling
Class Holder”: With respect to any Excluded Controlling Class Mortgage Loan, the Controlling Class Representative or
any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class
Mortgage Loan. Immediately upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class Holder”,
the Controlling Class Certificateholder or Controlling Class Representative, as the case may be, shall provide notice in the form
of Exhibit M-1D hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate
Administrator, which such notice shall be physically delivered in accordance with Section 12.04 of this Agreement and shall
specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Mortgage Loan. Additionally,
any Excluded Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit
M-1E hereto, which notice shall provide the CTSLink User ID associated with such Excluded Controlling Class Holder, and which
notice shall direct the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate
Administrator’s Website as and to the extent provided in this Agreement.

 

“Excluded Controlling
Class Mortgage Loan”: Any Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the
Controlling Class Representative or any Controlling Class Certificateholder, as applicable, is a Borrower Party. For the avoidance
of doubt, if a Mortgage Loan or a Loan Combination is not an Excluded Controlling Class Mortgage Loan, such Mortgage Loan or Loan
Combination also is not an Excluded Mortgage Loan.

 

“Excluded Information”:
With respect to any Excluded Controlling Class Mortgage Loan or Excluded Special Servicer Mortgage Loan, as applicable, any information
and reports solely relating to such Mortgage Loan(s) and/or the related Mortgaged Properties, including, without limitation, any
Asset Status Reports, Final Asset Status Reports or summaries thereof, or any Appraisals, inspection reports (related to Specially
Serviced Loans conducted by the Special Servicer or the Excluded Mortgage Loan Special Servicer, as applicable), any Officer’s
Certificates delivered by the Master Servicer, the Special Servicer (or the Excluded Mortgage Loan Special Servicer, as applicable)
or the Trustee pursuant to Section 3.20(c) or Section 4.06(b) supporting a non-recoverability determination, the
Operating Advisor Annual Reports (provided that the Special Servicer or the Excluded Mortgage Loan Special Servicer, as applicable,
shall be entitled to access and view any Operating Advisor Annual Report relating to itself, even if such report also includes
information about any Excluded Special Servicer

 

    	-57-

    	 

    

 

Mortgage Loan), any determination of the Special Servicer’s or the Excluded
Mortgage Loan Special Servicer’s, as applicable, net present value calculation, any Appraisal Reduction Amount calculations,
environmental assessments, seismic reports and property condition reports and such other information and reports designated as
Excluded Information (other than such information with respect to such Mortgage Loan(s) that is aggregated with information of
other Mortgage Loans at a pool level) by the Master Servicer, the Special Servicer or the Excluded Mortgage Loan Special Servicer,
as applicable, or the Operating Advisor, as the case may be. For the avoidance of doubt, any file or report contained in the CREFC®
Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating to any Excluded Controlling
Class Mortgage Loan or Excluded Special Servicer Mortgage Loan, as applicable) shall not be considered “Excluded Information”.
Each of the Master Servicer, the Special Servicer or the Operating Advisor shall deliver any Excluded Information to the Certificate
Administrator in accordance with Section 3.32 hereof. For the avoidance of doubt, the Certificate Administrator’s
obligation to segregate any information delivered to it under the “Excluded Information” tab on the Certificate Administrator’s
Website shall be triggered solely by such information being delivered in the manner provided in Section 3.32 hereof

 

“Excluded Mortgage
Loan”: A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling Class
Representative or a Controlling Class Certificateholder (or Controlling Class Certificateholders in the aggregate) of more than
50% of the Controlling Class (by Certificate Balance) is a Borrower Party (or are Borrower Parties, as applicable). For the avoidance
of doubt, any Excluded Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.

 

“Excluded Mortgage
Loan Special Servicer”: With respect to any Excluded Special Servicer Mortgage Loan, a Special Servicer that is not a
Borrower Party and satisfies all of the eligibility requirements applicable to the Special Servicer set forth in this Agreement.

 

“Excluded Special
Servicer Mortgage Loan”: Any Mortgage Loan or Loan Combination with respect to which, as of any date of determination,
the related Special Servicer is a Borrower Party.

 

“FDIC”:
The Federal Deposit Insurance Corporation, and its successors in interest.

 

“Final Asset
Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such other
data or supporting information provided by the Special Servicer to the Operating Advisor or the related Directing Holder or any
related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), in each case, which does not include any
communications (other than the related Asset Status Report) between the Special Servicer and the related Directing Holder and/or
any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), with respect to such Specially Serviced
Loan; provided that no Asset Status Report shall be considered to be a Final Asset Status Report unless any related Outside
Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or, prior to the occurrence and continuance
of a Control Termination Event, the Controlling Class Representative (if any other Serviced Loan(s) (other than any Excluded Mortgage
Loan) are involved), as applicable, has either finally

 

    	-58-

    	 

    

 

approved of and consented to the actions proposed to be taken in connection
therewith, or has exhausted all of its rights of approval and consent pursuant to this Agreement, or has been deemed to have approved
or consented to such action, or unless the Asset Status Report is otherwise implemented by the Special Servicer in accordance with
this Agreement.

 

“Final Dispute
Resolution Election Notice”: As defined in Section 2.03(g) of this Agreement.

 

“Final Recovery
Determination”: With respect to any defaulted Mortgage Loan or Serviced Loan Combination that is a Specially Serviced
Loan (or, in the case of an Outside Serviced Mortgage Loan, the equivalent under the applicable Outside Servicing Agreement) or
REO Mortgage Loan, as the case may be, a determination that there has been a recovery of all Insurance Proceeds, Condemnation Proceeds,
Liquidation Proceeds, REO Proceeds and other payments or recoveries that the Special Servicer, or the related Outside Special Servicer
with respect to an Outside Serviced Mortgage Loan (if it is a “Specially Serviced Loan” (or an analogous concept) under
the applicable Outside Servicing Agreement) or any related REO Property, has determined in accordance with the Servicing Standard
will ultimately be recoverable; provided that with respect to each Outside Serviced Mortgage Loan, the Final Recovery Determination
shall be made by the related Outside Special Servicer in accordance with the applicable Outside Servicing Agreement.

 

“Fitch”:
Fitch Ratings, Inc. or its successors in interest. If neither Fitch nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings (as
reasonably determined by the Depositor) of the party so designated.

 

“Form 8-K Disclosure
Information”: As defined in Section 10.07 of this Agreement.

 

“General Special
Servicer”: As defined in Section 6.08(i) of this Agreement.

 

“Glenbrook Square
Co-Lender Agreement”: With respect to the Glenbrook Square Loan Combination, the related co-lender agreement, dated as
of December 1, 2015, by and between the holder of the Glenbrook Square Mortgage Loan and the Glenbrook Square Companion Loan Holders,
relating to the relative rights of the holder of the Glenbrook Square Mortgage Loan and the Glenbrook Square Companion Loan Holders,
as the same may be amended from time to time in accordance with the terms thereof.

 

“Glenbrook Square
Companion Loan”: With respect to the Glenbrook Square Loan Combination, the related promissory note made by the related
Mortgagor and secured by the Glenbrook Square Mortgage and designated as promissory note A-1, which is not included in the Trust
and is pari passu in right of payment with the Glenbrook Square Mortgage Loan to the extent set forth in the related Loan Documents
and as provided in the Glenbrook Square Co-Lender Agreement.

 

    	-59-

    	 

    

 

“Glenbrook Square
Companion Loan Holder”: The holder of the Glenbrook Square Companion Loan.

 

“Glenbrook Square
Loan Combination”: The Glenbrook Square Mortgage Loan, together with the Glenbrook Square Companion Loan, each of which
is secured by the Glenbrook Square Mortgage. References herein to the Glenbrook Square Loan Combination shall be construed to refer
to the aggregate indebtedness secured under the Glenbrook Square Mortgage.

 

“Glenbrook Square
Mortgage”: The Mortgage securing the Glenbrook Square Mortgage Loan and the Glenbrook Square Companion Loan.

 

“Glenbrook Square
Mortgage Loan”: With respect to the Glenbrook Square Loan Combination, the Mortgage Loan included in the Trust, which
is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Glenbrook Square, (ii) evidenced by a promissory
note A-2 and (iii) pari passu in right of payment with the Glenbrook Square Companion Loans to the extent set forth in the related
Loan Documents and as provided in the Glenbrook Square Co-Lender Agreement.

 

“Global Certificates”:
Any Certificate registered in the name of the Depository or its nominee.

 

“Grace Period”:
The number of days before a payment default is an event of default under the related Mortgage Loan.

 

“Grantor Trust”:
A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust” under the Grantor
Trust Provisions, consisting of (a) the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the
Class C Specific Grantor Trust Assets and the Class EC Specific Grantor Trust Assets, beneficial ownership of which is represented
by the Exchangeable Certificates, and (b) any Excess Interest Grantor Trust Assets, beneficial ownership of which is represented
by any Excess Interest Certificates.

 

“Grantor Trust
Certificates”: The Exchangeable Certificates and any Excess Interest Certificates, collectively.

 

“Grantor Trust
Provisions”: Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

 

“Ground Lease”:
The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property.

 

“GSA Portfolio
Co-Lender Agreement”: With respect to the GSA Portfolio Loan Combination, the related co-lender agreement, dated as of
December 1, 2015, by and between the holder of the GSA Portfolio Mortgage Loan and the GSA Portfolio Companion Loan Holders, relating
to the relative rights of the holder of the GSA Portfolio Mortgage Loan and the GSA Portfolio Companion Loan Holders, as the same
may be amended from time to time in accordance with the terms thereof.

 

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“GSA Portfolio
Companion Loan”: With respect to the GSA Portfolio Loan Combination, the related promissory note made by the related
Mortgagor and secured by the GSA Portfolio Mortgage and designated as promissory note A-1, which is not included in the Trust and
is pari passu in right of payment with the GSA Portfolio Mortgage Loan to the extent set forth in the related Loan Documents and
as provided in the GSA Portfolio Co-Lender Agreement.

 

“GSA Portfolio
Companion Loan Holder”: The holder of the GSA Portfolio Companion Loan.

 

“GSA Portfolio
Loan Combination”: The GSA Portfolio Mortgage Loan, together with the GSA Portfolio Companion Loan, each of which is
secured by the GSA Portfolio Mortgage. References herein to the GSA Portfolio Loan Combination shall be construed to refer to the
aggregate indebtedness secured under the GSA Portfolio Mortgage.

 

“GSA Portfolio
Mortgage”: The Mortgage (or collectively the Mortgages) securing the GSA Portfolio Mortgage Loan and the GSA Portfolio
Companion Loan.

 

“GSA Portfolio
Mortgage Loan”: With respect to the GSA Portfolio Loan Combination, the Mortgage Loan included in the Trust, which is
(i) secured by the portfolio of Mortgaged Properties identified on the Mortgage Loan Schedule as GSA Portfolio, (ii) evidenced
by a promissory note A-2 and (iii) pari passu in right of payment with the GSA Portfolio Companion Loan to the extent set forth
in the related Loan Documents and as provided in the GSA Portfolio Co-Lender Agreement.

 

“GSMC”:
Goldman Sachs Mortgage Company, a New York limited partnership, and its successors in interest.

 

“GSMC Loan Purchase
Agreement”: The mortgage loan purchase agreement, dated as of February 1, 2016, by and between GSMC and the Depositor.

 

“GSMS 2015-GC34
Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of October 1, 2015, between GS Mortgage
Securities Corporation II, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as special servicer, Pentalpha Surveillance LLC, as operating advisor, and U.S. Bank National
Association, as certificate administrator and as trustee, as the same may be amended from time to time in accordance with the terms
thereof, pursuant to which the GS Mortgage Securities Trust 2015-GC34, Commercial Mortgage Pass-Through Certificates, Series 2015-GC34
were issued.

 

“GSMS 2015-GS1
Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of November 1, 2015, between GS Mortgage
Securities Corporation II, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
Wells Fargo Bank, National Association, as special servicer, Situs Holdings, LLC, as operating advisor, Wilmington Trust, National
Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, as the same may be amended from
time to time in accordance with the terms thereof, pursuant to which the GS

 

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Mortgage Securities Trust 2015-GS1, Commercial Mortgage
Pass-Through Certificates, Series 2015-GS1 were issued.

 

“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified
pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., or
any other environmental laws now or hereafter existing, and specifically including, without limitation, asbestos and asbestos-containing
materials, polychlorinated biphenyls, radon gas, petroleum and petroleum products, urea formaldehyde and any substances classified
as being “in inventory,” “usable work in process” or similar classification which would, if classified
as unusable, be included in the foregoing definition.

 

“Heinz 57 Center
Co-Lender Agreement”: With respect to the Heinz 57 Center Loan Combination, the related co-lender agreement, dated as
of November 17, 2015, by and between the holder of the Heinz 57 Center Mortgage Loan and the Heinz 57 Center Companion Loan Holders,
relating to the relative rights of the holder of the Heinz 57 Center Mortgage Loan and the Heinz 57 Center Companion Loan Holders,
as the same may be amended from time to time in accordance with the terms thereof.

 

“Heinz 57 Center
Companion Loan”: With respect to the Heinz 57 Center Loan Combination, the related promissory note made by the related
Mortgagor and secured by the Heinz 57 Center Mortgage and designated as promissory note A-1, which is not included in the Trust
and is pari passu in right of payment with the Heinz 57 Center Mortgage Loan to the extent set forth in the related Loan Documents
and as provided in the Heinz 57 Center Co-Lender Agreement.

 

“Heinz 57 Center
Companion Loan Holder”: The holder of the Heinz 57 Center Companion Loan.

 

“Heinz 57 Center
Loan Combination”: The Heinz 57 Center Mortgage Loan, together with the Heinz 57 Center Companion Loan, each of which
is secured by the Heinz 57 Center Mortgage. References herein to the Heinz 57 Center Loan Combination shall be construed to refer
to the aggregate indebtedness secured under the Heinz 57 Center Mortgage.

 

“Heinz 57 Center
Mortgage”: The Mortgage securing the Heinz 57 Center Mortgage Loan and the Heinz 57 Center Companion Loan.

 

“Heinz 57 Center
Mortgage Loan”: With respect to the Heinz 57 Center Loan Combination, the Mortgage Loan included in the Trust, which
is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Heinz 57 Center, (ii) evidenced by a promissory
note A-2 and (iii) pari passu in right of payment with the Heinz 57 Center Companion Loan to the extent set forth in the related
Loan Documents and as provided in the Heinz 57 Center Co-Lender Agreement.

 

“Holder”:
With respect to any Certificate, a Certificateholder, and with respect to any Lower-Tier Regular Interest or Class EC Regular Interest,
the Trustee for the benefit of the Certificateholders.

 

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“Indemnified
Party”: As defined in Section 8.05(c) or Section 12.13(d), as applicable, of this Agreement, as the context
requires.

 

“Indemnifying
Party”: As defined in Section 8.05(c), Section 10.12 or Section 12.13(d), as applicable, of this
Agreement, as the context requires.

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material
indirect financial interest, in any of a Mortgage Loan Seller, the Depositor, the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Master Servicer, the Special Servicer, the Controlling Class Representative, any Mortgagor,
any Companion Loan Holder (or, if applicable, its Companion Loan Holder Representative) or any Affiliate thereof, and (ii) is not
connected with any such Person as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing
similar functions; provided, however, that a Person shall not fail to be Independent of the Mortgage Loan Sellers,
the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Controlling Class Representative, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, any Mortgagor, any Companion Loan Holder (or, if applicable,
its Companion Loan Holder Representative) or any Affiliate thereof merely because such Person is (A) compensated for services by,
or (B) the beneficial owner of 1% or less of any class of securities issued by, the Depositor, the Mortgage Loan Sellers, the Trustee,
the Master Servicer, the Special Servicer, the Controlling Class Representative, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, any Mortgagor, any Companion Loan Holder (or, if applicable, its Companion Loan Holder
Representative) or any Affiliate thereof, as the case may be, provided that such ownership constitutes less than 1% of the
total assets owned by such Person.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Code Section 856(d)(3) if such Trust REMIC were a real estate investment trust (except that the
ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly, 35% or
more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust REMIC
does not receive or derive any income from such Person and the relationship between such Person and the Trust REMIC is at arm’s
length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor the Special
Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion of Counsel
(at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer, the Trustee and
the Certificate Administrator has been delivered to the Trustee and the Certificate Administrator to that effect) or (ii) any other
Person (including the Master Servicer and the Special Servicer) if the Master Servicer, on behalf of itself, the Trustee and the
Certificate Administrator has received an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor)
to the effect that the taking of any action in respect of any REO Property by such Person, subject to any conditions therein specified,
that is otherwise herein contemplated to be taken by an Independent Contractor will not cause such REO Property to cease to qualify
as “foreclosure property” within the meaning of Code Section 860G(a)(8) (determined without regard to the exception
applicable for purposes of Code Section 860D(a)) or

 

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cause any income realized in respect of such REO Property to fail to qualify
as Rents from Real Property (provided that such income would otherwise so qualify).

 

“Initial Purchasers”:
Citigroup Global Markets Inc., Goldman, Sachs & Co., Cantor Fitzgerald & Co. and Drexel Hamilton, LLC.

 

“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner to deliver a Certificateholder Repurchase Request
as described in Section 2.03(f) with respect to a Mortgage Loan. For the avoidance of doubt, there may not be more than
one Initial Requesting Certificateholder with respect to any Mortgage Loan.

 

“Inquiries”:
As defined in Section 4.02(a) of this Agreement.

 

“Institutional
Accredited Investor”: An entity that qualifies as an “accredited investor” within the meaning of Rule 501(a)
(1), (2), (3) or (7) under the Act or any entity in which all of the equity owners qualify as “accredited investors”
within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Act.

 

“Insurance Proceeds”:
Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan (including
an Outside Serviced Mortgage Loan) (including any amounts paid by the Master Servicer pursuant to Section 3.07 of this Agreement);
provided that, in the case of an Outside Serviced Mortgage Loan, “Insurance Proceeds” under this Agreement
shall be limited to any related proceeds of the type described above in this definition that are received by the Trust Fund in
connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement or,
if no allocation is provided in the related Co-Lender Agreement, as allocated pursuant to the applicable Outside Servicing Agreement.

 

“Insurance Summary
Report”: With respect to each Mortgage Loan, a report or other summary prepared either by the related Mortgage Loan Seller
or a third party insurance consultant on behalf of the related Mortgage Loan Seller that provides a summary of all insurance policies
covering the related Mortgaged Property(ies), identifying the insurance provider, applicable ratings of each such provider and
the amount of coverage and any applicable deductible.

 

“Interest Accrual
Amount”: (a) With respect to any Distribution Date and any Class of Principal Balance Certificates (exclusive of the
Class EC Certificates) or any Class EC Regular Interest, an amount equal to interest for the related Interest Accrual Period accrued
at the applicable Pass-Through Rate for such Class or Class EC Regular Interest on the related Certificate Balance outstanding
immediately prior to such Distribution Date; and (b) with respect to any Distribution Date and a Class of the Class X Certificates,
an amount equal to the sum of the Accrued Component Interest for the related Interest Accrual Period for all of the respective
Components for such Class for such Interest Accrual Period. Calculations of interest for each Interest Accrual Period shall be
made on 30/360 Basis.

 

“Interest Accrual
Period”: With respect to any Distribution Date, the calendar month prior to the month in which such Distribution Date
occurs.

 

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“Interest Distribution
Amount”: With respect to any Distribution Date and any Class of Principal Balance Certificates (exclusive of the Class
EC Certificates), any class of Interest-Only Certificates or any Class EC Regular Interest, an amount equal to (A) the sum of (i)
the Interest Accrual Amount with respect to such Class or Class EC Regular Interest for such Distribution Date and (ii) the Interest
Shortfall, if any, with respect to such Class or Class EC Regular Interest for such Distribution Date, less (B) any Excess Prepayment
Interest Shortfall allocated to such Class or Class EC Regular Interest on such Distribution Date pursuant to Section 4.01(j).

 

“Interest Deposit
Amount”: With respect to each Mortgage Loan that accrues interest on Actual/360 Basis, an amount equal to one day of
interest on the Cut-off Date Balance of such Mortgage Loan at the related Net Mortgage Rate, which amount is required to be delivered
by the related Mortgage Loan Seller to the Master Servicer on the Closing Date for deposit into the Collection Account pursuant
to Section 1 of the related Loan Purchase Agreement.

 

“Interest Reserve
Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section
3.23 of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator)
shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial
Mortgage Pass-Through Certificates, Series 2016-GC36, Interest Reserve Account” and which shall be an Eligible Account.

 

“Interest Shortfall”:
With respect to any Distribution Date for any Class of Principal Balance Certificates (exclusive of the Class EC Certificates),
any Class of Interest-Only Certificates or any Class EC Regular Interest, subject to increase as provided in the penultimate sentence
of the first paragraph of Section 4.01(f) of this Agreement, the sum of (a) the portion of the Interest Distribution Amount
for such Class or Class EC Regular Interest remaining unpaid as of the close of business on the preceding Distribution Date (if
any), and (b) to the extent permitted by applicable law, (i) other than in the case of the Interest-Only Certificates, one month’s
interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class or Class EC Regular Interest for the
subject Distribution Date, and (ii) in the case of a Class of Interest-Only Certificates, one month’s interest on that amount
remaining unpaid at the WAC Rate for the subject Distribution Date.

 

“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Controlling Class Representative, any Mortgage
Loan Seller, any Mortgagor, any holder of a related mezzanine loan, any manager of a Mortgaged Property, any Independent Contractor
engaged by the Special Servicer pursuant to Section 3.16 of this Agreement, or any Person actually known to a Responsible
Officer of the Trustee or the Certificate Administrator to be an Affiliate of any of the preceding entities; and, with respect
to a Defaulted Serviced Loan Combination, the related Other Depositor, the master servicer, the special servicer (or any independent
contractor engaged by such special servicer), or the trustee for the related Other Securitization Trust, the related Serviced Companion
Loan Holder or its

 

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Companion Loan Holder Representative, any holder of a related mezzanine loan, or any Person actually known to
a Responsible Officer of the Trustee or the Certificate Administrator to be an Affiliate of any of the preceding entities.

 

“Interest-Only
Certificates“: The Class X-A and Class X-D Certificates, collectively.

 

“Investment”:
Any direct or indirect ownership interest in any security, note or other financial instrument related to the Certificates or issued
or executed by a Mortgagor, a loan directly or indirectly secured by any of the foregoing or a hedging transaction (however structured)
that references or relates to any of the foregoing.

 

“Investment
Account”: As defined in Section 3.07(a) of this Agreement.

 

“Investment
Company Act”: The Investment Company Act of 1940, as it may be amended from time to time.

 

“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Master Servicer or any Affiliate thereof, the Special Servicer or any Affiliate thereof,
the Operating Advisor or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof, or the Trustee or any Affiliate
thereof, as applicable, or any Person on whose behalf the Master Servicer or any Affiliate thereof, the Special Servicer or any
Affiliate thereof, the Operating Advisor or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof, or the
Trustee or any Affiliate thereof, as applicable, has discretion in connection with Investments.

 

“Investor Certification”:
A certificate representing that such Person executing the certificate is a Certificateholder, a Certificate Owner or a prospective
purchaser of a Certificate (or any investment advisor or manager of the foregoing), the Controlling Class Representative (to the
extent the Controlling Class Representative is not a Certificateholder or Certificate Owner of a Certificate), or a Serviced Companion
Loan Holder or its Companion Loan Holder Representative, and that (i) for purposes of obtaining certain information and notices
(including access to information and notices on the Certificate Administrator’s Website) pursuant to this Agreement, (A)
(1) such Person is not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent, principal,
partner, member, joint venturer, limited partner, employee, representative, director, trustee, advisor or investor in or of any
of the foregoing or, in the case of the Controlling Class Representative or any Controlling Class Certificateholder, such Person
is not a Borrower Party or (2) such Person is a Borrower Party as to any identified Excluded Controlling Class Mortgage Loan, and
(B) except in the case of a prospective purchaser of a Certificate, a Serviced Companion Loan Holder or its Companion Loan Holder
Representative, such Person has received a copy of the Prospectus, which certificate shall be substantially in the form of Exhibit
M-1A, Exhibit M-1B, Exhibit M-1C, or Exhibit M-1C-II to this Agreement or in the form of an electronic
certification contained on the Certificate Administrator’s Website and/or (ii) for purposes of exercising Voting Rights (which
does not apply to a prospective purchaser of a Certificate, a Serviced Companion Loan Holder or its Companion Loan Holder Representative),
(A) (1) such Person is not a Borrower Party or an agent of any Mortgagor or (2) such person is a Borrower Party as to any identified
Excluded Controlling Class Mortgage Loan, (B) such Person is or is not the Depositor, the Master

 

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Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or an Affiliate of any of the foregoing and (C) such Person has
received a copy of the Prospectus, which certificate shall be substantially in the form of Exhibit M-2A or Exhibit M-2B
to this Agreement or in the form of an electronic certification (which may be a click-through confirmation) contained on the Certificate
Administrator’s Website or the Master Servicer’s website. The Certificate Administrator may require that Investor Certifications
are resubmitted from time to time in accordance with its policies and procedures. For the avoidance of doubt if a Borrower Party
is the Controlling Class Representative or a Controlling Class Certificateholder, such Person (A) shall be prohibited from having
access to the Excluded Information solely with respect to the related Excluded Controlling Class Mortgage Loan and (B) shall not
be permitted to exercise voting or control, consultation and/or special servicer appointment rights as a member of the Controlling
Class solely with respect to the related Excluded Controlling Class Mortgage Loan.

 

“Investor Q&A
Forum”: As defined in Section 4.02(a) of this Agreement.

 

“Investor Registry”:
As defined in Section 4.02(a) of this Agreement.

 

“IRS”:
The Internal Revenue Service.

 

“JPMCC 2015-JP1
Pooling and Servicing Agreement”: The Pooling and Servicing Agreement, dated as of December 1, 2015, between J.P. Morgan
Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer, Wilmington Trust, National Association, as trustee,
Wells Fargo Bank, National Association, as certificate administrator, and Pentalpha Surveillance LLC, as operating advisor and
asset representations reviewer, as the same may be amended from time to time in accordance with the terms thereof, pursuant to
which the JPMCC Commercial Mortgage Securities Trust 2015-JP1, Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 were
issued.

 

“KBRA”:
Kroll Bond Rating Agency, Inc. or its successors in interest. If neither KBRA nor any successor remains in existence, “KBRA”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer and specific ratings of KBRA herein referenced shall be deemed to refer to the equivalent ratings (as
reasonably determined by the Depositor) of the party so designated.

 

“Liquidation
Event”: With respect to any Mortgage Loan (or Serviced Loan Combination), any of the following events: (i) such Mortgage
Loan (or Serviced Loan Combination) is paid in full; (ii) a Final Recovery Determination is made with respect to such Mortgage
Loan (or Serviced Loan Combination); (iii) such Mortgage Loan is repurchased or substituted for by the applicable Mortgage Loan
Seller pursuant to Section 6 of the related Loan Purchase Agreement; (iv) such Mortgage Loan is purchased or otherwise acquired
by the Special Servicer, the Master Servicer, the Holders of the Controlling Class, Holders of the Class R Certificates or the
Remaining Certificateholder pursuant to Section 9.01 of this Agreement; (v) such Mortgage Loan (or Serviced Loan Combination)
is purchased by the holder of a mezzanine loan or a Companion Loan pursuant to the related intercreditor, co-lender or similar

 

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agreement; (vi) the taking of a Mortgaged Property (or portion thereof) by exercise of the power of eminent domain or condemnation;
(vii) such Mortgage Loan (or Serviced Loan Combination) is purchased by any Person in accordance with Section 3.17 of this
Agreement; or (viii) in the case of an Outside Serviced Mortgage Loan, such Mortgage Loan is liquidated by any party pursuant to
terms analogous to those set forth in the preceding clauses contained in the applicable Outside Servicing Agreement and/or the
related Co-Lender Agreement. With respect to any REO Property (and the related REO Mortgage Loan or REO Companion Loan), any of
the following events: (i) a Final Recovery Determination is made with respect to such REO Property; (ii) such REO Property is purchased
or otherwise acquired by the Master Servicer, the Special Servicer, Holders of the Controlling Class, Holders of the Class R Certificates
or the Remaining Certificateholder pursuant to Section 9.01 of this Agreement; (iii) the taking of a REO Property (or portion
thereof) by exercise of the power of eminent domain or condemnation; (iv) such REO Property is purchased by the holder of a mezzanine
loan pursuant to the related intercreditor agreement; or (v) such REO Property is purchased by another party in accordance with
Section 3.17 of this Agreement.

 

“Liquidation
Expenses”: All customary, reasonable and necessary costs and expenses incurred by the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee in connection with the liquidation of any Specially Serviced Loan or REO Property
acquired in respect thereof or final payoff of a Corrected Loan (including, without limitation, legal fees and expenses, committee
or referee fees, and, if applicable, brokerage commissions, and conveyance taxes associated with such Mortgage Loan or Mortgaged
Property).

 

“Liquidation
Fee”: With respect to each Specially Serviced Loan as to which the Special Servicer receives a full or discounted payoff
(or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition to a workout)
from the related Mortgagor and, except as otherwise described below, with respect to any Serviced Mortgage Loan (or Serviced Loan
Combination, if applicable) repurchased or substituted, or with respect to which a Loss of Value Payment is made, as contemplated
by Section 2.03 of this Agreement, and with respect to any Specially Serviced Loan or any REO Property (other than an REO
Property related to an Outside Serviced Mortgage Loan) as to which the Special Servicer receives Liquidation Proceeds, Insurance
Proceeds or Condemnation Proceeds, an amount calculated by the application of the applicable Liquidation Fee Rate to the related
payment or proceeds (exclusive of any portion of such payoff or proceeds that represents Penalty Charges); provided that
the Liquidation Fee with respect to such Specially Serviced Loan or REO Property shall be reduced by the amount of any Excess Modification
Fees paid by or on behalf of the related Mortgagor with respect to the Specially Serviced Loan or REO Property as described in
the definition of “Excess Modification Fees” in this Agreement, but only to the extent those fees have not previously
been deducted from a Workout Fee or Liquidation Fee; provided, however, that, except as contemplated by the preceding
proviso with respect to offset in connection with Excess Modification Fees and the next two (2) provisos, no Liquidation Fee will
be less than $25,000; provided, further, that (a) the Liquidation Fee shall be zero with respect to any Serviced
Mortgage Loan or Serviced Loan Combination or any Mortgaged Property purchased, repurchased or substituted for pursuant to clauses
(iii) through (v) of the first sentence of the definition of Liquidation Event (unless with respect to (A) clause (iii), the applicable
Mortgage Loan Seller does not repurchase or substitute for such Mortgage Loan until after more than 120 days following its receipt
of notice or discovery of the Material Defect that gave rise to the

 

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particular repurchase or substitution obligation, and (B) clause
(v), the mezzanine loan holder (based on a purchase option set forth under the related intercreditor agreement) or the Subordinate
Companion Loan Holder (based on a purchase option set forth under the related Co-Lender Agreement or this Agreement) does not purchase
such Serviced Mortgage Loan or Serviced Loan Combination within 90 days of the date that the first purchase option related to the
subject Servicing Transfer Event first becomes exercisable under the related intercreditor agreement, the related Co-Lender Agreement
or this Agreement, as applicable) or pursuant to clauses (ii) or (iv) of the second sentence of the definition of Liquidation Event
(unless with respect to clause (iv), the mezzanine loan holder (based on a purchase option set forth under the related intercreditor
agreement) or the Subordinate Companion Loan Holder (based on a purchase option set forth under the related Co-Lender Agreement
or this Agreement) does not purchase such REO Property within 90 days of the date that the first purchase option related to the
subject Servicing Transfer Event first becomes exercisable under the related intercreditor agreement, the related Co-Lender Agreement
or this Agreement, as applicable), (b) the Liquidation Fee shall be zero with respect to any Serviced Mortgage Loan or Serviced
Loan Combination or any Mortgaged Property with respect to which a Loss of Value Payment is made as contemplated by Section
2.03(a) of this Agreement unless the applicable Mortgage Loan Seller does not make the particular Loss of Value Payment with
respect to such Mortgage Loan until after more than 120 days following its receipt of notice or discovery of the Material Defect
that gave rise to the payment of the particular Loss of Value Payment, and (c) the Liquidation Fee with respect to each Serviced
Mortgage Loan or REO Mortgage Loan repurchased or substituted for after more than 120 days following the Mortgage Loan Seller’s
receipt of notice or discovery of a Material Defect shall be in an amount equal to the Liquidation Fee Rate of the outstanding
principal balance of such Serviced Mortgage Loan or REO Mortgage Loan; provided, further that if a Serviced Mortgage
Loan or Serviced Loan Combination becomes a Specially Serviced Loan only because of an event described in clause (a)(ii) of the
definition of Specially Serviced Loan as a result of a payment default at maturity and the related Liquidation Proceeds or payment
are received within 90 days following the related default in connection with the full and final payoff or refinancing of the related
Serviced Mortgage Loan or Serviced Loan Combination, if applicable, the Special Servicer will not be entitled to collect a Liquidation
Fee, but may collect and retain appropriate fees from the related Mortgagor in connection with such liquidation.

 

“Liquidation
Fee Rate”: A rate equal to the lesser of (a) such rate as would result in a Liquidation Fee of $1,000,000 and (b) 1.0%;
provided, however, that except as contemplated in the definition of “Liquidation Fee”, no Liquidation
Fee will be less than $25,000.

 

“Liquidation
Proceeds”: The amount (other than Insurance Proceeds and Condemnation Proceeds) received in connection with (i) a full
or discounted payoff (or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition
to a workout) with respect to a Specially Serviced Loan (ii) a Liquidation Event or (iii) the transfer of any Loss of Value Payments
from the Loss of Value Reserve Fund to the Collection Account in accordance with Section 3.06(c) of this Agreement (provided
that, for the purpose of determining the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection with
such Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds”
from which the Liquidation Fee

 

    	-69-

    	 

    

 

(if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage
Loan Seller).

 

“Loan Agreement”:
With respect to any Mortgage Loan or Serviced Loan Combination, the loan agreement, if any, between the related originator(s) and
the Mortgagor, pursuant to which such Mortgage Loan or Serviced Loan Combination was made.

 

“Loan Combination”:
An aggregate debt consisting of a particular Mortgage Loan that is an asset of the Trust and one or more other mortgage loans (each
of which is referred to as a “Companion Loan”) that are not assets of the Trust, which Mortgage Loan and related
Companion Loan(s) are: (i) each evidenced by one or more separate Notes; (ii) cross-defaulted with each other; and (iii) all secured
by the same Mortgage(s) encumbering the same Mortgaged Property or portfolio of Mortgaged Properties. The term “Loan Combination”
shall include any successor REO Mortgage Loan and the related successor REO Companion Loan(s) (or the related deemed Companion
Loan(s), if applicable)). The only Loan Combinations related to the Trust as of the Closing Date are the 5 Penn Plaza Loan Combination,
the Sheraton Denver Downtown Fee Loan Combination, the Austin Block 21 Loan Combination, the Glenbrook Square Loan Combination,
the Westin Boston Waterfront Loan Combination, the Park Place Loan Combination, the 215 West 34th Street & 218 West 35th Street
Loan Combination, the South Plains Mall Loan Combination, the GSA Portfolio Loan Combination, the Heinz 57 Center Loan Combination,
the Element LA Loan Combination and the DoubleTree Hotel Universal Loan Combination.

 

“Loan Combination
Custodial Account”: With respect to any Serviced Loan Combination, the respective segregated account or sub-account created
and maintained by the Master Servicer pursuant to Section 3.05A of this Agreement on behalf of the holders of such Serviced
Loan Combination, which (subject to any changes in the identities of the Master Servicer and/or the Trustee) shall be entitled
“KeyBank National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the
benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates,
Series 2016-GC36, and the related Serviced Companion Loan Holder, as their interests may appear.”

 

“Loan Combination
Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect to a Serviced
Loan Combination or any related REO Property.

 

“Loan Documents”:
With respect to any Mortgage Loan, or Serviced Loan Combination, the documents executed or delivered in connection with the origination
or any subsequent modification of such Mortgage Loan or Serviced Loan Combination, as applicable, or subsequently added to the
related Mortgage File.

 

“Loan Number”:
With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books and records of the Depositor
or any Sub-Servicer for the Depositor, as set forth in the Mortgage Loan Schedule.

 

    	-70-

    	 

    

 

 

 

 

 

 

“Loan Purchase
Agreement”: The CGMRC Loan Purchase Agreement, the GSMC Loan Purchase Agreement, the CCRE Loan Purchase Agreement or
the SMF Loan Purchase Agreement, as applicable.

 

“Loan-to-Value
Ratio”: With respect to any Mortgage Loan or Serviced Loan Combination, as of any date of determination, the fraction,
expressed as a percentage, the numerator of which is the then unpaid principal balance of such Mortgage Loan or Serviced Loan Combination,
as applicable, and the denominator of which is the Appraised Value of the related Mortgaged Property as determined by an Appraisal
thereof.

 

“Lock-Box Account”:
With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan
or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box Account shall
be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain
thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and Section 3.07
of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.

 

“Lock-Box Agreement”:
With respect to any Mortgage Loan or Serviced Loan Combination, the lock-box or other similar agreement, if any, between the related
originator(s) and the Mortgagor, pursuant to which the related Lock-Box Account, if any, may have been established.

 

“Loss of Value
Payment”: As defined in Section 2.03(a) of this Agreement.

 

“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.05(g) of this Agreement. The Loss of Value Reserve Fund will be part of the
Trust Fund but not part of the Grantor Trust or any Trust REMIC.

 

“Lower-Tier
REMIC Distribution Account”: The account or accounts created and maintained as a separate account (or separate sub-account
within the same account as the Upper-Tier REMIC Distribution Account) or accounts by the Certificate Administrator pursuant
to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate
Administrator) shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities
Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Lower-Tier REMIC Distribution Account” and which
must be an Eligible Account. The Lower-Tier REMIC Distribution Account shall be an asset of the Lower-Tier REMIC.

 

“Lower-Tier
Principal Balance”: The principal amount of any Lower-Tier Regular Interest outstanding as of any date of determination.
As of the Closing Date, the Lower-Tier Principal Balance of each Lower-Tier Regular Interest shall equal the original Lower-Tier
Principal Balance as set forth in the Preliminary Statement hereto. On each Distribution Date, the Lower-Tier Principal Balance
of each Lower-Tier Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in
respect of such Lower-Tier Regular Interest on such Distribution Date pursuant to Section 4.01(a)(ii) of this

 

    	-71-

    	 

    

 

Agreement,
and shall be further permanently reduced on such Distribution Date by all Realized Losses deemed to have been allocated thereto
on such Distribution Date pursuant to Section 4.01(e) of this Agreement, such that at all times the Lower-Tier Principal
Balance of a Lower-Tier Regular Interest shall equal the Certificate Balance of the Corresponding Certificates. The Lower-Tier
Principal Balance of any Lower-Tier Regular Interest may be increased on a particular Distribution Date as and to the extent contemplated
by the penultimate sentence of the first paragraph of Section 4.01(f) of this Agreement.

 

“Lower-Tier
Regular Interests”: The respective classes of “regular interests”, within the meaning of Code Section 860G(a)(1),
in the Lower-Tier REMIC, designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB,
Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Interests.

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans and collections thereon (other
than the Excess Interest), any related REO Property (or a beneficial interest in the applicable portion of the “REO Property”
under the applicable Outside Servicing Agreement related to any Outside Serviced Mortgage Loan) acquired in respect thereof and
all proceeds of such REO Property, other property of the Trust Fund related thereto and amounts (other than Excess Interest and
any interest or other income earned thereon) held in respect thereof from time to time in the Collection Account, any Serviced
Loan Combination Custodial Account, the Interest Reserve Account and the related REO Account, and amounts held from time to time
in the Lower-Tier REMIC Distribution Account and the Excess Liquidation Proceeds Reserve Account, in each case excluding amounts
allocable to the Companion Loans and any interest or other income earned on such amounts allocable to the Companion Loans.

 

“Lower-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Lower-Tier REMIC and evidenced by the Class R Certificates.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
Collectively:

 

(a)          any proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of
the ownership of properties securing such of the Serviced Loans as come into and continue in default;

 

(b)        
any modification, consent to a modification or waiver of a monetary term (other than Penalty Charges which the Master Servicer
or the Special Servicer, as applicable, is permitted to waive pursuant to this Agreement) or material non-monetary term (including,
without limitation, (i) a modification of the type of defeasance collateral required under the related Loan Documents such that
defeasance collateral other than direct, noncallable obligations of the United States of America would be permitted, (ii) a modification
that would permit a principal prepayment instead of defeasance if the related Loan documents do not otherwise permit such principal
prepayment and (iii) a modification with respect to the timing of payments and acceptance of discounted payoffs

 

    	-72-

    	 

    

 

but
excluding waiver of Penalty Charges) of a Serviced Loan or any extension of the Maturity Date or Anticipated Repayment Date, as
applicable, of any Serviced Loan;

 

(c)         
any sale of a Serviced Mortgage Loan that is a Defaulted Mortgage Loan (and any related Serviced Pari Passu Companion Loan)
or REO Property (other than in connection with (i) the termination of the Trust Fund and (ii) the repurchase of, or substitution
for, any Mortgage Loan by the applicable Mortgage Loan Seller for a Material Defect) for less than the applicable Purchase Price;

 

(d)        
any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous
Materials located at an REO Property;

 

(e)        
any release of collateral or any acceptance of substitute or additional collateral for a Serviced Loan, or any consent to
either of the foregoing, other than immaterial condemnation actions and other similar takings, or if otherwise permitted pursuant
to the specific terms of the related Serviced Loan and for which there is no lender discretion;

 

(f)         
any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan
or, if lender consent is required, any consent to such waiver or consent to a transfer of the Mortgaged Property or interests in
the Mortgagor or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt as may be effected
without the consent of the lender under the related loan agreement or related to an immaterial easement, right of way or similar
agreement;

 

(g)        
approving a change of the property manager at the request of the related Mortgagor if (i) the successor property manager
is affiliated with the Mortgagor or is not a nationally or regionally recognized manager of similar properties, or (ii) the subject
Serviced Mortgage Loan has an outstanding principal balance in excess of the lesser of $5,000,000 or 2% of the then aggregate principal
balance of the Mortgage Loans;

 

(h)         
releases of any escrow accounts, reserve accounts or letters of credit held as performance or “earn-out” escrows
or reserves other than those required pursuant to the specific terms of the related Serviced Loan and for which there is no lender
discretion;

 

(i)         
any acceptance of an assumption agreement or any other agreement permitting transfers of interests in a Mortgagor or guarantor
releasing a Mortgagor or guarantor from liability under a Serviced Loan other than pursuant to the specific terms of such Serviced
Loan and for which there is no lender discretion;

 

(j)          
the determination of the Special Servicer pursuant to clause (b) or clause (c) of the definition of “Specially
Serviced Loan”;

 

(k)        
following a default or an event of default with respect to a Serviced Loan, any acceleration of a Serviced Loan, or initiation
of judicial, bankruptcy or similar proceedings under the related Loan Documents or with respect to the related Mortgagor

 

    	-73-

    	 

    

 

or
Mortgaged Property, other than a foreclosure action or the exercise of customary remedies set forth in the Loan Documents;

 

(l)         
any modification, waiver or amendment of an intercreditor agreement, Co-Lender Agreement or similar agreement with any mezzanine
lender or subordinate debt holder related to a Serviced Loan, or an action to enforce rights with respect thereto;

 

(m)        
any determination of an Acceptable Insurance Default;

 

(n)         
any proposed modification or waiver of any material provision in the related Loan Documents governing the type, nature or
amount of insurance coverage required to be obtained and maintained by the related Mortgagor;

 

(o)         
any approval of any casualty insurance settlements or condemnation settlements, and any determination to apply casualty
proceeds or condemnation awards to the reduction of the debt rather than to the restoration of the Mortgaged Property to the extent
that the lender has discretion under the terms of the Loan Documents;

 

(p)         
 consents involving leasing activities (to the extent lender approval is required under the related Loan Documents) if such
lease (a) involves a ground lease or lease of an outparcel or affects an area greater than or equal to the lesser of (i) 20% of
leasable space or (ii) 20,000 square feet or (b) otherwise constitutes a “major lease” or “material lease,”
if applicable, under the related Loan Documents, subject to any deemed approval expressly set forth in the related lease;

 

(q)         
the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of a Mortgagor;

 

(r)         
approving any waiver regarding the receipt of financial statements (other than immaterial timing waivers pursuant to which
such financial statements are delivered no less often than quarterly and within 60 days after the end of the calendar quarter);
and

 

(s)         
approving consents with respect to rights-of-way easements that materially affect the use or value of a Mortgaged Property
or the Mortgagor’s ability to make payments with respect to the related Mortgage Loans;

 

provided, for
the avoidance of doubt, that any modification, waiver, consent or amendment by the Master Servicer or the Special Servicer that
is set forth in any of clauses (a) through (o) above in this definition shall constitute a Major Decision
regardless of the fact that such action is being taken in connection with a defeasance; and, provided, further, that,
in the case of a Serviced Outside Controlled Loan Combination, “Major Decision” shall have the meaning as such term
or any analogous term is assigned in the related Co-Lender Agreement. For the avoidance of doubt, the Controlling Class Representative
shall have no consent or consultation rights with respect to Major Decisions with respect to any Excluded Mortgage Loan.

 

“Manager”:
With respect to any Mortgage Loan or Serviced Loan Combination, any property manager for the related Mortgaged Properties.

 

    	-74-

    	 

    

 

“Master Servicer”:
KeyBank National Association, a national banking association, or its successor in interest, or any successor Master Servicer appointed
as herein provided.

 

“Master Servicer
Decision”:As defined in Section 3.24(a) of this Agreement.

 

“Master Servicer
Remittance Date”: With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.

 

“Master Servicer
Servicing Personnel”: The divisions and individuals of the Master Servicer who are involved in the performance of the
duties of the Master Servicer under this Agreement.

 

“Material Breach”:
As defined in Section 2.03(a) of this Agreement.

 

“Material Defect”:
With respect to any Mortgage Loan, a Material Breach or a Material Document Defect, as the case may be, with respect to such Mortgage
Loan.

 

“Material Document
Defect”: As defined in Section 2.03(a) of this Agreement.

 

“Maturity Date”:
With respect to each Mortgage Loan, the maturity date as set forth on the Mortgage Loan Schedule; and with respect to each Serviced
Companion Loan, the Maturity Date for the related Mortgage Loan.

 

“Mediation Rules”:
As defined in Section 2.03(h)(i).

 

“Mediation Services
Provider”: As defined in Section 2.03(h)(i)

 

“Modification
Fees”: With respect to any Serviced Loan, any and all fees collected from the related Mortgagor with respect to a modification,
extension, waiver or amendment that modifies, extends, amends or waives any term of the Loan Documents (as evidenced by a signed
writing) agreed to by the Master Servicer or the Special Servicer, other than (a) any Assumption Fees, Consent Fees or assumption
application fees and (b) any fee in connection with a defeasance of such Serviced Loan.

 

“Modified Asset”:
Any Serviced Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special Servicer pursuant
to Section 3.24 of this Agreement in a manner that:

 

(a)         
affects the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing
Monthly Payments current with respect to such Serviced Loan);

 

(b)         
except as expressly contemplated by the related Loan Documents, results in a release of the lien of the related Mortgage
on any material portion of the related Mortgaged Property without a corresponding Principal Prepayment in an amount, or the delivery
of substitute real property collateral with a fair market value (as is), that is not less than the fair market value (as is) of
the property to be released, as determined by an

 

    	-75-

    	 

    

 

appraisal
delivered to the Special Servicer (at the expense of the related Mortgagor and upon which the Special Servicer may conclusively
rely); or

 

(c)           
in the reasonable, good faith judgment of the Special Servicer, otherwise materially impairs the security for such Serviced
Loan or materially reduces the likelihood of timely payment of amounts due thereon.

 

“Monthly Payment”:
With respect to any Mortgage Loan or Serviced Companion Loan, as applicable (other than any REO Mortgage Loan or REO Companion
Loan), and any Due Date, the scheduled monthly payment of principal (if any) and interest at the related Mortgage Rate, which is
payable by the related Mortgagor on such Due Date under the related Note or Notes, exclusive of any Balloon Payment. The Monthly
Payment with respect to any Due Date for (i) an REO Mortgage Loan or REO Companion Loan or (ii) any Mortgage Loan or
Serviced Companion Loan that is delinquent at its respective Maturity Date and with respect to which the Special Servicer has not
entered into an extension, shall be the monthly payment that would otherwise have been payable on such Due Date had the related
Note not been discharged or the related Maturity Date not been reached, as the case may be, determined as set forth in the preceding
sentence and on the assumption that all other amounts, if any, due thereunder are paid when due. The Monthly Payment for any Serviced
Loan Combination is the aggregate Monthly Payment for the related Mortgage Loan and Serviced Companion Loan(s).

 

“Moody’s”:
Moody’s Investors Service, Inc. or its successors in interest. If neither Moody’s nor any successor remains in existence,
“Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer and specific ratings of Moody’s herein referenced shall be deemed to refer to
the equivalent ratings (as reasonably determined by the Depositor) of the party so designated.

 

“Morningstar”:
Morningstar Credit Ratings, LLC or its successors in interest.

 

“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing the Note(s) evidencing a Mortgage Loan or Loan Combination.

 

“Mortgage File”:
With respect to any Mortgage Loan or the related Serviced Loan Combination, subject to Section 2.01(b), collectively
the following documents:

 

(1)          
(A) the original executed Note for such Mortgage Loan, endorsed on its face or by allonge thereto (without recourse,
representation or warranty, express or implied) to the order of “Wilmington Trust, National Association, as Trustee, on behalf
of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36”
or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such originator is not the applicable
Mortgage Loan Seller) (or, alternatively, if the original executed Note has been lost, a lost note affidavit and indemnity
with a copy of such Note), and (B) if such Mortgage Loan is part of a Serviced Loan Combination, a copy of the executed Note
for each related Serviced Companion Loan;

 

    	-76-

    	 

    

 

(2)          
an original or copy of the Mortgage, together with originals or copies of any and all intervening assignments thereof, in
each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated
thereon or certified by the applicable recorder’s office;

 

(3)          
an original or copy of any related Assignment of Leases (if such item is a document separate from the Mortgage), together
with originals or copies of any and all intervening assignments thereof, in each case (unless the particular item has not been
returned from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable
recorder’s office;

 

(4)          
an original executed assignment, in recordable form (except for missing recording information not yet available if the instrument
being assigned has not been returned from the applicable recording office), of (A) the Mortgage and (B) any related Assignment
of Leases (if such item is a document separate from the Mortgage), in favor of “Wilmington Trust, National Association, as
Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2016-GC36 [and the holder of the related Serviced Companion Loan, as their interests may appear]” or
in blank, or a copy of such assignment if the related Mortgage Loan Seller or its designee, rather than the Trustee, is responsible
for recording such assignment;

 

(5)          
the original assignment of all unrecorded documents relating to the Mortgage Loan (or the related Serviced Loan Combination,
if applicable), in favor of “Wilmington Trust, National Association, as Trustee, on behalf of the registered Holders of Citigroup
Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36 [and the holder of the
related Serviced Companion Loan, as their interests may appear]”;

 

(6)          
originals or copies of final written modification agreements in those instances where the terms or provisions of the Note
for such Mortgage Loan (or, if applicable, any Note of a Serviced Loan Combination) or the related Mortgage have been modified,
in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording
indicated thereon if the instrument being modified is a recordable document;

 

(7)          
the original or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage
Loan (or the related Serviced Loan Combination, if applicable) or, if such policy has not been issued or located, an irrevocable,
binding commitment (which may be a “marked-up” pro forma title policy marked as binding and executed by an authorized
representative of the title insurer or an agreement to provide the same pursuant to binding escrow instructions executed by an
authorized representative of the title insurer) to issue such title insurance policy;

 

(8)          
an original or copy of the related Ground Lease relating to such Mortgage Loan (or the related Serviced Loan Combination,
if applicable), if any, and any ground lessor estoppel;

 

    	-77-

    	 

    

 

(9)            
an original or copy of the related Loan Agreement, if any;

 

(10)          
an original of any guaranty under such Mortgage Loan or the related Serviced Loan Combination, if any;

 

(11)          
an original or copy of the lock box agreement or cash management agreement relating to such Mortgage Loan or the related
Serviced Loan Combination, if any;

 

(12)          
an original or copy of the environmental indemnity from the related Mortgagor, if any;

 

(13)          
an original or copy of the related escrow agreement and the related security agreement (in each case, if such item is a
document separate from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof;

 

(14)          
an original assignment of the related security agreement (if such item is a document separate from the Mortgage and if such
item is not included in the assignment described in clause (5)), in favor of “Wilmington Trust, National Association,
as Trustee, on behalf of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through
Certificates, Series 2016-GC36 [and the holder of the related Serviced Companion Loan, as their interests may appear]”;

 

(15)          
any filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator
of such Mortgage Loan (or the related Serviced Loan Combination, if applicable) or in favor of any assignee prior to the Trustee,
and an original UCC-3 assignment thereof, in form suitable for filing, in favor of the Trustee (or, in each case, a copy thereof,
certified to be the copy of such assignment submitted or to be submitted for filing);

 

(16)          
in the case of any Mortgage Loan or the related Serviced Loan Combination as to which there exists a related mezzanine loan,
the original or a copy of the related intercreditor agreement;

 

(17)          
an original or copy of any related environmental insurance policy;

 

(18)         
a copy of any letter of credit relating to such Mortgage Loan or the related Serviced Loan Combination and any related assignment
thereof (with the original to be delivered to the Master Servicer);

 

(19)          
copies of any related franchise agreement, property management agreement or hotel management agreement and related comfort
letters (together with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee
the benefits of such comfort letter or (ii) if the related comfort letter contemplates that a request be made of the related franchisor
to issue a replacement comfort letter for the benefit of the Trust or Trustee, a copy of the notice requesting the issuance of
such replacement comfort letter (the copy of such notice shall be delivered by the related Mortgage Loan Seller to the Custodian
for inclusion in the Mortgage File within the time

 

    	-78-

    	 

    

 

period
set forth in the penultimate paragraph of Section 2.01(b)), with the original of any replacement comfort letter to be included
in the Mortgage File following receipt thereof by the Master Servicer) and/or estoppel letters relating to such Mortgage Loan
or the related Serviced Loan Combination and any related assignment thereof; and

 

(20)        
in the case of a Loan Combination, an original or a copy of the related Co-Lender Agreement;

 

provided that, whenever the term
“Mortgage File” is used to refer to documents actually received by the Trustee or a Custodian appointed thereby, such
term shall not be deemed to include such documents and instruments required to be included therein unless they are actually so
received.

 

Notwithstanding anything to the contrary
contained herein, with respect to an Outside Serviced Mortgage Loan, the preceding document delivery requirements shall be deemed
satisfied by the delivery by the applicable Mortgage Loan Seller to the Custodian (on behalf of the Trustee) of (i) with respect
to clause (1) above, executed originals of the related documents, and (ii) with respect to clauses (2) through (20)
above, a copy of the mortgage file related to the applicable Outside Serviced Companion Loan delivered under the applicable Outside
Servicing Agreement.

 

“Mortgage Loan”:
Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 and from time to time held
in the Trust Fund, the mortgage loans originally so transferred, assigned and held being identified on the Mortgage Loan Schedule
as of the Cut-Off Date. Such term shall include any Specially Serviced Mortgage Loan, REO Mortgage Loan or defeased Mortgage Loan
and each Outside Serviced Mortgage Loan (but not the Companion Loans).

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached hereto as Exhibit B,
which list shall set forth the following information with respect to each Mortgage Loan:

 

(i)           
the Loan Number;

 

(ii)          
the street address (including city, state and zip code) and name of the related Mortgaged Property;

 

(iii)         
the Cut-Off Date Balance;

 

(iv)         
the original Mortgage Rate;

 

(v)          
the (A) remaining term to stated maturity and (B) Stated Maturity Date;

 

(vi)         
in the case of a Balloon Loan, the remaining amortization term;

 

(vii)        
the Servicing Fee Rate (separately identifying any primary servicing fee rate or subservicing fee rate included in the
Servicing Fee Rate, and in the case of a Serviced Loan Combination, separately identifying the Servicing Fee Rate applicable to
the related Serviced Companion Loan in such Serviced Loan

 

    	-79-

    	 

    

 

Combination,
and in the case of an Outside Serviced Mortgage Loan, separately identifying the primary servicing fee rate payable to the Outside
Servicer);

 

(viii)       
the Mortgage Loan Seller(s);

 

(ix)         
whether the Mortgage Loan is cross-collateralized and the cross-collateralized group it belongs to;

 

(x)          
whether the Mortgage Loan is an ARD Mortgage Loan;

 

(xi)         
the Anticipated Repayment Date, if applicable;

 

(xii)        
the Revised Rate, if applicable; and

 

(xiii)       
such Mortgage Loan is part of a Serviced Loan Combination, in which case the information required by clauses (iii), (iv),
(v), (vi) and (vii) above shall also be set forth for the Serviced Companion Loan in the related Serviced Loan Combination.

 

“Mortgage Loan
Seller”: Each of CGMRC, GSMC, CCRE and SMF, and their respective successors in interest.

 

“Mortgage Loan
Seller Sub-Servicer”: A Sub-Servicer required to be retained by the Master Servicer by a Mortgage Loan Seller, as listed
on Exhibit S to this Agreement, or any successor thereto.

 

“Mortgage Pool”:
All of the Mortgage Loans and any successor REO Mortgage Loans, collectively. The Mortgage Pool does not include the Companion
Loans or any related REO Companion Loans.

 

“Mortgage Rate”:
With respect to any Mortgage Loan (including an REO Mortgage Loan) or Serviced Companion Loan (including an REO Companion Loan),
the per annum rate at which interest accrues (or, if and while it is an REO Mortgage Loan or REO Companion Loan, is deemed
to accrue) on such Mortgage Loan or Serviced Companion Loan, as the case may be, as stated in the related Note or Co-Lender Agreement,
in each case without giving effect to the Default Rate, any Excess Interest or any Revised Rate with respect to such Mortgage Loan
or Serviced Companion Loan, as the case may be.

 

“Mortgaged Property”:
The underlying property securing a Mortgage Loan and the related Companion Loan(s), including any REO Property (including with
respect to an Outside Serviced Mortgage Loan), consisting of a fee simple estate, and, with respect to certain Mortgage Loans and
any related Companion Loan(s), a leasehold estate, or both a leasehold estate and a fee simple estate, or a leasehold estate in
a portion of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial property, together
with any personal property, fixtures, leases and other property or rights pertaining thereto.

 

“Mortgagor”:
The obligor or obligors on a Note evidencing a Mortgage Loan and any related Note(s) in favor of any related Companion Loan Holder(s),
including, without

 

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limitation,
any Person that has acquired the related Mortgaged Property and assumed the obligations of the original obligor under such Note
evidencing a Mortgage Loan and any such Note(s) in favor of any related Companion Loan Holder(s).

 

“Mortgagor Accounts”:
As defined in Section 3.07(a) of this Agreement.

 

“Net Condemnation
Proceeds”: The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including
an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and
(ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that,
in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited
to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan,
pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“Net Insurance
Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged
Property or released to the Mortgagor in accordance with the express requirements of the Mortgage or Note or other Loan Documents
included in the Mortgage File or in accordance with the Servicing Standard, or with respect to the environmental insurance policy,
applied to pay any costs, expenses, penalties, fines or similar items; provided that, in the case of an Outside Serviced
Mortgage Loan, “Net Insurance Proceeds” under this Agreement shall be limited to any related Insurance Proceeds that
are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in
the related Co-Lender Agreement.

 

“Net Liquidation
Proceeds”: The Liquidation Proceeds received by the Trust Fund with respect to any Mortgage Loan or Serviced Loan Combination
(including an REO Mortgage Loan or REO Companion Loan) net of the amount of Liquidation Expenses incurred with respect thereto.

 

“Net Mortgage
Rate”: With respect to any Mortgage Loan (including an REO Mortgage Loan), the per annum rate equal to the related
Mortgage Rate minus the related Administrative Cost Rate.

 

“Net Mortgage
Pass-Through Rate”: (a) with respect to any Mortgage Loan (including an REO Mortgage Loan) that accrues interest on a
30/360 Basis, for any Distribution Date, the Net Mortgage Rate in effect for such Mortgage Loan during the one-month accrual period
applicable to the Due Date for such Mortgage Loan that occurs in the same month as that Distribution Date; (b) with respect to
any Mortgage Loan that accrues interest on an Actual/360 Basis, for the initial Distribution Date, the Net Mortgage Rate in effect
for such Mortgage Loan during the one-month accrual period applicable to the Due Date for such Mortgage Loan that occurs in March
2016; and (c) with respect to any Mortgage Loan (including an REO Mortgage Loan) that accrues interest on an Actual/360 Basis,
for any Distribution Date subsequent to the initial Distribution Date, the annualized rate at which interest would have to accrue
in respect of such Mortgage Loan on a 30/360 Basis in order to produce the aggregate amount of interest actually accrued (or, in
the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued) in respect of such
Mortgage Loan (adjusted to the related Net Mortgage Rate and, if applicable, exclusive of any Excess Interest) during the one-

 

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month
accrual period applicable to the Due Date for such Mortgage Loan that occurs in the same month as that subsequent Distribution
Date. However, with respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, when determining: (i) the related
Net Mortgage Pass-Through Rate for the Distribution Date in January (except during a leap year) or February of any year subsequent
to 2016 (in any event unless that Distribution Date is the final Distribution Date), the “aggregate amount of interest actually
accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued)”,
as referred to in clause (c) of the preceding sentence, shall be deemed to exclude related Withheld Amounts to be transferred
to the Interest Reserve Account in such month; or (ii) the related Net Mortgage Pass-Through Rate for the Distribution Date in
March (or in February if the final Distribution Date occurs in such particular month of February) in any year subsequent to 2016,
the “aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment
affecting same, that otherwise would have accrued)”, as referred to in clause (c) of the preceding sentence, shall be deemed
to include related Withheld Amounts to be deposited in the Lower-Tier REMIC Distribution Account for distribution on such Distribution
Date. In addition, the Net Mortgage Pass-Through Rate with respect to any Mortgage Loan for any Distribution Date shall be determined
without regard to: (i) any modification, waiver or amendment of the terms of such Mortgage Loan, whether agreed to by the Master
Servicer, the Special Servicer, an Outside Servicer or an Outside Special Servicer or resulting from a bankruptcy, insolvency
or similar proceeding involving the related borrower; (ii) the occurrence and continuation of a default under such Mortgage Loan;
(iii) the passage of the related maturity date or, in the case of an ARD Loan, the related Anticipated Repayment Date; and (iv)
the related Mortgaged Property becoming an REO Property.

 

“Net Operating
Income”: With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating Income will
be calculated in accordance with the standard definition of “Net Operating Income” approved from time to time endorsed
and put forth by CREFC®.

 

“Net REO Proceeds”:
With respect to each REO Property and any related REO Mortgage Loan or REO Companion Loan, REO Proceeds received by the Trust Fund
with respect to such REO Property, REO Mortgage Loan or REO Companion Loan (other than the proceeds of a liquidation thereof),
net of any insurance premiums, taxes, assessments, ground rents and other costs and expenses permitted to be paid therefrom pursuant
to Section 3.16(b) of this Agreement; provided that, in the case of an REO Property that relates to an Outside
Serviced Mortgage Loan, “Net REO Proceeds” under this Agreement shall be limited to any REO Proceeds that are received
by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related
Co-Lender Agreement.

 

“New Lease”:
Any lease of REO Property entered into on behalf of the Trust Fund, including any lease renewed or extended on behalf of the Trust
Fund, if the Trust Fund has the right to renegotiate the terms of such lease.

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Property Advance. Workout-Delayed Reimbursement Amounts
shall constitute a Nonrecoverable Advance only when the Person making such determination in accordance with the procedures specified
in Sections 3.20 and 4.06, the definition of Nonrecoverable P&I

 

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Advance
or the definition of Nonrecoverable Property Advance, as applicable, and taking into account factors such as all other outstanding
Advances, either (a) has determined that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable
from late collections or any other recovery on or in respect of the related Mortgage Loan or Serviced Loan Combination or REO
Property, as applicable, or (b) has determined that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed
Reimbursement Amounts (that have not been reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances,
would not be ultimately recoverable from the principal portion of future general collections on the Mortgage Loans and REO Properties.

 

“Nonrecoverable
P&I Advance”: With respect to any Mortgage Loan, any P&I Advance previously made or proposed to be made in respect
of such Mortgage Loan or a related REO Mortgage Loan by the Master Servicer or the Trustee, which P&I Advance such party or
the Special Servicer has determined pursuant to and in accordance with Section 4.06 of this Agreement, would not or
will not be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds, or any
other recovery on or in respect of such Mortgage Loan or REO Mortgage Loan, as the case may be.

 

“Nonrecoverable
Property Advance”: Any Property Advance (including any Emergency Advance) previously made or proposed to be made in respect
of a Serviced Mortgage Loan, Serviced Loan Combination or REO Property by the Master Servicer, the Special Servicer or the Trustee,
which Property Advance the advancing party (or, in the case of an Emergency Advance made by the Special Servicer pursuant to the
proviso to the penultimate sentence of Section 3.20(e), the reimbursing party) or, if different, the Special Servicer has
determined pursuant to and in accordance with Section 3.20 of this Agreement, would not or will not, as applicable,
be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery
on or in respect of such Serviced Mortgage Loan, Serviced Loan Combination or REO Property, as the case may be. Any Property Advance
(including any Emergency Advance) that is not required to be repaid by the related Mortgagor under the terms of the related Loan
Documents shall be deemed to be a Nonrecoverable Advance for purposes of the Master Servicer’s, the Special Servicer’s
or the Trustee’s entitlement to reimbursement for such Advance. In the case of an Outside Serviced Mortgage Loan or any related
REO Property, the term “Nonrecoverable Property Advance” shall have the meaning assigned thereto in the Outside Servicing
Agreement.

 

“Non-Book Entry
Certificates”: As defined in Section 5.02(c)(iii) of this Agreement.

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Certificates (other than the Class R and Class X
Certificates) then outstanding for which (a)(1) the initial Certificate Balance of such Class of Certificates minus (2) the
sum (without duplication) of (x) the aggregate payments of principal (whether as principal prepayments or otherwise) previously
distributed to the Holders of such Class of Certificates as of such date of determination, (y) any Appraisal Reduction Amounts
allocated to such Class of Certificates as of such date of determination and (z) any Realized Losses previously allocated to such
Class of Certificates as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the
initial Certificate Balance of such Class of Certificates less (ii) any payments of

 

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principal
(whether as principal prepayments or otherwise) previously distributed to the Holders of that Class of Certificates as of such
date of determination; provided that for purposes of this definition, the Class A-S Certificates and the Class EC Component
A-S will be considered as if they together constitute a single “Class” of Certificates, the Class B Certificates and
the Class EC Component B will be considered as if they together constitute a single “Class” of Certificates, the Class
C Certificates and the Class EC Component C will be considered as if they together constitute a single “Class” of
Certificates, and the Class EC Certificates will be Non-Reduced Certificates only with respect to each Class EC Component that
is part of a “Class” of Non-Reduced Certificates determined as described in this proviso.

 

“Non-U.S. Beneficial
Ownership Certification”: As defined in Section 5.03(f) of this Agreement.

 

“Non-U.S. Tax
Person”: A person other than a U.S. Tax Person.

 

“Note”
or “Mortgage Note”: With respect to any Mortgage Loan or Companion Loan as of any date of determination, the
note or other evidence of indebtedness and/or agreements evidencing the indebtedness of a Mortgagor under such Mortgage Loan or
Companion Loan, as the case may be, including any amendments or modifications, or any renewal or substitution notes, as of such
date.

 

“Notice of Termination”:
Any of the notices given to the Certificate Administrator by the Master Servicer, the Depositor or any Holder of a Class R
Certificate pursuant to Section 9.01(c).

 

“Notifying Party”:
As defined in Section 3.01(i).

 

“Notional Amount”:
For any date of determination, (a) with respect to the Class X-A Certificates, the Class X-A Notional Amount, and
(b) with respect to the Class X-D Certificates, the Class X-D Notional Amount.

 

“NRSRO”:
A nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act.

 

“NRSRO Certification”:
A certification (a) executed by an NRSRO or (b) provided electronically and executed by such NRSRO by means of a “click-through”
confirmation on the Rule 17g-5 Information Provider’s Website in favor of the Rule 17g-5 Information Provider substantially
in the form attached as Exhibit M-5 hereto that states that: (i) such NRSRO is a Rating Agency; or (ii) such NRSRO
has provided the Depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 under the Exchange
Act, such NRSRO has access to the Depositor’s Rule 17g-5 website regarding the Certificates and such NRSRO will keep such
information confidential, except to the extent such information has been made available to the general public. Each NRSRO shall
be deemed to recertify to the foregoing each time it accesses the Certificate Administrator’s Website.

 

“OCC”:
The Office of the Comptroller of the Currency, and its successors in interest.

 

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“Offering Circular”:
The offering circular dated February 3, 2016 relating to the Private Certificates.

 

“Officer’s
Certificate”: With respect to any Person, a certificate signed by an authorized officer of such Person or, in the case
of the Master Servicer or the Special Servicer, a Servicing Officer, and delivered to the Depositor, the Trustee, the Certificate
Administrator, the Master Servicer or the Special Servicer, as the case may be.

 

“Operating Advisor”:
Pentalpha Surveillance LLC, a Delaware limited liability company, or its successor in interest, or any successor Operating Advisor
appointed as herein provided.

 

“Operating Advisor
Annual Report”: As defined in Section 3.29(d)(ii) of this Agreement.

 

“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consultation rights equal to $10,000
or such lesser amount as the related Mortgagor agrees to pay with respect to any Serviced Mortgage Loan (or Serviced Loan
Combination, if applicable), payable pursuant to Section 3.06(a) and Section 3.06A(a) of this Agreement; provided,
that with respect to the period when the outstanding Certificate Balances of the Control Eligible Certificates have not been reduced
to zero as a result of the allocation of Realized Losses to such Certificates, the Operating Advisor Consulting Fee shall be payable
only to the extent such fee is actually received from the related Mortgagor as a separately indentifiable fee; provided,
further that the Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to
any Major Decision; and provided, further that the Master Servicer or Special Servicer, as applicable, may waive
or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or
partial waiver is in accordance with the Servicing Standard (provided that the Master Servicer or the Special Servicer,
as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction). Notwithstanding the foregoing,
with respect to any Major Decision as to which the Operating Advisor has consultation rights after the outstanding Certificate
Balances of the Control Eligible Certificates have been reduced to zero as a result of the allocation of Realized Losses to such
Certificates, the related Operating Advisor Consulting Fee shall be $10,000 and payable out of the Collection Account as an expense
of the Trust Fund.

 

“Operating Advisor
Fee”: With respect to each Mortgage Loan (including any Outside Serviced Mortgage Loan) and any Distribution Date, an
amount accrued during the related Interest Accrual Period at the applicable Operating Advisor Fee Rate on, in the case of the initial
Distribution Date, the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution Date, the Stated
Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the related Interest Accrual Period;
provided that such amounts shall be computed for the same period and on the same interest accrual basis respecting which
any related interest payment due or deemed due on the related Mortgage Loan is computed and shall be prorated for partial periods.
Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Operating Advisor under this Agreement.
For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC.

 

    	-85-

    	 

    

 

“Operating Advisor
Fee Rate”: With respect to each Interest Accrual Period, a rate equal to 0.00145% per annum.

 

“Operating Advisor
Personnel”: The divisions and individuals of the Operating Advisor who are involved in the performance of the duties
of the Operating Advisor under this Agreement.

 

“Operating Advisor
Standard”: As defined in Section 3.29(b) of this Agreement.

 

“Operating Advisor
Termination Event”: As defined in Section 7.06(a) of this Agreement.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Operating Advisor,
the Asset Representations Reviewer, the Special Servicer or the Master Servicer, as the case may be, reasonably acceptable to the
Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) qualification of a Trust REMIC
or the imposition of tax under the REMIC Provisions on any income or property of any such Trust REMIC, (b) compliance with
the REMIC Provisions (including application of the definition of “Independent Contractor”), (c) qualification
of the Grantor Trust as a grantor trust under the Grantor Trust Provisions or (d) a resignation of the Master Servicer or
Special Servicer pursuant to Section 6.04, must be an opinion of counsel who is Independent of the Depositor, the Special
Servicer, the Master Servicer, the Operating Advisor and the Asset Representations Reviewer.

 

“Other 17g-5
Information Provider”: The applicable other “17g-5 information provider” under an Other Pooling and Servicing
Agreement relating to a Serviced Companion Loan.

 

“Other Asset
Representations Reviewer”: Any party acting as “asset representations reviewer” (within the meaning of Item
1101(m) of Regulation AB) under an Other Pooling and Servicing Agreement.

 

“Opting-Out
Party”: As defined in Section 6.09(h) of this Agreement.

 

“Other Crossed
Loans”: As defined in Section 2.03(a) of this Agreement.

 

“Other Depositor”:
With respect to a Serviced Companion Loan or a Serviced Loan Combination, the “depositor” (within the meaning of Item
1101(e) of Regulation AB) of the related Other Securitization Trust.

 

“Other Exchange
Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of
the Exchange Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related Other
Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D and Form 10-K with
respect to such Other Securitization Trust, as identified in writing to the parties to this Agreement; and, with respect to any
Other Securitization Trust that is not subject to the reporting requirements of the Exchange Act, the trustee, certificate administrator,
master servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement

 

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that
is responsible for the preparation and/or dissemination of periodic distribution date statements or similar reports, as identified
in writing to the parties to this Agreement.

 

“Other PSA Asset
Review”: With respect to any Serviced Companion Loan, any review of representations and warranties with respect to such
Serviced Companion Loan conducted by the related Other Asset Representations Reviewer.

 

“Other Pooling
and Servicing Agreement”: With respect to a Serviced Companion Loan or the related Serviced Loan Combination, the pooling
and servicing agreement or other comparable agreement governing the creation of the related Other Securitization Trust and the
issuance of securities backed by the assets of such Other Securitization Trust, but not the servicing of such Serviced Companion
Loan or Serviced Loan Combination or the related Mortgage Loan. As of the Closing Date, there is no Other Pooling and Servicing
Agreement relating to the Trust.

 

“Other Securitization
Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds a Serviced
Companion Loan or successor REO Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties
to this Agreement.

 

“Other Servicer”:
The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion
Loan.

 

“Other Special
Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating
to a Serviced Companion Loan.

 

“Other Trustee”:
The applicable other “trustee” or, if applicable, the other “certificate administrator” or, if applicable,
the other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan.

 

“Outside Certificate
Administrator”: With respect to an Outside Serviced Mortgage Loan, the certificate administrator under the applicable
Outside Servicing Agreement.

 

“Outside Controlling
Note Holder”: With respect to any Loan Combination that is, and only for so long as such Loan Combination is, a Serviced
Outside Controlled Loan Combination, at any time the holder of the related controlling note (regardless of whether such note evidences
a Pari Passu Companion Loan or a Subordinate Companion Loan) or such holder’s designated representative; provided
that if, with respect to any Serviced Outside Controlled Loan Combination, the related controlling note is included in a securitization
trust, the Outside Controlling Note Holder shall be the party designated under the pooling and servicing agreement, trust and servicing
agreement or comparable agreement governing the securitization of the related controlling note as authorized to exercise the rights
of the holder of the related controlling note; and provided, further, that the right of any such designated party to exercise some
or all of such rights may terminate or shift to another designated party upon the occurrence of certain trigger events if and to
the extent set forth in the pooling and servicing agreement, trust and servicing agreement or comparable agreement governing the
securitization of the related controlling note. There is no Outside Controlling Note Holder related to the Trust

 

    	-87-

    	 

    

 

as
of the Closing Date and references in this Agreement to “Outside Controlling Note Holder” shall be disregarded.

 

“Outside Custodian”:
With respect to an Outside Serviced Mortgage Loan, the custodian under the applicable Outside Servicing Agreement.

 

“Outside Depositor”:
With respect to an Outside Serviced Mortgage Loan, the depositor under the applicable Outside Servicing Agreement.

 

“Outside Operating
Advisor”: With respect to an Outside Serviced Mortgage Loan, the operating advisor under the applicable Outside Servicing
Agreement.

 

“Outside Paying
Agent”: With respect to an Outside Serviced Mortgage Loan, the paying agent under the applicable Outside Servicing Agreement.

 

“Outside Securitization
Trust”: With respect to any Outside Serviced Mortgage Loan, the “issuing entity” (within the meaning of Item
1101(f) of Regulation AB) that holds a related Outside Serviced Companion Loan (or any portion thereof or interest therein) and
is created under the related Outside Servicing Agreement.

 

“Outside Service
Providers”: With respect to any Outside Serviced Mortgage Loan, the related Outside Trustee, Outside Custodian, Outside
Certificate Administrator, Outside Paying Agent, Outside Servicer, Outside Special Servicer and any sub-servicer of any of the
foregoing.

 

“Outside Serviced
Co-Lender Agreement”: The Co-Lender Agreement for an Outside Serviced Loan Combination. The only Outside Serviced Co-Lender
Agreements related to the Trust as of the Closing Date are the Glenbrook Square Co-Lender Agreement, the Westin Boston Waterfront
Co-Lender Agreement, the 215 West 34th Street & 218 West 35th Street Co-Lender Agreement, the South Plains Mall Co-Lender Agreement,
the GSA Portfolio Co-Lender Agreement, the Heinz 57 Center Co-Lender Agreement, the Element LA Co-Lender Agreement and the DoubleTree
Hotel Universal Co-Lender Agreement.

 

“Outside Serviced
Companion Loan”: Any Companion Loan that is part of an Outside Serviced Loan Combination. The only Outside Serviced Companion
Loans related to the Trust as of the Closing Date are the Glenbrook Square Companion Loan, the Westin Boston Waterfront Companion
Loans, the 215 West 34th Street & 218 West 35th Street Companion Loans, the South Plains Mall Companion Loans, the GSA Portfolio
Companion Loan, the Heinz 57 Center Companion Loan, the Element LA Companion Loans and the DoubleTree Hotel Universal Companion
Loans.

 

“Outside Serviced
Loan Combination”: Any Loan Combination that is not serviced under this Agreement, but instead is being serviced pursuant
to the pooling and servicing agreement or other comparable agreement governing the securitization of a related Companion Loan (whether
by itself or with other mortgage assets), or pursuant to any successor servicing agreement contemplated by the related Co-Lender
Agreement. The only Outside Serviced Loan Combinations related to the Trust as of the Closing Date are the Glenbrook Square Loan
Combination, the Westin Boston Waterfront Loan Combination, the 215 West 34th

 

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Street
& 218 West 35th Street Loan Combination, the South Plains Mall Loan Combination, the GSA Portfolio Loan Combination, the Heinz
57 Center Loan Combination, the Element LA Loan Combination and the DoubleTree Hotel Universal Loan Combination.

 

“Outside Serviced
Loan Combination Noteholders”: With respect to an Outside Serviced Loan Combination, the holder of the related Outside
Serviced Mortgage Loan and the holder(s) of the related Outside Serviced Companion Loan(s), collectively.

 

“Outside Serviced
Mortgage Loan”: Any Mortgage Loan that is part of an Outside Serviced Loan Combination. The only Outside Serviced Mortgage
Loans related to the Trust as of the Closing Date are the Glenbrook Square Mortgage Loan, the Westin Boston Waterfront Mortgage
Loan, the 215 West 34th Street & 218 West 35th Street Mortgage Loan, the South Plains Mall Mortgage Loan, the GSA Portfolio
Mortgage Loan, the Heinz 57 Center Mortgage Loan, the Element LA Mortgage Loan and the DoubleTree Hotel Universal Mortgage Loan.

 

“Outside Servicer”:
With respect to an Outside Serviced Mortgage Loan, the master servicer under the applicable Outside Servicing Agreement.

 

“Outside Servicing
Agreement”: With respect to an Outside Serviced Mortgage Loan or the related Outside Serviced Loan Combination, the pooling
and servicing agreement or other comparable agreement governing the creation of an Outside Securitization Trust that includes a
related Outside Serviced Companion Loan, the issuance of securities backed by the assets of such Outside Securitization Trust and
the servicing of such Outside Serviced Mortgage Loan, such Outside Serviced Loan Combination and the related Outside Serviced Companion
Loan(s), or any successor servicing agreement with respect to such Outside Serviced Mortgage Loan, such Outside Serviced Loan Combination
and the related Outside Serviced Companion Loan(s) contemplated by the related Co-Lender Agreement. The only Outside Servicing
Agreements related to the Trust as of the Closing Date are (i) the CFCRE 2016-C3 Pooling and Servicing Agreement pursuant to which
the 215 West 34th Street & 218 West 35th Street Mortgage Loan and the Element LA Mortgage Loan (each of which is an Outside
Serviced Mortgage Loan) is being serviced, (ii) the JPMCC 2015-JP1 Pooling and Servicing Agreement pursuant to which the Heinz
57 Center Mortgage Loan (which is an Outside Serviced Mortgage Loan) is being serviced, (iii) the GSMS 2015-GC34 Pooling and Servicing
Agreement pursuant to which the DoubleTree Hotel Universal Mortgage Loan (which is an Outside Serviced Mortgage Loan) is being
serviced and (iv) the GSMS 2015-GS1 Pooling and Servicing Agreement pursuant to which the Glenbrook Square Mortgage Loan, the Westin
Boston Waterfront Mortgage Loan, the GSA Portfolio Mortgage Loan and the South Plains Mall Mortgage Loan (each of which is an Outside
Serviced Mortgage Loan) are being serviced. On and after the 215 West 34th Street & 218 West 35th Street Controlling Note Securitization
Date, the 215 West 34th Street & 218 West 35th Street Mortgage Loan will be serviced under the pooling and servicing agreement
governing the creation of the Outside Securitization Trust that holds the 215 West 34th Street & 218 West 35th Street Controlling
Companion Loan.

 

“Outside Special
Servicer”: With respect to an Outside Serviced Mortgage Loan, the special servicer under the applicable Outside Servicing
Agreement.

 

    	-89-

    	 

    

 

“Outside Trustee”:
With respect to an Outside Serviced Mortgage Loan, the trustee under the applicable Outside Servicing Agreement.

 

“Ownership Interest”:
Any record or beneficial interest in a Class R Certificate.

 

“P&I Advance”:
As to any Mortgage Loan (including any Outside Serviced Mortgage Loan and any REO Mortgage Loan), any advance made by the Master
Servicer or the Trustee pursuant to Section 4.06 of this Agreement. Each reference to the payment or reimbursement
of a P&I Advance shall be deemed to include, whether or not specifically referred to but without duplication, payment or reimbursement
of interest thereon at the Advance Rate to but excluding the date of payment or reimbursement.

 

“Pari Passu
Companion Loan”: A Companion Loan that is pari passu in right of payment to the related Split Mortgage Loan. The only
Pari Passu Companion Loans related to the Trust as of the Closing Date are the 5 Penn Plaza Companion Loans, the Sheraton Denver
Downtown Fee Companion Loan, the Austin Block 21 Companion Loan, the Glenbrook Square Companion Loan, the Westin Boston Waterfront
Companion Loans, the Park Place Companion Loan, the 215 West 34th Street & 218 West 35th Street Companion Loans, the South
Plains Mall Companion Loans, the GSA Portfolio Companion Loan, the Heinz 57 Center Companion Loan, the Element LA Companion Loans
and the DoubleTree Hotel Universal Companion Loans.

 

“Pari Passu
Indemnified Items”: As defined in Section 3.01(j)(ii) of this Agreement.

 

“Pari Passu
Indemnified Party”: As defined in Section 3.01(j)(ii) of this Agreement.

 

“Pari Passu
Loan Combination”: A Loan Combination that includes a Pari Passu Companion Loan. The only Pari Passu Loan Combinations
related to the Trust as of the Closing Date are the 5 Penn Plaza Loan Combination, the Sheraton Denver Downtown Fee Loan Combination,
the Austin Block 21 Loan Combination, the Glenbrook Square Loan Combination, the Westin Boston Waterfront Loan Combination, the
Park Place Loan Combination, the 215 West 34th Street & 218 West 35th Street Loan Combination, the South Plains Mall Loan Combination,
the GSA Portfolio Loan Combination, the Heinz 57 Center Loan Combination, the Element LA Loan Combination and the DoubleTree Hotel
Universal Loan Combination.

 

“Park Place
Co-Lender Agreement”: With respect to the Park Place Loan Combination, the related co-lender agreement, dated as of February
1, 2016, by and between the holder of the Park Place Mortgage Loan and the Park Place Companion Loan Holder, relating to the relative
rights of the holder of the Park Place Mortgage Loan and the Park Place Companion Loan Holder, as the same may be amended from
time to time in accordance with the terms thereof.

 

“Park Place
Companion Loan”: With respect to the Park Place Loan Combination, the related promissory note made by the related Mortgagor
and secured by the Park Place Mortgage and designated as promissory note A-2, which is not included in the Trust and is pari passu
in right of payment with the Park Place Mortgage Loan to the extent set forth in the related Loan Documents and as provided in
the Park Place Co-Lender Agreement.

 

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“Park Place
Companion Loan Holder”: The holder of a Park Place Companion Loan.

 

“Park Place
Loan Combination”: The Park Place Mortgage Loan, together with the Park Place Companion Loan, each of which is secured
by the Park Place Mortgage. References herein to the Park Place Loan Combination shall be construed to refer to the aggregate indebtedness
secured under the Park Place Mortgage.

 

“Park Place
Mortgage”: The Mortgage securing the Park Place Mortgage Loan and the Park Place Companion Loan.

 

“Park Place
Mortgage Loan”: With respect to the Park Place Loan Combination, the Mortgage Loan included in the Trust, which is (i)
secured by the Park Place Mortgaged Property, (ii) evidenced by promissory note A-1 and (iii) pari passu in right of payment with
the Park Place Companion Loan to the extent set forth in the related Loan Documents and as provided in the Park Place Co-Lender
Agreement.

 

“Pass-Through
Rate”: Each of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-3 Pass-Through
Rate, the Class A-4 Pass-Through Rate, the Class A-5 Pass-Through Rate, the Class A-AB Pass-Through Rate, the Class X-A
Pass-Through Rate, the Class X-D Pass-Through Rate, the Class A-S Pass-Through Rate, the Class A-S Regular Interest Pass-Through
Rate, the Class B Pass-Through Rate, the Class B Regular Interest Pass-Through Rate, the Class C Pass-Through Rate,
the Class C Regular Interest Pass-Through Rate, the Class D Pass-Through Rate, the Class E Pass-Through Rate, the
Class F Pass-Through Rate, the Class G Pass-Through Rate and the Class H Pass-Through Rate. The Class EC Certificates
will not have a Pass-Through Rate, but will be entitled to receive the sum of the interest distributable on the Class EC Components.
The Class R Certificates do not have Pass-Through Rates.

 

“Paying Agent”:
The paying agent appointed pursuant to Section 5.06 of this Agreement.

 

“Penalty Charges”:
With respect to any Mortgage Loan (or Serviced Loan Combination, if applicable) (or successor REO Mortgage Loan or successor REO
Companion Loan), any amounts actually collected thereon from the Mortgagor that represent default charges, penalty charges, late
fees and/or Default Interest (in the case of any Split Mortgage Loan or Serviced Companion Loan, to the extent allocable thereto
pursuant to the related Co-Lender Agreement, and, in the case of a Serviced Companion Loan, to the extent not payable to the Serviced
Companion Loan Holder, and, in the case of an Outside Serviced Mortgage Loan, to the extent remitted by the related Outside Servicer
to the Master Servicer).

 

“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to any Certificate (other than a Class R Certificate), the percentage interest
is equal to the initial denomination as of the Closing Date of such Certificate divided by the initial Certificate Balance or Notional
Amount, as applicable, of such Class of Certificates. For these purposes on any date of determination, the “initial denomination
as of the Closing Date” of any Exchangeable Certificate or any Class EC Certificate received in an exchange will be determined
as if such 

 

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Certificate
was part of the related Class on the Closing Date, the “initial denomination as of the Closing Date” of any
Exchangeable Certificate or any Class EC Certificate surrendered in an exchange will be determined as if such Certificate was
not part of the related Class on the Closing Date and the initial Certificate Balance of the related Class of
Exchangeable Certificates or Class EC Certificates will be determined as if such Class consisted only of the Certificates
comprising the Class on that date of determination and such Certificates had been outstanding as of the Closing Date. With
respect to any Class R Certificate, the percentage interest is set forth on the face thereof.

 

“Performing
Party”: As defined in Section 10.12 of this Agreement.

 

“Performing
Serviced Companion Loan”: A Serviced Companion Loan that is not, and is not part of, a Specially Serviced Loan or REO
Loan.

 

“Performing
Serviced Loan”: A Performing Serviced Mortgage Loan, a Performing Serviced Companion Loan or a Performing Serviced Loan
Combination, as the context may require.

 

“Performing
Serviced Loan Combination”: A Serviced Loan Combination that is not a Specially Serviced Loan or REO Loan.

 

“Performing
Serviced Mortgage Loan”: A Serviced Mortgage Loan that is not, and is not part of, a Specially Serviced Loan or REO Loan.

 

“Permitted Investments”:
Any one or more of the following obligations or securities payable on demand or having a scheduled maturity on or before the Business
Day preceding the date upon which such funds are required to be drawn (provided that funds invested by the Certificate Administrator
in Permitted Investments managed or advised by the Certificate Administrator may (or, as and when contemplated under Section 3.07(c),
shall) mature on the Distribution Date) and a maximum maturity of 365 days, regardless of whether issued by the Depositor, the
Master Servicer, the Trustee, the Certificate Administrator or any of their respective Affiliates and having at all times the required
ratings, if any, provided for in this definition, unless each Rating Agency shall have provided a Rating Agency Confirmation:

 

(i)           
obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency
or instrumentality thereof; provided such obligations are backed by the full faith and credit of the United States of America
including, without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home
Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S.
Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates
and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington
Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the investments described
in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if
such investments have a variable rate of interest, such interest rate must be

 

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tied
to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such
investments must not be subject to liquidation prior to their maturity;

 

(ii)           
Federal Housing Administration debentures;

 

(iii)         
obligations of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations),
the Farm Credit System (consolidated system wide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations),
the Federal National Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and the Resolution Funding
Corp. (debt obligations); provided, however, that the investments described in this clause must (A) have
a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if such investments have
a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and
must move proportionately with that index, and (C) such investments must not be subject to liquidation prior to their maturity;

 

(iv)         
federal funds, unsecured certificates of deposit, time or similar deposits, bankers’ acceptances and repurchase agreements
of any bank, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated in the
highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term obligations of which
are rated in the highest short-term rating category by Moody’s or the long-term obligations of which are rated at least
“A2” by Moody’s, (B) if it has a term of more than three months and not in excess of six months, the short-term
obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of
which are rated at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations
of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are
rated “Aaa” by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above,
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that
the investments described in this clause must (A) have a predetermined fixed dollar amount of principal due at maturity
that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments
must not be subject to liquidation prior to their maturity;

 

(v)          
demand and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust
company, savings and loan association or savings bank, (A) if it has a term of three months or less, (1) the short-term obligations
of which are rated in the highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term
obligations of which are rated in the highest short-term rating category by

 

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Moody’s
or the long-term obligations of which are rated at least “A2” by Moody’s, (B) if it has a term of more than
three months and not in excess of six months, the short-term obligations of which are rated in the highest short-term rating category
by each Rating Agency and the long-term obligations of which are rated at least “Aa3” by Moody’s and (C) if
it has a term of more than six months, the short-term obligations of which are rated in the highest short-term rating category
by each Rating Agency and the long-term obligations of which are rated “Aaa” by Moody’s (or, in the case of
any such Rating Agency as set forth in clauses (A) through (C) above, such lower rating as is the subject of a Rating Agency Confirmation
by such Rating Agency); provided, however, that the investments described in this clause must (A) have
a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if such investments have
a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and
must move proportionately with that index, and (C) such investments must not be subject to liquidation prior to their maturity;

 

(vi)         
debt obligations, (A) if it has a term of three months or less, (1) the short-term obligations of which are rated
in the highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2) the short-term obligations of
which are rated in the highest short-term rating category by Moody’s or the long-term obligations of which are rated at
least “A2” by Moody’s, (B) if it has a term of more than three months and not in excess of six months, the short-term
obligations of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of
which are rated at least “Aa3” by Moody’s and (C) if it has a term of more than six months, the short-term obligations
of which are rated in the highest short-term rating category by each Rating Agency and the long-term obligations of which are
rated “Aaa” by Moody’s (or, in the case of any such Rating Agency as set forth in clauses (A) through (C) above,
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that
the investments described in this clause must (A) have a predetermined fixed dollar amount of principal due at maturity
that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments
must not be subject to liquidation prior to their maturity;

 

(vii)        
commercial paper (including both non-interest bearing discount obligations and interest bearing obligations payable on
demand or on a specified date not more than one year after the date of issuance thereof), (A) if it has a term of one month
or less, the short-term obligations of which are rated at least “F1” by Fitch and “P-1” by Moody’s
(or, in the case of Moody’s, the long-term obligations of which are rated at least “A2” by Moody’s) and
in the highest short-term debt rating category of KBRA (if then rated by KBRA); (B) if it has a term of more than one
month and not in excess of three months, (1) the short-term debt obligations of which are rated at least “F1+” by
Fitch (or “F1” by Fitch, if

 

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the
long-term debt obligations of which are rated at least “AA-” by Fitch), (2) the short-term debt obligations of
which are rated at least “P-1” by Moody’s or the long-term obligations of which are rated at least “A2”
by Moody’s and (3) the short-term debt obligations of which are rated in the highest short-term debt rating category
by KBRA (if then rated by KBRA); (C) if it has a term of more than three months and not in excess of six months, (1) the
short-term debt obligations of which are rated at least “F1+” by Fitch (or “F1” by Fitch, if the long-term
debt obligations of which are rated at least “AA-” by Fitch), (2) the short-term debt obligations of which are
rated at least “P-1” by Moody’s and the long-term debt obligations of which are rated at least “Aa3”
by Moody’s and (3) the short-term debt obligations of which are rated in the highest short-term rating category by
KBRA (if then rated by KBRA); and (D) if it has a term of more than six months, (1) the short-term debt obligations
of which are rated at least “F1+” by Fitch (or “F1” by Fitch, if the long-term debt obligations of which
are rated at least “AA-” by Fitch), (2) the short-term debt obligations of which are rated at least “P-1”
by Moody’s and the long-term debt obligations of which are rated at least “Aaa” by Moody’s and (3) the
short-term debt obligations of which are rated in the highest short-term rating category by KBRA (if then rated by KBRA) (or,
in the case of any such Rating Agency as set forth in clauses (A) through (D) above, such lower rating as is the subject of a
Rating Agency Confirmation by such Rating Agency); provided, however, that the investments described in this clause must
(A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments
have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any)
and must move proportionately with that index, and (C) such investments must not be subject to liquidation prior to their
maturity;

 

(viii)       
the Wells Fargo Advantage Heritage Money Market Fund or any other money market fund (in each case, the “Fund”)
so long as the Fund is rated by Fitch and Moody’s in its highest money market fund ratings category (or, if not rated by
such Rating Agency, otherwise acceptable to such Rating Agency and KBRA, as confirmed in a Rating Agency Confirmation);

 

(ix)         
any other demand, money market or time deposit, demand obligation
or any other obligation, security or investment with respect to which Rating Agency Confirmation has been obtained from
each Rating Agency; and

 

(x)          
such other demand, money market or time deposit, demand obligation or any other obligation, security or investment that,
but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses
(i) – (ix) above, with respect to which a Rating Agency Confirmation
has been obtained from each Rating Agency for which the minimum ratings set forth in the applicable clause is not
satisfied with respect to such demand, money market or time deposit, demand obligation or any other obligation, security or investment;

 

    	-95-

    	 

    

 

provided, however, that such
instrument continues to qualify as a “cash flow investment” pursuant to Code Section 860G(a)(6) earning a passive
return in the nature of interest and that no instrument or security shall be a Permitted Investment if (i) such instrument
or security evidences a right to receive only interest payments, (ii) the right to receive principal and interest payments
derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying
investment, (iii) the rating for such instrument or security includes an “r” designation or (iv) if such
instrument may be redeemed at a price below the purchase price; and provided, further, that no amount beneficially
owned by the Upper-Tier REMIC or the Lower-Tier REMIC (even if not yet deposited in the Trust) may be invested in investments (other
than money market funds) treated as equity interests for federal income tax purposes, unless the Master Servicer receives an Opinion
of Counsel, at the expense of the party directing such Permitted Investment, to the effect that such investment will not adversely
affect the status of the Upper-Tier REMIC or the Lower-Tier REMIC. Permitted Investments that are subject to prepayment or call
may not be purchased at a price in excess of par.

 

Notwithstanding the foregoing,
to the extent that the Loan Documents with respect to a particular Mortgage Loan require the funds in the related Mortgagor Accounts
to be invested in investments other than those itemized in clauses (i) through (ix) above, the Master Servicer shall invest
the funds in such Mortgagor Accounts in accordance with the terms of the related Loan Documents.

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title insurance and/or
other insurance commissions and fees received or retained by the Special Servicer or any of its Affiliates in connection with any
services performed by such party with respect to any Serviced Loan or REO Property, in each case, in accordance with Article
III of this Agreement.

 

“Permitted Transferee”:
With respect to a Class R Certificate, any Person or agent of such Person other than (a) a Disqualified Organization,
(b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at
the expense of such Person or the Person requesting the transfer) to the effect that the transfer of an ownership interest in any
Class R Certificate to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates
are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) an entity treated as a U.S. partnership if any of its partners,
directly or indirectly (other than through a U.S. corporation) is (or is permitted to be under the partnership agreement) a Disqualified
Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to which income from a Class R Certificate is attributable to a
foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the transferee or any
other U.S. Tax Person.

 

“Person”:
Any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

“Plan”:
As defined in Section 5.03(m) of this Agreement.

 

“Plan Investor”:
As defined in Section 5.03(m) of this Agreement.

 

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“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(g) of this Agreement.

 

“Prepayment
Assumption”: The assumption that there will be zero prepayments with respect to the Mortgage Loans; provided,
that it is assumed that any ARD Mortgage Loan is prepaid in full on its Anticipated Repayment Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Loan Combination that was
subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was applied
to such Mortgage Loan or Serviced Loan Combination after the related Due Date in such Collection Period, the amount of interest
(net of the related Servicing Fee and any related Excess Interest and Default Interest) that accrued on the amount of such Principal
Prepayment during the period commencing from such Due Date to, but not including, the date as of which such Principal Prepayment
was applied to the unpaid principal balance of the Mortgage Loan or Serviced Loan Combination (or any later date through which
interest accrues), to the extent collected from the related Mortgagor (without regard to any related Yield Maintenance Charge actually
collected) and, in the case of an Outside Serviced Mortgage Loan, remitted to the Trust Fund.

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Loan Combination that
was subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was applied
to such Mortgage Loan or Serviced Loan Combination (with such prepayment allocated between the related Mortgage Loan and Serviced
Companion Loan in accordance with the related Co-Lender Agreement) prior to the related Due Date in such Collection Period, the
amount of interest (net of the related Servicing Fee and any related Excess Interest and Default Interest) to the extent not collected
from the related Mortgagor (without regard to any Yield Maintenance Charge that may be collected), that would have accrued on the
amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied
to the unpaid principal balance of such Mortgage Loan or Serviced Loan Combination through the end of the one-month accrual period
applicable to such Due Date, inclusive.

 

“Primary Collateral”:
With respect to any Cross-Collateralized Mortgage Loan, any Mortgaged Property (or portion thereof) designated as directly securing
such Cross-Collateralized Mortgage Loan and excluding any Mortgaged Property (or portion thereof) as to which the related lien
may only be foreclosed upon by exercise of the cross-collateralization provisions of such Cross-Collateralized Mortgage Loan.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal, Eastern edition
(or, if such section or publication is no longer available, such other comparable publication as determined by the Certificate
Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate” no longer
exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may be in effect
from time to time. The Certificate Administrator shall notify in writing the Master Servicer with regard to any determination of
the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

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“Principal Balance
Certificates”: The Certificates (other than the Class X and Class R Certificates), collectively.

 

“Principal Distribution
Amount”: For any Distribution Date, an amount equal to the sum of the following amounts:

 

(A)          
the Scheduled Principal Distribution Amount for such Distribution Date;

 

(B)          
the Unscheduled Principal Distribution Amount for such Distribution Date;

 

(C)          
the Principal Shortfall, if any, for the prior Distribution Date; and

 

provided that the Principal Distribution
Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements of (i) Nonrecoverable
Advances (including any servicing advance with respect to an Outside Serviced Mortgage Loan under the related Outside Servicing
Agreement), together with interest on such Nonrecoverable Advances at the Advance Rate, that are paid or reimbursed from principal
collections on the Mortgage Loans (including the REO Mortgage Loans) in a period during which such principal collections would
have otherwise been included in the Principal Distribution Amount for such Distribution Date and (ii) Workout-Delayed Reimbursement
Amounts that were paid or reimbursed from principal collections on the Mortgage Loans (including the REO Mortgage Loans) in a period
during which such principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution
Date (provided that, in the case of clause (i) and (ii) above, if any of the amounts that were reimbursed from principal
collections on the Mortgage Loans (including the REO Mortgage Loans) for a prior Distribution Date are subsequently recovered on
the related Mortgage Loan (including an REO Mortgage Loan), such recovery will increase the Principal Distribution Amount for the
Distribution Date related to the Collection Period in which such recovery occurs).

 

The principal component
of the amounts set forth above shall be determined in accordance with Section 1.02 hereof.

 

“Principal Prepayment”:
Any payment of principal made by a Mortgagor on a Mortgage Loan or Serviced Loan Combination which is received in advance of its
scheduled Due Date and which is not accompanied by an amount of interest representing the full amount of scheduled interest due
on any date or dates in any month or months subsequent to the month of prepayment other than any amount paid in connection with
the release of the related Mortgaged Property through defeasance.

 

“Principal Shortfall”:
For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for such Distribution Date exceeds
(ii) the aggregate amount actually distributed with respect to principal on the Principal Balance Certificates on such Distribution
Date in respect of such Principal Distribution Amount.

 

“Private Certificates”:
The Class D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates.

 

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“Privileged
Information”: Any (i) correspondence or other communications between the related Directing Holder (and, in the case
of a Serviced Loan Combination, the related Serviced Companion Loan Holder (or its Companion Loan Holder Representative)) and the
Special Servicer related to any Specially Serviced Loan or the exercise of the consent or consultation rights of such Directing
Holder under this Agreement and/or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative) under
the related Co-Lender Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably determined
(and has identified as privileged or confidential information) could compromise the Trust Fund’s position in any ongoing
or future negotiations with the related Mortgagor or other interested party, and (iii) any information subject to attorney-client
privilege.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information
becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the party
restricted from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and
necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities
or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise
subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator, any affected Serviced Companion Loan Holder, the Trustee and the
Asset Representations Reviewer, as evidenced by an Opinion of Counsel (which shall be an Additional Trust Fund Expense) delivered
to each of the Master Servicer, the Special Servicer, the applicable Directing Holder, the Operating Advisor, the Certificate Administrator,
the Trustee and the Asset Representations Reviewer) required by law, rule, regulation, order, judgment or decree to disclose such
information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer, the Excluded Mortgage Loan Special Servicer, the Trustee, the Certificate Administrator, any Additional
Servicer designated by the Master Servicer or the Special Servicer, the Directing Holder (but, in the case of the Controlling Class
Representative, only for so long as a Consultation Termination Event does not exist), the Operating Advisor, any Affiliate of the
Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any affiliate of the Asset Representations
Reviewer designated by the Asset Representations Reviewer, any Companion Loan Holder that delivers an Investor Certification, any
Person who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency) that
delivers a NRSRO Certification to the Certificate Administrator, which Investor Certification and NRSRO Certification may be submitted
electronically via the Certificate Administrator’s Website; provided that in no event shall an Excluded Controlling
Class Holder be entitled to Excluded Information with respect to an Excluded Controlling Class Mortgage Loan with respect to which
it is a Borrower Party (but this exclusion shall not apply to any other Mortgage Loan). In no event shall a Mortgagor, a Manager
of a Mortgaged Property, an Affiliate of any of the foregoing or an agent, principal, partner, member, joint venturer, limited
partner, employee, representative, director, trustee, advisor or investor in or of any of the foregoing be considered a Privileged
Person; provided that the foregoing shall not be applicable to, nor limit, an Excluded Controlling Class Holder’s right to
access information with respect to any Mortgage Loan other than Excluded Information with respect to a related Excluded

 

    	-99-

    	 

    

 

Controlling
Class Mortgage Loan. For the avoidance of doubt, the Controlling Class Representative, each Controlling Class Certificateholder
and the Special Servicer shall, at any given time, be considered a Privileged Person with respect to any Mortgage Loans or Serviced
Loan Combinations for which it is not then a Borrower Party.

 

“Property Advance”:
As to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO Property related to an Outside Serviced
Mortgage Loan), any advance made by the Master Servicer or the Trustee in respect of Property Protection Expenses, together with
all other customary, reasonable and necessary “out-of-pocket” costs and expenses (including attorneys’ fees and
fees and expenses of real estate brokers) incurred by the Master Servicer, the Special Servicer or the Trustee in connection
with the servicing and administration of a Serviced Mortgage Loan or Serviced Loan Combination, if a default is imminent thereunder
or a default, delinquency or other unanticipated event has occurred with respect thereto, or in connection with the administration
of any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan), including, but not limited to, the
cost of (a) compliance with the obligations of the Master Servicer, the Special Servicer or the Trustee, if any, set forth
in Sections 2.03, 3.04 and 3.07 of this Agreement, (b) the preservation, insurance, restoration,
protection and management of a related Mortgaged Property, (c) obtaining any Insurance Proceeds, Condemnation Proceeds or
Liquidation Proceeds, (d) any enforcement or judicial proceedings with respect to a related Mortgaged Property, including
foreclosures, (e) any Appraisal or any other appraisal or update thereof expressly permitted or required to be obtained hereunder
and (f) the operation, management, maintenance and liquidation of any such REO Property; provided that, notwithstanding
anything to the contrary, “Property Advances” shall not include allocable overhead of the Master Servicer, the Special
Servicer or the Trustee, such as costs for office space, office equipment, supplies and related expenses, employee salaries and
related expenses and similar internal costs and expenses, or costs and expenses incurred by any such party in connection with its
purchase of any Mortgage Loan or REO Property pursuant to any provision of this Agreement or an intercreditor agreement; and provided,
further, that, no Property Advances shall be made with regard to a Subordinate Companion Loan if the related Mortgage Loan
is no longer held by the Trust. Each reference to the payment or reimbursement of a Property Advance shall be deemed to include,
whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate from and including the
date of the making of such Advance to but excluding the date of payment or reimbursement. If and when used with respect to an Outside
Serviced Mortgage Loan or any related REO Property, the term “Property Advance” shall have the meaning assigned thereto
or to the term “Servicing Advance” in the applicable Outside Servicing Agreement.

 

“Property Protection
Expenses”: Any costs and expenses incurred by the Master Servicer, the Special Servicer or the Trustee pursuant to Sections
3.04, 3.07, 3.10(f), 3.10(g) and 3.17(b) or indicated herein as being a cost or expense of the
Lower-Tier REMIC to be advanced by the Master Servicer or the Trustee, as applicable.

 

“Proposed Course
of Action Notice”: As defined in Section 2.03(g) of this Agreement.

 

    	-100-

    	 

    

 

“Prospectus”:
The prospectus dated February 3, 2016, relating to the Public Certificates.

 

“PSA Party Repurchase
Request”: As defined in Section 2.03 of this Agreement.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Public Certificates”:
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S,
Class B, Class EC and Class C Certificates.

 

“Public Documents”:
As defined in Section 4.02(a) of this Agreement.

 

“Public Global
Certificates”: A Global Certificate relating to a Class of Public Certificates.

 

“Purchase Price”:
With respect to any Mortgage Loan (or REO Property), a price equal to the following: (a) the outstanding principal balance
of such Mortgage Loan (or the related REO Mortgage Loan) as of the time of purchase less any portion of any Loss of Value
Payment then on deposit in the Loss of Value Reserve Fund allocable to pay principal of such Mortgage Loan (or REO Property); plus
(b) all accrued and unpaid interest on the principal balance of such Mortgage Loan (or the related REO Mortgage Loan), other
than Default Interest or Excess Interest, at the related Mortgage Rate in effect from time to time through the Due Date in the
Collection Period of purchase; plus (c) all related unreimbursed Property Advances (including any Property Advances and Advance
Interest Amounts with respect thereto that were reimbursed out of general collections on the Mortgage Loans) (or, in the case of
an Outside Serviced Mortgage Loan, the pro rata portion of any similar amounts allocable to such Mortgage Loan and payable
with respect thereto pursuant to the related Co-Lender Agreement); plus (d) all accrued and unpaid Advance Interest Amounts
in respect of related Advances (or, in the case of an Outside Serviced Mortgage Loan, all such amounts with respect to P&I
Advances related to such Outside Serviced Mortgage Loan and, with respect to outstanding Property Advances, the pro rata
portion of any similar interest amounts payable with respect thereto pursuant to the related Co-Lender Agreement); plus (e) to
the extent not otherwise covered by clause (d) above, any unpaid Special Servicing Fees and any other unpaid Additional
Trust Fund Expenses outstanding or previously incurred in respect of the related Mortgage Loan, including all expenses incurred
by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee in respect of the Material
Defect giving rise to the repurchase; provided, however, that such expenses shall not include expenses incurred by
Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in taking part in an Asset Review vote or
in exercising such Certificateholder’s or Certificate Owner’s, as applicable, rights under the dispute resolution mechanics
pursuant to Section 2.03(g) hereof; plus (f) to the extent not otherwise included in the amount described in clause (e)
above, any Liquidation Fee if and to the extent payable in accordance with the terms and conditions of this Agreement; plus (g) any
related Asset Representations Reviewer Asset Review Fee to the extent not previously paid by the related Mortgage Loan Seller.
With respect to any REO Property that relates to a Serviced Loan Combination, the Purchase Price for the Trust Fund’s interest
in such REO Property shall be the amount calculated in accordance with the first sentence of this definition in respect of the
related REO Mortgage Loan and, solely for purposes of calculating fair prices under the final sentence of Section 3.17(k)
of this Agreement, such amount shall be calculated as

 

    	-101-

    	 

    

 

if
the REO Mortgage Loan consisted of the REO Mortgage Loan and the related REO Companion Loan(s), if applicable.

 

“Qualified Bidder”:
As defined in Section 7.01(b) of this Agreement.

 

“Qualified Institutional
Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Insurer”:
As used in Sections 3.08 and 5.10 of this Agreement, in the case of (i) all policies not referred to in
clause (ii) below, an insurance company or security or bonding company qualified to write the related insurance policy
in the relevant jurisdiction and whose claims paying ability is rated at least “A” by Fitch (or, if not rated by Fitch,
an equivalent rating such as that listed above by at least two NRSROs (which may include S&P, DBRS, Moody’s and/or A.M.
Best)) and “A3” by Moody’s (or, if not rated by Moody’s, then either (x) an equivalent rating such as that
listed above by at least two NRSROs (which may include S&P and/or Fitch) or one NRSRO (which may include S&P and/or Fitch)
and A.M. Best or (y) Moody’s has issued a Rating Agency Confirmation with respect to such insurance company) or (ii) in the
case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(c)
of this Agreement, a company that shall have a claims-paying ability rated at least as follows by at least one of the following
NRSROs: “A (low)” by DBRS, “A-” by S&P, “A-” by Fitch, “A3” by Moody’s
or “A:X” by A.M. Best, or (iii) in either case, an insurance company not satisfying the ratings criteria of any Rating
Agency set forth in clause (i) or (ii), as applicable, but with respect to which the Master Servicer or the
Special Servicer, as applicable, has received a Rating Agency Confirmation from such Rating Agency. “Qualified Insurer”
shall also mean any entity that satisfies all of the criteria, other than the ratings criteria, set forth in one of the foregoing
clauses and whose obligations under the related insurance policy are guaranteed or backed by an entity that satisfies the ratings
criteria set forth in such clause (construed as if such entity were an insurance company referred to therein).

 

“Qualified Mortgage”:
A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard
to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a “qualified
mortgage”, or any substantially similar successor provision).

 

“Qualified Substitute
Mortgage Loan”: A mortgage loan that must, on the date of substitution: (i) have an outstanding principal balance,
after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether
or not received, not in excess of the Stated Principal Balance of the deleted Mortgage Loan as of the Due Date in the calendar
month during which the substitution occurs; (ii) have a Mortgage Rate not less than the Mortgage Rate of the deleted Mortgage
Loan; (iii) have the same Due Date as and a grace period no longer than that of the deleted Mortgage Loan; (iv) accrue
interest on the same basis as the deleted Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve 30-day
months); (v) have a remaining term to stated maturity not greater than, and not more than two years less than, the remaining
term to stated maturity of the deleted Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or less than the
lesser of (a) the loan-to-value ratio of the deleted Mortgage Loan as of the Cut-Off Date and (b) 75%, in each case using
the “value” for the Mortgaged Property as determined using an Appraisal; 

 

    	-102-

    	 

    

 

(vii) comply (except in a manner that
would not be adverse to the interests of the Certificateholders) as of the date of substitution in all material respects with all
of the representations and warranties set forth in the applicable Loan Purchase Agreement; (viii) have
an environmental report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property
and which will be delivered as a part of the related Servicing File; (ix) have a then-current debt service coverage ratio
at least equal to the greater of (a) the debt service coverage ratio of the deleted Mortgage Loan as of the Closing Date
and (b) 1.25x; (x) constitute a “qualified replacement mortgage” within the meaning of Code Section 860G(a)(4)
as evidenced by an Opinion of Counsel (provided at the applicable Mortgage Loan Seller’s expense); (xi) not have a
maturity date or an amortization schedule that extends to a date that is after the date that is three years prior to the Rated
Final Distribution Date; (xii) have prepayment restrictions comparable to those of the deleted Mortgage Loan; (xiii) not
be substituted for a deleted Mortgage Loan unless the Trustee and the Certificate Administrator have received a prior Rating Agency
Confirmation (the cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller);
(xiv) have been approved, so long as a Consultation Termination Event has not occurred and is not continuing, by the Controlling
Class Representative; (xv) prohibit defeasance within two years of the Closing Date; (xvi) not be substituted for a
deleted Mortgage Loan if it would result in the termination of the REMIC status of a Trust REMIC or the imposition of tax on a
Trust REMIC other than a tax on income expressly permitted or contemplated to be imposed by the terms of this Agreement, as determined
by an Opinion of Counsel; (xvii) have an engineering report with respect to the related Mortgaged Property that will be delivered
as a part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal and
interest then due. In the event that more than one mortgage loan is substituted for a deleted Mortgage Loan or Mortgage Loans,
then (x) the amounts described in clause (i) above shall be determined on the basis of aggregate principal balances and (y)
each such proposed Qualified Substitute Mortgage Loan shall individually satisfy each of the requirements specified in clauses (ii)
through (xviii) above, except that the rates described in clause (ii) above and the remaining term to stated maturity referred
to in clause (v) above shall be determined on a weighted average basis; provided that no individual Mortgage Rate
(net of the Administrative Cost Rate) shall be lower than the highest fixed Pass-Through Rate (and not based on, or subject to
a cap equal to, the WAC Rate) of any Class of Principal Balance Certificates or Class EC Regular Interest having a Certificate
Balance then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a deleted Mortgage Loan, the applicable
Mortgage Loan Seller shall certify that the replacement Mortgage Loan(s) meet(s) all of the requirements of the above definition
and shall send such certification to the Certificate Administrator and the Trustee and, prior to the occurrence and continuance
of a Consultation Termination Event, the Controlling Class Representative.

 

“Rated Final
Distribution Date”: The Distribution Date occurring in February 2049.

 

“Rating Agency”:
Each of Moody’s, Fitch and KBRA or their successors in interest. If no such rating agency nor any successor thereof remains
in existence, “Rating Agency” shall be deemed to refer to such nationally recognized statistical rating organization
or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the
Certificate Administrator, the Special Servicer and the Master

 

    	-103-

    	 

    

 

Servicer,
and specific ratings of Moody’s, Fitch and KBRA herein referenced shall be deemed to refer to the equivalent ratings (as
reasonably determined by the Depositor) of the party so designated. References herein to the highest long-term unsecured debt
rating category of Moody’s, Fitch or KBRA shall mean “Aaa” with respect to Moody’s and “AAA”
with respect to Fitch and KBRA, and, in the case of any other rating agency, shall mean such highest rating category without regard
to any plus or minus or numerical qualification.

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each applicable
Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade,
withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by the Rating Agency);
provided that upon receipt of a written waiver or other acknowledgment from any applicable Rating Agency indicating its
decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought (such written notice,
a “Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement
for the Rating Agency Confirmation from the applicable Rating Agency with respect to such matter shall not apply.

 

“Rating Agency
Declination”: As defined in the definition of “Rating Agency Confirmation” in this Agreement.

 

“Realized Loss”:
With respect to any Distribution Date, the amount, if any, by which (A) the aggregate Certificate Balance of all Classes of
Principal Balance Certificates (other than the Exchangeable Certificates and the Class EC Certificates) and the Class EC Regular
Interests, after giving effect to distributions of principal on such Distribution Date, exceeds (B) the aggregate Stated Principal
Balance of the Mortgage Loans (including any REO Mortgage Loans) (for purposes of this calculation only, not giving effect to any
reductions of the Stated Principal Balance for principal payments received on the Mortgage Loans that were used to reimburse the
Master Servicer, the Special Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed
Reimbursement Amounts, to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable
Advances) after giving effect to any and all reductions thereon on such Distribution Date. The allocation of Realized Losses
may be reversed as provided in the penultimate sentence of the first paragraph of Section 4.01(f) of this Agreement.

 

“Record Date”:
With respect to each Distribution Date and each Class of Certificates, the last Business Day of the month preceding the month in
which that Distribution Date occurs.

 

“Registered
Rating Agency”: (a) Any Rating Agency that has registered as a user of the Rule 17g-5 Information Provider’s Website;
or (b) any NRSRO other than the Rating Agencies (i) that has registered as a user of the Rule 17g-5 Information Provider’s
Website and (ii) with respect to which the Rule 17g-5 Information Provider has received an NRSRO Certification pursuant to
Section 12.13(h) of this Agreement.

 

“Regular Certificates”:
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-D, Class D,
Class E, Class F, Class G and Class H Certificates, collectively.

 

    	-104-

    	 

    

 

“Regulation AB”:
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such rules may
be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission or by
the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective
from time to time as of the compliance dates specified therein.

 

“Regulation S”:
Regulation S under the Act.

 

“Regulation S
Global Certificates”: As defined in Section 5.02(c)(i) of this Agreement.

 

“Regulation S
Investor”: With respect to a transferee of a Regulation S Global Certificate, a transferee that acquires such Certificate
pursuant to Regulation S.

 

“Relevant Distribution
Date”: With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and (b) any Significant
Obligor with respect to an Other Securitization Trust, the “Distribution Date” (or an analogous concept) under the
related Other Pooling and Servicing Agreement.

 

“Relevant Servicing
Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit O to this Agreement.
For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With respect to
a Servicing Function Participant engaged by the Master Servicer, the Special Servicer or the Certificate Administrator, the term
“Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable to the Master Servicer,
the Special Servicer or the Certificate Administrator.

 

“Remaining Certificateholder”:
Any Holder (or Holders provided they act in unanimity) holding 100% of the Certificates (other than the Class R Certificates)
or an assignment of the voting rights thereof; provided, however, that the Certificate Balances of the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates and the Class EC Regular
Interests and the Notional Amounts of the Class X-A and Class X-D Certificates have been reduced to zero.

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Code Section 860D.

 

“REMIC Provisions”:
Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Section 860A
through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed
regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

    	-105-

    	 

    

 

“Rents from
Real Property”: With respect to any REO Property, gross income of the character described in Code Section 856(d),
which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(1)          
except as provided in Code Section 856(d)(4) or (6), any amount received or accrued, directly or indirectly, with
respect to such REO Property, if the determination of such amount depends in whole or in part on the income or profits derived
by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes
Rents from Real Property);

 

(2)          
any amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including
by attribution) a ten percent or greater interest in such Person determined in accordance with Code Sections 856(d)(2)(B)
and (d)(5);

 

(3)          
any amount received or accrued, directly or indirectly, with respect to such REO Property if any Person Directly Operates
such REO Property;

 

(4)          
any amount charged for services that are not customarily furnished in connection with the rental of property to tenants
in buildings of a similar class in the same geographic market as such REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether
or not such charges are separately stated); and

 

(5)          
rent attributable to personal property unless such personal property is leased under, or in connection with, the lease of
such REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received
or accrued under, or in connection with, the lease.

 

“REO Account”:
A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section 3.16
of this Agreement on behalf of the Trustee in trust for the Certificateholders and the Serviced Companion Loan Holders, which (subject
to any change in the identities of the Special Servicer and/or the Trustee) shall be entitled “Wells Fargo Bank, National
Association, as Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36
and the Companion Loan Holder REO Account, as their interests may appear.” Any such account or accounts shall be an Eligible
Account.

 

“REO Companion
Loan”: Any Serviced Companion Loan if the related Mortgaged Property has become an REO Property.

 

“REO Extension”:
As defined in Section 3.16(a) of this Agreement.

 

“REO Loan”:
An REO Mortgage Loan, REO Companion Loan or REO Loan Combination, as the context may require.

 

    	-106-

    	 

    

 

“REO Loan Combination”:
Any Serviced Loan Combination as to which the related Mortgaged Property has become an REO Property.

 

“REO Mortgage
Loan”: Any Mortgage Loan as to which the related Mortgaged Property has become an REO Property (including an REO Property
consisting of the Trust’s beneficial interest in a Mortgaged Property acquired upon a foreclosure or deed-in-lieu of foreclosure
of any of the Outside Serviced Mortgage Loans under the applicable Outside Servicing Agreement; for the avoidance of doubt, any
such beneficial interest will not be serviced by the Special Servicer under this Agreement).

 

“REO Proceeds”:
With respect to any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) and the related REO
Mortgage Loan and REO Companion Loan, all revenues received by the Special Servicer with respect to such REO Property, REO Mortgage
Loan or REO Companion Loan which do not constitute Liquidation Proceeds. In the case of an Outside Serviced Mortgage Loan that
has become an REO Mortgage Loan and in the case of the related REO Property, “REO Proceeds” under this Agreement shall
be limited to any proceeds of the type described above in this definition that are received by the Trust Fund in connection with
such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

 

“REO Property”:
A Mortgaged Property as to which title has been acquired on behalf of the Trust Fund and any related Serviced Companion Loan Holder
through foreclosure, deed-in-lieu of foreclosure or otherwise; provided that a Mortgaged Property that secures an Outside
Serviced Mortgage Loan shall constitute an REO Property if and when it is acquired under the applicable Outside Servicing Agreement
on behalf of the Trustee for the benefit of the Trust Fund as the holder of such Outside Serviced Mortgage Loan and of the related
Companion Loan Holder(s) through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable
law in connection with a default or imminent default of such Outside Serviced Mortgage Loan.

 

“Reportable
Event”: As defined in Section 10.07 of this Agreement.

 

“Reporting Servicer”:
As defined in Section 10.09 of this Agreement.

 

“Repurchase”:
As defined in Section 2.03(a) of this Agreement.

 

“Repurchase
Communication”: For purposes of Sections 2.03(a) and 3.01(c) of this Agreement only, any communication,
whether oral or written, which need not be in any specific form.

 

“Repurchase
Request”: A Certificateholder Repurchase Request, a PSA Party Repurchase Request or any other Repurchase Communication
of a request or demand for repurchase or replacement of any Mortgage Loan alleging a Document Defect or Breach with respect to
such Mortgage Loan.

 

“Repurchase
Request Rejection”: As defined in Section 2.03(a) of this Agreement.

 

    	-107-

    	 

    

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(a) of this Agreement.

 

“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit C hereto.

 

“Requesting
Certificateholder”: (i) The Initial Requesting Certificateholder, if any, or (ii) any other Certificateholder or Certificate
Owner that, in each case, is exercising its rights under Section 2.03(g) of this Agreement to refer a matter involving a
Repurchase Request to either mediation or arbitration.

 

“Requesting
Holders”: As defined in Section 3.10(a) of this Agreement.

 

“Requesting
Party”: As defined in Section 3.30(a) of this Agreement.

 

“Residual Ownership
Interest”: Any record or beneficial interest in the Class R Certificates.

 

“Resolution
Failure”: As defined in Section 2.03(f) of this Agreement.

 

“Resolved”:
With respect to a Repurchase Request, means that (i) the related Material Defect has been cured, (ii) the related Mortgage
Loan has been repurchased in accordance with the related Loan Purchase Agreement, (iii) a mortgage loan has been substituted
for the related Mortgage Loan in accordance with the related Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
has made a Loss of Value Payment, (v) a contractually binding agreement has been entered into between the Enforcing Servicer,
on behalf of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations
under the related Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result
of a sale or other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee (and,
in the event that the Trustee is the Certificate Registrar or the Paying Agent, of the Certificate Registrar or the Paying Agent,
as applicable) assigned to the Corporate Trust Office with direct responsibility for the administration of this Agreement
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject and (ii) the Certificate Administrator, any officer assigned to the
Corporate Trust Services group, with direct responsibility for the administration of this Agreement and also, with respect to a
particular matter, any other officer to whom a particular matter is referred by the Certificate Administrator because of such officer’s
knowledge of and familiarity with the particular subject. When used with respect to any Certificate Registrar (other than the Trustee
or the Certificate Administrator), any officer or assistant officer thereof.

 

“Restricted
Group”: Collectively, the following persons and entities: the Trustee; the Underwriters; the Depositor; the Master Servicer;
the Special Servicer; any Sub-Servicers; the Sponsors; each Mortgagor, if any, with respect to Mortgage Loans constituting more
than 5% of the total unamortized principal balance of all the Mortgage Loans in the Trust Fund as of the Closing Date; and any
and all Affiliates of any of the aforementioned Persons.

 

    	-108-

    	 

    

 

“Restricted
Party”: As defined in the definition of “Privileged Information Exception” in this Agreement.

 

“Restricted
Period”: As defined in Section 5.02(c)(i) of this Agreement.

 

“Retained Defeasance
Rights and Obligations”: As defined in Section 3.09(d)(i) of this Agreement.

 

“Review Materials”:
As defined in Section 11.01(b)(i).

 

“Review Package”:
A package of documents consisting of a memorandum outlining the analysis and recommendation (in accordance with the Servicing Standard)
of the Master Servicer or the Special Servicer, as the case may be, with respect to the matters that are the subject thereof, and
copies of all relevant documentation.

 

“Revised Rate”:
With respect to any ARD Mortgage Loan, the increased interest rate after the Anticipated Repayment Date (in the absence of a default)
for such ARD Mortgage Loan, as calculated and as set forth in the related Loan Agreement.

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A
Global Certificates”: As defined in Section 5.02(c)(ii) of this Agreement.

 

“Rule 15Ga-1”:
Rule 15Ga-1 under the Exchange Act.

 

“Rule 15Ga-1
Notice”: As defined in Section 2.03(a) of this Agreement.

 

“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(a) of this Agreement.

 

“Rule 17g-5”:
Rule 17g-5 under the Exchange Act.

 

“Rule 17g-5
Information Provider”: The Certificate Administrator acting in such capacity under this Agreement.

 

“Rule 17g-5
Information Provider’s Website”: The website established and maintained by the Rule 17g-5 Information Provider
pursuant to Section 12.06 and Section 12.13 of this Agreement, initially located within the Certificate Administrator’s Website
(initially “www.ctslink.com”), under the “NRSRO” tab for the related transaction.

 

“S&P”:
Standard & Poor’s Ratings Services, or its successors in interest.

 

“Sarbanes-Oxley
Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes-Oxley
Certification”: As defined in Section 10.05 of this Agreement.

 

    	-109-

    	 

    

 

“Scheduled Principal
Distribution Amount”: With respect to each Distribution Date, an amount equal to the aggregate of the principal portions
of:

 

(A)          
all Monthly Payments (which does not include Balloon Payments) with respect to the Mortgage Loans (including any REO Mortgage
Loans) due during or, if and to the extent not previously received or advanced pursuant to Section 4.06 and distributable
to Certificateholders on a preceding Distribution Date, prior to the related Collection Period and (without duplication with any
corresponding Monthly Payments) all Assumed Scheduled Payments with respect to the Mortgage Loans (including REO Mortgage Loans)
for the related Collection Period, in each case to the extent either (i) paid by the Mortgagor as of the Determination Date (or,
in the case of an Outside Serviced Mortgage Loan, received by the Master Servicer as of the Business Day immediately preceding
the related Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to
Section 4.06 in respect of such Distribution Date); and

 

(B)          
all Balloon Payments with respect to the Mortgage Loans (including any REO Mortgage Loans) to the extent received during
the related Collection Period (or, in the case of an Outside Serviced Mortgage Loan, received by the Master Servicer as of the
Business Day immediately preceding the related Master Servicer Remittance Date), and to the extent not included in clause (A)
above for the subject Distribution Date and not previously received or advanced and distributable to Certificateholders on a preceding
Distribution Date.

 

For purposes of clarification,
the Scheduled Principal Distribution Amount from time to time shall include all late payments of principal made by the Mortgagors
with respect to the Mortgage Loans, including late payments in respect of a delinquent Balloon Payment, received during the periods
or by the times described above in this definition, except to the extent those late payments are otherwise applied to reimburse
the Master Servicer or the Trustee, as the case may be, for prior P&I Advances, pursuant to Section 3.06(a) and Section
3.06A(a).

 

“Secure Data
Room”: The website, which shall initially be located within the Certificate Administrator’s Website (initially
“www.ctslink.com”), under the “Diligence Files” tab on the page relating to this transaction.

 

“Senior Certificates”:
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class X-A Certificates,
collectively.

 

“Sequential
Pay Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S,
Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates, collectively.

 

“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing, managing or administering the Mortgage
Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) that meets the definition
of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth
in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized

 

    	-110-

    	 

    

 

occurrence
of this term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Serviced AB
Loan Combination”: An AB Loan Combination that is being serviced pursuant to this Agreement. There is no Serviced AB
Loan Combination relating to the Trust and all references in this Agreement to “Serviced AB Loan Combination” shall
be disregarded.

 

“Serviced Companion
Loan”: A Companion Loan that is part of a Serviced Loan Combination. The only Serviced Companion Loans related to the
Trust as of the Closing Date are the 5 Penn Plaza Companion Loans, the Sheraton Denver Downtown Fee Companion Loan, the Austin
Block 21 Companion Loan and the Park Place Companion Loan.

 

“Serviced Companion
Loan Holder”: The holder of a Serviced Companion Loan.

 

“Serviced Companion
Loan Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets
of an Other Securitization Trust, which assets include a Serviced Companion Loan (or a portion thereof or interest therein).

 

“Serviced Loan”:
A Serviced Mortgage Loan or Serviced Companion Loan.

 

“Serviced Loan
Combination”: A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations
related to the Trust as of the Closing Date are the 5 Penn Plaza Loan Combination, the Sheraton Denver Downtown Fee Loan Combination,
the Austin Block 21 Loan Combination and the Park Place Loan Combination.

 

“Serviced Mortgage
Loan”: A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

 

“Serviced Outside
Controlled Mortgage Loan”: With respect to a Serviced Outside Controlled Loan Combination, the related Serviced Mortgage
Loan included in the Trust, which is evidenced by a non-controlling promissory note made by the related Mortgagor. There is no
Serviced Outside Controlled Mortgage Loan related to the Trust and references in this Agreement to “Serviced Outside Controlled
Mortgage Loan” shall be disregarded.

 

“Serviced Outside
Controlled Companion Loan”: With respect to a Serviced Outside Controlled Loan Combination, the related Serviced Companion
Loan evidenced by a controlling promissory note made by the related Mortgagor which is not included in the Trust. There is no Serviced
Outside Controlled Companion Loan related to the Trust and references in this Agreement to “Serviced Outside Controlled Companion
Loan” shall be disregarded.

 

“Serviced Outside
Controlled Loan Combination”: A Serviced Loan Combination with respect to which the related “controlling note”
(regardless of whether such note evidences a Pari Passu Companion Loan or a Subordinate Companion Loan) is not included in the
Trust. There is no Serviced Outside Controlled Loan Combination related to the Trust and references in this Agreement to “Serviced
Outside Controlled Loan Combination” shall be disregarded.

 

    	-111-

    	 

    

 

“Serviced Pari
Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Pari Passu Loan Combination. The only Serviced
Pari Passu Companion Loans related to the Trust as of the Closing Date are the 5 Penn Plaza Companion Loans, the Sheraton Denver
Downtown Fee Companion Loan, the Austin Block 21 Companion Loan and the Park Place Companion Loan.

 

“Serviced Pari
Passu Companion Loan Holder”: A holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Loan Combination”: A Pari Passu Loan Combination that is being serviced pursuant to this Agreement. The only Serviced
Pari Passu Loan Combinations related to the Trust as of the Closing Date are the 5 Penn Plaza Loan Combination, the Sheraton Denver
Downtown Fee Loan Combination, the Austin Block 21 Loan Combination and the Park Place Loan Combination.

 

“Serviced Subordinate
Companion Loan”: A Subordinate Companion Loan that is part of a Serviced AB Loan Combination. There are no Serviced Subordinate
Companion Loans related to the Trust and references in this Agreement to “Serviced Subordinate Companion Loan” shall
be disregarded.

 

“Serviced Subordinate
Companion Loan Holder”: A holder of a Serviced Subordinate Companion Loan. There are no Serviced Subordinate Companion
Loan Holders related to the Trust and references in this Agreement to “Serviced Subordinate Companion Loan Holder”
shall be disregarded.

 

“Servicer”:
As defined in Section 10.02(b) of this Agreement.

 

“Servicer Indemnified
Party”: As defined in Section 8.05(c) of this Agreement.

 

“Servicer Termination
Event”: As defined in Section 7.01 of this Agreement.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as such may be amended from time to time.

 

“Servicing Fee”:
With respect to each Mortgage Loan and Serviced Companion Loan (including each Specially Serviced Loan and the Outside Serviced
Mortgage Loans) or any successor REO Mortgage Loan or successor REO Companion Loan and for any Distribution Date, the amount accrued
during the related Interest Accrual Period at the related Servicing Fee Rate on, in the case of the initial Distribution Date,
the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution Date, the Stated Principal Balance
of such Mortgage Loan or such Serviced Companion Loan, as the case may be, as of the close of business on the Distribution Date
in the related Interest Accrual Period; provided that such amounts shall be computed for the same period and on the same
interest accrual basis respecting which any related interest payment due or deemed due on the related Mortgage Loan or Serviced
Loan Combination is computed and shall be prorated for partial periods.

 

For the avoidance of
doubt, notwithstanding Section 3.05 or Section 3.12 of this Agreement, (1) the Servicing Fee shall
be payable from the Lower-Tier REMIC and (2) the

 

    	-112-

    	 

    

 

portion
thereof payable with respect to each Outside Serviced Mortgage Loan to the applicable Outside Servicer shall be paid under the
applicable Outside Servicing Agreement, shall not be payable to the Master Servicer and will previously have been deducted by
the applicable Outside Servicer prior to remittance to the Trust and shall not be withdrawn from the Collection Account.

 

“Servicing Fee
Rate”: With respect to each Mortgage Loan (including any Outside Serviced Mortgage Loan) (or any successor REO Mortgage
Loan with respect thereto), the per annum rate equal to the sum of the rates set forth under the columns labeled “Servicing
Fee Rate (%)” and “Subservicing Fee Rate (%)”on the Mortgage Loan Schedule; with respect to the 5 Penn Plaza
Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; with respect to the Sheraton Denver
Downtown Fee Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0025% per annum; with respect to the
Austin Block 21 Companion Loan (or any successor REO Companion Loan with respect thereto), 0.0075% per annum; and with respect
to the Park Place Companion Loan (or any successor REO Companion Loan with respect thereto), 0.020% per annum.

 

“Servicing File”:
Any documents (other than documents required to be part of the related Mortgage File but including copies of such documents required
to be part of the related Mortgage File) related to the origination or the servicing of the Mortgage Loans that are in the
possession of or under the control of the applicable Mortgage Loan Seller, including but not limited to appraisals, environmental
reports, engineering reports, legal opinions, and the applicable Mortgage Loan Seller’s asset summary, delivered to the Master
Servicer or the Special Servicer; provided that no information that is proprietary to the related Mortgage Loan Seller or
any draft documents, privileged or other related Mortgage Loan Seller communications, credit underwriting, due diligence analyses
or data, or internal worksheets, memoranda, communications or evaluations shall be required to be delivered as part of the Servicing
File. Notwithstanding anything to the contrary contained herein, with respect to each Outside Serviced Mortgage Loan, the Servicing
File shall consist solely of any related documents or records generated by the Master Servicer or Special Servicer hereunder or
received by either of them from the applicable Outside Servicer or Outside Special Servicer.

 

“Servicing Function
Participant” Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer and the Trustee, that is performing activities that address the
Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid principal balance
calculated in accordance with the provisions of Regulation AB.

 

“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and the Serviced Companion Loans or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Trustee, the Operating Advisor
and the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable, as such list may from time to
time be amended.

 

    	-113-

    	 

    

 

“Servicing Standard”:
With respect to the Master Servicer or the Special Servicer, to service and administer the Serviced Loans and any REO Properties
that such party is obligated to service and administer pursuant to this Agreement on behalf of the Trust Fund and the Trustee (as
the trustee for the Certificateholders or, with respect to each Serviced Loan Combination, on behalf of the Certificateholders
and the related Serviced Companion Loan Holder(s), as a collective whole as if such Certificateholders or, with respect to each
Serviced Loan Combination, such Certificateholders and the related Serviced Companion Loan Holder(s), constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan)) as determined in the good faith and reasonable judgment of the Master Servicer or the Special Servicer, as the case
may be: (i) in accordance with the higher of the following standards of care: (A) with the same care, skill, prudence
and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers comparable mortgage
loans with similar borrowers and comparable REO properties for other third-party portfolios (giving due consideration to the customary
and usual standards of practice of prudent institutional commercial mortgage lenders servicing their own mortgage loans and REO
properties), and (B) with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers comparable mortgage loans and REO properties owned by the Master Servicer or the Special
Servicer, as the case may be, and in either case, exercising reasonable business judgment and acting in accordance with applicable
law, the terms of this Agreement and the terms of the respective subject Serviced Loans; (ii) with a view to: the timely recovery
of all payments of principal and interest, including Balloon Payments, under the Serviced Loans or, in the case of (1) a Specially
Serviced Loan or (2) a Mortgage Loan or Serviced Loan Combination as to which the related Mortgaged Property is an REO Property,
the maximization of recovery on that Mortgage Loan or Serviced Loan Combination to the Certificateholders (as a collective whole
as if such Certificateholders constituted a single lender) (or, if any Serviced Companion Loan is involved, with a view to the
maximization of recovery on the related Serviced Loan Combination to the Certificateholders and the related Serviced Companion
Loan Holder(s) (as a collective whole as if such Certificateholders and Serviced Companion Loan Holder(s) constituted a single
lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate
Companion Loan))) of principal and interest, including Balloon Payments, on a present value basis (the relevant discounting of
anticipated collections that will be distributable to the Certificateholders (or, in the case of any Serviced Loan Combination,
to the Certificateholders and the related Companion Loan Holder) to be performed at the Calculation Rate); and (iii) without
regard to (A) any relationship, including as lender on any other debt, that the Master Servicer or the Special Servicer, as
the case may be, or any Affiliate thereof, may have with any of the related Mortgagors, or any Affiliate thereof, or any other
party to this Agreement; (B) the ownership of any Certificate (or any Companion Loan or other indebtedness secured by the
related Mortgaged Property or any security backed by a Companion Loan) by the Master Servicer or the Special Servicer, as the case
may be, or any Affiliate thereof; (C) the obligation of the Master Servicer to make Advances; (D) the right of the Master
Servicer or the Special Servicer, as the case may be, or any Affiliate thereof, to receive compensation or reimbursement of costs
hereunder generally or with respect to any particular transaction; and (E) the ownership, servicing or management for others
of any other mortgage loan or real property not subject to this Agreement by the Master Servicer or the Special Servicer, as the
case may be, or any Affiliate thereof; provided that the foregoing standards shall apply with respect to an Outside Serviced
Mortgage Loan and any

 

    	-114-

    	 

    

 

related
REO Property only to the extent that the Master Servicer or the Special Servicer has any express duties or rights to grant consent
with respect thereto pursuant to this Agreement.

 

“Servicing Transfer
Event”: With respect to any Serviced Mortgage Loan or any Serviced Loan Combination, the occurrence of any of the events
described in clauses (a) through (g) of the definition of “Specially Serviced Loan.”

 

“Sheraton Denver
Downtown Fee Co-Lender Agreement”: With respect to the Sheraton Denver Downtown Fee Loan Combination, the related co-lender
agreement, dated as of February 1, 2016, by and between the holder of the Sheraton Denver Downtown Fee Mortgage Loan and the Sheraton
Denver Downtown Fee Companion Loan Holder, relating to the relative rights of the holder of the Sheraton Denver Downtown Fee Mortgage
Loan and the Sheraton Denver Downtown Fee Companion Loan Holder, as the same may be amended from time to time in accordance with
the terms thereof.

 

“Sheraton Denver
Downtown Fee Companion Loan”: With respect to the Sheraton Denver Downtown Fee Loan Combination, the related promissory
note made by the related Mortgagor and secured by the Sheraton Denver Downtown Fee Mortgage and designated as promissory notes
A-2, which is not included in the Trust and is pari passu in right of payment with the Sheraton Denver Downtown Fee Mortgage Loan
to the extent set forth in the related Loan Documents and as provided in the Sheraton Denver Downtown Fee Co-Lender Agreement.

 

“Sheraton Denver
Downtown Fee Companion Loan Holder”: The holder of the Sheraton Denver Downtown Fee Companion Loan.

 

“Sheraton Denver
Downtown Fee Loan Combination”: The Sheraton Denver Downtown Fee Mortgage Loan, together with the Sheraton Denver Downtown
Fee Companion Loan, each of which is secured by the Sheraton Denver Downtown Fee Mortgage. References herein to the Sheraton Denver
Downtown Fee Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Sheraton Denver Downtown
Fee Mortgage.

 

“Sheraton Denver
Downtown Fee Mortgage”: The Mortgage securing the Sheraton Denver Downtown Fee Mortgage Loan and the Sheraton Denver
Downtown Fee Companion Loan.

 

“Sheraton Denver
Downtown Fee Mortgage Loan”: With respect to the Sheraton Denver Downtown Fee Loan Combination, the Mortgage Loan included
in the Trust, which is (i) secured by the Sheraton Denver Downtown Fee Mortgaged Property, (ii) evidenced by promissory note A-1
and (iii) pari passu in right of payment with the Sheraton Denver Downtown Fee Companion Loans to the extent set forth in the related
Loan Documents and as provided in the Sheraton Denver Downtown Fee Co-Lender Agreement.

 

“Significant
Obligor”: Any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (i) with respect
to the Trust, or (ii) with respect to a Serviced Companion Loan and an Other Securitization Trust, as to which the applicable Other
Depositor has notified the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k)
of Regulation AB) as to such Other Securitization Trust. There is no Significant Obligor with respect to the Trust.

 

    	-115-

    	 

    

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year) and each Significant Obligor, the date that is fifteen (15) days after the Relevant Distribution Date occurring
on or immediately following the date by which the related Mortgagor is required to deliver quarterly financial statements to the
lender under the related Loan Agreement in connection with such calendar quarter (which date is set forth in Section 10.11(a)
for any Significant Obligor with respect to the Trust).

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year and each Significant Obligor, the date that is
the 90th day after the end of such calendar year.

 

“Similar Law”:
As defined in Section 5.03(m) of this Agreement.

 

“SMC”:
Starwood Mortgage Capital LLC, a Delaware limited liability company, and its successors in interest.

 

“SMC Guaranty”:
The letter agreement dated as of February 1, 2016, by SMC, for the benefit of the Depositor and its successors and permitted assigns,
relating to certain obligations of SMF under the SMF Loan Purchase Agreement.

 

“SMF”:
Starwood Mortgage Funding I LLC, a Delaware limited liability company, and its successors in interest.

 

“SMF Loan Purchase
Agreement”: The mortgage loan purchase agreement, dated as of February 1, 2016, by and between SMF and the Depositor.

 

“South Plains
Mall Co-Lender Agreement”: With respect to the South Plains Mall Loan Combination, the related co-lender agreement, dated
as of December 1, 2015, by and between the holder of the South Plains Mall Mortgage Loan and the South Plains Mall Companion Loan
Holders, relating to the relative rights of the holder of the South Plains Mall Mortgage Loan and the South Plains Mall Companion
Loan Holders, as the same may be amended from time to time in accordance with the terms thereof.

 

“South Plains
Mall Companion Loans”: With respect to the South Plains Mall Loan Combination, the related promissory notes made by the
related Mortgagor and secured by the South Plains Mall Mortgage and designated as promissory notes A-1 and A-2, which are not included
in the Trust and are pari passu in right of payment with the South Plains Mall Mortgage Loan to the extent set forth in the related
Loan Documents and as provided in the South Plains Mall Co-Lender Agreement.

 

“South Plains
Mall Companion Loan Holder”: The holder of a South Plains Mall Companion Loan.

 

“South Plains
Mall Loan Combination”: The South Plains Mall Mortgage Loan, together with the South Plains Mall Companion Loans, each
of which is secured by the South Plains Mall Mortgage. References herein to the South Plains Mall Loan Combination shall be construed
to refer to the aggregate indebtedness secured under the South Plains Mall Mortgage.

 

    	-116-

    	 

    

 

“South Plains
Mall Mortgage”: The Mortgage securing the South Plains Mall Mortgage Loan and the South Plains Mall Companion Loans.

 

“South Plains
Mall Mortgage Loan”: With respect to the South Plains Mall Loan Combination, the Mortgage Loan included in the Trust,
which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as South Plains Mall, (ii) evidenced by
a promissory note A-3 and (iii) pari passu in right of payment with the South Plains Mall Companion Loans to the extent set forth
in the related Loan Documents and as provided in the South Plains Mall Co-Lender Agreement.

 

“Special Notice”:
As defined in Section 5.07(b).

 

“Special Servicer”:
Wells Fargo Bank, National Association, a national banking association, or its successor in interest, or any successor Special
Servicer appointed as provided herein (including with respect to any Excluded Special Servicer Mortgage Loan, if any, the related
Excluded Mortgage Loan Special Servicer appointed pursuant to Section 6.08(j) of this Agreement, as applicable and as the
context may require).

 

“Special Servicer
Servicing Personnel”: The divisions and individuals of the Special Servicer who are involved in the performance of the
duties of the Special Servicer under this Agreement.

 

“Special Servicing
Compensation”: With respect to any Serviced Mortgage Loan, Serviced Loan Combination or REO Property (other than an REO
Property related to an Outside Serviced Mortgage Loan), any of the Special Servicing Fee, the Workout Fee, and the Liquidation
Fee which shall be due to the Special Servicer.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan and REO Property (other than an REO Property related to an Outside
Serviced Mortgage Loan) and any Distribution Date, an amount accrued during the related Interest Accrual Period at the applicable
Special Servicing Fee Rate on the Stated Principal Balance of the related Specially Serviced Loan as of the close of business
on the Distribution Date in such Interest Accrual Period; provided that such amounts shall be computed for the same period
and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Specially
Serviced Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the Special Servicing Fee shall
be deemed payable from the Lower-Tier REMIC.

 

“Special Servicing
Fee Rate”: With respect to any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside
Serviced Mortgage Loan), a rate equal to (a) 0.25% per annum or (b) if the rate in clause (a) would
result in a Special Servicing Fee that would be less than $3,500 in any given month (as prorated for a partial period), then the
Special Servicing Fee Rate for such month for such Specially Serviced Loan or REO Property shall be such higher per annum rate
as would result in a Special Servicing Fee equal to $3,500 for such month (as prorated for a partial period) with respect to such
Specially Serviced Loan or REO Property.

 

“Specially Serviced
Loan”: Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the following
events has occurred:

 

    	-117-

    	 

    

 

(a)        
the related Mortgagor has failed to make when due any Monthly Payment or a Balloon Payment, which failure continues unremedied
(without regard to any grace period):

 

(i)           
except in the case of a Balloon Loan delinquent in respect of its Balloon Payment, for 60 days beyond the date on
which the subject payment was due, or

 

(ii)          
in the case of a delinquent Balloon Payment, (A) 60 days beyond the date on which such Balloon Payment was due
(except as described in clause B below) or (B) in the case of a Serviced Loan delinquent with respect to the Balloon
Payment as to which the related Mortgagor delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special
Servicer) or the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a written and fully executed
or otherwise binding commitment (subject only to customary closing conditions) for refinancing from an acceptable lender reasonably
satisfactory in form and substance to the Special Servicer prior to the date 60 days after the Balloon Payment was due, for
120 days beyond the date on which the Balloon Payment was due (or such shorter period beyond the date on which that Balloon
Payment was due during which the refinancing is scheduled to occur); or

 

(b)         
there shall have occurred a default (other than as set forth in clause (a) above and other than an Acceptable Insurance
Default) that (i) in the judgment of the Master Servicer or the Special Servicer (and, in the case of the Special Servicer,
with the consent of the related Directing Holder unless (if the Controlling Class Representative is the related Directing Holder)
a Control Termination Event has occurred and is continuing) materially impairs the value of the related Mortgaged Property as security
for the Serviced Loan or otherwise materially adversely affects the interests of Certificateholders in the Serviced Mortgage Loan
(or, in the case of a Serviced Loan Combination, the interests of the Certificateholders and the related Serviced Companion Loan
Holder(s) in such Serviced Loan Combination), and (ii) continues unremedied for the applicable grace period under the terms
of the Serviced Loan (or, if no grace period is specified and the default is capable of being cured, for 30 days); provided
that such 30 day grace period does not apply to a default that gives rise to immediate acceleration of the related Serviced Loan
without the application of a grace period under the terms of the related Loan Documents; and provided, further, that
any default requiring a Property Advance will be deemed to materially and adversely affect the interests of the Certificateholders
in the subject Serviced Mortgage Loan (or, in the case of a Serviced Loan Combination, the interests of the Certificateholders
and the related Serviced Companion Loan Holder(s) in such Serviced Loan Combination); or

 

(c)          
the Master Servicer or the Special Servicer has determined (and, in the case of the Special Servicer, with the consent of
the related Directing Holder, unless (if the Controlling Class Representative is the related Directing Holder) a Control Termination
Event has occurred and is continuing) that (i) a default (other than an Acceptable Insurance Default) under the Serviced Loan
is reasonably foreseeable,

 

    	-118-

    	 

    

 

(ii) such
default will materially impair the value of the related Mortgaged Property as security for such Serviced Loan or otherwise materially
adversely affects the interests of Certificateholders in the Serviced Mortgage Loan (or, in the case of a Serviced Loan Combination,
the interests of the Certificateholders or the related Serviced Companion Loan Holder(s) in such Serviced Loan Combination), and
(iii) the default is likely to continue unremedied for the applicable grace period under the terms of such Serviced Loan
or, if no grace period is specified and the default is capable of being cured, for 30 days; provided that any default
that results in acceleration of the Serviced Loan without the application of any grace period under the related Loan Documents
shall be deemed not to have a grace period; or

 

(d)          
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in any involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding up or liquidation of its affairs, shall have been entered against the related Mortgagor and such decree or order shall
have remained in force and not dismissed for a period of 60 days (or a shorter period if the Master Servicer or the Special
Servicer (and, in the case of the Special Servicer, with the consent of the related Directing Holder, unless a Control Termination
Event has occurred and is continuing) determines in accordance with the Servicing Standard that the circumstances warrant that
the related Serviced Loan (or REO Mortgage Loan or REO Companion Loan) be transferred to special servicing); or

 

(e)          
the related Mortgagor consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment
or debt, marshaling of assets and liabilities or similar proceedings of or relating to such Mortgagor or of or relating to all
or substantially all of its property; or

 

(f)           
the related Mortgagor shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations; or

 

(g)          
the Master Servicer shall have received notice of the commencement of foreclosure or similar proceedings with respect to
the related Mortgaged Property;

 

provided, however, that a
Serviced Loan will cease to be a Specially Serviced Loan, when a Liquidation Event has occurred with respect to such Serviced Loan
or any related REO Property or, so long as at such time no circumstance identified in clauses (a) through (g) above exists
that would cause the Serviced Loan to continue to be characterized as a Specially Serviced Loan, when:

 

(w)          with
respect to the circumstances described in clause (a) of this definition, the related Mortgagor has made three consecutive
full and timely Monthly Payments under the terms of such Serviced Loan (as such terms may be changed or modified in connection
with a bankruptcy or similar proceeding involving the related Mortgagor or

 

    	-119-

    	 

    

 

by
reason of a modification, extension, waiver or amendment granted or agreed to by the Master Servicer or the Special Servicer pursuant
to Section 3.24 of this Agreement);

 

(x)           with
respect to the circumstances described in clauses (c), (d), (e) and (f) of this definition, such circumstances cease to exist
in the good faith, reasonable judgment of the Special Servicer, but, with respect to any bankruptcy or insolvency proceedings described
in clauses (d), (e) and (f), no later than the entry of an order or decree dismissing such proceeding;

 

(y)          with
respect to the circumstances described in clause (b) of this definition, such default is cured as determined by the Special
Servicer in its reasonable, good faith judgment; and

 

(z)           with
respect to the circumstances described in clause (g) of this definition, such proceedings are terminated.

 

The Special Servicer
may conclusively rely on the Master Servicer’s determination and the Master Servicer may conclusively rely on the Special
Servicer’s determination as to whether a Servicing Transfer Event has occurred giving rise to a Serviced Loan’s becoming
a Specially Serviced Loan. If any Serviced Mortgage Loan that is part of a Serviced Loan Combination becomes a Specially Serviced
Loan, then the related Serviced Companion Loan shall also become a Specially Serviced Loan. If the Serviced Companion Loan that
is included in a Serviced Loan Combination becomes a Specially Serviced Loan, then the related Serviced Mortgage Loan that is part
of such Serviced Loan Combination shall also become a Specially Serviced Loan.

 

“Specially Serviced
Mortgage Loan”: A Mortgage Loan that is, or is part of, a Specially Serviced Loan.

 

“Specified Serviced
Mortgage Loans”: There are no Specified Serviced Mortgage Loans with respect to the Trust.

 

“Split Mortgage
Loan”: Any Mortgage Loan that is part of a Loan Combination. The only Split Mortgage Loans that are assets of the Trust
as of the Closing Date are the 5 Penn Plaza Mortgage Loan, the Sheraton Denver Downtown Fee Mortgage Loan, the Austin Block 21
Mortgage Loan, the Glenbrook Square Mortgage Loan, the Westin Boston Waterfront Mortgage Loan, the Park Place Mortgage Loan, the
215 West 34th Street & 218 West 35th Street Mortgage Loan, the South Plains Mall Mortgage Loan, the GSA Portfolio Mortgage
Loan, the Heinz 57 Center Mortgage Loan, the Element LA Mortgage Loan and the DoubleTree Hotel Universal Mortgage Loan.

 

“Sponsor”:
Each of CGMRC, GSMC, CCRE and SMF, and their respective successors in interest.

 

“Startup Day”:
The day designated as such pursuant to Section 2.12(c) of this Agreement.

 

    	-120-

    	 

    

 

 

“Stated Principal
Balance”: With respect to any Mortgage Loan (other than an REO Mortgage Loan), as of any date of determination, an amount
equal to (a) the Cut-Off Date Balance of such Mortgage Loan (or, in the case of a Qualified Substitute Mortgage Loan, the
unpaid principal balance of such Mortgage Loan (as of the date of substitution) after application of all scheduled payments of
principal and interest due during or prior to the month of substitution, whether or not received), minus (b) the sum of (i) any
and all amounts (without duplication) attributable to such Mortgage Loan that are part of the Scheduled Principal Distribution
Amount and/or the Unscheduled Principal Distribution Amount for each and every Distribution Date coinciding with or preceding such
date of determination and (ii) any adjustment to the principal balance of such Mortgage Loan as a result of a reduction of
principal by a bankruptcy court or as a result of a modification reducing the principal balance of such Mortgage Loan as of the
Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination. The Stated Principal
Balance of a Mortgage Loan with respect to which title to the related Mortgaged Property has been acquired on behalf of the Trust
Fund and, if such Mortgage Loan is part of a Loan Combination, the related Companion Loan Holder, is equal to the Stated Principal
Balance thereof outstanding on the date on which such title is acquired less any and all amounts attributable to such Mortgage
Loan that are part of the Unscheduled Principal Distribution Amount and the principal portion of any P&I Advances with respect
to such REO Mortgage Loan for each and every Distribution Date coinciding with or preceding such date of determination but after
the date on which such title is acquired. With respect to any Serviced Companion Loan (including an REO Companion Loan), as of
any date of determination, the Stated Principal Balance shall equal the unpaid principal balance of such Serviced Companion Loan
as of the Cut-off Date, minus (i) all amounts remitted to the related Serviced Companion Loan Holder on or prior to the most
recent Distribution Date coinciding with or preceding such date of determination that are allocable to principal of such Serviced
Companion Loan and (ii) any adjustment to the principal balance of such Serviced Companion Loan as a result of a reduction
of principal by a bankruptcy court or as a result of a modification reducing the principal amount due on such Serviced Companion
Loan as of the Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination.
Notwithstanding the foregoing, the Stated Principal Balance of a Mortgage Loan or Serviced Companion Loan that has been paid in
full or a Specially Serviced Loan with respect to which the Special Servicer has made a Final Recovery Determination (or, in the
case of an Outside Serviced Mortgage Loan, with respect to which the Outside Special Servicer has made an equivalent determination)
shall be zero from and after the Distribution Date related to the Collection Period in which such payment or determination is made.
The Stated Principal Balance of a Serviced Loan Combination (including an REO Loan Combination), as of any date of determination,
shall equal the sum of the then Stated Principal Balances of the related Mortgage Loan (including an REO Mortgage Loan) and the
related Serviced Companion Loan (including an REO Companion Loan).

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall or general servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete
functions of the Servicing Criteria with respect to Mortgage Loans under the direction or authority of the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, an Additional Servicer, or a Sub-Servicer.

    	-121-

    	 

    

“Subordinate
Certificates”: The Class A-S, Class B, Class C, Class EC, Class D, Class X-D, Class E, Class F, Class
G and Class H Certificates, collectively.

“Subordinate
Companion Loan”: A Companion Loan that is subordinate in right of payment to the related Split Mortgage Loan. There are
no Subordinate Companion Loans related to the Trust and all references in this Agreement to “Subordinate Companion Loans”
shall be disregarded.

“Subordinate
Companion Loan Holder”: The holder of a Subordinate Companion Loan.

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(a) of this Agreement, an amount
equal to the excess, if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution
over the Stated Principal Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments
of principal and interest due during or prior to the month of substitution. In the event that one or more Qualified Substitute
Mortgage Loans are substituted (at the same time by the same Mortgage Loan Seller) for one or more deleted Mortgage Loans, the
Substitution Shortfall Amount shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase
Prices of the Mortgage Loan or Mortgage Loans being replaced and the aggregate Stated Principal Balances of the related Qualified
Substitute Mortgage Loans.

“Sub-Servicer”:
Any Person that services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of all or a material portion of the
servicing functions required to be performed by the Master Servicer, the Special Servicer, a Servicing Function Participant or
an Additional Servicer under this Agreement, with respect to some or all of the Mortgage Loans, that are identified in the Servicing
Criteria. As of the Closing Date, the Sub-Servicer(s) set forth on Exhibit S to this Agreement will be the Sub-Servicer
for the related Mortgage Loan(s) set forth on Exhibit S to this Agreement.

“Sub-Servicing
Agreement”: The written contract between the Master Servicer, an Additional Servicer or the Special Servicer, as the
case may be, and any Sub-Servicer relating to servicing and administration of Mortgage Loans as provided in Section 3.01(c)
of this Agreement.

“Successful
Bidder”: As defined in Section 7.01(b) of this Agreement.

“Supplemental
Servicer Schedule”: With respect to the Mortgage Loans to be serviced by the Master Servicer, a list attached hereto
as Exhibit P, which list sets forth the following information with respect to each Mortgage Loan:

 

(i)           
the Mortgagor’s name;

 

(ii)          
property type;

 

(iii)         
the original balance;

 

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(iv)         
the origination date;

 

(v)          
the original and remaining amortization term;

 

(vi)         
whether such Mortgage Loan has a guarantor;

 

(vii)        
whether such Mortgage Loan is secured by a letter of credit;

 

(viii)       
the original balance of any reserve or escrowed funds and the monthly amount of any reserve or escrowed funds;

 

(ix)         
the grace period with respect to both default interest and late payment charges;

 

(x)          
whether such Mortgage Loan is insured by RVI, lease enhancement policy or environmental policies;

 

(xi)         
whether an operation and maintenance plan exists and, if so, what repairs are required;

 

(xii)        
whether a cash management agreement or lock-box agreement is in place;

 

(xiii)       
the number of units, pads, rooms or square feet of the Mortgaged Property;

 

(xiv)       
the amount of the Monthly Payment due on the first Due Date following the Closing Date;

 

(xv)        
the interest accrual basis;

 

(xvi)       
Administrative Cost Rate;

 

(xvii)      
whether the Mortgage Loan is secured by a Ground Lease;

 

(xviii)     
whether the related Mortgage Loan is a Defeasance Loan; and

 

(xix)        
whether such Mortgage Loan is part of any Serviced Loan Combination, in which case the information required by clauses
(xiv) and (xv) above shall also be set forth for the Companion Loan in such Serviced Loan Combination.

Such list may be in
the form of more than one list, collectively setting forth all of the information required.

“Tax Returns”:
The federal income tax return on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or
any successor forms, to be filed on behalf of each Trust REMIC under the REMIC

    	-123-

    	 

    

 

Provisions,
and the federal income tax return to be filed by the Certificate Administrator on behalf of the Grantor Trust due to its classification
as a grantor trust under subpart E, part I of subchapter J of the Code, together with any and all other information,
reports or returns that may be required to be furnished to the Certificateholders or filed with the IRS or any other governmental
taxing authority under any applicable provisions of federal, state or local tax laws.

“Temporary
Regulation S Global Certificate”: As defined in Section 5.02(c)(i) of this Agreement.

“Terminated
Party”: As defined in Section 7.01(c) of this Agreement.

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01.

“Test”:
As defined in Section 11.01(b)(iv).

“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II
environmental report, seismic report or property condition report, if any.

“Tranche
Percentage Interest”: The percentage ownership interest in a Class EC Regular Interest evidenced by an Exchangeable
Certificate or a Class EC Certificate, as applicable, which is equal to: (a) in the case of any Exchangeable Certificate in relation
to the Class EC Regular Interest with the same letter designation as such Certificate, the ratio, expressed as a percentage, of
(i) the principal balance of that Certificate to (ii) the Certificate Balance of that Class EC Regular Interest; and (b) in
the case of any Class EC Certificate in relation to any Class EC Regular Interest, the ratio, expressed as a percentage, of (i)
the portion of the principal balance of the Class EC Component with the same letter designation as that Class EC Regular Interest
evidenced by that Certificate to (ii) the Certificate Balance of that Class EC Regular Interest.

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

“Transferee
Affidavit”: As defined in Section 5.03(n)(ii) of this Agreement.

“Transferor
Letter”: As defined in Section 5.03(n)(ii) of this Agreement.

“Treasury
Regulations”: Applicable final or temporary regulation of the U.S. Department of the Treasury.

“Trust”:
The trust created by this Agreement.

“Trust Fund”:
The corpus of the trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans as from time
to time are subject to this Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled
payments on or collections in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute
Mortgage Loan, the Due Date in the month of substitution

    	-124-

    	 

    

 

(exclusive
of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property (but, with respect to
any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination);
(iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating to a Loan Combination,
only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s and the
Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to this
Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases, Rents and Profits and any
security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional security for
any Mortgage Loan; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow Accounts
and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account, the
Exchangeable Distribution Account, any Excess Interest Distribution Account, the Interest Reserve Account, the Excess Liquidation
Proceeds Reserve Account and any REO Account, including any reinvestment income thereon; (ix) the Trustee’s rights
in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the
Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of this
Agreement; (xi) the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

“Trust Reimbursement
Amount”: As defined in Section 3.06A(a) of this Agreement.

“Trust Reimbursement
Amount No.1”: As defined in Section 3.06(a) of this Agreement.

“Trust Reimbursement
Amount No.2”: As defined in Section 3.06A(a) of this Agreement.

“Trust REMIC”:
Each of the Lower-Tier REMIC and the Upper-Tier REMIC.

“Trustee”:
Wilmington Trust, National Association, a national banking association, in its capacity as trustee, or its successor in interest,
or any successor trustee appointed as herein provided.

“Trustee
Personnel”: The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee
under this Agreement.

“Trustee/Certificate
Administrator Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount accrued during the related
Interest Accrual Period at the Trustee/Certificate Administrator Fee Rate on, in the case of the initial Distribution Date, the
Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution Date, the Stated Principal Balance of
such Mortgage Loan as of the close of business on the Distribution Date in the related Interest Accrual Period; provided
that such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest
payment due or deemed due on the related Mortgage Loan is computed and shall be prorated for partial periods. For the avoidance
of doubt, the Trustee/Certificate Administrator Fee shall be payable from the Lower-Tier REMIC.

    	-125-

    	 

    

“Trustee/Certificate
Administrator Fee Rate”: With respect to each Mortgage Loan, a rate equal to 0.0052% per annum.

“Underwriter
Exemption”: Prohibited Transaction Exemption 91-23 and Prohibited Transaction Exemption 89-88, both as most recently
amended by Prohibited Transaction Exemption 2013-08 and as further amended by the Department of Labor from time to time.

“Underwriters”:
Citigroup Global Markets Inc., Goldman, Sachs & Co., Cantor Fitzgerald & Co. and Drexel Hamilton, LLC.

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to subsections (ii) (B) and (C) of Section 3.06(a) of this Agreement but that has not been
recovered from the Mortgagor or otherwise from collections on or the proceeds of the Mortgage Loan or REO Property in respect of
which the Advance was made.

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the aggregate of: (a) all Principal
Prepayments received on the Mortgage Loans during the related Collection Period (or, in the case of the Outside Serviced Mortgage
Loans, all Principal Prepayments received during the period that renders them includable in the Available Funds for such Distribution
Date); and (b) any other collections (exclusive of payments by Mortgagors) received on the Mortgage Loans and, to the extent of
the Trust’s interest therein, any REO Properties during the related Collection Period (or, in the case of an Outside Serviced Mortgage
Loan or any interest in REO Property acquired with respect thereto, all such proceeds received during the period that renders them
includable in the Available Funds for such Distribution Date), whether in the form of Liquidation Proceeds, Insurance Proceeds,
Condemnation proceeds, net income, rents, and REO Proceeds or otherwise, that were identified and applied by the Master Servicer
(and/or, in the case of an Outside Serviced Mortgage Loan, the related Outside Servicer) as recoveries of previously unadvanced
principal of the related Mortgage Loan.

“Unsolicited
Information”: As defined in Section 11.01(b)(iii).

“Upper-Tier
REMIC Distribution Account”: The trust account or accounts created and maintained as a separate trust account (or separate
sub-account within the same account as the Lower-Tier REMIC Distribution Account) or accounts by the Certificate Administrator
pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or
the Certificate Administrator) shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on
behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial
Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Upper-Tier REMIC Distribution Account”
and which must be an Eligible Account.

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests and amounts held
from time to time in the Upper-Tier REMIC Distribution Account.

    	-126-

    	 

    

“Upper-Tier
Residual Interest”: The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2),
in the Upper-Tier REMIC and evidenced by the Class R Certificates.

“U.S. Tax
Person”: A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable
Treasury regulations) or other entity created or organized in or under the laws of the United States, any State thereof or
the District of Columbia, an estate whose income is subject to United States federal income tax regardless of its source, or a
trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one
or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury regulations, certain trusts in existence as of August 20, 1996 that have elected to be treated as U.S.
Tax Persons).

“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At all
times during the term of this Agreement, the Voting Rights shall be allocated among the respective Classes of Certificateholders
as follows: (a) 1% in the aggregate in the case of the respective Classes of the Class X Certificates, allocated pro rata
based upon their respective Notional Amounts as of the date of determination, and (b) in the case of any Class of Certificates
(other than the Class X and Class R Certificates), a percentage equal to the product of 99% and a fraction, the numerator
of which is equal to the Certificate Balance of such Class as of the date of determination, and the denominator of which is equal
to the aggregate of the Certificate Balances of all Classes of the Principal Balance Certificates (or, if with respect to a vote
of Non-Reduced Certificates, the Certificate Balances of all Classes of the Non-Reduced Certificates), in each case as of the date
of determination; provided that solely in connection with any vote for purposes of determining whether to terminate the
Special Servicer pursuant to Section 6.08(a), the Operating Advisor pursuant to Section 7.06(b) or the
Asset Representations Reviewer pursuant to Section 11.05(b), Voting Rights shall only be exercisable by holders of the Non-Reduced
Certificates. For purposes of such allocations, the Class A-S Certificates and the Class EC Component A-S evidenced by the Class
EC Certificates shall be considered as if they together constitute a single “Class”, the Class B Certificates and the
Class EC Component B evidenced by the Class EC Certificates shall be considered as if they together constitute a single “Class”,
and the Class C Certificates and the Class EC Component C evidenced by the Class EC Certificates shall be considered as if they
together constitute a single “Class”. Voting Rights shall be allocated to the Class EC Certificates only with respect
to each Class EC Component that is part of a “Class” of Certificates determined as described in the preceding sentence.
The Voting Rights of any Class of Certificates shall be allocated among Holders of Certificates of such Class in proportion to
their respective Percentage Interests. The aggregate Voting Rights of Holders of more than one Class of Certificates shall be equal
to the sum of the products of each such Holder’s Voting Rights and the percentage of Voting Rights allocated to the related
Class of Certificates. The Class R Certificates shall not be entitled to any Voting Rights.

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the weighted average of the applicable Net Mortgage Pass-Through
Rates of the Mortgage Loans (including the REO Mortgage Loans) for such Distribution Date, weighted on the basis of their respective
Stated Principal Balances immediately prior to such Distribution Date.

    	-127-

    	 

    

“Westin Boston
Waterfront Co-Lender Agreement”: With respect to the Westin Boston Waterfront Loan Combination, the related co-lender
agreement, dated as of December 1, 2015, by and between the holder of the Westin Boston Waterfront Mortgage Loan and the Westin
Boston Waterfront Companion Loan Holders, relating to the relative rights of the holder of the Westin Boston Waterfront Mortgage
Loan and the Westin Boston Waterfront Companion Loan Holders, as the same may be amended from time to time in accordance with the
terms thereof.

“Westin Boston
Waterfront Companion Loans”: With respect to the Westin Boston Waterfront Loan Combination, the related promissory notes
made by the related Mortgagor and secured by the Westin Boston Waterfront Mortgage and designated as promissory notes A-1 and A-2,
which are not included in the Trust and are pari passu in right of payment with the Westin Boston Waterfront Mortgage Loan to the
extent set forth in the related Loan Documents and as provided in the Westin Boston Waterfront Co-Lender Agreement.

“Westin Boston
Waterfront Companion Loan Holder”: The holder of a Westin Boston Waterfront Companion Loan.

“Westin Boston
Waterfront Loan Combination”: The Westin Boston Waterfront Mortgage Loan, together with the Westin Boston Waterfront
Companion Loans, each of which is secured by the Westin Boston Waterfront Mortgage. References herein to the Westin Boston Waterfront
Loan Combination shall be construed to refer to the aggregate indebtedness secured under the Westin Boston Waterfront Mortgage.

“Westin Boston
Waterfront Mortgage”: The Mortgage securing the Westin Boston Waterfront Mortgage Loan and the Westin Boston Waterfront
Companion Loans.

“Westin Boston
Waterfront Mortgage Loan”: With respect to the Westin Boston Waterfront Loan Combination, the Mortgage Loan included
in the Trust, which is (i) secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Westin Boston Waterfront,
(ii) evidenced by a promissory note A-3 and (iii) pari passu in right of payment with the Westin Boston Waterfront Companion Loans
to the extent set forth in the related Loan Documents and as provided in the Westin Boston Waterfront Co-Lender Agreement.

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(22) or successor
provisions.

“WHFIT Regulations”:
Treasury Regulations section 1.671-5, as amended.

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations section 1.671-5(b)(23) or successor
provisions.

“Withheld
Amounts”: As defined in Section 3.23 of this Agreement.

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or Serviced Loan Combination, the amount of any Advance made
with respect to such Mortgage Loan or Serviced Loan Combination on or before the date such Mortgage Loan or Serviced Loan Combination
becomes (or, but for the making of three monthly payments under

    	-128-

    	 

    

 

its
modified terms, would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on
such Advances, to the extent that (i) such Advance is not reimbursed to the Person who made such Advance on or before the
date, if any, on which such Mortgage Loan or Serviced Loan Combination becomes a Corrected Loan and (ii) the amount of such
Advance becomes a future obligation of the Mortgagor to pay under the terms of modified Loan Documents. That any amount constitutes
all or a portion of any Workout-Delayed Reimbursement Amount shall not in any manner limit the right of any Person hereunder to
determine in the future that such amount instead constitutes a Nonrecoverable Advance.

“Workout
Fee”: The fee paid to the Special Servicer with respect to each Corrected Loan equal to the applicable Workout Fee Rate
applied to each collection of interest (excluding Default Interest and Excess Interest) and principal (other than any amount for
which a Liquidation Fee is paid) received on such Corrected Loan for so long as it remains a Corrected Loan; provided that
no Workout Fee shall be payable by the Trust with respect to such Corrected Loan if and to the extent that the Corrected Loan became
a Specially Serviced Loan under clause (c) of the definition of Specially Serviced Loan (and no other clause thereof)
and no mortgage loan event of default actually occurs, unless the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable)
is modified by the Special Servicer in accordance with the terms hereof; provided, further, that if a Serviced Mortgage
Loan (or Serviced Loan Combination, if applicable) becomes a Specially Serviced Loan under this Agreement only because of an event
described in clause (a)(ii) of the definition of Specially Serviced Loan as a result of a payment default at maturity and
the related collection of interest and principal is received within 90 days following the related Maturity Date in connection
with the full and final payoff or refinancing of the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable),
the Special Servicer will not be entitled to collect a Workout Fee, but may collect and retain appropriate fees from the related
Mortgagor in connection with such workout; provided, further, that the Workout Fee with respect to any Specially
Serviced Loan that becomes a Corrected Loan under this Agreement shall be reduced by any Excess Modification Fees paid by or on
behalf of the related Mortgagor with respect to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) as described
in the definition of Excess Modification Fees in this Agreement, but only to the extent those fees have not previously been deducted
from a Workout Fee or Liquidation Fee.

“Workout
Fee Rate”: A rate equal to the lesser of (a) 1.0% and (b) such lower rate as would result in a Workout Fee
of $1,000,000 when applied to each expected payment of principal and interest (other than Default Interest and Excess Interest)
on the subject Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the date such Mortgage Loan (or Serviced
Loan Combination, if applicable) becomes a Corrected Loan, through and including the then-related maturity date; provided
that, if the rate in clause (a) above would result in a Workout Fee that would be less than $25,000 when applied to each expected
payment of principal and interest (other than Default Interest and Excess Interest) on the subject Serviced Mortgage Loan (or Serviced
Loan Combination, if applicable) from the date such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) becomes
a Corrected Loan through and including the then-related maturity date, then the Workout Fee Rate shall be a rate equal to such
higher rate as would result in a Workout Fee equal to $25,000 when applied to each expected payment of principal and interest (other
than Default Interest and Excess Interest) on such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) from the
date

    	-129-

    	 

    

 

such
Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) becomes a Corrected Loan through and including the then-related
maturity date.

“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge or prepayment premium,
if any, payable under the related Note in connection with certain prepayments.

Section 1.02          Certain Calculations. Unless otherwise specified herein, the following provisions shall apply:

(a)           All
calculations of interest with respect to the Mortgage Loans shall be made in accordance with the terms of the related Note and
Mortgage.

(b)           For
purposes of distribution of Yield Maintenance Charges pursuant to Section 4.01(c) of this Agreement on any Distribution
Date, the Class of Principal Balance Certificates and/or Class EC Regular Interest as to which any prepayment shall be deemed
to be distributed shall be determined on the assumption that the portion of the Principal Distribution Amount paid to the Principal
Balance Certificates and/or Class EC Regular Interests on such Distribution Date in respect of principal shall consist first of
scheduled payments included in the definition of Principal Distribution Amount and second of prepayments included in such definition.

(c)           Any
Mortgage Loan payment is deemed to be received by the Trust Fund on the date such payment is actually received by the Master Servicer,
the Special Servicer or the Certificate Administrator; provided, however, that for purposes of calculating distributions
on the Certificates, Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied
in accordance with Section 3.01(b) of this Agreement to reduce the outstanding principal balance of such Mortgage
Loan on which interest accrues.

(d)           In the absence of express provisions in the related Loan Documents (and, with respect to each Serviced Loan Combination,
the related Co-Lender Agreement) to the contrary, all amounts collected by or on behalf of the Trust in respect of any Mortgage
Loan in the form of payments from the related Mortgagor, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (excluding,
if applicable, in the case of each Serviced Loan Combination, any amounts payable to the holder(s) of the related Companion Loan(s)
pursuant to the related Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage
Loan in the following order of priority:

(i)           
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related
Mortgage Loan and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of
the Trust;

 

(ii)          
as a recovery of Nonrecoverable Advance with respect to the related Mortgage Loan and any interest on those Nonrecoverable
Advances at the Advance Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Pool (as
described in the first proviso in the definition of Principal Distribution Amount);

 

    	-130-

    	 

    

 

(iii)         
to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest
on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and
unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable
Mortgage Loan interest accrual period, over (B) the cumulative amount of the reductions (if any) in the amount of related
P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.06(a) of this Agreement in
connection with the related Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery
of accrued and unpaid interest pursuant to clause (v) below on earlier dates);

 

(iv)         
to the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan
then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if the Mortgage
Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)          
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.06(a)
of this Agreement in connection with related Appraisal Reduction Amounts (to the extent that collections have not been allocated
as recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)         
as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate
taxes, assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)        
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)       
as a recovery of any Yield Maintenance Charge then due and owing under such Mortgage Loan;

 

(ix)          
as a recovery of any late payment charges and Default Interest then due and owing under such Mortgage Loan;

 

(x)          
as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under such Mortgage
Loan;

 

(xi)         
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal and
other than, if applicable, accrued and unpaid Excess Interest (if both Consent Fees and Operating Advisor Consulting Fees are
due and owing, first, allocated to Consent Fees and then, allocated to Operating Advisor Consulting Fees);

 

(xii)        
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

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(xiii)        
in the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

provided that,
to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s
rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including following a condemnation)
at a time when the loan-to-value ratio of the related Mortgage Loan or Serviced Loan Combination, as applicable, exceeds 125%,
or would exceed 125% following any partial release (based solely on the value of the real property and excluding personal property
and going concern value, if any) must be collected and allocated to reduce the principal balance of the Mortgage Loan or the related
Serviced Loan Combination in the manner permitted by the REMIC Provisions.

(e)            Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment
of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of
each Serviced Loan Combination, exclusive of any amounts payable to the holder(s) of the related Companion Loan(s) pursuant to
the related Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan
in the following order of priority:

(i)           
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related
Mortgage Loan and interest at the Advance Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the Trust
with respect to the related REO Mortgage Loan;

 

(ii)           
as a recovery of any Nonrecoverable Advances with respect to the related REO Mortgage Loan and any interest on those Nonrecoverable
Advances at the Advance Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as
described in the first proviso in the definition of Principal Distribution Amount);

 

(iii)          to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest
on the related REO Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued
and unpaid interest on such REO Mortgage Loan at the applicable Mortgage Rate in effect from time to time through the end of the
applicable Mortgage Loan interest accrual period, over (B) the cumulative amount of the reductions (if any) in the amount
of related P&I Advances for the related REO Mortgage Loan that have theretofore occurred under Section 4.06(a) of
this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery
of accrued and unpaid interest on earlier dates pursuant to clause (v) below or clause (v) of Section 1.02(d)
above);

 

(iv)          to the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of the related REO
Mortgage Loan to the extent of its entire unpaid principal balance;

 

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(v)           as a recovery of accrued and unpaid interest on the related REO Mortgage Loan to the extent of the cumulative amount of
the reductions (if any) in the amount of related P&I Advances for such REO Mortgage Loan that have theretofore occurred under
Section 4.06(a) of this Agreement in connection with related Appraisal Reduction Amounts (to the extent that collections
have not theretofore been allocated as a recovery of accrued and unpaid interest on earlier dates pursuant to this clause (v)
or clause (v) of Section 1.02(d) above);

 

(vi)          as a recovery of any Yield Maintenance Charge then due and owing under the related REO Mortgage Loan;

 

(vii)         as a recovery of any late payment charges and Default Interest then due and owing under the related REO Mortgage Loan;

 

(viii)        as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the related
REO Mortgage Loan;

 

(ix)           as a recovery of any other amounts then due and owing under the related REO Mortgage Loan other than, if applicable, accrued
and unpaid Excess Interest (if both Consent Fees and Operating Advisor Consulting Fees are due and owing, first, allocated
to Consent Fees and, then, allocated to Operating Advisor Consulting Fees); and

 

(x)           
if the related Mortgage Loan was an ARD Mortgage Loan after the related Anticipated Repayment Date, any accrued but unpaid
Excess Interest.

 

(f)            The applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (d) of this Section 1.02
shall be determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect
of any Mortgage Loan or any REO Property pursuant to paragraph (e) of this Section 1.02 shall be determined by
the Special Servicer in accordance with the Servicing Standard.

 

(g)           All net present value calculations and determinations made hereunder with respect to the Mortgage Loans, the Serviced Companion
Loans or a Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”, and
including, if and when applicable, with respect to an Outside Serviced Mortgage Loan or the related Mortgaged Property or any related
REO Property) shall be made using the Calculation Rate.

 

(h)           The parties hereto acknowledge that any payments, collections and recoveries received by the parties to the applicable Outside
Servicing Agreement related to an Outside Serviced Mortgage Loan are required to be allocated by such parties as interest, principal
or other amounts in accordance with the terms and conditions of the applicable Outside Servicing Agreement, the related Co-Lender
Agreement and the related Outside Serviced Mortgage Loan.

 

(i)             For purposes of calculating Pass-Through Rates and distributions on, and allocations of Realized Losses to, the Certificates,
as well as for purposes of calculating the Servicing Fee, Certificate Administrator/Trustee Fee, Operating Advisor Fee and Asset
Representations Reviewer Fee payable each month, each REO Property (including any REO

 

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Property
with respect to an Outside Serviced Mortgage Loan held pursuant to an Outside Servicing Agreement) will be treated as if the related
Mortgage Loan and any related Companion Loan(s) had remained outstanding and the related Loan Documents continued in full force
and effect; and all references to “Mortgage Loan,” “Mortgage Loans” or “Mortgage Pool” in
this Agreement, when used in that context, will be deemed to also be references to or to also include, as the case may be, any
REO Mortgage Loan, and all references to “Companion Loan” or “Companion Loans” in this Agreement, when
used in that context, will be deemed to also be references to or to also include, as the case may be, any REO Companion Loan.
Each REO Loan will generally be deemed to have the same characteristics as its actual predecessor Mortgage Loan or Companion Loan,
as applicable, including the same fixed Mortgage Rate (and, accordingly, the same Net Mortgage Rate) and the same unpaid principal
balance and Stated Principal Balance. Amounts due on the predecessor Mortgage Loan or Companion Loan, as applicable, including
any portion of those amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, will continue to be “due”
in respect of the REO Loan; and amounts received in respect of the related REO Property, net of payments to be made, or reimbursements
to the Master Servicer or Special Servicer for payments previously advanced, in connection with the operation and management of
that property, generally will be applied by the Master Servicer as if received on the predecessor Mortgage Loan or Companion Loan,
as applicable.

 

Section 1.03 
        Certain Constructions. (a) For purposes of this Agreement, references to the most or
next most subordinate Class of Certificates or Class EC Regular Interests outstanding at any time shall mean the most or next
most subordinate Class of Certificates or Class EC Regular Interest then outstanding as among the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-D, Class A-S,
Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates and the
Class A-S, Class B and Class C Regular Interests; provided, however, that for purposes of
determining the most subordinate Class of Certificates, in the event that the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5 and Class A-AB Certificates are the only Classes of Principal Balance Certificates
outstanding, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and
Class X-A Certificates together will be treated as the most subordinate Class of Certificates. For purposes of this
Agreement, each Class of Certificates (other than the Class R Certificates and, for purposes of receiving Yield
Maintenance Charges, the Class X-A Certificates) and Class EC Regular Interest shall be deemed to be outstanding only to the
extent its respective Certificate Balance or Notional Amount has not been reduced to zero. For purposes of this Agreement,
the Class R Certificates shall be deemed to be outstanding so long as the Trust REMICs have not been terminated pursuant
to Section 9.01 of this Agreement.

 

(b)           For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(i)           
the terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall
be deemed to include the other gender;

 

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(ii)           
references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs”
and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other
subdivisions of this Agreement;

 

(iii)         
a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the
same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

 

(iv)         
the words “herein”, “hereof”, “hereunder”, “hereto”, “hereby”
and other words of similar import refer to this Agreement as a whole and not to any particular provision; and

 

(v)           
the terms “include” or “including” shall mean without limitation by reason of enumeration.

 

Article
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01          Conveyance of Mortgage Loans.

 

(a)            The Depositor, concurrently with the execution and delivery hereof, does hereby establish a trust to be designated as Citigroup
Commercial Mortgage Trust 2016-GC36, appoint the Trustee to serve as trustee of such trust and assign, sell, transfer, set over
and otherwise convey to the Trustee (as holder of the Lower-Tier Regular Interests) in trust without recourse for the benefit of
the Certificateholders all the right, title and interest of the Depositor, including any security interest therein for the benefit
of the Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) Sections 2,
3, 4, 5 (other than Section 5(e), 5(f), 5(g), 5(h) (insofar as it relates to the delivery of the subject certification to
the Depositor) and 5(m) (insofar as the indemnity relates to the failure in clause (ii) of such section 5(m)), 6 (other than Section 6(i)
and Section 6(j)), (and to the extent related to the foregoing) 7, 11, 12, 13, 14, 16, 17, 18 and 23 of each Loan Purchase Agreement,
(iii) the SMC Guaranty, (iv) each Co-Lender Agreement, if any, and (v) all Escrow Accounts, Lock-Box Accounts and
all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such assignment includes
all interest and principal received or receivable on or with respect to the Mortgage Loans (other than payments of principal and
interest and other amounts due and payable on the Mortgage Loans on or before the Cut-Off Date and excluding any Retained Defeasance
Rights and Obligations with respect to the Mortgage Loans). Such assignment of any Outside Serviced Mortgage Loan is further subject
to the terms and conditions of the applicable Outside Servicing Agreement and the related Co-Lender Agreement. The transfer of
the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 12.08
of this Agreement, is intended by the parties to constitute a sale.

 

(b)           In connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, the Depositor
shall direct each Mortgage Loan Seller (pursuant to the related

 

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Loan
Purchase Agreement) to deliver to and deposit with (or to cause to be delivered to and deposited with) the Custodian (on behalf
of the Trustee), on or before the Closing Date, the Mortgage File for each Mortgage Loan, with copies (other than with respect
to an Outside Serviced Mortgage Loan) to be delivered, within five (5) Business Days after the Closing Date, to the Master Servicer;
provided, however, that copies of any document in the Mortgage File that also constitutes a Designated Servicing
Document shall be delivered to the Master Servicer (other than with respect to an Outside Serviced Mortgage Loan) on or before
the Closing Date. None of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer or the Special Servicer
shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with the document delivery requirements
of the related Loan Purchase Agreement and this Section 2.01(b). Notwithstanding anything herein to the contrary,
with respect to letters of credit (exclusive of those relating to an Outside Serviced Mortgage Loan), the applicable Mortgage
Loan Seller shall deliver to the Master Servicer and the Master Servicer shall hold the original (or copy, if such original has
been submitted by the applicable Mortgage Loan Seller to the issuing bank to effect an assignment or amendment of such letter
of credit (changing the beneficiary thereof to the Trustee (in care of the Master Servicer) for the benefit of Certificateholders
and, if applicable, the related Serviced Companion Loan Holder, to the extent required in order for the Master Servicer to draw
on such letter of credit on behalf of the Trustee for the benefit of Certificateholders and, if applicable, the related Serviced
Companion Loan Holder in accordance with the applicable terms thereof and/or of the related Loan Documents)) and the applicable
Mortgage Loan Seller shall be deemed to have satisfied any delivery requirements of the related Loan Purchase Agreement and this
Section 2.01(b) by delivering with respect to any letter(s) of credit a copy thereof to the Custodian together with
an Officer’s Certificate of the applicable Mortgage Loan Seller certifying that such document has been delivered to the
Master Servicer or an Officer’s Certificate from the Master Servicer certifying that it holds the letter(s) of credit pursuant
to this Section 2.01(b). If a letter of credit referred to in the previous sentence is not in a form that would allow
the Master Servicer to draw on such letter of credit on behalf of the Trustee for the benefit of Certificateholders and, if applicable,
the related Serviced Companion Loan Holder in accordance with the applicable terms thereof and/or of the related Loan Documents,
the applicable Mortgage Loan Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment
or amendment documents if the related Mortgage Loan Seller has submitted the originals to the related issuer of such letter of
credit for processing) to the Master Servicer within 90 days of the Closing Date. The applicable Mortgage Loan Seller shall
pay any costs of assignment or amendment of such letter(s) of credit required in order for the Master Servicer to draw on such
letter(s) of credit on behalf of the Trustee for the benefit of Certificateholders and, if applicable, the related Serviced Companion
Loan Holder, and shall cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable, in
connection with effectuating a draw under any such letter of credit prior to the date such letter of credit is assigned or amended
in order that it may be drawn by the Master Servicer on behalf of the Trustee for the benefit of Certificateholders and, if applicable,
the related Serviced Companion Loan Holder.

 

With respect to any Mortgage
Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related comfort letter in favor of the related
Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter
to the Trustee for the benefit of the Certificateholders or have a new comfort letter (or any such new document or acknowledgement
as may be contemplated under

 

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the
existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders, the related Mortgage Loan
Seller or its designee shall, within 45 days of the Closing Date (or any shorter period if required by the applicable comfort
letter), provide any such required notice or make any such required request to the related franchisor for the transfer or assignment
of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement as may be contemplated
under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include such document in
the related Mortgage File) and the Master Servicer, and the Master Servicer shall use reasonable efforts in accordance with the
Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and the Master Servicer shall, as soon as reasonably practicable following
receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement, as applicable, to the
Custodian for inclusion in the Mortgage File.

 

After the Depositor’s
transfer of the Mortgage Loans to the Trustee pursuant to this Section 2.01(b), the Depositor shall not take any action
inconsistent with the Trust’s ownership of the Mortgage Loans.

 

(c)            The Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the applicable Loan Purchase
Agreement that it shall record and file, or cause a third party on its behalf to record and file, at the related Mortgage Loan
Seller’s expense, in the appropriate public recording office for real property records or UCC financing statements, as appropriate,
each related assignment of Mortgage and assignment of Assignment of Leases referred to in clause (4) of the definition of “Mortgage
File” and each related UCC-3 assignment referred to in clause (15) of the definition of “Mortgage File”, in each
case in favor of the Trustee. This subsection (c) shall not apply to any Outside Serviced Mortgage Loan because
the documents referred to herein have been assigned to the related Outside Trustee.

 

The Depositor hereby
represents and warrants that the applicable Mortgage Loan Seller has covenanted in the related Loan Purchase Agreement as to each
Mortgage Loan (exclusive of any Outside Serviced Mortgage Loan), that if it cannot deliver or cause to be delivered the documents
and/or instruments referred to in clauses (2), (3) and (6) (if recorded) and (15) of the definition of “Mortgage File”
solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered
for recordation or filing, as applicable, a copy of the original certified by the applicable Mortgage Loan Seller to be a true
and complete copy of the original thereof submitted for recording, shall be forwarded to the Custodian. Each assignment referred
to in the prior paragraph that is recorded and the file copy of each UCC-3 assignment referred to in the previous paragraph shall
reflect that it should be returned by the public recording or filing office to the Custodian or its agent following recording (or,
alternatively, to the applicable Mortgage Loan Seller or its designee, in which case the applicable Mortgage Loan Seller shall
deliver or cause the delivery of the recorded/filed original to the Custodian promptly following receipt); provided that,
in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment of
Leases, the applicable Mortgage Loan Seller or its designee shall obtain and provide to the Custodian a certified copy of the recorded
original. On a monthly basis, at the expense of the applicable Mortgage Loan Seller, the Custodian shall forward to the Master
Servicer a copy of each of the aforementioned assignments following the Custodian’s receipt thereof.

 

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If the Custodian has
received written notice that any of the aforementioned assignments is lost or returned unrecorded or unfiled, as the case may be,
because of a defect therein, then the Custodian shall direct the applicable Mortgage Loan Seller (pursuant to the Loan Purchase
Agreement) promptly to prepare or cause the preparation of a substitute therefor or cure such defect or cause such defect to be
cured, as the case may be, and to record or file, or with respect to any assignments that a third party on the Mortgage Loan Seller’s
behalf has agreed to record or file as described above, to deliver to such third party the substitute or corrected document.

 

(d)           In connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, except with
respect to any Outside Serviced Mortgage Loan, the Depositor shall direct the applicable Mortgage Loan Seller (pursuant to the
related Loan Purchase Agreement) to deliver to and deposit with (or cause to be delivered to and deposited with) the Master
Servicer within five (5) Business Days after the Closing Date: (i) a copy of the Mortgage File; (ii) all documents and records
not otherwise required to be contained in the Mortgage File that (A) relate to the origination and/or servicing and administration
of the Mortgage Loans and any related Serviced Companion Loan(s), (B) are reasonably necessary for the ongoing administration
and/or servicing of the Mortgage Loans (including any asset summaries related to the Mortgage Loans that were delivered to the
Rating Agencies in connection with the rating of the Certificates) or any related Serviced Companion Loans or for evidencing or
enforcing any of the rights of the holder of the Mortgage Loans or any related Serviced Companion Loans or holders of interests
therein, and (C) are in possession or under control of the applicable Mortgage Loan Seller; and (iii) all unapplied Escrow
Payments and reserve funds in the possession or under control of the applicable Mortgage Loan Seller that relate to such Mortgage
Loans and any related Serviced Companion Loans, together with a statement indicating which Escrow Payments and reserve funds are
allocable to each Mortgage Loan or any related Serviced Companion Loan; provided that copies of any document in the Mortgage
File and any other document, record or item referred to above in this sentence that, in each case, constitutes a Designated Servicing
Document shall be delivered to the Master Servicer on or before the Closing Date; and provided, further, that the
applicable Mortgage Loan Seller shall not be required to deliver any draft documents, privileged or other related Mortgage Loan
Seller communications, credit underwriting, due diligence analyses or data, or internal worksheets, memoranda, communications or
evaluations. The Master Servicer shall hold all such documents, records and funds on behalf of the Trustee in trust for the benefit
of the Certificateholders (and, insofar as they also relate to a Serviced Companion Loan, on behalf of and for the benefit of the
applicable Serviced Companion Loan Holder). Notwithstanding anything to the contrary, the foregoing provisions of this Section
2.02(d) shall not apply to the Outside Serviced Mortgage Loans. In addition, each Mortgage Loan Seller is required, pursuant
to the related Loan Purchase Agreement, to provide to the Master Servicer the initial data with respect to its Mortgage Loans for
(i) the CREFC® Financial File and the CREFC® Loan Periodic Update File that are required to be prepared by the Master Servicer
pursuant to this Agreement and (ii) the Supplemental Servicer Schedule.

 

(e)            In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver,
and hereby represents and warrants that it has delivered, to the Custodian and the Master Servicer, on or before the Closing Date,
a fully executed original

 

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counterpart
of each Loan Purchase Agreement, as in full force and effect, without amendment or modification, on the Closing Date.

 

(f)            With respect to a Serviced Loan Combination, the Custodian shall also hold the related Mortgage File for the use and benefit
of the related Serviced Companion Loan Holder(s).

 

(g)            The parties to this Agreement acknowledge and agree, with respect to the Outside Serviced Mortgage Loans, that the Trust
assumes the obligations and rights of the holder of each Outside Serviced Mortgage Loan under the respective Co-Lender Agreement
and/or Outside Servicing Agreement.

 

(h)            It is not intended that this Agreement create a partnership or a joint-stock association.

 

(i)             The parties to this Agreement acknowledge that each Loan Purchase Agreement provides that: (1) within sixty (60) days after
the Closing Date, the related Mortgage Loan Seller is required to deliver or cause to be delivered the Diligence File for each
of its Mortgage Loans to the Depositor by uploading such Diligence Files to the Designated Site; and (2) promptly upon completion
of such delivery of the Diligence Files (but in no event later than sixty (60) days after the Closing Date), the applicable Mortgage
Loan Seller is required to provide to each of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Custodian, the Controlling Class Representative, the Asset Representations Reviewer and the Operating Advisor
an officer’s certificate signed by such Mortgage Loan Seller certifying that the electronic copies of the documents and information
uploaded to the Designated Site constitute all documents and information required under the definition of “Diligence File”
and such Diligence Files are organized and categorized in accordance with the electronic file structure reasonably requested by
the Depositor (the “Diligence File Certification”). The Depositor shall have no responsibility for determining
whether any Diligence Files delivered to it are complete and shall have no liability to the Trust or the Certificateholders for
the failure of any Mortgage Loan Seller to deliver a Diligence File (or a complete Diligence File) to the Depositor.

 

Section 2.02          Acceptance by the Trustee, the Custodian and the Certificate Administrator.

 

(a)            The Trustee, by its execution and delivery of this Agreement, hereby accepts receipt, directly or through the Custodian
on its behalf, of (i) the Mortgage Loans and all documents delivered to it that constitute portions of the related Mortgage
Files and (ii) all other assets delivered to it and included in the Trust Fund, in good faith and without notice of any adverse
claim, and declares that it or the Custodian on its behalf holds and will hold such documents and any other documents subsequently
received by it that constitute portions of the Mortgage Files, and that the Custodian on behalf of the Trustee holds and will hold
the Mortgage Loans and such other assets, together with any other assets subsequently delivered to it that are to be included in
the Trust Fund, in trust for the exclusive use and benefit of all present and future Certificateholders and, if applicable, the
Serviced Companion Loan Holders pursuant to Section 2.01(f) of this Agreement. With respect to each Serviced Loan Combination,
the Custodian shall also hold the portion of such Mortgage File that relates to the Serviced

 

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Companion
Loan in such Loan Combination in trust for the use and benefit of the related Serviced Companion Loan Holder. In connection with
the foregoing, the Custodian hereby certifies to each of the other parties hereto, the applicable Mortgage Loan Seller, each Underwriter
and each Initial Purchaser that, as to each Mortgage Loan, (i) all documents specified in clause (1) of the definition of
“Mortgage File” are in its possession, and (ii) the original Note (or, if accompanied by a lost note affidavit,
the copy of such Note) received by it with respect to such Mortgage Loan has been reviewed by it and (A) appears regular
on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Mortgagor),
(B) appears to have been executed (where appropriate) and (C) purports to relate to such Mortgage Loan.

 

(b)           On or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the
90th day following the Closing Date and monthly thereafter until the earliest of (i) the second anniversary of
the Closing Date, (ii) the day on which all exceptions have been removed and (iii) the day on which the applicable Mortgage
Loan Seller has repurchased or substituted for the last affected Mortgage Loan), the Custodian shall review the documents delivered
to it with respect to each Mortgage Loan, and the Custodian shall, subject to Sections 2.01(c), 2.02(c) and
2.02(d) of this Agreement and the terms of the respective Loan Purchase Agreements, certify in writing (substantially in
the form of Exhibit N to this Agreement) to each of the other parties hereto, the applicable Mortgage Loan Seller,
each Underwriter and each Initial Purchaser (and upon request, in the case of a Serviced Loan Combination, to the related Serviced
Companion Loan Holder) that, as to each Mortgage Loan then subject to this Agreement (except as specifically identified in any
exception report annexed to such certification, which exception report shall also be available in electronic format (including
Excel-compatible format) upon request): (i) all documents specified in clauses (1), (2), (3), (4) (other than with respect
to an Outside Serviced Mortgage Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Loan Combination) of the
definition of “Mortgage File” are in its possession or the related Mortgage Loan Seller has otherwise satisfied the
delivery requirements in accordance with the related Loan Purchase Agreement; (ii) the recordation/filing contemplated by
Section 2.01(c) of this Agreement has been completed (based solely on receipt by the Custodian of the particular
recorded/filed documents); (iii) all documents received by the Custodian with respect to such Mortgage Loan have been reviewed
by the Custodian and (A) appear regular on their face (handwritten additions, changes or corrections shall not constitute
irregularities if initialed by the Mortgagor), (B) appear to have been executed (where appropriate) and (C) purport to
relate to such Mortgage Loan; and (iv) based on the examinations referred to in Section 2.02(a) of this Agreement
and this Section 2.02(b) and only as to the foregoing documents (together with any Loan Agreement that has been delivered
by the related Mortgage Loan Seller), the information set forth in the Mortgage Loan Schedule with respect to the items specified
in clauses (iv) and (v)(B) of the definition of “Mortgage Loan Schedule” accurately reflects the information set
forth in the Mortgage File. With respect to the items listed in clauses (2), (3), (4) and (6) of the definition of “Mortgage
File” if the original of such document is not in the Custodian’s possession because it has not been returned from the
applicable recording office, then the Custodian’s certification prepared pursuant to this Section 2.02(b) should
indicate the absence of such original. In addition, as it relates to the Outside Serviced Mortgage Loans, with respect to the items
listed in clauses (2), (3), (4) and (6) of the definition of “Mortgage File” because the original of such document
will not be in the Custodian’s possession since it will have been delivered to the Outside Trustee in accordance

 

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with
the applicable Outside Servicing Agreement, the Custodian’s certification prepared pursuant to this Section 2.02(b)
should indicate the absence of such original. If the Custodian’s obligation to deliver the certifications contemplated
in this subsection terminates because two years have elapsed since the Closing Date, the Custodian shall deliver a comparable
certification to any party hereto, the Serviced Companion Loan Holder and any Underwriter and any Initial Purchaser on request.

 

(c)            It is acknowledged that none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or
the Custodian is under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or
other papers relating to the Loans delivered to it to determine that the same are valid, legal, effective, genuine, binding, enforceable,
sufficient or appropriate for the represented purpose or that they are other than what they purport to be on their face. Furthermore,
none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian shall have any responsibility
for determining whether the text of any assignment or endorsement is in proper or recordable form, whether the requisite recording
of any document is in accordance with the requirements of any applicable jurisdiction, or whether a blanket assignment is permitted
in any applicable jurisdiction.

 

(d)           The parties hereto hereby agree that the scope of the Custodian’s review of the Mortgage Files is limited solely to
confirming that the documents specified in clauses (1), (2), (3), (4) (other than with respect to an Outside Serviced Mortgage
Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Loan Combination) of the definition of “Mortgage
File” have been received, appear regular on their face and such additional information as will be necessary for delivering
the certifications required by Sections 2.02(a) and 2.02(b) of this Agreement, and such review is in no way
intended to, nor shall it be used to, verify the content of any collateral descriptions included in any data tapes and shall not
otherwise directly or indirectly be reflected in any offering document. Any review of the Mortgage Files by the Custodian and any
certification with respect thereto is not intended to, and shall not be deemed by the parties to this Agreement to, constitute
“due diligence services” or a “third party due diligence report” as such terms are defined in Rule 17g-10
and 15Ga-2, respectively, under the Exchange Act. Any recipient of the Custodian’s certification or a copy thereof by its
receipt thereof is deemed to agree, and each party to this Agreement hereby agrees, that it shall not share such certification
with any NRSRO or any party not addressed on such certification. Notwithstanding the foregoing, nothing in this Section 2.02(d)
shall relieve any party to this Agreement from its obligation to deliver information to the Rating Agencies as required under and
in accordance with the terms of this Agreement.

 

(e)            If, after the Closing Date, the Depositor comes into possession of any documents or records that constitute part of the
Mortgage File or Servicing File for any Mortgage Loan, the Depositor shall promptly deliver such document to the Custodian with
a copy to the Master Servicer (if it constitutes part of the Servicing File).

 

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Section 2.03          Mortgage Loan Sellers’ Repurchase, Substitution or Cures of Mortgage Loans for Document Defects in Mortgage Files
and Breaches of Representations and Warranties.

 

(a)            If (i) any party hereto (other than the Asset Representations Reviewer) (A) discovers or receives notice alleging
that any document constituting a part of a Mortgage File has not been properly executed, is missing, contains information that
does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule, or does not
appear to be regular on its face (each, a “Document Defect”) or (B) discovers or receives notice alleging
a breach of any representation or warranty of the applicable Mortgage Loan Seller made pursuant to Section 6(c) of the related
Loan Purchase Agreement with respect to any Mortgage Loan (a “Breach”) or (ii) the Special Servicer or
the Depositor receives a Repurchase Request, then such Person shall give prompt written notice thereof to the applicable Mortgage
Loan Seller, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event),
the other parties hereto, any related Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information
Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider (to the extent
notice has not previously been delivered to such Persons pursuant to this sentence). If any such Document Defect or Breach materially
and adversely affects, or any such Document Defect is deemed in accordance with Section 2.03(b) of this Agreement to
materially and adversely affect, the value of the related Mortgage Loan (or any related REO Property) or the interests of the Certificateholders
therein or causes any Mortgage Loan to fail to be a Qualified Mortgage, then such Document Defect shall constitute a “Material
Document Defect” or such Breach shall constitute a “Material Breach”, as the case may be. The Master
Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans) shall determine,
with respect to any affected Mortgage Loan or REO Mortgage Loan, whether a Document Defect is a Material Document Defect or a Breach
is a Material Breach. If such Document Defect or Breach has been determined to be a Material Defect, then the Master Servicer or
the Special Servicer, as applicable, shall give prompt written notice to the other parties hereto, the Controlling Class Representative
(prior to the occurrence and continuance of a Consultation Termination Event), and the applicable Mortgage Loan Seller (a) notifying
such parties of the existence of such Material Defect and (b) demanding that the applicable Mortgage Loan Seller (and in the case
of the Mortgage Loans sold to the Depositor by SMF, with simultaneous notice to and demand on SMC, as guarantor of certain of SMF’s
obligations under the SMF Loan Purchase Agreement, pursuant to the SMC Guaranty), not later than 90 days from the earlier
of the applicable Mortgage Loan Seller’s (x) discovery of, and (y) receipt of notice of, and receipt of a demand to take
action with respect to, such Material Defect (or, in the case of a Material Defect relating to a Mortgage Loan not being a Qualified
Mortgage, not later than 90 days from any party discovering such Material Defect), cure the same in all material respects
(which cure shall include payment of losses and any Additional Trust Fund Expenses associated therewith (including, if applicable,
the amount of any fees of the Asset Representations Reviewer payable pursuant to the related Loan Purchase Agreement attributable
to the Asset Review of such Mortgage Loan)) or, if such Material Defect cannot be cured within such 90 day period, either
(before the end of such 90-day period) (i) repurchase the affected Mortgage Loan or any related REO Property (or the Trust’s
interest therein with respect to any Outside Serviced Mortgage Loan) at the applicable Purchase Price by wire transfer of immediately
available funds to the Collection Account or (ii) substitute a Qualified Substitute

 

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Mortgage
Loan for such affected Mortgage Loan (provided that in no event shall any such substitution occur on or after the second
anniversary of the Closing Date) and pay the Master Servicer for deposit into the Collection Account, any Substitution Shortfall
Amount in connection therewith, all in conformity with the applicable Loan Purchase Agreement and this Agreement; provided,
however, that if (i) such Material Defect is capable of being cured but not within such 90 day period, (ii) such
Material Defect is not related to any Mortgage Loan’s not being a Qualified Mortgage and (iii) the applicable Mortgage
Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect within such 90 day period, then
such Mortgage Loan Seller shall have an additional 90 days to complete such cure or, in the event of a failure to so cure,
to complete such repurchase or substitution (it being understood and agreed that, in connection with such Mortgage Loan Seller’s
receiving such additional 90 day period, such Mortgage Loan Seller shall deliver an Officer’s Certificate to the Trustee,
the Master Servicer, the Special Servicer and the Certificate Administrator setting forth the reasons such Material Defect is
not capable of being cured within the initial 90 day period and what actions such Mortgage Loan Seller is pursuing in connection
with the cure thereof and stating that such Mortgage Loan Seller anticipates that such Material Defect will be cured within such
additional 90 day period); and provided, further, that, if any such Material Defect is still not cured after
the initial 90 day period and any such additional 90 day period solely due to the failure of such Mortgage Loan Seller
to have received the recorded document, then such Mortgage Loan Seller shall be entitled to continue to defer its cure, repurchase
and/or substitution obligations in respect of such Material Defect so long as such Mortgage Loan Seller certifies to the Trustee,
the Master Servicer, the Special Servicer and the Certificate Administrator every 30 days thereafter that the Material Defect
is still in effect solely because of its failure to have received the recorded document and that such Mortgage Loan Seller is
diligently pursuing the cure of such defect (specifying the actions being taken), except that no such deferral of cure, repurchase
or substitution may continue beyond the date that is 18 months following the Closing Date. If the affected Mortgage Loan is to
be repurchased, the Master Servicer shall designate the Collection Account as the account to which funds in the amount of the
Purchase Price are to be wired. If the affected Mortgage Loan is to be substituted for, the Master Servicer shall designate the
Collection Account as the account to which funds in the amount of the Substitution Shortfall Amount are to be wired. Any such
repurchase or substitution of a Mortgage Loan shall be on a whole loan, servicing released basis. Monthly Payments due with respect
to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in the month of substitution, and Monthly Payments
due with respect to each Mortgage Loan being repurchased or replaced after the related Cut-Off Date and received by the Master
Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase or substitution, shall be
part of the Trust Fund. Monthly Payments due with respect to each Qualified Substitute Mortgage Loan (if any) on or prior to the
related Due Date in the month of substitution, and Monthly Payments due with respect to each Mortgage Loan being repurchased or
replaced and received by the Master Servicer or the Special Servicer on behalf of the Trust after the related date of repurchase
or substitution, shall not be part of the Trust Fund and are to be remitted by the Master Servicer to the Mortgage Loan Seller
effecting the related repurchase or substitution promptly following receipt. From and after the date of substitution, each Qualified
Substitute Mortgage Loan, if any, that has been substituted shall be deemed to constitute a “Mortgage Loan” hereunder
for all purposes. No mortgage loan may be substituted for a Defective Mortgage Loan as contemplated by this Section 2.03(a)
if the Mortgage Loan to be replaced was itself a Qualified Substitute Mortgage Loan that had replaced a prior Mortgage Loan,
in which case, absent a cure (including

 

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by
the making of a Loss of Value Payment pursuant to the following paragraph) of the relevant Material Defect, the affected Mortgage
Loan will be required to be repurchased.

 

Notwithstanding the
foregoing provisions of this Section 2.03(a), in lieu of the related Mortgage Loan Seller performing its obligations with
respect to any Material Defect as set forth in the preceding paragraph, to the extent that such Mortgage Loan Seller and the Master
Servicer (with respect to Performing Serviced Loans) on behalf of the Trust or such Mortgage Loan Seller and the Special Servicer
(with respect to Specially Serviced Loans) on behalf of the Trust, are in any such case able to agree upon a cash payment payable
by such Mortgage Loan Seller to the Trust that would be deemed sufficient to compensate the Trust for such Material Defect (a
“Loss of Value Payment”), such Mortgage Loan Seller may elect, in its sole discretion, to pay such Loss of Value Payment
to the Trust, and the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied
in accordance with Section 3.06(c) of this Agreement; provided that a Material Defect as a result of a Mortgage
Loan not constituting a Qualified Mortgage may not be cured by a Loss of Value Payment. With respect to a Mortgage Loan that is
not a Specially Serviced Loan, the Master Servicer’s agreement with a Mortgage Loan Seller as to any Loss of Value Payment
shall be subject to the reasonable approval of the Special Servicer (with the consent of the Controlling Class Representative
for so long as no Control Termination Event has occurred and is continuing and other than with respect to an Excluded Mortgage
Loan). In connection with obtaining the Special Servicer’s approval, the Master Servicer shall promptly provide the Special
Servicer, but in any event within the time frame and in the manner and to the extent provided in Section 3.22(a), with
a copy of the Servicing File for such Mortgage Loan in order to enable the Special Servicer to exercise its approval right. Any
agreement by the Special Servicer with a Mortgage Loan Seller as to any Loss of Value Payment with respect to a Specially Serviced
Loan shall be subject to the consent of the Controlling Class Representative (so long as no Control Termination Event has occurred
and is continuing and other than with respect to an Excluded Mortgage Loan). The Loss of Value Payment shall include the portion
of any Liquidation Fees payable to the Special Servicer in respect of such Loss of Value Payment and the portion of fees of the
Asset Representations Reviewer attributable to the Asset Review of such Mortgage Loan. Upon its making such Loss of Value Payment,
the related Mortgage Loan Seller shall be deemed to have cured such Material Defect in all respects. Provided that such Loss of
Value Payment is made, this paragraph describes the sole remedy available to the Certificateholders or the Trust regarding any
such Material Defect in respect of which such Loss of Value Payment is accepted, and the related Mortgage Loan Seller shall not
be obligated to repurchase or replace the affected Mortgage Loan or otherwise cure such Material Defect.

 

If (x) a Mortgage Loan
is to be repurchased or replaced as described above (a “Defective Mortgage Loan”), (y) such Defective Mortgage
Loan is part of a Cross-Collateralized Group and (z) the applicable Document Defect or Breach does not constitute a Material Defect
as to the other Mortgage Loan(s) that are a part of such Cross-Collateralized Group (the “Other Crossed Loans”)
(without regard to this paragraph), then the applicable Document Defect or Breach (as the case may be) shall be deemed to constitute
a Material Defect as to each such Other Crossed Loan for purposes of the above provisions, and the related Mortgage Loan Seller
shall be obligated to repurchase or replace each such Other Crossed Loan in accordance with the provisions above unless, in the
case of such Breach or Document Defect, as applicable:

 

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(A)         
the related Mortgage Loan Seller (at its expense) delivers or causes to be delivered to the Trustee, the Master Servicer
and the Special Servicer an Opinion of Counsel to the effect that such Mortgage Loan Seller’s repurchase or replacement of
only the Mortgage Loan(s) as to which a Material Defect has actually occurred without regard to the provisions of this paragraph
(the “Affected Loan(s)”) and the operation of the remaining provisions of this Section 2.03(a) (i) will
not cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under
subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that any Certificate is outstanding and
(ii) will not result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited to the tax
on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
forth in Section 860G(d) of the Code); and

 

(B)         
each of the following conditions would be satisfied if the related Mortgage Loan Seller were to repurchase or replace only
the Affected Loans and not the Other Crossed Loans:

 

(1) the debt service coverage ratio for such Other Crossed Loan(s) (excluding the Affected Loan(s)) for the four calendar quarters
immediately preceding the repurchase or replacement is not less than the lesser of (A) 0.10x below the debt service coverage ratio
for the Cross-Collateralized Group (including the Affected Loan(s)) set forth in Annex A to the Prospectus and (B) the debt
service coverage ratio for the Cross-Collateralized Group (including the Affected Loan(s)) for the four preceding calendar quarters
preceding the repurchase or replacement;

 

(2) the
loan-to-value ratio for the Other Crossed Loans (excluding the Affected Loan(s)) is not greater than the greatest of (A) the loan-to-value
ratio, expressed as a whole number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the
Affected Loan(s)) set forth in Annex A to the Prospectus plus 10%, (B) the loan-to-value ratio, expressed as a whole
number percentage (taken to one decimal place), for the Cross-Collateralized Group (including the Affected Loan(s)) at the time
of repurchase or replacement and (C) 75%; and

 

(3) either (x) the exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group
will not impair the ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized
Group or (y) the Loan Documents evidencing and securing the relevant Mortgage Loans have been modified in a manner that complies
with the related Loan Purchase Agreement and this Agreement and that removes any threat of impairment of the ability to exercise
remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group as a result of the exercise
of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group.

 

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The determination of
the Master Servicer or the Special Servicer, as applicable, as to whether the conditions set forth above have been satisfied shall
be conclusive and binding in the absence of manifest error on the Certificateholders, other parties to this Agreement and the related
Mortgage Loan Seller. The Master Servicer or the Special Servicer, as applicable, will be entitled to cause to be delivered, or
direct the related Mortgage Loan Seller to cause to be delivered, to the Master Servicer or the Special Servicer, as applicable,
an Appraisal of any or all of the related Mortgaged Properties for purposes of determining whether the condition set forth in clause
(B)(2) above has been satisfied, in each case at the expense of the related Mortgage Loan Seller if the scope and cost of the
Appraisal is approved by the related Mortgage Loan Seller and, prior to the occurrence and continuance of a Control Termination
Event, the Controlling Class Representative (such approval not to be unreasonably withheld in each case).

 

With respect to any Defective
Mortgage Loan that forms a part of a Cross-Collateralized Group and as to which the conditions described in the second preceding
paragraph are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the related Mortgage Loan Seller
and the Trustee, as successor to the Depositor, are bound by an agreement (set forth in the related Loan Purchase Agreement) to
forbear from enforcing any remedies against the other’s Primary Collateral but each is permitted to exercise remedies against
the Primary Collateral securing its respective Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing
the Affected Loan(s) still held by the Trustee. If the exercise of remedies by one such party would impair the ability of the other
such party to exercise its remedies with respect to the Primary Collateral securing the Affected Loan or the Other Crossed Loans,
as the case may be, held by the other such party, then both parties have agreed to forbear from exercising such remedies unless
and until the Loan Documents evidencing and securing the relevant Mortgage Loans can be modified in a manner that complies with
the related Loan Purchase Agreement to remove the threat of impairment as a result of the exercise of remedies. Any reserve or
other cash collateral or letters of credit securing any of the Mortgage Loans that form a Cross-Collateralized Group shall be allocated
between such Mortgage Loans in accordance with the related Loan Documents, or otherwise on a pro rata basis based upon their
outstanding Stated Principal Balances. All other terms of the related Mortgage Loans shall remain in full force and effect, without
any modification thereof. The provisions of this paragraph shall be binding on all future holders of each Mortgage Loan that forms
part of a Cross-Collateralized Group.

 

To the extent necessary
and appropriate, the Master Servicer or Special Servicer, as applicable, shall execute (pursuant to a limited power of attorney
provided by the Trustee that enables the Master Servicer or Special Servicer, as applicable, to execute) the modification of the
Loan Documents that complies with the applicable Loan Purchase Agreement to remove the threat of impairment of the ability of the
Mortgage Loan Seller or the Trust Fund to exercise its remedies with respect to the Primary Collateral securing the Mortgage Loan(s)
held by such party resulting from the exercise of remedies by the other such party; provided that the Trustee shall not
be liable for any misuse of any such power of attorney by the Master Servicer or Special Servicer, as applicable, or any of its
agents or subcontractors. The Master Servicer shall advance all costs and expenses incurred by the Trustee, the Special Servicer
and the Master Servicer with respect to any Cross-Collateralized Group pursuant to this paragraph and the first, second and third
preceding paragraphs, and such advances and interest thereon shall (i) constitute and be reimbursable as Servicing Advances and
(ii) be included in the calculation of Purchase

 

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Price
for the Affected Loan(s) to be repurchased or replaced. Neither the Master Servicer nor the Special Servicer shall be liable to
any Certificateholder or any other party hereto if a modification of the Loan Documents described above cannot be effected for
any reason beyond the control of the Master Servicer or the Special Servicer or should not be effected as determined by the Master
Servicer or Special Servicer, as applicable, in accordance with the Servicing Standard.

 

If the Special Servicer
or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase Request of which notice has been previously
received or given and which withdrawal is by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
such party shall give written notice of such Repurchase Request Withdrawal to the applicable Mortgage Loan Seller, the other parties
hereto, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), any
Serviced Companion Loan Holder (if applicable) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider (to the extent notice has not previously been delivered
to such Persons pursuant to this sentence). If the Special Servicer receives a Repurchase Communication that any Mortgage Loan
that was subject of a Repurchase Request has been repurchased or replaced (a “Repurchase”), or that such Repurchase
Request has been rejected (a “Repurchase Request Rejection”), then the Special Servicer shall (in accordance
with the following paragraph) give written notice of such Repurchase or Repurchase Request Rejection to the Depositor, the applicable
Mortgage Loan Seller (unless it is the entity that has repurchased or replaced the subject Mortgage Loan or rejected such Repurchase
Request), and the Certificate Administrator (unless it is the party that notified the Special Servicer thereof).

 

Each notice of a Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection required to be given by a party pursuant to
this Section 2.03(a) (each, a “Rule 15Ga-1 Notice”) shall be given no later than ten (10) Business
Days after receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase
Request Rejection, as applicable, and shall include (i) the identity of the related Mortgage Loan and the Person making the
Repurchase Request, (ii) the date that the Repurchase Communication regarding the Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection was received, as applicable, (iii) if known, the basis for the Repurchase Request
(as asserted in the Repurchase Request) and (iv) in the case of Rule 15Ga-1 Notices provided by the Special Servicer with
respect to a Repurchase Request, a statement as to whether the Special Servicer currently plans to pursue such Repurchase Request.

 

If the Trustee, the Certificate
Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Custodian receives a Repurchase
Communication of a Repurchase Request, a Repurchase Request Withdrawal, a Repurchase or a Repurchase Request Rejection, then such
party shall promptly forward such Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection to the Special Servicer (with respect to any Mortgage Loan or REO Mortgage Loan) and, prior to
the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative, and include the following
statement in the related correspondence: “This is a Repurchase Communication regarding [a “Repurchase

 

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Request”]
[a “Repurchase Request Withdrawal”] [a “Repurchase”] [a “Repurchase Request Rejection”] under
Section 2.03(a) of the Pooling and Servicing Agreement relating to the Citigroup Commercial Mortgage Trust 2016-GC36 Commercial
Mortgage Pass Through Certificates, Series 2016-GC36, requiring action by you as the recipient of such [Repurchase Request]
[Repurchase Request Withdrawal] [Repurchase] [Repurchase Request Rejection] thereunder”. Upon receipt of any Repurchase
Communication of a Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection by the Special
Servicer pursuant to the foregoing provisions of this paragraph, the Special Servicer shall be deemed to be the recipient of such
Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection,
and the Special Servicer shall comply with the notice procedures set forth in the preceding paragraphs of this Section 2.03(a)
with respect to such Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase
Request Rejection.

 

No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(a) (a “Rule 15Ga-1 Notice Provider”)
shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work
product doctrines. Each Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section 2.03(a)
is so provided only to assist the related Mortgage Loan Seller, the Depositor and their respective Affiliates to comply with Rule 15Ga-1,
Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii)(A) no action taken by, or inaction
of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(a) by a Rule 15Ga-1
Notice Provider in a Rule 15Ga-1 Notice shall be deemed to constitute a waiver or defense to the exercise of any legal right the
Rule 15Ga-1 Notice Provider may have with respect to the related Loan Purchase Agreement, including with respect to any Repurchase
Request that is the subject of a Rule 15Ga-1 Notice.

 

On or before the Closing
Date, the Depositor shall, upon request, deliver to the Master Servicer a copy of each Loan Purchase Agreement and the SMC Guaranty,
which the Master Servicer shall provide to each Sub-Servicer.

 

(b)           Subject to the applicable Mortgage Loan Seller’s right to cure as contemplated in this Section 2.03, and
further subject to Section 2.01(b) and Section 2.01(c) of this Agreement, failure of such Mortgage Loan
Seller to deliver the documents referred to in clauses (1), (2), (7), (8), (18) and (19) in the definition of “Mortgage
File” in accordance with this Agreement and the applicable Loan Purchase Agreement for any Mortgage Loan shall be deemed
a Material Document Defect; provided, however, that no Document Defect (except a deemed Material Document Defect
described above) shall be considered to be a Material Document Defect unless the document with respect to which the Document Defect
exists is required in connection with an imminent enforcement of the lender’s rights or remedies under the related Mortgage
Loan, defending any claim asserted by any Mortgagor or third party with respect to the Mortgage Loan, establishing the validity
or priority of any lien on any collateral securing the Mortgage Loan or for any immediate significant servicing obligation.

 

(c)            In connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for, a Mortgage Loan pursuant
to this Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special
Servicer shall each

 

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tender
to the applicable repurchasing entity, upon delivery to each of them of a receipt executed by the applicable repurchasing entity
evidencing such repurchase or substitution, all portions of the Mortgage File and other documents (including, without limitation,
the Servicing File), and all Escrow Payments and reserve funds, pertaining to such Mortgage Loan possessed by it, and each document
that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to the applicable
Mortgage Loan Seller or its designee in the same manner, but only if the respective documents have been previously assigned or
endorsed to the Trustee, and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant
to which such documents were previously assigned to the Trustee or as otherwise reasonably requested to effect the retransfer
and reconveyance of the Mortgage Loan and the security thereof to the Mortgage Loan Seller or its designee; provided that
such tender by the Trustee and the Custodian shall be conditioned upon its receipt from the Master Servicer of a Request for Release
and an Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied. The
Master Servicer shall, and is hereby authorized and empowered by the Trustee to, prepare, execute and deliver in its own name,
on behalf of the Certificateholders and the Trustee or any of them, the endorsements and assignments contemplated by this Section 2.03(c),
and such other instruments as may be necessary or appropriate to transfer title to an REO Property (including with respect
to an Outside Serviced Mortgage Loan) in connection with the repurchase of, or substitution for, an REO Mortgage Loan and the
Trustee shall execute and deliver any powers of attorney necessary to permit the Master Servicer to do so; provided, however,
that the Trustee shall not be held liable for any misuse of any such power of attorney by the Master Servicer or any of its agents
or subcontractors. The parties to this Agreement acknowledge that the related Loan Purchase Agreement provides that in the event
a Qualified Substitute Mortgage Loan is substituted for a Defective Mortgage Loan by the related Mortgage Loan Seller as contemplated
by this Section 2.03, the related Mortgage Loan Seller will be required to deliver to the Custodian the related Mortgage
File and to the Master Servicer all Escrow Payments and reserve funds pertaining to such Qualified Substitute Mortgage Loan possessed
by it and a certification to the effect that such Qualified Substitute Mortgage Loan satisfies all of the requirements of the
definition of “Qualified Substitute Mortgage Loan” in this Agreement.

 

The parties to this Agreement
acknowledge that the related Loan Purchase Agreement provides that if any Mortgage Loan is to be repurchased or replaced as contemplated
by this Section 2.03, the related Mortgage Loan Seller will be required to amend the Mortgage Loan Schedule (as such term
is defined in the related Loan Purchase Agreement) to reflect the removal of any deleted Mortgage Loan and, if applicable, the
substitution of the related Qualified Substitute Mortgage Loan(s) and deliver or cause the delivery of such amended Mortgage Loan
Schedule (as such term is defined in the related Loan Purchase Agreement) to the parties to this Agreement. Upon any substitution
of a Qualified Substitute Mortgage Loan for a deleted Mortgage Loan, such Qualified Substitute Mortgage Loan shall become part
of the Trust Fund and be subject to the terms of this Agreement in all respects.

 

(d)           The related Loan Purchase Agreement and, if applicable, the SMC Guaranty provide the sole remedies available to the Certificateholders,
or the Trustee on behalf of the Certificateholders, respecting any Document Defect or Breach with respect to any Mortgage Loan.
For purposes of this Agreement, the purchase, replacement or payment of any Loss of Value Payment by SMC, on behalf of SMF, of
or with respect to any Mortgage Loan for

 

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which
SMF is the related Mortgage Loan Seller shall be deemed a purchase, replacement or payment of Loss Value Payment, as applicable,
by SMF.

 

(e)            The parties to this Agreement acknowledge, with respect to each Outside Serviced Mortgage Loan, that the related Loan Purchase
Agreement provides that if a “material document defect” (as such term or any analogous term is defined in the related
Outside Servicing Agreement) exists under the related Outside Servicing Agreement with respect to the related Outside Serviced
Companion Loan included in the related Outside Securitization Trust, and such Outside Serviced Companion Loan is repurchased by
or on behalf of the related Mortgage Loan Seller (or other responsible repurchasing entity) from such Outside Securitization Trust
as a result of such “material document defect” (as such term or any analogous term is defined in such Outside Servicing
Agreement), then the related Mortgage Loan Seller will be required to repurchase such Outside Serviced Mortgage Loan; provided,
however, that such repurchase obligation does not apply to any “material document defect” (as such term or any analogous
term is defined in the related Outside Servicing Agreement) related solely to the promissory note for such Outside Serviced Companion
Loan.

 

(f)            (i)  In the event an Initial Requesting Certificateholder delivers a written request to a party to this Agreement
that a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect
to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”),
such party shall promptly forward that Certificateholder Repurchase Request to the Enforcing Servicer, and the Enforcing Servicer
shall promptly forward that Certificateholder Repurchase Request to the applicable Mortgage Loan Seller and each other party to
this Agreement.

 

(ii)           
In the event that any of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Operating Advisor (solely in its capacity as operating advisor) determines that a Mortgage Loan should be repurchased or
replaced due to a Material Defect, or has knowledge of a Material Defect with respect to a Mortgage Loan, then such party shall
deliver prompt written notice of such Material Defect to the Enforcing Servicer identifying the applicable Mortgage Loan and setting
forth the basis for such allegation (a “PSA Party Repurchase Request”). The Enforcing Servicer shall promptly
forward such PSA Party Repurchase Request to the applicable Mortgage Loan Seller and each other party to this Agreement. Subject
to subsections (g), (h), (i), (j) and (k) of this Section 2.03, the Enforcing Servicer shall act as the Enforcing Party
and enforce the rights of the Trust against the related Mortgage Loan Seller with respect to each Repurchase Request. The Enforcing
Servicer shall enforce the obligations of the Mortgage Loan Sellers under the Loan Purchase Agreements (including, without limitation,
obligations resulting from a Material Defect) pursuant to the terms of this Agreement and the Loan Purchase Agreements. Subject
to the provisions of the applicable Loan Purchase Agreement and this Agreement, such enforcement, including, without limitation,
the legal prosecution of claims, if any, shall be carried out in such form, to such extent and at such time as the Enforcing Servicer
would require were it, in its individual capacity, the owner of the affected Mortgage Loan, and in accordance with the Servicing
Standard. Any costs incurred by the Enforcing Servicer with respect to the enforcement of the obligations of a Mortgage Loan Seller
under the applicable Loan Purchase Agreement shall be deemed to be Servicing

 

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Advances,
to the extent not recovered from the Mortgage Loan Seller or the Requesting Certificateholder.

 

(iii)         
In the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase
Request (a “Resolution Failure”), then the provisions described in Section 2.03(g) below shall apply.
Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the
related Mortgage Loan Seller in a commercially reasonable manner. The fact that a Repurchase Request has been Resolved pursuant
to clause (vi) of the definition of “Resolved” shall not preclude the Enforcing Servicer from exercising any of its
rights related to a Material Defect in the manner and timing otherwise set forth in this Agreement, in the related Loan Purchase
Agreement or as provided by law.

 

(g)           (i)  After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether
the Repurchase Request was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing
Servicer shall send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder,
if any, to the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate
Administrator (which shall be delivered via electronic mail to trustadministrationgroup@wellsfargo.com) who shall make such notice
available to all other Certificateholders and Certificate Owners by posting such notice on the Certificate Administrator’s
Website indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request. If (a) the
Enforcing Servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further action
to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request, or (b) the Enforcing
Servicer’s intended course of action is to pursue further action to exercise rights against the related Mortgage Loan Seller
with respect to the Repurchase Request but a Requesting Certificateholder does not agree with the course of action selected by
the Enforcing Servicer and, in the case of clause (a) or (b), a Requesting Certificateholder wishes to exercise its right to refer
the matter to mediation (including nonbinding arbitration) or arbitration, if any, then a Requesting Certificateholder may deliver
to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days
from the date the Proposed Course of Action Notice was posted on the Certificate Administrator’s Website (the “Dispute
Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation (including
nonbinding arbitration) or arbitration.

 

(ii)          
If no Requesting Certificateholder delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution
Cut-off Date, then no Certificateholder or Certificate Owner shall have the right to refer the Repurchase Request to mediation
or arbitration, and the Enforcing Servicer shall be the sole party obligated and entitled to determine a course of action, including,
but not limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller, subject to any consent or consultation
rights of the Directing Holder pursuant to Section 6.09.

 

(iii)   
      Promptly and in any event within ten (10) Business Days following receipt of
a Preliminary Dispute Resolution Election Notice from a Requesting Certificateholder, the Enforcing Servicer shall consult
with each Requesting Certificateholder regarding

 

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such
Requesting Certificateholder’s intention to elect either mediation (including nonbinding arbitration) or arbitration as
the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”)
so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase
Request and possible dispute resolution methods, such discussions to occur and be completed no later than ten (10) Business Days
following the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish procedures the Enforcing
Servicer deems to be in accordance with the Servicing Standard relating to the timing and extent of such consultations. No later
than five (5) Business Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide
a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation
or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)         
If, following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution
Election Notice to the Enforcing Servicer, then no Certificateholder or Certificate Owner shall have any further right to refer
the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the sole party obligated and entitled
to determine a course of action including, but not limited to, enforcing the Trust’s rights against the related Mortgage
Loan Seller, subject to any consent or consultation rights of the Directing Holder.

 

(v)           
If a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer,
then such Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including
nonbinding arbitration) or arbitration. If more than one Requesting Certificateholder timely deliver a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders shall collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration (including whether to refer the matter to mediation (including non-binding arbitration) or arbitration).
If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the terms of this Agreement within
thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer, then (i) the rights
of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or Certificate Owner
shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed Course of Action
Notice indicated that the Enforcing Servicer will take no further action with respect to the Repurchase Request, then the related
Material Defect shall be deemed waived for all purposes under this Agreement and the related Loan Purchase Agreement, and (iii) if
the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause (ii),
then the Enforcing Servicer shall be the sole party obligated and entitled to determine a course of action including, but not
limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)        
 Notwithstanding the foregoing, the dispute resolution provisions described above under this Section 2.03(g) shall
not apply, and the Enforcing Servicer shall be the

 

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sole
party entitled to enforce the Trust’s rights against the related Mortgage Loan Seller, if the Enforcing Servicer has commenced
litigation with respect to the Repurchase Request, or determines in accordance with the Servicing Standard that it is in the best
interest of Certificateholders to commence litigation with respect to the Repurchase Request to avoid the running of any applicable
statute of limitations.

 

(vii)         In the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust,
shall remain a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

(viii)        For the avoidance of doubt, none of the Depositor, any Mortgage Loan Seller nor any of their respective affiliates shall
be entitled to be a Requesting Certificateholder.

 

(ix)           The Requesting Certificateholders are entitled to elect either mediation or arbitration with respect to a Repurchase Request
in their sole discretion; provided, however, no Requesting Certificateholder shall be entitled to then utilize the alternative
method in the event that the initial method is unsuccessful, and no other Certificateholder or Certificate Owner shall be entitled
to elect either arbitration or mediation in the event a mediation or arbitration is undertaken with respect to such Repurchase
Request.

 

(h)           If the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)            The mediation shall be administered by a nationally recognized mediation organization selected by the applicable Mortgage
Loan Seller (such provider, the “Mediation Services Provider”) in accordance with published mediation procedures
(the “Mediation Rules”) promulgated by the Mediation Services Provider.

 

(ii)           The mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least fifteen (15) years
of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a
list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the right to exercise
two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference. The
Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

(iii)          Prior to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable
inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)          The parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within
10 Business Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

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(v)           The expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between the
Enforcing Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)          Out-of-pocket costs and expenses of the Master or the Special Servicer for mediation or arbitration, to the extent not
agreed to be paid by the Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another
party (in the case of arbitration), shall be reimbursable as a Servicing Advance.

 

(i)             If the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)           
The arbitration shall be administered by a nationally recognized arbitration organization selected by the related Mortgage
Loan Seller (such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures
(the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)           The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years
of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied
a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two
peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration
Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the
parties to the extent possible.

 

(iii)          Prior to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable
inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)          After consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment,
the arbitrator shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties,
with the goal of expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority
to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal
Rules of Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing
and post hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)           Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each
party to the arbitration will be presumptively limited to the following discovery in the arbitration: (A) the parties shall
reasonably and in good faith voluntarily produce to all other parties all documents upon which they intend to rely and all documents
they reasonably and in good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party
witness

 

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depositions
(excluding Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator shall have the
ability to grant the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause
is shown that such additional discovery is reasonable and necessary.

 

(vi)          The arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission
of any post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the
Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’
fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the
arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final
determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted
under federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)         By selecting arbitration, the Enforcing Party is waiving its right to sue in court, including the right to a trial by jury.

 

(viii)        No person may bring a putative or certified class action to arbitration.

 

(j)            The following provisions will apply to both mediation and third-party arbitration:

 

(i)             Any mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(ii)            If the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute
relating to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider,
then any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending
the final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have
subject matter jurisdiction, or if the Southern District of New York has no jurisdiction, then the Supreme Court of the State
of New York for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)          The details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted
under this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course
of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible
for any purpose, including impeachment, in any

 

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mediation,
arbitration or litigation, or other proceeding (including any proceeding under this Section 2.03). Such information will
be kept strictly confidential and shall not be disclosed or shared with any third party (other than a party’s attorneys,
experts, accountants and other agents and representatives, as reasonably required in connection with any resolution procedure
under this Section 2.03), except as otherwise required by law, regulatory requirement or court order. If any party to a
resolution procedure receives a subpoena or other request for information from a third party (other than a governmental regulatory
body) for such confidential information, the recipient shall promptly notify the other party to the resolution procedure and shall
provide the other party with a reasonable opportunity to object to the production of its confidential information.

 

(iv)          In the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the
case may be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be
a party to any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the
Enforcing Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates
in such proceeding shall be determined by such Enforcing Servicer in consultation with the Directing Holder (but, if the Controlling
Class Representative is the related Directing Holder, only if no Consultation Termination Event has occurred and is continuing
and only if an Excluded Mortgage Loan is not involved) and in accordance with the Servicing Standard. All amounts recovered by
the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection Account.
The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder
is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached
in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses
allocated to the Requesting Certificateholder.

 

(v)           In the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder is required to pay
any expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to
bear in the mediation proceedings.

 

(vi)          The Trust (or the Enforcing Servicer or the Trustee, acting on its behalf), the Depositor or any Mortgage Loan Seller shall
be permitted to redact any personally identifiable customer information included in any information provided for purposes of any
mediation or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to
the Repurchase Request and the dispute resolution identified in connection with such procedures; provided, however,
that the Certificateholders shall be permitted to communicate prior to the commencement of any such proceedings to the extent
provided in Section 5.07.

 

(vii)         For the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase
Request to mediation or arbitration or to participate in such mediation or arbitration affect in any manner the ability of the

 

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Special
Servicer to perform its obligations with respect to a Specially Serviced Loan (including without limitation, a liquidation, foreclosure,
negotiation of a loan modification or workout, acceptance of a discounted pay off or deed-in-lieu, or bankruptcy or other litigation)
or the exercise of any rights of a Directing Holder.

 

(viii)        Any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration
shall be reimbursable as expenses of the Trust Fund payable out of the Collection Account pursuant to Section 3.06(a)
of this Agreement.

 

Section 2.04          Representations and Warranties of the Depositor.

 

(a)           The Depositor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders
and the Serviced Companion Loan Holders, and to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer and the Certificate Administrator, as of the Closing Date, that:

 

(i)           
The Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware,
and is duly qualified as a foreign corporation in good standing in all jurisdictions in which the ownership or lease of its property
or the conduct of its business requires such qualification (except where the failure to qualify would not have a materially adverse
effect on the consummation of any transactions contemplated by this Agreement); the Depositor has taken all necessary corporate
action to authorize the execution, delivery and performance of this Agreement by it, and has the power and authority to execute,
deliver and perform this Agreement and all the transactions contemplated hereby, including, but not limited to, the power and
authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement; the Depositor has duly authorized
the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(ii)          
Assuming the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and
all of the obligations of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against
the Depositor in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and, as to any rights
of indemnification hereunder, by considerations of public policy;

 

(iii)         
Neither the execution and delivery by the Depositor of this Agreement nor the compliance by the Depositor with the provisions
hereof, nor the consummation by the Depositor of the transactions contemplated by this Agreement, will (A) conflict with
or result in a breach of, or constitute a default under, the organizational documents of the Depositor or, after giving effect
to the consents or taking of the actions contemplated by clause (B) of this paragraph (iii), any of the provisions of any
law, governmental rule, regulation, judgment, decree or order binding on the Depositor or its properties, or any of the provisions
of any indenture or agreement or other instrument to which the Depositor

 

    	-157-

    	 

    

 

is
a party or by which it is bound or result in the creation or imposition of any lien, charge or encumbrance upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument or (B) require any consent of, notice to, or filing
with any person, entity or governmental body, which has not been obtained or made by the Depositor, except where, in any of the
instances contemplated by clause (A) above or this clause (B), the failure to do so will not have a material and adverse
effect on the consummation of any transactions contemplated by this Agreement;

 

(iv)         
There is no litigation, charge, investigation, action, suit or proceeding pending or, to the Depositor’s knowledge,
threatened against the Depositor in any court or by or before any other governmental agency or instrumentality the outcome of
which could be reasonably expected to materially and adversely affect the validity of the Mortgage Loans or the ability of the
Depositor to carry out the transactions contemplated by this Agreement;

 

(v)          
The Depositor is not transferring the Mortgage Loans to the Trustee with any intent to hinder, delay or defraud its present
or future creditors;

 

(vi)         
No proceedings looking toward merger, liquidation, dissolution or bankruptcy of the Depositor are pending or contemplated;

 

(vii)        
Immediately prior to the transfer of the Mortgage Loans to the Trustee for the benefit of the Certificateholders pursuant
to this Agreement, the Depositor had such right, title and interest in and to each Mortgage Loan as was transferred to it by the
related Mortgage Loan Seller pursuant to the related Loan Purchase Agreement;

 

(viii)       
The Depositor has not transferred any of its right, title and interest in and to the Mortgage Loans (as such was transferred
to it by the Mortgage Loan Sellers pursuant to the Loan Purchase Agreements) to any Person other than the Trustee; and

 

(ix)         
The Depositor is transferring all of its right, title and interest in and to the Mortgage Loans (as such was transferred
to it by the Mortgage Loan Sellers pursuant to the Loan Purchase Agreements) to the Trustee for the benefit of the Certificateholders
free and clear of any and all liens, pledges, charges, security interests and other encumbrances created by or through the Depositor.

 

(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects
the interests of any party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of
the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering
such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion
Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

    	-158-

    	 

    

 

Section 2.05      
   Representations, Warranties and Covenants of the Master Servicer.

 

(a)           The Master Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit
of the Certificateholders and the Serviced Companion Loan Holders, and to and with the Depositor, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Certificate Administrator, as of the Closing Date, that:

 

(i)           
The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the
laws of the United States of America, and the Master Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged
Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms
of this Agreement by the Master Servicer, do not violate the Master Servicer’s organizational documents or constitute a
default (or an event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of,
any material agreement or other material instrument to which it is a party or that is applicable to it or any of its assets, in
each case, which does or is likely to materially and adversely affect either the ability of the Master Servicer to perform its
obligations under this Agreement or the financial condition of the Master Servicer;

 

(iii)         
The Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it
as contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof,
subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium
and other laws affecting the enforcement of creditors’ (including bank creditors’) rights generally, (B) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to
violations of securities laws;

 

(v)          
The Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter, or any
order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master
Servicer’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Master Servicer
to perform its obligations under this Agreement or the financial condition of the Master Servicer;

 

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(vi)         
No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer
that would prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under
this Agreement or the financial condition of the Master Servicer;

 

(vii)        
Each officer or employee of the Master Servicer that has responsibilities concerning the servicing and administration of
Mortgage Loans and the Serviced Companion Loans is covered by errors and omissions insurance in the amounts and with the coverage
required by Section 3.08(c) of this Agreement or the Master Servicer self-insures for such errors and omissions coverage
in compliance with the requirements of Section 3.08(c) of this Agreement; and

 

(viii)        No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental
agency or body is required for the consummation by the Master Servicer of the transactions contemplated by this Agreement, except
for those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations
that previously have been completed and except for consents, approvals, authorizations, orders, filings or registrations which
are not required in order for the Master Servicer to enter into this Agreement but may be required (and if so required, will be
obtained) in connection with the Master Servicer’s subsequent performance of this Agreement.

 

(b)            The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests
of any party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall
give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders
and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.06          Representations, Warranties and Covenants of the Special Servicer.

 

(a)           The Special Servicer hereby represents and warrants to, and covenants with, the Trustee, for its own benefit and the benefit
of the Certificateholders and the Serviced Companion Loan Holders, and to and with the Depositor, the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Certificate Administrator, as of the Closing Date, that:

 

(i)           
The Special Servicer is a national banking association, duly organized, validly existing and in good standing under the
laws of the United States of America, and

 

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the
Special Servicer is in compliance with the laws of each jurisdiction in which a Mortgaged Property is located to the extent necessary
to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Special Servicer do not, and the performance and compliance with the
terms of this Agreement by the Special Servicer will not, (A) violate the Special Servicer’s organizational documents
or by-laws or (B) constitute a default (or an event that, with notice or lapse of time, or both, would constitute a default)
under, or result in the breach of, any material agreement or other material instrument to which it is a party or that is applicable
to it or any of its assets, in each case, which does or is likely to materially and adversely affect either the ability of the
Special Servicer to perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(iii)         
The Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by
it as contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof,
subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium
and other laws affecting the enforcement of creditors’ (including bank creditors’) rights generally, (B) general
principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law and (C) public
policy considerations regarding the enforceability of provisions providing or purporting to provide indemnification or contribution
with respect to violations of securities laws;

 

(v)          
The Special Servicer is not in violation of, and its execution and delivery of this Agreement do not, and its performance
and compliance with the terms of this Agreement will not, constitute a violation of, any law, any order or decree of any court
or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation,
in the Special Servicer’s good faith and reasonable judgment, is likely to affect materially and adversely either the ability
of the Special Servicer to perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vi)         
No litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer
that would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and
reasonable judgment, is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations
under this Agreement or the financial condition of the Special Servicer;

 

(vii)        
Each officer or employee of the Special Servicer that has or, following a transfer of servicing responsibilities to the
Special Servicer pursuant to Section 3.22 of

 

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this
Agreement, would have, responsibilities concerning the servicing and administration of Mortgage Loans and Serviced Companion Loans
is covered by errors and omissions insurance in the amounts and with the coverage required by Section 3.08(c) of this
Agreement or the Special Servicer self-insures for such errors and omissions coverage in compliance with the requirements of Section
3.08(c) of this Agreement; and

 

(viii)       
No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental
agency or body is required for the consummation by the Special Servicer of the transactions contemplated by this Agreement, except
for those consents, approvals, authorizations and orders that previously have been obtained and those filings and registrations
that previously have been completed.

 

(b)         
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects
the interests of any party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of
the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt
written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders and, prior to
the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.07          Representations and Warranties of the Trustee.

 

(a)            The Trustee hereby represents and warrants for the benefit of the Certificateholders, and the Serviced Companion Loan Holders,
and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and
the Certificate Administrator, as of the Closing Date, that:

 

(i)           
The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of
the United States of America; the Trustee possesses and shall continue to possess all requisite authority, power, licenses, permits,
franchise and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

(ii)          
the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement
will not violate the Trustee’s articles of association or by-laws or shareholders’ resolutions or constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any
material contract, agreement or other instrument to which the Trustee is a party or which may be applicable to the Trustee or
any of its assets;

 

(iii)         
except to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a
co-trustee or separate trustee be appointed to act

 

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with
respect to such property as contemplated by Section 8.08 of this Agreement, the Trustee has the full power and authority
to enter into and consummate the transactions contemplated by this Agreement, has duly authorized the execution, delivery and
performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)         
this Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and
binding obligation of the Trustee, enforceable against it in accordance with the terms of this Agreement, except as such enforcement
may be limited by (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating
to or affecting the rights of creditors generally, (B) general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law) and (C) public policy considerations regarding the enforceability of provisions
providing or purporting to provide indemnification or contribution with respect to violations of securities laws;

 

(v)          
the Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance
and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court
or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United States of America
having jurisdiction, which violation would have consequences that would materially and adversely affect the condition (financial
or other) or operations of the Trustee or its properties or might have consequences that would materially affect the performance
of its duties hereunder or thereunder;

 

(vi)         
no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or
regulatory agency or body, is required for the execution, delivery and performance by the Trustee of this Agreement or if required,
such approval has been obtained prior to the Closing Date; and

 

(vii)        
no litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit
its entering into or materially and adversely affect its ability to perform its obligations under this Agreement.

 

(b)          
The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects
the interests of any party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of
the Master Servicer, the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering
such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion
Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

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Section 2.08          Representations and Warranties of the Certificate Administrator.

 

(a)           The Certificate Administrator hereby represents and warrants to the Trustee, for its own benefit and for the benefit of
the Certificateholders and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer,
the Asset Representations Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)           
The Certificate Administrator is a national banking association, duly organized, validly existing and in good standing
under the laws of the United States of America; the Certificate Administrator possesses and shall continue to possess all requisite
authority, power, licenses, permits, franchise and approvals to conduct its business and to execute, deliver and comply with its
obligations under this Agreement;

 

(ii)          
the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the
terms of this Agreement will not violate the Certificate Administrator’s articles of association or by-laws or shareholders’
resolutions or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material contract, agreement or other instrument to which the Certificate Administrator is a party
or which may be applicable to the Certificate Administrator or any of its assets;

 

(iii)         
the Certificate Administrator has the full power and authority to enter into and consummate the transactions contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)         
this Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and
binding obligation of the Certificate Administrator, enforceable against it in accordance with the terms of this Agreement, except
as such enforcement may be limited by (A) bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium
or other laws relating to or affecting the rights of creditors generally (B) general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law) and (C) public policy considerations regarding
the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws;

 

(v)          
the Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate
Administrator and its performance and compliance with the terms of this Agreement will not constitute a violation with respect
to, any order or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of
or in the United States of America having jurisdiction, which violation would have consequences that would materially and adversely
affect the condition (financial or other) or operations of the Certificate Administrator or its properties or might have consequences
that would materially affect the performance of its duties hereunder or thereunder;

 

    	-164-

    	 

    

 

(vi)         
no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or
regulatory agency or body, is required for the execution, delivery and performance by the Certificate Administrator of this Agreement
or if required, such approval has been obtained prior to the Closing Date; and

 

(vii)        
no litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate
Administrator which would prohibit its entering into or materially and adversely affect its ability to perform its obligations
under this Agreement.

 

(b)            The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects
the interests of any party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of
the Master Servicer, the Special Servicer or the Certificate Administrator in any Mortgage Loan or Serviced Loan Combination, the
party discovering such breach shall give prompt written notice to the other parties hereto, each Certifying Certificateholder,
the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling
Class Representative.

 

Section 2.09          Representations, Warranties and Covenants of the Operating Advisor.

 

(a)            The Operating Advisor hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders
and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator,
as of the Closing Date, that:

 

(i)           
The Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws
of the State of Delaware; and the Operating Advisor is in compliance with the laws of each jurisdiction in which a Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms
of this Agreement by the Operating Advisor, do not violate the Operating Advisor’s organizational documents or constitute
a default (or an event that, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other instrument to which it is a party or that is applicable to it or any of its assets, in each
case, which does or is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations
under this Agreement;

 

(iii)         
The Operating Advisor has the full power and authority to enter into and consummate all transactions contemplated by this
Agreement, has duly authorized the

 

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execution,
delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms
hereof, subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization,
moratorium and other laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity,
regardless of whether such enforcement is considered in a proceeding in equity or at law, and (C) public policy considerations
regarding the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to
violations of securities laws;

 

(v)          
The Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or arbiter,
or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Operating Advisor’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the
Operating Advisor to perform its obligations under this Agreement;

 

(vi)         
No litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor
that would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and
reasonable judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations
under this Agreement;

 

(vii)        
The Operating Advisor has errors and omissions insurance coverage that is in full force and effect, which complies with
the requirements of Section 3.08 hereof;

 

(viii)        No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental
agency or body is required for the consummation by the Operating Advisor of the transactions contemplated by this Agreement, except
for any consent, approval, authorization or order which has not been obtained or cannot be obtained prior to the Closing Date,
and which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor to perform its obligations
hereunder.

 

(b)           The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests
of any party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall
give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders
and,

 

    	-166-

    	 

    

 

prior
to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.10          Representations, Warranties and Covenants of the Asset Representations Reviewer.

 

(a)            The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of
the Certificateholders and the Serviced Companion Loan Holders, and to the Depositor, the Master Servicer, the Special Servicer
and the Certificate Administrator, as of the Closing Date, that:

 

(i)           
The Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing
under the laws of the State of Delaware; and the Asset Representations Reviewer is in compliance with the laws of each jurisdiction
in which a Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance
with the terms of this Agreement by the Asset Representations Reviewer, do not violate the Asset Representations Reviewer’s
organizational documents or constitute a default (or an event that, with notice or lapse of time, or both, would constitute a
default) under, or result in the breach of, any material agreement or other instrument to which it is a party or that is applicable
to it or any of its assets, in each case, which does or is likely to materially and adversely affect the ability of the Asset
Representations Reviewer to perform its obligations under this Agreement;

 

(iii)         
The Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in
accordance with the terms hereof, subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent
transfer, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally, (B) general
principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law, and (C) public
policy considerations regarding the enforceability of provisions providing or purporting to provide indemnification or contribution
with respect to violations of securities laws;

 

(v)          
The Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance
and compliance with the terms of this Agreement do not constitute a violation of, any law, any order or decree of any court or
arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation,
in the Asset Representations Reviewer’s good faith

 

    	-167-

    	 

    

 

and
reasonable judgment, is likely to affect materially and adversely the ability of the Asset Representations Reviewer to perform
its obligations under this Agreement;

 

(vi)         
No litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the
Asset Representations Reviewer that would prohibit the Asset Representations Reviewer from entering into this Agreement or, in
the Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the
ability of the Asset Representations Reviewer to perform its obligations under this Agreement;

 

(vii)        
The Asset Representations Reviewer has errors and omissions insurance coverage that is in full force and effect, which
complies with the requirements of Section 3.08 hereof;

 

(viii)       
The Asset Representations Reviewer is an Eligible Asset Representations Reviewer; and

 

(ix)         
No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental
agency or body is required for the consummation by the Asset Representations Reviewer of the transactions contemplated by this
Agreement, except for any consent, approval, authorization or order which has not been obtained or cannot be obtained prior to
the Closing Date, and which, if not obtained would not have a materially adverse effect on the ability of the Asset Representations
Reviewer to perform its obligations hereunder.

 

(b)           The representations and warranties set forth in paragraph (a) above shall survive the execution and delivery of this
Agreement. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or
the Certificate Administrator (or upon written notice thereof from any Certificateholder or any Serviced Companion Loan Holder)
of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests
of any party to this Agreement, the Certificateholders or any Serviced Companion Loan Holder or the interests of the Master Servicer,
the Special Servicer or the Trustee in any Mortgage Loan or Serviced Loan Combination, the party discovering such breach shall
give prompt written notice to the other parties hereto, each Certifying Certificateholder, the Serviced Companion Loan Holders
and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative.

 

Section 2.11          Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. 

 

(a)            The Trustee (i) acknowledges the assignment to it of the Mortgage Loans and the delivery of the related Mortgage Files to
the Custodian (to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to
the provisions of Sections 2.01 and 2.02 of this Agreement, (ii) concurrently with such delivery described
in clause (i), declares that it holds the Mortgage Loans (exclusive of Excess Interest) for the benefit of the Holders
of the Class R Certificates (in respect of the Lower-Tier Residual Interest) and the holder(s) of the Lower-Tier Regular Interests,
and (iii) concurrently with such delivery

 

    	-168-

    	 

    

 

described
in clause (i), declares that it holds any Excess Interest for the benefit of the Holders of any Excess Interest Certificates.
Concurrently with such delivery described in clause (i) of the prior sentence, (i) the Lower-Tier Regular Interests and
the Lower-Tier Residual Interest shall be issued, and the Trustee and Certificate Administrator acknowledge the issuance thereof,
in exchange for the assets of the Lower-Tier REMIC, (ii) the Depositor hereby conveys all right, title and interest in and
to the Lower-Tier Regular Interests and other property constituting the Upper-Tier REMIC to the Trustee, receipt of which is hereby
acknowledged, and (iii) the Trustee acknowledges and hereby declares that it holds the same on behalf of the Holders of the Class
R Certificates (in respect of the Upper-Tier Residual Interest), the Holders of the Regular Certificates and the holder(s) of
the Class EC Regular Interests, in exchange for the conveyance described in the immediately preceding clause (ii), (A)
the Class EC Regular Interests and the Upper-Tier Residual Interest shall be issued, and (B) the Certificate Administrator shall
execute and cause to be authenticated and delivered to and upon the order of the Depositor, (1) the Regular Certificates,
and (2) the Class R Certificates, representing the Lower-Tier Residual Interest and the Upper-Tier Residual Interest,
registered in the names set forth in such order and duly authenticated by the Certificate Administrator. If there are any ARD
Mortgage Loans in the Trust Fund, then the Certificate Administrator shall execute and cause to be authenticated and delivered
to and upon the order of the Depositor, the Excess Interest Certificates in exchange for any Excess Interest.

 

(b)           The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign
without recourse all the right, title and interest of the Depositor in and to the Class EC Regular Interests to the Trustee for
the benefit of the holders of (i) the Class A-S Certificates (to the extent of the Class A-S Percentage Interest of the Class A-S
Regular Interest), (ii) the Class B Certificates (to the extent of the Class B Percentage Interest of the Class B Regular
Interest), (iii) the Class C Certificates (to the extent of the Class C Percentage Interest of the Class C Regular Interest) and
(iv) the Class EC Certificates (to the extent of the applicable Class EC Percentage Interest of each of the Class EC Regular Interests).
The Trustee (i) acknowledges the assignment to it of the Class EC Regular Interests and (ii) declares that it holds and will
hold the Class EC Regular Interests in trust for the exclusive use and benefit of all present and future Holders of the Exchangeable
Certificates. The Certificate Administrator shall execute and cause the Authenticating Agent to authenticate and deliver to or
upon the order of the Depositor, in exchange for the Class EC Regular Interests, the Exchangeable Certificates in authorized Denominations.

 

Section 2.12          Miscellaneous REMIC and Grantor Trust Provisions.

 

(a)           The Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB, Class LA-S, Class LB,
Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Interests are hereby designated as “regular
interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Lower-Tier Residual Interest
(evidenced by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the
Lower-Tier REMIC within the meaning of Code Section 860G(a)(2).

 

(b)           The Regular Certificates and the Class EC Regular Interests are hereby designated as “regular interests” in
the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Upper-Tier Residual Interest (evidenced by the
Class R Certificates)

 

    	-169-

    	 

    

 

is
hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(2).

 

(c)            The Closing Date is hereby designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier
REMIC. The “latest possible maturity date” for purposes of Code Section 860G(a)(1) of the Lower-Tier Regular Interests,
the Regular Certificates and the Class EC Regular Interests is the Rated Final Distribution Date.

 

(d)           None of the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate
Administrator shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other
than as specifically contemplated herein.

 

(e)            Each Class of the Grantor Trust Certificates shall represent undivided beneficial interests in its corresponding portion
of the Trust Fund consisting of, respectively, the Class A-S Specific Grantor Trust Assets, the Class B Specific Grantor Trust
Assets, the Class C Specific Grantor Trust Assets, the Class EC Specific Grantor Trust Assets, and the Excess Interest Grantor
Trust Assets, each of which portions will be treated as part of a “grantor trust” within the meaning of subpart E,
part I of subchapter J of the Code.

 

Article
III

ADMINISTRATION AND SERVICING

OF THE MORTGAGE LOANS

 

Section 3.01          Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced
Mortgage Loans.

 

(a)            The Master Servicer (with respect to the Performing Serviced Loans) and the Special Servicer (with respect to the Specially
Serviced Loans and, to the extent provided in this Agreement, the Performing Serviced Loans), each as an independent contractor,
shall service and administer the Mortgage Loans (other than the Outside Serviced Mortgage Loans, which will be serviced, together
with the related Outside Serviced Companion Loans, pursuant to the applicable Outside Servicing Agreement) and the Serviced Companion
Loans on behalf of the Trust Fund and the Trustee (for the benefit of the Certificateholders or, with respect to each Serviced
Loan Combination, for the benefit of the Certificateholders and the related Serviced Companion Loan Holders as a collective whole
as if such Certificateholders and Serviced Companion Loan Holders constituted a single lender (and, in the case of a Serviced AB
Loan Combination, taking into account the subordinate nature of the related Subordinate Companion Loan), subject to the terms and
conditions of the related Co-Lender Agreement) as determined in the good faith and reasonable judgment of the Master Servicer or
the Special Servicer, as the case may be, in accordance with: (i) any and all applicable laws; (ii) the express terms
of this Agreement, the respective Serviced Mortgage Loans or Serviced Loan Combinations and, in the case of the Serviced Loan Combinations,
the related Co-Lender Agreement; and (iii) to the extent consistent with the foregoing, the Servicing Standard. To the extent
consistent with the foregoing and subject to any express limitations set forth in this Agreement and any related Co-Lender Agreement
or mezzanine loan intercreditor agreement, the Master Servicer and Special

 

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Servicer
shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Loans (other than the Outside
Serviced Mortgage Loans) and the Serviced Companion Loans. Subject only to the Servicing Standard, the Master Servicer and Special
Servicer shall have full power and authority, acting alone or, in the case of the Master Servicer only, through Sub-Servicers
(subject to paragraph (c) of this Section 3.01 and to Section 3.02 of this Agreement), to do or cause
to be done any and all things in connection with such servicing and administration which it may deem consistent with the Servicing
Standard and, in its judgment exercised in accordance with the Servicing Standard, in the best interests of the Certificateholders
and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) (as a collective whole as if such
Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced Companion Loan Holder(s) constituted
a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related
Subordinate Companion Loan), subject to the terms and conditions of the related Co-Lender Agreement), including, without limitation,
with respect to each Mortgage Loan and Serviced Companion Loan, (A) other than with respect to the Outside Serviced Mortgage Loans,
to prepare, execute and deliver, on behalf of the Certificateholders, the Serviced Companion Loan Holders and the Trustee or any
of them: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain
the lien on each Mortgaged Property and related collateral; (ii) subject to Sections 3.07, 3.09, 3.10
and 3.24 of this Agreement, any modifications, waivers, consents or amendments to or with respect to any documents
contained in the related Mortgage File or defeasance of the Mortgage Loan or Serviced Companion Loan; and (iii) any and all
instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments,
with respect to the Mortgage Loan (and related Serviced Companion Loan) or the related Mortgaged Property; and (B) including
with respect to the Outside Serviced Mortgage Loans, to direct, manage, prosecute and/or defend any action, suit or proceeding
of any kind filed in the name of the Master Servicer or Special Servicer in their respective capacity on behalf of the Trustee
or the Trust. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or
otherwise consent to any change of the terms of any Mortgage Loan, or Serviced Companion Loan except under the circumstances described
in Sections 3.07, 3.09, 3.10 and 3.24 of this Agreement or in Section 3.03 of this
Agreement. The Master Servicer and Special Servicer shall service and administer the Mortgage Loans (other than the Outside Serviced
Mortgage Loans), the Serviced Companion Loans and each related REO Property in accordance with applicable law and the terms thereof
and hereof and the terms of any applicable Co-Lender Agreements and intercreditor agreements and shall provide to the Mortgagors
any reports required to be provided to them thereby.

 

Subject to Section 3.11
of this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver (i) to
the Master Servicer, any powers of attorney substantially in the form of Exhibit AA-1 to this Agreement or such other
form as mutually agreed to by the Trustee and the Master Servicer, (ii) to the Special Servicer, any powers of attorney substantially
in the form of Exhibit AA-2 to this Agreement or such other form as mutually agreed to by the Trustee and the Special Servicer,
and (iii) to the Master Servicer or Special Servicer, as applicable, other documents reasonably acceptable to the Trustee prepared
by the Master Servicer and Special Servicer and necessary or appropriate (as certified in such written request) to enable the Master
Servicer and Special Servicer to carry out their servicing and administrative duties hereunder. Notwithstanding anything contained
herein to the

 

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contrary,
none of the Master Servicer, the Special Servicer or any Sub-Servicer shall, without the Trustee’s written consent: (i) initiate
any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or Special
Servicer’s, as applicable, representative capacity, unless prohibited by any requirement of the applicable jurisdiction
in which any such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided
that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice
to the Trustee of the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required in
the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior
to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the Master
Servicer’s or the Special Servicer’s, as applicable, representative capacity; or (ii) take any action with the
intent to cause, and that actually causes, the Trustee to be registered to do business in any state. Each of the Master Servicer,
the Special Servicer and any Sub-Servicer shall indemnify the Trustee for any and all costs, liabilities and expenses incurred
by the Trustee in connection with the negligent or willful misuse of such powers of attorney by the Master Servicer or the Special
Servicer or its agents or subcontractors, as applicable.

 

(b)           Unless otherwise provided in the related Loan Documents, the Master Servicer shall apply any partial principal prepayment
received on a Serviced Loan on a date other than a Due Date, to the principal balance of such Mortgage Loan as of the Due Date
immediately following the date of receipt of such partial principal prepayment. Unless otherwise provided in the related Loan Documents,
the Master Servicer shall apply any amounts received on “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (which
shall not be redeemed by the Master Servicer prior to the maturity thereof) in respect of such a Serviced Loan being defeased
pursuant to its terms to the principal balance of and interest on such Serviced Loan as of the Due Date immediately following the
receipt of such amounts. If with respect to any Serviced Loan the related Loan Documents permit the lender, at its option, prior
to an event of default under the related Serviced Loan, to apply amounts held in any reserve account as a prepayment or to hold
such amounts in a reserve account, the Master Servicer shall hold such amounts in the applicable reserve account and may not apply
such amounts as a prepayment until the occurrence of an event of default under the related Serviced Loan; provided that
any such amounts may be used, if permitted under the related Loan Documents, to defease the related Serviced Loan or, upon an event
of default under the related Serviced Loan, to prepay the Serviced Loan.

 

(c)           The Master Servicer and the Special Servicer may enter into Sub-Servicing Agreements with third parties (including a party
that has previously been engaged as a Subcontractor) with respect to any of its obligations hereunder, provided that (i) any
such agreement shall be consistent with the provisions of this Agreement, (ii) any such agreement shall be consistent with
the Servicing Standard, (iii) other than with respect to any Mortgage Loan Seller Sub-Servicer, the Depositor has consented
to the related Sub-Servicer, (iv) any such agreement shall provide that, following receipt of the applicable Loan Purchase
Agreement from the Depositor, the Master Servicer or the Special Servicer, as applicable, shall provide a copy of the applicable
Loan Purchase Agreement to the related Sub-Servicer, and that such Sub-Servicer shall notify the Master Servicer or the Special
Servicer, as applicable, in writing within five (5)

 

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Business
Days after such Sub-Servicer discovers or receives notice alleging a Document Defect or a Breach or receives a Repurchase Communication
of a Repurchase Request, a Repurchase Request Withdrawal, a Repurchase or a Repurchase Request Rejection; (v) the Master
Servicer or the Special Servicer, as applicable, shall notify the applicable Mortgage Loan Seller of any such agreement (other
than any Sub-Servicing Agreement in place on the Closing Date with a Mortgage Loan Seller Sub-Servicer); (vi) any assignment of
such Sub-Servicing Agreement by the related Sub-Servicer (other than an assignment to the Master Servicer (in the case of a Sub-Servicer
engaged by the Master Servicer) or the Special Servicer (in the case of a Sub-Servicer engaged by the Special Servicer)) shall
be subject to the prior written consent of the Depositor (which consent shall not be unreasonably withheld, conditioned or delayed);
(vii) any amendment or modification of such Sub-Servicing Agreement shall be subject to the prior written consent of the Depositor
(which consent shall not be unreasonably withheld, conditioned or delayed) if the Master Servicer or the Special Servicer, as
applicable, determines that, as a result of such amendment or modification, the Sub-Servicer would become a “servicer”
within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool assets; (viii) any
such Sub-Servicing Agreement shall provide that if the Master Servicer or Special Servicer, as applicable, shall for any reason
no longer act in such capacity hereunder (including, without limitation, by reason of a Servicer Termination Event), the Trustee
or its designee shall thereupon assume all of the rights and, except to the extent they arose prior to the date of assumption,
obligations of such party under such agreement, or, alternatively, may act in accordance with Section 7.02 hereof under
the circumstances described therein (subject to Section 3.01(d) hereof); (ix) any such Sub-Servicing Agreement shall provide
that the Trustee (for the benefit of the Certificateholders and the related Companion Loan Holder (if applicable) and the Trust
(as holder of the Lower-Tier Regular Interests) shall be a third party beneficiary under such Sub-Servicing Agreement, but that
(except to the extent the Trustee or its designee assumes the obligations of such party thereunder as contemplated by the immediately
preceding clause (viii)) none of the Trust, the Trustee, the Operating Advisor, the Certificate Administrator, the
Master Servicer or Special Servicer, as applicable, any successor master servicer or special servicer or any Certificateholder
(or the related Companion Loan Holder, if applicable) shall have any duties under such Sub-Servicing Agreement or any liabilities
arising therefrom; (ix) any such Sub-Servicing Agreement shall provide that the Sub-Servicer shall be in default under the related
Sub-Servicing Agreement and such Sub-Servicing Agreement shall be terminated if the Sub-Servicer fails (A) to deliver by
the due date any Exchange Act reporting items required to be delivered to the Master Servicer, the Certificate Administrator or
the Depositor under Article X or under the Sub-Servicing Agreement or to the master servicer under any other pooling and
servicing agreement that the Depositor is a party to, or (B) to perform in any material respect any of its covenants or obligations
contained in the Sub-Servicing Agreement regarding creating, obtaining or delivering any Exchange Act reporting items required
for any party to this Agreement to perform its obligations under Article X or under the Exchange Act reporting items required
under any other pooling and servicing agreement that the Depositor is a party to; and (x) no Sub-Servicer shall be permitted under
any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications or determinations as to the manner
or timing of enforcing remedies under the related Loan Documents, without the consent of the Master Servicer or Special Servicer,
as applicable. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents or subcontractors
so long as the related agreements or arrangements with such

 

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agents
or subcontractors are consistent with the provisions of this Section 3.01(c). The Master Servicer or the Special Servicer,
as applicable, shall be solely liable for the servicing fees of any Sub-Servicer retained by it without regard to whether the
Master Servicer’s or the Specials Servicer’s, as applicable, compensation pursuant to this Agreement is sufficient to pay
those fees. The Master Servicer or the Special Servicer, as applicable, shall provide a copy of each Sub-Servicing Agreement (and
any assignment thereof) entered into by it to the Trustee. Any Sub-Servicing Agreement entered into by the Master Servicer or
the Special Servicer, as applicable, shall provide that it may be assumed by the Trustee, if the Trustee has assumed the duties
of the Master Servicer or the Special Servicer, as applicable, or by any successor Master Servicer or successor Special Servicer,
as applicable, without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations
of the Master Servicer or Special Servicer pursuant to Section 7.02. A Sub-Servicer may be an affiliate of the Depositor,
the Master Servicer or the Special Servicer. Notwithstanding the foregoing, the Special Servicer may not enter into any Sub-Servicing
Agreement which provides for the performance by third parties of any or all of its obligations under this Agreement without the
consent of the related Directing Holder (but, if the Controlling Class Representative is the related Directing Holder, only prior
to the occurrence and continuance of a Control Termination Event and only if an Excluded Mortgage Loan is not involved), except
to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans and/or Serviced Loan Combinations involving a Sub-Servicer,
shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the
Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Trust Fund and the Certificateholders shall not
be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect to the Sub-Servicer,
except as set forth in Section 3.01(d) of this Agreement and no provision herein may be construed so as to require
the Trust Fund to indemnify any such Sub-Servicer.

 

As part of its servicing
activities hereunder, the Master Servicer and the Special Servicer for the benefit of the Trustee and the Certificateholders, shall
(at no expense to the Trustee, the Certificateholders or the Trust) monitor the performance and enforce the obligations of each
of its Sub-Servicers under the related Sub-Servicing Agreement. Such enforcement, including, without limitation, the legal prosecution
of claims, termination of Sub-Servicing Agreements in accordance with their respective terms and the pursuit of other appropriate
remedies, shall be in such form and carried out to such an extent and at such time as is in accordance with the Servicing Standard.
Each of the Master Servicer and the Special Servicer shall have the right to remove a Sub-Servicer retained by it in accordance
in accordance with the terms of the related Sub-Servicing Agreement.

 

(d)           If the Trustee or any successor Master Servicer or successor Special Servicer, as applicable, assumes the obligations of
the Master Servicer or the Special Servicer, as applicable, in accordance with Section 7.02, the Trustee or such successor,
as applicable, to the extent necessary to permit the Trustee or such successor, as applicable, to carry out the provisions of Section 7.02,
shall, without act or deed on the part of the Trustee or such successor, as applicable, succeed to all of the rights and obligations
of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing Agreement entered into by the Master Servicer

 

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or
the Special Servicer, as applicable, pursuant to Section 3.01(c) of this Agreement. In such event, the Trustee or
the successor Master Servicer or the successor Special Servicer, as applicable, shall be deemed to have assumed all of the Master
Servicer’s or the Special Servicer’s, as applicable, interest therein (but not any liabilities or obligations in respect
of acts or omissions of the Master Servicer or the Special Servicer, as applicable, prior to such deemed assumption) and to have
replaced the Master Servicer or the Special Servicer, as applicable, as a party to such Sub-Servicing Agreement to the same extent
as if such Sub-Servicing Agreement had been assigned to the Trustee or such successor Master Servicer, as applicable, except that
the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any liability or obligations under
such Sub-Servicing Agreement that accrued prior to the succession of the Trustee or the successor Master Servicer or successor
Special Servicer, as applicable.

 

In the event that the
Trustee or any successor Master Servicer or successor Special Servicer, assumes the servicing obligations of the Master Servicer
or the Special Servicer, as applicable, upon request of the Trustee, or such successor Master Servicer or successor Special Servicer,
as applicable, the Master Servicer or the Special Servicer, as applicable, shall at its own expense deliver or cause to be delivered
to the Trustee or such successor Master Servicer or successor Special Servicer, as applicable, all documents and records relating
to any Sub-Servicing Agreement and the Mortgage Loans then being serviced thereunder and an accounting of amounts collected and
held by it, if any, and will otherwise use its reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing
Agreement to the Trustee or the successor Master Servicer or successor Special Servicer, as applicable.

 

(e)           The parties hereto acknowledge that each Serviced Loan Combination is subject to the terms and conditions of the related
Co-Lender Agreement and recognize the respective rights and obligations of the Trust, as holder of the related Mortgage Loan, and
of the related Serviced Companion Loan Holder under the related Co-Lender Agreement, including: (i) with respect to the allocation
of collections on or in respect of such Serviced Loan Combination, and the making of remittances, to the Trust, as holder of the
related Mortgage Loan, and to the related Serviced Companion Loan Holder; (ii) with respect to the allocation of expenses
and losses relating to such Serviced Loan Combination to the Trust, as holder of the related Mortgage Loan, and to the related
Serviced Companion Loan Holder; (iii) any consultation, consent and Special Servicer appointment rights of the related Serviced
Companion Loan Holder or its Companion Loan Holder Representative; (iv) any right of a related Companion Loan Holder to cure certain
defaults under the related Serviced Loan Combination; and (v) any right of a related Companion Loan Holder to purchase the related
Split Mortgage Loan from the Trust Fund (together with any other related Serviced Pari Passu Companion Loans, if applicable). With
respect to any Serviced Loan Combination, the Master Servicer (if such Serviced Loan Combination is a Performing Serviced Loan)
or the Special Servicer (if such Serviced Loan Combination has become a Specially Serviced Loan or the related Mortgaged Property
has been converted to an REO Property) shall prepare and provide to the related Serviced Companion Loan Holder (or its Companion
Loan Holder Representative), or the master servicer or special servicer for the related Other Securitization Trust on its behalf,
all notices, reports, statements and communications to be delivered by the holder of the related Mortgage Loan under the related
Co-Lender Agreement, and shall perform all duties and obligations to be performed by a servicer and perform all servicing-related
duties and obligations to be performed by the holder of the related Mortgage Loan pursuant to the related Co-Lender Agreement.

 

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Furthermore,
to the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Co-Lender
Agreement for a Serviced Loan Combination are deemed incorporated herein by reference, and the parties hereto shall comply with
those provisions as if set forth herein in full. In the event of any conflict between this Agreement and a Co-Lender Agreement
with respect to a Serviced Pari Passu Loan Combination, the terms of such Co-Lender Agreement shall control with respect to such
Serviced Pari Passu Loan Combination.

 

(f)            Notwithstanding anything to the contrary herein, (a) at no time shall the Master Servicer or the Trustee be required to
make any P&I Advance on any Companion Loan and (b) if the Mortgage Loan (or the related REO Property) that is part of a Serviced
Loan Combination is no longer part of the Trust Fund, neither the Master Servicer nor the Trustee, as the case may be, shall have
any obligation to make any Property Advance on such Serviced Loan Combination. If pursuant to the foregoing sentence, the Master
Servicer does not intend to make a Property Advance with respect to a Serviced Loan Combination that the Master Servicer would
have made if the related Mortgage Loan or REO Property were still part of the Trust Fund, the Master Servicer shall promptly notify
the holder of the related Serviced Companion Loan of its intention to no longer make such Property Advances and shall additionally
promptly notify such holder of any required Property Advance it would have otherwise made upon becoming aware of the need for such
Property Advance. Additionally, at the time the Mortgage Loan relating to a Serviced Loan Combination is removed from the Trust
Fund, the Master Servicer shall deliver to the related Serviced Companion Loan Holder (or the master servicer of any securitization
of the related Serviced Companion Loan) (i) a copy of the most recent inspection report and the inspection report for the prior
calendar year, (ii) copies of all financial statements collected from the related borrower for the most recent calendar year and
the prior calendar year, (iii) a copy of the most recent Appraisal and any other Appraisal done in the prior year and (iv) a copy
of all tax and insurance bills for the current calendar year and the prior calendar year.

 

(g)           Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s
and the Special Servicer’s obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s
authority with respect to each Outside Serviced Mortgage Loan and each Outside Serviced Companion Loan related to the Outside Serviced
Mortgage Loans are limited by and subject to the terms of the related Co-Lender Agreement and this Agreement and the rights of
the related Outside Servicer and the related Outside Special Servicer with respect thereto under the applicable Outside Servicing
Agreement. The parties further recognize the respective rights and obligations of the related Outside Trustee and/or the Outside
Serviced Companion Loan Holders (or the representatives thereof) under each respective Co-Lender Agreement including with respect
to the allocation of collections on or in respect of an Outside Serviced Loan Combination in accordance with the related Co-Lender
Agreement. The Master Servicer shall cooperate with the Certificate Administrator, on behalf of the Trust, in connection with the
enforcement of the rights by the Trustee (as holder of the Outside Serviced Mortgage Loans) under each related Co-Lender Agreement
and each applicable Outside Servicing Agreement. The Master Servicer or Special Servicer, as applicable, (under the power of attorney
granted by the Trustee) shall take such actions as it shall deem reasonably necessary to facilitate the servicing of each Outside
Serviced Companion Loan by the related Outside Servicer and the related Outside Special Servicer, including, but not limited to,
delivering appropriate requests for release to the Custodian (if

 

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any) in
order to deliver any portion of the related Mortgage Files to the related Outside Servicer or related Outside Special Servicer
under the applicable Outside Servicing Agreement.

 

To the extent that the
Trust, as holder of an Outside Serviced Mortgage Loan for the benefit of the Certificateholders, is entitled to (i) consent to
or approve any modification, waiver or amendment of such Outside Serviced Mortgage Loan or (ii) exercise any consultation rights
with respect to “Major Decisions” or “Material Actions” (as such term or any analogous term is defined
in the applicable Outside Servicing Agreement) in connection with such Outside Serviced Mortgage Loan or any related REO Property
or any consultation rights with respect to the implementation of “Asset Status Reports” (as such term or any analogous
term is defined in the applicable Outside Servicing Agreement), then the following parties (to the extent notified by the appropriate
party to the applicable Outside Servicing Agreement of any matter requiring the exercise of consent, approval or consultation rights)
shall actually exercise such consent, approval or consultation rights, and the respective parties to this Agreement shall take
such actions as are reasonably necessary to allow the following parties to exercise such consent, approval or consultation rights:
(a) the Master Servicer (if such Outside Serviced Mortgage Loan is not part of a “specially serviced loan” (as such
term or any analogous term is defined in the applicable Outside Servicing Agreement) and only to the extent that the action would
be considered a Master Servicer Decision) or the Special Servicer (if such Outside Serviced Mortgage Loan is part of a “specially
serviced loan” (as such term or any analogous term is defined in the applicable Outside Servicing Agreement) or if the action
would not be considered a Master Servicer Decision) shall exercise such consent or approval rights with, in the case of a matter
that would be a Major Decision, the consent of the Controlling Class Representative unless a Control Termination Event exists or
such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan, in each case in accordance with Section 3.01(i); and (b)
the Controlling Class Representative (unless a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is
an Excluded Mortgage Loan), shall exercise any such consultation rights entitled to be exercised by the holder of such Outside
Serviced Mortgage Loan in accordance with Section 3.01(i).

 

In addition to such consent,
approval or consultation rights, the Controlling Class Representative (if no Control Termination Event has occurred and is continuing
and the related Outside Serviced Mortgage Loan is not an Excluded Mortgage Loan) and the Special Servicer (if a Control Termination
Event has occurred and is continuing), on behalf of the Trust, as holder of each Outside Serviced Mortgage Loan for the benefit
of the Certificateholders, will have the right (exercisable in its sole discretion), to the extent provided in the related Co-Lender
Agreement and/or the applicable Outside Servicing Agreement, to attend (in-person or telephonically) annual meetings with the related
Outside Servicer or Outside Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the related
Outside Servicer or Outside Special Servicer, as applicable, for the purpose of discussing servicing issues related to such Outside
Serviced Loan Combination. For the avoidance of doubt, the foregoing provisions of this Section 3.01(g) shall not impose
any affirmative duties on the Operating Advisor with respect to the Outside Serviced Loan Combinations.

 

None of the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee shall have any obligation
or authority to supervise any Outside Servicer, any Outside Special Servicer, any Outside Trustee or any other

 

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party
to the applicable Outside Servicing Agreement or to make Property Advances with respect to any of the Outside Serviced Mortgage
Loans or a Companion Loan related to an Outside Serviced Mortgage Loan. The obligation of the Master Servicer and the Special
Servicer to provide information to the Trustee or any other Person with respect to the Outside Serviced Mortgage Loans and any
Outside Serviced Companion Loan related to an Outside Serviced Mortgage Loan is dependent on their receipt of the corresponding
information from the related Outside Servicer or the related Outside Special Servicer, as applicable.

 

(h)           The parties hereto acknowledge that each Outside Serviced Loan Combination is subject to the terms and conditions of the
respective Co-Lender Agreement and further acknowledge that, pursuant to the respective Co-Lender Agreement, (i) the related
Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loans are to be serviced and administered by the related
Outside Servicer and Outside Special Servicer in accordance with the applicable Outside Servicing Agreement, and (ii) in the
event that the applicable Outside Serviced Companion Loan is no longer part of the trust fund created by the applicable Outside
Servicing Agreement and the related Outside Serviced Mortgage Loan remains an asset of the Trust Fund, then, as set forth in the
related Co-Lender Agreement, the related Outside Serviced Loan Combination shall be serviced in accordance with the applicable
provisions of the applicable Outside Servicing Agreement as if such agreement was still in full force and effect with respect to
the related Outside Serviced Loan Combination, until such time as a new servicing agreement has been agreed to by the parties to
the related Co-Lender Agreement in accordance with the provisions of such agreement and confirmation has been obtained from the
Rating Agencies that such new servicing agreement would not result in a downgrade, qualification or withdrawal of the then current
ratings of any Class of Certificates then outstanding and any other requirements applicable to the related Outside Serviced Mortgage
Loan.

 

(i)            The parties hereto acknowledge that each Outside Serviced Mortgage Loan is subject to the terms and conditions of the related
Co-Lender Agreement. With respect to each Outside Serviced Loan Combination, the parties hereto recognize the respective rights
and obligations of the related Outside Serviced Loan Combination Noteholders under the related Co-Lender Agreement, including with
respect to the allocation of collections and losses on or in respect of the related Outside Serviced Mortgage Loan and the related
Outside Serviced Companion Loan(s) and the making of payments to the related Outside Serviced Loan Combination Noteholders in accordance
with the related Co-Lender Agreement and the applicable Outside Servicing Agreement. The parties hereto further acknowledge that,
pursuant to the related Co-Lender Agreement, each Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s)
are to be serviced and administered by the related Outside Servicer and Outside Special Servicer in accordance with the applicable
Outside Servicing Agreement, and that payments allocated to each Outside Serviced Mortgage Loan and the related Outside Serviced
Companion Loans pursuant to the applicable Outside Servicing Agreement and the related Co-Lender Agreement are to be made by related
Outside Servicer. Although each Outside Serviced Mortgage Loan is not serviced and administered hereunder, the Master Servicer
and the Special Servicer hereunder for each such Outside Serviced Mortgage Loan shall have certain duties as set forth herein and
shall constitute the “Master Servicer” and “Special Servicer” hereunder with respect to each such Outside
Serviced Mortgage Loan.

 

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If there are at any
time amounts due from the Trust, as holder of an Outside Serviced Mortgage Loan, to any party under the related Co-Lender Agreement
or the applicable Outside Servicing Agreement, the Master Servicer shall pay such amounts out of the Collection Account. If a party
to the applicable Outside Servicing Agreement related to an Outside Serviced Mortgage Loan requests the Master Servicer, Special
Servicer, Trustee, Certificate Administrator or Custodian to consent to, or consult with respect to, a modification, waiver or
amendment of, or other loan-level action related to, such Outside Serviced Mortgage Loan (except a modification, waiver or amendment
of the applicable Outside Servicing Agreement or the related Co-Lender Agreement which shall not be subject to the operation of
this sentence but shall instead be subject to the operation of the fourth succeeding sentence), the party hereto that receives
such request shall promptly deliver a copy of such request to the Master Servicer and the Special Servicer, and the Master Servicer
(if such Outside Serviced Mortgage Loan is not part of a “specially serviced loan” (as such term or any analogous term
is defined in the applicable Outside Servicing Agreement) and only to the extent that the action would be considered a Master Servicer
Decision) or the Special Servicer (if such Outside Serviced Mortgage Loan is part of a “specially serviced loan” (as
such term or any analogous term is defined in the applicable Outside Servicing Agreement) or if the action would not be considered
a Master Servicer Decision) shall exercise such right of consent, with, in the case of a matter that would be a Major Decision,
the consent of the Controlling Class Representative unless a Control Termination Event exists or the Outside Serviced Mortgage
Loan is an Excluded Mortgage Loan; provided, however, that, if such Outside Serviced Mortgage Loan were serviced
hereunder and such action would not be permitted without Rating Agency Confirmation, then the Master Servicer or the Special Servicer
(as applicable) shall not exercise such right of consent without first having obtained such Rating Agency Confirmation (payable
at the expense of the party making such request for consent or approval if such requesting party is a Certificateholder or a party
to this Agreement, and otherwise from the Collection Account). Any consultation rights entitled to be exercised by the holders
of such Outside Serviced Mortgage Loan shall be exercised by the Controlling Class Representative (unless a Consultation Termination
Event exists or the Outside Serviced Mortgage Loan is an Excluded Mortgage Loan). If a Responsible Officer of the Trustee, Certificate
Administrator or Custodian receives actual notice of a termination event under the applicable Outside Servicing Agreement, then
the Trustee, Certificate Administrator or Custodian, as applicable, shall notify the Master Servicer (in writing), and the Master
Servicer shall act in accordance with the instructions of (prior to the occurrence of a Control Termination Event) the Controlling
Class Representative in accordance with the applicable Outside Servicing Agreement with respect to such termination event (provided
that the Master Servicer shall only be required to comply with such instructions if such instructions are in accordance with the
applicable Outside Servicing Agreement and not inconsistent with this Agreement); provided that, if such instructions are
not provided within a reasonable time period (not to exceed ten (10) Business Days or such lesser response time as is afforded
under the applicable Outside Servicing Agreement) or if a Control Termination Event exists or if the Master Servicer is not permitted
by the applicable Outside Servicing Agreement to follow such instructions, then the Master Servicer shall take such action or inaction
(to the extent permitted by the applicable Outside Servicing Agreement), as directed in writing by the Holders of the Certificates
evidencing at least 25% of the aggregate of all Voting Rights (such direction to be sought and communicated to the Master Servicer
by the Certificate Administrator) within a reasonable period of time that does not exceed such response time as is afforded under
the applicable Outside Servicing Agreement. Subject to the foregoing, during the

 

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continuation
of any termination event with respect to the related Outside Servicer or Outside Special Servicer under the applicable Outside
Servicing Agreement, each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall have
the right (but not the obligation) to take all actions to enforce its rights and remedies and to protect the interests, and enforce
the rights and remedies, of the Trust (including the institution and prosecution of all judicial, administrative and other proceedings
and the filings of proofs of claim and debt in connection therewith). The reasonable costs and expenses incurred by the Master
Servicer, Special Servicer, the Certificate Administrator, or the Trustee in connection with such enforcement shall be paid by
the Master Servicer out of the Collection Account. If the Trustee receives a request (and, if the Master Servicer, Special Servicer
or the Certificate Administrator receives such request, such party shall promptly forward such request to the Trustee) from any
party to the applicable Outside Servicing Agreement for consent to or approval of a modification, waiver or amendment of the applicable
Outside Servicing Agreement and/or the related Co-Lender Agreement, or the adoption of any servicing agreement that is the successor
to and/or in replacement of the applicable Outside Servicing Agreement in effect as of the Closing Date or a change in servicer
under the applicable Outside Servicing Agreement, then the Trustee is hereby directed to, and the Trustee shall, grant such consent
or approval if (a) the Trustee shall have received a prior Rating Agency Confirmation from each Rating Agency (payable at the
expense of the party making such request for consent or approval to the Trustee, if a Certificateholder or a party to this Agreement,
and otherwise from the Collection Account) with respect to such consent or approval, and (b) unless a Control Termination Event
has occurred and is continuing, the Trustee shall have obtained the consent of the Controlling Class Representative. The Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer (each, a “Notifying Party”) shall
each promptly forward all material notices or other communications delivered to it in connection with the applicable Outside Servicing
Agreement to each other Notifying Party (unless a Notifying Party has actual knowledge that such other Notifying Party (i) was
copied on such original notice or communication or (ii) actually received such notice or communication), the Operating Advisor
(if a Control Termination Event exists), the Controlling Class Representative (if a Consultation Termination Event does not exist)
and the Depositor and, if such notice or communication is in the nature of a notice or communication that would be required to
be delivered to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5 Information Provider’s Website in accordance
with Section 12.13) if the related Outside Serviced Mortgage Loan were a Mortgage Loan that is serviced and administered
under this Agreement, to the Rule 17g-5 Information Provider (who shall promptly post such notice to the Rule 17g-5 Information
Provider’s Website in accordance with Section 12.13); provided that, notwithstanding the foregoing, the
Special Servicer shall have no obligation to forward any such notice or communication under this provision unless (A) the Special
Servicer is the only addressee of such notice or communication or (B) there is no addressee on such notice or communication. Any
obligation of the Master Servicer or Special Servicer, as applicable, to provide information and collections to the Trustee, the
Certificate Administrator, the Controlling Class Representative and the Certificateholders with respect to any Outside Serviced
Mortgage Loan shall be dependent on its receipt of the corresponding information and collections from the related Outside Servicer
or the related Outside Special Servicer. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer shall reasonably cooperate with the Master Servicer, the Special Servicer or the Controlling Class Representative, in
each case as and when applicable, to facilitate the exercise by such party of any consent, approval or consultation rights set
forth in this Section 3.01; provided, however, the Trustee, the

 

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Certificate
Administrator, the Master Servicer and the Special Servicer shall have no right or obligation to exercise any consent or consultation
rights or obtain a Rating Agency Confirmation on behalf of the Controlling Class Representative.

 

(j)            With respect to each Outside Serviced Mortgage Loan, the parties to this Agreement agree as follows:

 

(i)           
pursuant to the applicable Outside Servicing Agreement, the related Outside Servicer or Outside Special Servicer, as applicable,
is obligated to make “Servicing Advances” or “Property Advances” and incur “Additional Trust Fund
Expenses” (as each such term or any analogous term is defined in the applicable Outside Servicing Agreement) with respect
to such Outside Serviced Mortgage Loan; the Trust shall be responsible for its pro rata share (such pro rata share
and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the
respective principal balances of such Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s)) of any
“Nonrecoverable Servicing Advance” or “Nonrecoverable Property Advances” (and advance interest thereon)
and any “Additional Trust Fund Expenses” (as each such term or any analogous term is defined in the applicable Outside
Servicing Agreement), but only to the extent that they relate to servicing and administration of such Outside Serviced Mortgage
Loan, including without limitation, any unpaid “Special Servicing Fees,” “Liquidation Fees” and “Workout
Fees” (as each such term or any analogous term is defined in the applicable Outside Servicing Agreement) relating to such
Outside Serviced Mortgage Loan; and in the event that the funds received with respect to the related Outside Serviced Loan Combination
are insufficient to cover “Servicing Advances,” “Property Advances” or “Additional Trust Fund Expenses”
(as each such term or any analogous term is defined in the applicable Outside Servicing Agreement) relating to the servicing and
administration of the related Outside Serviced Loan Combination, (i) the Master Servicer shall, promptly following notice
from the related Outside Servicer, reimburse the related Outside Servicer, the related Outside Special Servicer, the related Outside
Certificate Administrator or the related Outside Trustee, as applicable (such reimbursement, to the extent owed to the related
Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, may be paid by the Master
Servicer to the related Outside Servicer, who shall pay such amounts to the related Outside Special Servicer, the related Outside
Certificate Administrator or the related Outside Trustee, as applicable), out of general funds in the Collection Account for the
Trust’s pro rata share (such pro rata share and the pro rata share of the holder(s) of the related
Outside Serviced Companion Loan(s) to be determined based on the respective principal balances of such Outside Serviced Mortgage
Loan and the related Outside Serviced Companion Loan(s)) of any such “Nonrecoverable Servicing Advance,” “Nonrecoverable
Property Advances” and/or “Additional Trust Fund Expenses” (as each such term or any analogous term is defined
in the applicable Outside Servicing Agreement), and (ii) if the applicable Outside Servicing Agreement permits the related
Outside Servicer, the related Outside Special Servicer, the related Outside Certificate Administrator
or the related Outside Trustee to reimburse itself from the related Outside Securitization Trust’s general account, then
the parties to this Agreement hereby acknowledge and agree that the related Outside Servicer, the related Outside Special Servicer,
the related Outside Certificate 

 

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Administrator or the related Outside Trustee, as applicable, may do so and the Master Servicer
shall be required to, promptly following notice from the related Outside Servicer, reimburse the related Outside Securitization
Trust out of general funds in the Collection Account for the Trust’s pro rata share (such pro rata share and
the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based on the respective
principal balances of such Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s)) of any such “Nonrecoverable
Servicing Advance,” “Nonrecoverable Property Advances” and/or “Additional Trust Fund Expenses” (as
each such term or any analogous term is defined in the applicable Outside Servicing Agreement) relating to the servicing and administration
of such Outside Serviced Loan Combination;

 

(ii)          
With respect to each Outside Serviced Mortgage Loan, each of (i) (as and to the same extent the related Outside Securitization
Trust is required to indemnify each of the following parties in respect of other mortgage loans in the related Outside Securitization
Trust pursuant to the terms of the applicable Outside Servicing Agreement) the related Outside Servicer, the related Outside Special
Servicer, the related Outside Certificate Administrator, the related Outside Trustee, the related Outside Operating Advisor and
the related Outside Depositor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties
are identified as “Indemnified Parties” in the applicable Outside Servicing Agreement in respect of other mortgages
included in related Outside Securitization Trust) and (ii) the related Outside Securitization Trust (such parties in clause (i)
and the related Outside Securitization Trust, collectively, the “Pari Passu Indemnified Parties”) shall be
indemnified against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs,
liabilities, fees and expenses incurred in connection with the servicing and administration of such Outside Serviced Mortgage
Loan and the related Mortgaged Property (or, with respect to the related Outside Operating Advisor, incurred in connection with
the provision of services for such Outside Serviced Mortgage Loan) under the applicable Outside Servicing Agreement (collectively,
the “Pari Passu Indemnified Items”) to the extent of the Trust’s pro rata share (such pro rata
share and the pro rata share of the holder(s) of the related Outside Serviced Companion Loan(s) to be determined based
on the respective principal balances of such Outside Serviced Mortgage Loan and the related Outside Serviced Companion Loan(s))
of such Pari Passu Indemnified Items, and to the extent amounts on deposit in the “Serviced Loan Combination Collection
Account”, “Serviced Pari Passu Companion Loan Custodial Account”, “Whole Loan Custodial Account”
or “Loan Combination Custodial Account” (as each such term or any analogous term is defined in the applicable Outside
Servicing Agreement), as applicable, maintained pursuant to the applicable Outside Servicing Agreement that are allocated to the
Outside Serviced Mortgage Loan are insufficient for reimbursement of such amounts, such Indemnified Party shall be entitled to
be reimbursed by the Trust (including out of general collections in the Collection Account) for the Trust’s pro rata share
of the insufficiency;

 

(iii)         
To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Co-Lender
Agreement for an Outside Serviced Loan Combination are deemed incorporated herein by reference, and the parties

 

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hereto
shall comply with those provisions as if set forth herein in full. In the event of any inconsistency between the provisions of
this Agreement and any Outside Serviced Co-Lender Agreement, such Outside Serviced Co-Lender Agreement shall prevail, provided
that in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action
in accordance with the terms of any Outside Serviced Co-Lender Agreement, that would cause the Master Servicer or the Special
Servicer, as the case may be, to violate the Servicing Standard or REMIC Provisions; and

 

(iv)         
each Outside Servicer, each Outside Special Servicer and each Outside Securitization Trust shall be third party beneficiaries
of this Section 3.01(j).

 

(k)          
To the extent required under any Loan Documents, the Master Servicer shall, on behalf of the related lender, maintain a
Note register for the related Mortgage Loan in accordance with such Loan Documents.

 

(l)             In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (for the purposes of this clause
(l), “Applicable Laws”), the Master Servicer may be required to obtain, verify and record certain information
relating to individuals and entities which maintain a business relationship with the Master Servicer. Accordingly, each of the
parties hereto agrees to provide to the Master Servicer, upon its reasonable request, from time to time such identifying information
and documentation as may be readily available to such party in order to enable the Master Servicer to comply with Applicable Laws;
provided that the Master Servicer shall be responsible for all reasonable actual out-of-pocket expenses incurred by such party
in connection therewith.

 

Section 3.02          Liability of the Master Servicer and the Special Servicer. Notwithstanding any Sub-Servicing Agreement or primary
servicing agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer
or the Special Servicer, as applicable, and any Person acting as Sub-Servicer (or its agents or subcontractors) or any reference
to actions taken through any Person acting as Sub-Servicer or otherwise, the Master Servicer or the Special Servicer, as applicable,
shall remain obligated and primarily liable to the Trustee, the Certificate Administrator, the Certificateholders and any Serviced
Companion Loan Holder for the servicing and administering of the Mortgage Loans (other than the Outside Serviced Mortgage Loans)
and the Serviced Companion Loan in accordance with the provisions of this Agreement without diminution of such obligation or liability
by virtue of such Sub-Servicing Agreements, primary servicing agreements or arrangements or by virtue of indemnification from any
Person acting as Sub-Servicer (or its agents or subcontractors) to the same extent and under the same terms and conditions as if
the Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans (other than
the Outside Serviced Mortgage Loans) and the Serviced Companion Loan. The Master Servicer or the Special Servicer, as applicable,
shall be entitled to enter into an agreement with any Sub-Servicer providing for indemnification of the Master Servicer or the
Special Servicer, as applicable, by such Sub-Servicer, and nothing contained in this Agreement shall be deemed to limit or modify
such indemnification, but no such agreement for indemnification shall be deemed to limit or modify this Agreement.

 

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Section 3.03          Collection
of Certain Mortgage Loan Payments.

 

(a)          The Master Servicer (with
respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, shall
use commercially reasonable efforts in accordance with the Servicing Standard to collect all payments called for under the terms
and provisions of the Serviced Loans it is obligated to service hereunder (including Special Servicing Fees (in the case of the
Special Servicer only), Liquidation Fees (in the case of the Special Servicer only), Workout Fees and any other fees payable to
the Master Servicer or the Special Servicer if and to the extent the related Loan Documents require the related Mortgagor to pay
such fees), and shall follow the Servicing Standard with respect to such collection procedures; provided that, with respect
to any ARD Mortgage Loan, so long as the related Mortgagor is in compliance with each provision of the related Loan Documents,
the Master Servicer and the Special Servicer shall not take any enforcement action with respect to the failure of the related Mortgagor
to make any payment of Excess Interest, other than requests for collection, until the Maturity Date of any ARD Mortgage Loan or
until the outstanding principal balance of such ARD Mortgage Loan (exclusive of any portion representing accrued Excess Interest)
has been paid in full); provided, further, that, with respect to any ARD Mortgage Loan, the Master Servicer or Special
Servicer, as the case may be, may take action to enforce the Trust Fund’s right to apply excess cash flow to principal in
accordance with the terms of the Loan Documents. For clarification, no obligation of the Master Servicer or the Special Servicer
to use commercially reasonable efforts to collect fees from the related Mortgagor will change the obligation of the Master Servicer
to pay such fees from general collections or other proceeds in accordance with Section 3.06(a) and Section 3.06A(a)
of this Agreement, whether or not such Special Servicing Fees, Workout Fees or Liquidation Fees are collected from or paid by the
related Mortgagor. The Master Servicer, with respect to the Performing Serviced Loans, and the Special Servicer, with respect to
the Specially Serviced Loans, shall use its reasonable efforts to collect income statements, rent rolls and other reporting information
from Mortgagors (as required under the related Loan Documents). Consistent with the foregoing, the Master Servicer (with respect
to Performing Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans), as applicable, may in its discretion
waive any Penalty Charges in connection with any delinquent Monthly Payment with respect to any Mortgage Loan (other than an Outside
Serviced Mortgage Loan) or Serviced Companion Loan. In addition, the Master Servicer shall be entitled to take such actions with
respect to the collection of payments on the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and the Serviced Companion
Loan as are permitted or required under Section 3.21 of this Agreement.

 

(b)          If there is any ARD Mortgage
Loan included in the Trust Fund, and if the Master Servicer receives Excess Interest directly from the related Mortgagor or through
the Special Servicer, which Excess Interest was collected during the Collection Period for any Distribution Date, or receives notice
from the related Mortgagor that the Master Servicer will be receiving Excess Interest during the Collection Period for any Distribution
Date, then the Master Servicer shall notify the Certificate Administrator no later than two Business Days prior to such Distribution
Date by means of a clearly labeled item in the CREFC® Loan Periodic Update File. None of the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any failure of the related Mortgagor to
pay any such Excess Interest. The

 

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preceding
statements shall not, however, be construed to limit the provisions of Section 3.03(a) of this Agreement.

 

(c)          With respect to each Outside
Serviced Mortgage Loan, the Certificate Administrator shall deliver to the related Outside Trustee, the related Outside Certificate
Administrator, the related Outside Special Servicer, the related Outside Servicer and the related Outside Operating Advisor (A)
promptly following the Closing Date (and, in the case of the 215 West 34th Street & 218 West 35th Street Mortgage Loan promptly
upon the Certificate Administrator’s receipt of notice of the 215 West 34th Street & 218 West 35th Street Controlling
Note Securitization Date), written notice in the form of Exhibit FF attached hereto stating that, as of the Closing Date
(or the 215 West 34th Street & 218 West 35th Street Controlling Note Securitization Date), the Trustee is the holder of such
Outside Serviced Mortgage Loan and directing each such recipient to remit to the Master Servicer all amounts payable to, and to
forward, deliver or otherwise make available, as the case may be, to the Master Servicer all reports, statements, documents, communications
and other information that are to be forwarded, delivered or otherwise made available to, the holder of such Outside Serviced Mortgage
Loan under the related Co-Lender Agreement and the applicable Outside Servicing Agreement (which notice shall also provide contact
information for the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and each party designated
to exercise the rights of the “Non-Controlling Note Holder” under the related Co-Lender Agreement), accompanied by
a copy of an executed version of this Agreement, and (B) notice of any subsequent change in the identity of the Master Servicer
or any party designated to exercise the rights of the “Non-Controlling Note Holder” under the related Co-Lender Agreement
(together with the relevant contact information). The Master Servicer shall, within one (1) Business Day of receipt of properly
identified funds, deposit into the Collection Account all amounts received with respect to each Outside Serviced Mortgage Loan,
the Mortgaged Property related to each Outside Serviced Mortgage Loan or any related REO Property; provided, however,
that to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall
use commercially reasonable efforts to deposit such amounts into the Collection Account within one (1) Business Day of receipt
of such amounts but, in any event, the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business
Days of receipt of such amounts.

 

(d)          With respect to each Outside
Serviced Mortgage Loan, if the Master Servicer does not receive from the related Outside Servicer any Monthly Payment or other
amounts known by the Master Servicer to be owing on such Outside Serviced Mortgage Loan in accordance with the terms of the applicable
Outside Servicing Agreement and/or the related Co-Lender Agreement, then the Master Servicer shall provide notice of such failure
to the related Outside Servicer and the related Outside Trustee.

 

Section 3.04          Collection
of Taxes, Assessments and Similar Items; Escrow Accounts.

 

(a)          With respect to each Mortgaged
Property securing a Serviced Loan, the Master Servicer shall maintain accurate records with respect to each related Mortgaged Property
reflecting the status of taxes, assessments, ground rents and other similar items that are or may become a lien on the related
Mortgaged Property and the status of insurance premiums payable

 

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with
respect thereto. From time to time, to the extent such payments are to be made from escrowed funds, the Master Servicer shall
(i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect payment of all such bills with
respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose
Escrow Payments as allowed under the terms of the related Serviced Loan. With respect to non-escrowed payments, when the Master
Servicer becomes aware in accordance with the Servicing Standard that a Mortgagor (other than with respect to the Outside Serviced
Mortgage Loan) has failed to make any such payment or, with respect to escrowed loans, collections from the Mortgagor are insufficient
to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall
as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would
be a Nonrecoverable Advance. Notwithstanding anything in this Agreement to the contrary, the Master Servicer may in accordance
with the Servicing Standard elect (but is not required) to make (and in the case of a Specially Serviced Loan, at the direction
of the Special Servicer will be required to make) a payment from amounts on deposit in the Collection Account that would otherwise
be a Property Advance with respect to a Mortgage Loan (other than an Outside Serviced Mortgage Loan) notwithstanding that the
Master Servicer or the Special Servicer has determined that such a Property Advance would, if advanced, be a Nonrecoverable Property
Advance, if making the payment (x) would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax
sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security
for the related Mortgage Loan, or (y) would remediate any adverse environmental condition or circumstance at the related Mortgaged
Property, if, in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the
Servicing Standard that making the payment is in the best interest of the Certificateholders and any related Serviced Companion
Loan Holder(s) (as a collective whole as if the Certificateholders and such Serviced Companion Loan Holder(s) constituted a single
lender (and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of the related Subordinate
Companion Loan)). If the Special Servicer makes such a determination, it shall notify the Master Servicer and the Master Servicer
shall make such payment from the Collection Account. No costs incurred by the Master Servicer in effecting the payment of taxes
and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders, be added
to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

 

(b)          The Master Servicer shall
segregate and hold all funds collected and received pursuant to any Mortgage Loan or Serviced Loan Combination constituting Escrow
Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated
custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two
(2) Business Days after receipt of properly identified funds. The Master Servicer shall also deposit into each applicable Escrow
Account any amounts representing losses on Permitted Investments to the extent required by Section 3.07(b) of this Agreement
and any Insurance Proceeds or Condemnation Proceeds which are required to be applied to the restoration or repair of any Mortgaged
Property pursuant to the related Mortgage Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Mortgage
Loan requires or permits it to be held in an account that is not an Eligible Account) in accordance with the terms of the related
Loan Documents) and (subject to any

 

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changes
in the identities of the Master Servicer and/or the Trustee) shall be entitled, “KeyBank National Association, as Master
Servicer, on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered Holders of Citigroup
Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, the Serviced Companion Loan
Holders, and Various Mortgagors.” Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

(i)           to effect
timely payments of items constituting Escrow Payments for the related Loan Documents and in accordance with the terms of the related
Mortgage Loan or Serviced Loan Combination, as applicable;

 

(ii)          to transfer
funds to the Collection Account and/or the applicable Loan Combination Custodial Account to reimburse the Master Servicer, the
Special Servicer or the Trustee, as applicable, for any Property Advance (with interest thereon at the Advance Rate) relating to
Escrow Payments, but only from amounts received with respect to the related Mortgage Loan or Serviced Loan Combination, as applicable,
which represent late collections of Escrow Payments thereunder;

 

(iii)         for application
to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan or Serviced Loan Combination,
as applicable, and the Servicing Standard;

 

(iv)         to clear
and terminate such Escrow Account upon the termination of this Agreement;

 

(v)          to pay from
time to time to the related Mortgagor (a) any interest or investment income earned on funds deposited in the Escrow Account if
such income is required to be paid to the related Mortgagor under law or by the terms of the Mortgage Loan or Serviced Loan Combination,
as applicable, or otherwise to the Master Servicer and (b) any other funds required to be released to the related Mortgagors pursuant
to the related Loan Documents; and

 

(vi)         to remove
any funds deposited in an Escrow Account that were not required to be deposited therein.

 

(c)          In the event any Loan
Documents permit the lender, at the discretion of the lender, to use letters of credit and/or cash reserves to prepay the related
Mortgage Loan prior to the Maturity Date and in the absence of an event of default or acceleration of the Mortgage Loan, then the
Master Servicer shall hold such amounts in an Escrow Account for so long as the Loan Documents permit such discretion.

 

(d)          Unless required by the
related Loan Documents, the Master Servicer shall not apply any earnout escrows or reserves established with respect to any Mortgage
Loan as a prepayment of such Mortgage Loan if no event of default has occurred under such Mortgage Loan.

 

(e)          To the extent that (i)
an operations and maintenance plan is required to be established and executed pursuant to the terms of a Serviced Loan, or (ii)
any repairs, capital

 

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improvements,
actions or remediations are required to have been taken or completed pursuant to the terms of the Serviced Loan, the Master Servicer
shall determine in accordance with the Servicing Standard (which determination may be made on the basis of inquiry to the Mortgagor
and this sentence shall in no event be construed to require a physical inspection other than inspections described in Section
3.18 of this Agreement; provided that all deliveries required to be made to Master Servicer under the related Loan
Documents of supporting documentation have been made; then the Master Servicer shall report the then current status as a failure)
whether the related Mortgagor has failed to perform such obligations under the related Mortgage Loan or Serviced Loan Combination
as of the date required under the related Mortgage Loan or Serviced Loan Combination and report any such failure to the Special
Servicer, the Serviced Companion Loan Holders and, prior to the occurrence and continuance of a Consultation Termination Event,
the Controlling Class Representative within a reasonable time after the date as of which such actions or remediations are required
to be or to have been taken or completed.

 

Section 3.05          Collection
Account; Distribution Accounts; and Excess Liquidation Proceeds Reserve Account; and Excess Interest Distribution Account.

 

(a)          The Master Servicer shall
establish and maintain the Collection Account in the Master Servicer’s name on behalf of the Trustee, for the benefit of
the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established
and maintained as an Eligible Account. Amounts attributable to the Mortgage Loans (other than the Excess Interest) will be assets
of the Lower Tier REMIC. As and when required under this Agreement, the Master Servicer shall transfer to the Collection Account
any amounts to be transferred thereto from a Loan Combination Custodial Account as contemplated by Section 3.06A(a)(i) of
this Agreement, and the Master Servicer shall deposit in the Collection Account any amounts required to be deposited therein pursuant
to Section 3.07(b) of this Agreement in connection with net losses realized on Permitted Investments with respect to funds
held in the Collection Account. In addition, the Master Servicer shall deposit or cause to be deposited in the Collection Account,
within one (1) Business Day following receipt of properly identified funds, (x) all Net Liquidation Proceeds received on or with
respect to a Mortgage Loan related to a Serviced Loan Combination in connection with any of the events described in clauses
(iii) and (iv) of the definition of “Liquidation Event” in this Agreement, and (y) without duplication,
the following payments and collections received or made by it on or with respect to the Mortgage Loans (other than any Mortgage
Loan related to a Serviced Loan Combination):

 

(i)           all payments
on account of principal on such Mortgage Loans, including Principal Prepayments and the principal component of Insurance Proceeds,
Condemnation Proceeds and Liquidation Proceeds;

 

(ii)          all payments
on account of interest on such Mortgage Loans (including Excess Interest);

 

(iii)         all Yield
Maintenance Charges on such Mortgage Loans;

 

(iv)         all amounts
with respect to any related REO Property transferred to the Collection Account, or to the Master Servicer for deposit in the Collection
Account, from an REO Account pursuant to Section 3.16(b) of this Agreement;

 

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(v)          all Net
Insurance Proceeds, Net Condemnation and Net Liquidation Proceeds with respect to such Mortgage Loans;

 

(vi)         any amounts
received from Mortgagors under such Mortgage Loans that represent (A) recoveries of Property Protection Expenses, (B) any recovery
of Unliquidated Advances with respect to such Mortgage Loans, or (C) any other reimbursements in accordance with the related Loan
Documents, in each case to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vii)        any Loss
of Value Payments, as set forth in Section 3.06(c) of this Agreement;

 

(viii)       with
respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, any Interest Deposit Amount remitted by the related
Mortgage Loan Seller to the Master Servicer pursuant to Section 1 of the related Loan Purchase Agreement;

 

(ix)         any other
amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Master Servicer or Special
Servicer, including pursuant to Section 2.03 and Section 3.03(c) of this Agreement;

 

provided, however,
that to the extent any amounts referred to in clauses (x) or (y) above of this Section 3.05(a) are received
after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to deposit
such amounts into the Collection Account within one (1) Business Day of receipt thereof but, in any event, the Master Servicer
shall deposit such amounts into the Collection Account within two (2) Business Days of receipt thereof.

 

The foregoing requirements for
deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of
the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees, defeasance
fees and review fees need not be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable,
and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable, shall be entitled to
retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees, defeasance fees and/or review fees
received with respect to such Mortgage Loans in accordance with Section 3.12 of this Agreement; provided that if the Master
Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application
fees and/or defeasance fees in excess of the percentage of such fees to which it is entitled pursuant to Section 3.12(a)
(in the case of the Master Servicer) or Section 3.12(c) (in the case of the Special Servicer), then it shall remit to the
other party (i.e. the Special Servicer (if Master Servicer has received the excess percentage of such fees) or the Master Servicer
(if Special Servicer has received the excess percentage of such fees), as applicable) the percentage of such fees to which such
other party is entitled pursuant to Section 3.12(a) or Section 3.12(c), as applicable. To the extent that any Penalty
Charges or Modification Fees received by the Master Servicer or the Special Servicer, as applicable, with respect to any Mortgage
Loan constitute servicing compensation pursuant to Section 3.14(a)(iv) of this Agreement, the Master Servicer and the Special
Servicer shall not deposit such fees into the Collection Account and shall instead apply such fees in accordance with Section
3.14(a)(iv) of

 

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this
Agreement. In the event that the Master Servicer deposits in the Collection Account any amount not required to be deposited therein,
it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The
Master Servicer shall give written notice to the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account and shall notify the Certificate Administrator and the Special Servicer in writing of any subsequent
change thereof.

 

Upon receipt of any of the amounts
described in clauses (i) through (vi) and (viii) of the last sentence of the second preceding paragraph with respect to a Mortgage
Loan (other than a Mortgage Loan related to a Serviced Loan Combination), the Special Servicer shall promptly, but in no event
later than one (1) Business Day after receipt, remit such amounts to the Master Servicer for deposit into the Collection Account
in accordance with the second preceding paragraph, unless the Special Servicer determines, consistent with the Servicing Standard,
that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. With respect to
any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse such check to the order
of the Master Servicer, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item
cannot be so endorsed and delivered because of a restrictive endorsement or other appropriate reason. Any such amounts received
by the Special Servicer with respect to an REO Property that relates to any Mortgage Loan (other than a Mortgage Loan related to
a Serviced Loan Combination) shall initially be deposited by the Special Servicer into the related REO Account (or, at the option
of the Special Servicer, remitted by the applicable property manager directly to the Master Servicer) and thereafter remitted to
the Master Servicer for deposit into the Collection Account, all in accordance with Section 3.16 of this Agreement.

 

(b)          The Certificate Administrator
shall establish and maintain the Lower-Tier REMIC Distribution Account and the Upper-Tier REMIC Distribution Account in the name
of the Certificate Administrator on behalf of the Trustee, for the benefit of the Certificateholders. Each of the Distribution
Accounts shall be non-interest bearing and shall be established and maintained as Eligible Accounts or as sub-accounts of a single
Eligible Account. With respect to each Distribution Date, on or before such Distribution Date, the Certificate Administrator shall
be deemed to make or shall make the withdrawals from the Lower-Tier REMIC Distribution Account, as set forth in Section 4.01
of this Agreement, shall be deemed to make the deposits into the Lower-Tier REMIC Distribution Account and the Upper-Tier REMIC
Distribution Account, as set forth in Section 4.01 hereof, and shall cause the amount of Available Funds (including P&I
Advances) and Yield Maintenance Charges to be distributed in respect of the Certificates, pursuant to Section 4.01 hereof
on such date.

 

(c)          The Certificate Administrator
shall establish (upon receipt of written notice that an event that generates Excess Liquidation Proceeds has occurred) and maintain
the Excess Liquidation Proceeds Reserve Account in the name of the Certificate Administrator on behalf of the Trustee for the benefit
of the Certificateholders. The Excess Liquidation Proceeds Reserve Account shall be non-interest bearing and shall be maintained
separate and apart from trust funds for mortgage pass-through certificates of other series administered by the Certificate Administrator
and other accounts of the Certificate Administrator.

 

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Upon the disposition of any REO
Property in accordance with Section 3.17 of this Agreement, the Special Servicer shall calculate the Excess Liquidation
Proceeds, if any, realized in connection with such sale and remit to the Certificate Administrator such amount for deposit in the
Excess Liquidation Proceeds Reserve Account. Amounts held in the Excess Liquidation Proceeds Reserve Account on each Distribution
Date that exceed amounts reasonably anticipated to be required to offset possible future Realized Losses, as determined by the
Special Servicer, and all amounts held in the Excess Liquidation Proceeds Reserve Account on the final Distribution Date, in each
case after application in accordance with Section 4.01(d)(i) of this Agreement, shall be distributed to the Holders of the
Class R Certificates in respect of the Lower-Tier Residual Interest.

 

(d)          The Certificate Administrator
shall establish and maintain the Exchangeable Distribution Account in the name of the Certificate Administrator on behalf of the
Trustee, for the benefit of the Holders of the Exchangeable Certificates. The Exchangeable Distribution Account shall be non-interest
bearing and shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account. The Certificate
Administrator shall make or be deemed to have made deposits in and withdrawals from the Exchangeable Distribution Account in accordance
with Article IV of this Agreement.

 

(e)          Prior to the Master Servicer
Remittance Date immediately following the end of the first Collection Period during which Excess Interest is received on any ARD
Mortgage Loan, and upon notification from the Master Servicer pursuant to Section 3.03(b) of this Agreement, the Certificate
Administrator shall establish and maintain the Excess Interest Distribution Account in the name of the Certificate Administrator
on behalf of the Trustee, for the benefit of the Holders of the Excess Interest Certificates (if applicable). The Excess Interest
Distribution Account shall be non-interest bearing and shall be established and maintained as an Eligible Account (or as a subaccount
of an Eligible Account). With respect to each Distribution Date, the Master Servicer shall withdraw from the Collection Account
and remit to the Certificate Administrator on the applicable Master Servicer Remittance Date for deposit in the Excess Interest
Distribution Account an amount equal to the Excess Interest received during the applicable Collection Period. Notwithstanding the
foregoing, there are no ARD Mortgage Loans included in the Trust Fund and, accordingly, no Excess Interest is payable to the Trust,
and any obligation to establish an Excess Interest Distribution Account shall be disregarded.

 

If there are any ARD Mortgage
Loans in the Trust Fund, then the Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest
Distribution Account to the extent required to make the distributions of Excess Interest required by Section 4.01(m) of
this Agreement.

 

If there are any ARD Mortgage
Loans in the Trust Fund, then following the distribution of Excess Interest to the Holders of the Excess Interest Certificates
on the first Distribution Date after which there are no longer any ARD Mortgage Loans outstanding, the Certificate Administrator
may terminate the Excess Interest Distribution Account.

 

(f)           Notwithstanding anything
to the contrary herein, each Distribution Account, the Exchangeable Distribution Account, the Excess Interest Distribution Account,
the Excess Liquidation Proceeds Reserve Account and the Interest Reserve Account may all be

 

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sub-accounts
of a single Eligible Account; provided that each of them shall be treated as a separate account for purposes of deposits and withdrawals
under this Agreement.

 

(g)          If any Loss of Value Payments
are received in connection with a Material Document Defect or Material Breach, as the case may be, pursuant to or as contemplated
by Section 2.03(a) of this Agreement, the Special Servicer shall establish and maintain one or more accounts (collectively,
the “Loss of Value Reserve Fund”) to be held in trust for the benefit of the Certificateholders, for purposes
of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account
or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all
Loss of Value Payments received by it. The Loss of Value Reserve Fund shall be accounted for as an outside reserve fund within
the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC. Furthermore, for all federal tax purposes,
the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund (and any income earned thereon)
through the Collection Account to the Certificateholders (or, in the case of any income earned on the Loss of Value Reserve Fund
and paid to the Special Servicer as additional compensation) as damages paid to and distributed by the Trust REMICs on account
of a breach of a representation or warranty by the related Mortgage Loan Seller and (ii) treat any amounts paid out of the Loss
of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to such Mortgage
Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial owner
of the related account in the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income
earned thereon.

 

(h)          For the avoidance of doubt,
the Lower-Tier REMIC Distribution Account, the Excess Liquidation Proceeds Reserve Account, and the Interest Reserve Account (including
interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC, the Exchangeable Distribution
Account will be owned by the Grantor Trust, and the Upper-Tier REMIC Distribution (including interest, if any, earned on the investment
of funds in such account) will be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

Section 3.05A.          Loan
Combination Custodial Account.

 

(a)          The Master Servicer shall
establish and maintain, with respect to each Serviced Loan Combination (if any), one or more separate accounts, which may be sub-accounts
of a single account (with respect to each Serviced Loan Combination, the “Loan Combination Custodial Account”)
in which the amounts described in clauses (i) through (viii) below shall be deposited and held in the name of the
Master Servicer on behalf of the Trustee for the benefit of the Certificateholders and the related Serviced Companion Loan Holder,
as their interests may appear; provided that a Loan Combination Custodial Account may be a sub-account of the Collection
Account or another Loan Combination Custodial Account (but shall be deemed to be a separate account for purposes of applying the
terms of this Agreement). Each of the Loan Combination Custodial Accounts shall be an Eligible Account or a subaccount of an Eligible
Account. The Master Servicer shall deposit or cause to be deposited in each Loan Combination Custodial Account, within one Business
Day following receipt of properly identified funds (or, in the case of payments by the Master Servicer, when otherwise required
to be so deposited

 

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under
this Agreement), the following payments and collections received or made by it on or with respect to the related Serviced Loan
Combination:

 

(i)           all payments
on account of principal on the related Serviced Loan Combination, including Principal Prepayments and the principal component of
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds;

 

(ii)          all payments
on account of interest on the related Serviced Loan Combination;

 

(iii)         all Yield
Maintenance Charges on the related Serviced Loan Combination;

 

(iv)         any amounts
required to be deposited pursuant to Section 3.07(b) of this Agreement in connection with net losses realized on Permitted
Investments with respect to funds held in such Loan Combination Custodial Account;

 

(v)          all amounts
with respect to any REO Property acquired in respect of the related Serviced Loan Combination transferred to such Loan Combination
Custodial Account, or the Master Servicer for deposit in such Loan Combination Custodial Account, from the related REO Account
pursuant to Section 3.16(b) of this Agreement;

 

(vi)         all Net
Condemnation Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds with respect to the related Serviced Loan Combination
(other than any Net Liquidation Proceeds received on or in respect of the related Mortgage Loan in connection with any of the events
described in clauses (iii) and (iv) of the definition of “Liquidation Event” in this Agreement);

 

(vii)        any amounts
received from the Mortgagor under the related Serviced Loan Combination that represent (A) recoveries of Property Protection Expenses,
or (B) any other reimbursements in accordance with the related Loan Documents, in each case to the extent not permitted to be retained
by the Master Servicer as provided herein; and

 

(viii)       any other
amounts required by the provisions of this Agreement to be deposited into such Loan Combination Custodial Account by the Master
Servicer or Special Servicer, including any recovery of any Unliquidated Advances;

 

provided, however,
that, subject to the immediately following proviso, to the extent any such amounts are received after 2:00 p.m. Eastern time on
any given Business Day, the Master Servicer shall use commercially reasonable efforts to deposit such amounts into the related
Loan Combination Custodial Account within one (1) Business Day of receipt thereof but, in any event, the Master Servicer shall
deposit such amounts into the related Loan Combination Custodial Account within two (2) Business Days of receipt thereof; and provided,
further, that, the immediately preceding proviso shall not apply to any such amounts received on the Determination Date,
and the Master Servicer shall deposit any such amounts received on the Determination Date into the related Loan Combination Custodial
Account within one (1) Business Day of receipt thereof.

 

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(b)          The foregoing requirements
for deposits in each Loan Combination Custodial Account shall be exclusive, it being understood and agreed that, without limiting
the generality of the foregoing, to the extent provided herein, Ancillary Fees, Consent Fees, Assumption Fees, assumption application
fees, defeasance fees and review fees need not be deposited in such Loan Combination Custodial Account by the Master Servicer or
the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer,
as applicable, shall be entitled to retain any such Ancillary Fees, Consent Fees, Assumption Fees, assumption application fees,
defeasance fees and/or review fees received with respect to the Serviced Loan Combinations in accordance with Section 3.12
of this Agreement; provided that if the Master Servicer or the Special Servicer, as applicable, receives any such Ancillary Fees,
Consent Fees, Assumption Fees, assumption application fees and/or defeasance fees in excess of the percentage of such fees to which
it is entitled pursuant to Section 3.12(a) (in the case of the Master Servicer) or Section 3.12(c) (in the case of
the Special Servicer), then it shall remit to the other party (i.e. the Special Servicer (if Master Servicer has received the excess
percentage of such fees) or the Master Servicer (if Special Servicer has received the excess percentage of such fees), as applicable)
the percentage of such fees to which such other party is entitled pursuant to Section 3.12(a) or Section 3.12(c),
as applicable. The Master Servicer and the Special Servicer shall not deposit any Modification Fees received by the Master Servicer
or the Special Servicer, as applicable, with respect to any Serviced Loan Combination into the related Loan Combination Custodial
Account and shall instead apply such fees (except to the extent not permitted under the related Co-Lender Agreement) in accordance
with Section 3.14 of this Agreement. In the event that the Master Servicer deposits in a Loan Combination Custodial Account
any amount not required to be deposited therein, it may at any time withdraw such amount from such Loan Combination Custodial Account,
any provision herein to the contrary notwithstanding. The Master Servicer shall give written notice to the Certificate Administrator,
the related Serviced Companion Loan Holders and the Special Servicer of the location and account number of each Loan Combination
Custodial Account and shall notify the Certificate Administrator, the related Serviced Companion Loan Holder and the Special Servicer
in writing of any subsequent change thereof. Each Loan Combination Custodial Account shall be maintained as a segregated account
(or sub-account of such segregated account), separate and apart from trust funds created for mortgage backed securities of other
series and the other accounts of the Master Servicer.

 

(c)          Upon receipt of any of
the amounts described in clauses (i) through (viii) of Section 3.05A(a) with respect to a Serviced Loan Combination,
the Special Servicer shall promptly, but in no event later than one Business Day after receipt, remit such amounts to the Master
Servicer for deposit into the Loan Combination Custodial Account in accordance with Section 3.05A(a), unless the Special
Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited because of a restrictive
endorsement or other appropriate reason. With respect to any such amounts paid by check to the order of the Special Servicer, the
Special Servicer shall endorse such check to the order of the Master Servicer, unless the Special Servicer determines, consistent
with the Servicing Standard, that a particular item cannot be so endorsed and delivered because of a restrictive endorsement or
other appropriate reason. Any such amounts received by the Special Servicer with respect to an REO Property that relates to a Serviced
Loan Combination shall initially be deposited by the Special Servicer into the related REO Account (or, at the option of the Special
Servicer, remitted by the applicable property manager directly to the Master Servicer) and thereafter remitted to the

 

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Master
Servicer for deposit into the related Loan Combination Custodial Account, all in accordance with Section 3.17 of this Agreement.

 

Section 3.06          Permitted
Withdrawals From the Collection Account.

 

(a)          The Master Servicer may
make withdrawals from the Collection Account only as described below (the order set forth below not constituting an order of priority
for such withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance with the related Co-Lender
Agreement and Section 3.14 of this Agreement:

 

(i)           to remit
on or before each Master Servicer Remittance Date to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution
Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Excess Liquidation Proceeds Reserve Account
the amounts required to be deposited in such accounts pursuant to Sections 3.05(c), 3.05(e), 3.23, 4.01(a)(i)
and Section 4.06(a) of this Agreement, respectively;

 

(ii)          to pay
or reimburse the Master Servicer, the Special Servicer or the Trustee, as applicable (A) for Advances made thereby with respect
to Mortgage Loans that are not part of a Serviced Loan Combination (other than Workout-Delayed Reimbursement Amounts) and any related
Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of
any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such Person pursuant
to this clause (ii)(A) being limited to late collections (including cure payments by related Serviced Companion Loan Holders) of
the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds, Net REO Proceeds,
Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property respecting
which such Advance was made, if applicable (provided that (x) prior to the time any Advance is reimbursed, Advance Interest
Amounts may be reimbursed solely from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and (y) at
the time any Advance (other than Workout Delayed Reimbursement Amounts) is reimbursed, Advance Interest Amounts on such reimbursed
Advance shall be payable first from Penalty Charges and Modification Fees collected on the related Mortgage Loan, and, to the extent
such Penalty Charges and Modification Fees are insufficient, then from general collections on deposit in the Collection Account),
(B) for Advances made thereby with respect to Mortgage Loans that are part of a Serviced Loan Combination and any related Advance
Interest Amounts (provided that the Trustee shall have priority with respect to such payment or reimbursement of any such
Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse any such person pursuant to
this clause (ii)(B) being limited to Net Liquidation Proceeds on or in respect of the particular Mortgage Loan or REO Property
respecting which such Advance was made, which Net Liquidation Proceeds were received in connection with any of the events described
in clauses (iii), (iv) and (vii) of the definition of “Liquidation Event”, (C) to the extent not reimbursed pursuant
to Section 3.14 of this Agreement, for Advances and any related Advance Interest Amounts (or portion thereof) that have
been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related

 

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Mortgage
Loan, Serviced Loan Combination or REO Property after a Final Recovery Determination to the extent not recovered from the related
Loan Combination Custodial Account and Advance Interest Amounts thereon, first, out of the principal portion of general
collections on the Mortgage Loans and REO Properties, and second, to the extent the principal portion of general collections
is insufficient and with respect to such excess only, subject to any election in its sole discretion to defer reimbursement thereof
pursuant to Section 3.27 of this Agreement, out of other collections on the Mortgage Loans and REO Properties, and (D)
for Workout-Delayed Reimbursement Amounts and Advance Interest Amounts thereon, first, out of the principal portion of
the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to clause (C)
above, and second, upon a determination by the Master Servicer, the Special Servicer or the Trustee, as applicable, that
a Workout-Delayed Reimbursement Amount is a Nonrecoverable Advance, in the same manner as Nonrecoverable Advances may be reimbursed
(provided that with respect to each Mortgage Loan or REO Property that relates to a Serviced Loan Combination, such Workout-Delayed
Reimbursement Amounts and Advance Interest Amounts thereon shall first be reimbursed pursuant to Section 3.06A(a)(ii) of
this Agreement and, if not reimbursed pursuant thereto, shall be paid from the Collection Account as provided in this clause (ii)(D));

 

(iii)          to pay
on or before each Master Servicer Remittance Date to the Master Servicer (who shall pay the holder of the Excess Servicing Fee
Rights the portion of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.12 of this Agreement)
and to the Special Servicer, as applicable, as compensation, the aggregate unpaid Servicing Fee with respect to Mortgage Loans
(to the extent not otherwise required to be applied against Prepayment Interest Shortfalls) in respect of the immediately preceding
Interest Accrual Period, and Special Servicing Compensation (if any) in respect of the immediately preceding Interest Accrual Period
or Collection Period, as applicable, to be paid, in the case of the Servicing Fee, from interest received on the related Mortgage
Loan, and to pay from time to time to the Master Servicer in accordance with Section 3.07(b) of this Agreement any interest
or investment income earned on funds deposited in the Collection Account and, in the case of the Special Servicing Fee, from general
collections; provided, however, that in the case of any Mortgage Loan or REO Mortgage Loan related to a Serviced
Loan Combination, (A) Servicing Fees may be paid out of the Collection Account pursuant to this clause (iii) only from the interest
portion of Net Liquidation Proceeds on or in respect of such Mortgage Loan or REO Property, which Net Liquidation Proceeds were
received in connection with any of the events described in clauses (iii), (iv) and (vii) of the definition of “Liquidation
Event” and (B) Special Servicing Compensation shall first be paid out of the related Loan Combination Custodial Account pursuant
to Section 3.06A(a)(iii) of this Agreement and may be paid out of the Collection Account pursuant to this clause (iii) only if
and to the extent that such Special Servicing Compensation has not been paid out of the related Loan Combination Custodial Account
pursuant to Section 3.06A(a)(iii) of this Agreement;

 

(iv)          in accordance
with Section 2.03 of this Agreement, to reimburse the Trustee or the Special Servicer, out of general collections on the
Mortgage Loans and related REO Properties (including with respect to the Outside Serviced Mortgage Loans)

 

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for
any unreimbursed expense reasonably incurred by the Trustee or the Special Servicer in connection with the enforcement of a Mortgage
Loan Seller’s obligations under Section 6(e) of the related Loan Purchase Agreement, together with interest thereon at the
Advance Rate from the time such expense was incurred to, but excluding, the date such expense was reimbursed, but only to the
extent that such expenses are not otherwise reimbursable;

 

(v)          to pay out
of general collections on the Mortgage Loans and related REO Properties, for costs and expenses incurred by the Trust Fund with
respect to the Mortgage Loans and related REO Properties pursuant to Sections 3.04(a) and 3.10(e) of this Agreement
and to pay Liquidation Expenses out of related Liquidation Proceeds pursuant to Section 3.11 of this Agreement (provided
that with respect to each Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(iv)
of this Agreement to the extent related to such Serviced Loan Combination and if not reimbursed pursuant thereto, shall be paid
from the Collection Account as provided in this clause (v));

 

(vi)         to the
extent not reimbursed or paid pursuant to any other clause of this Section 3.06, to reimburse or pay the Master Servicer,
the Trustee, the Certificate Administrator, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, CREFC®
or the Depositor, as applicable, for unpaid Additional Trust Fund Expenses (other than Advance Interest Amounts), unpaid Trustee/Certificate
Administrator Fees, unpaid Servicing Fees (but only if the related Mortgage Loan has been liquidated or a Final Recovery Determination
has been made with respect thereto), unpaid Special Servicing Compensation, unpaid Operating Advisor Fees, unpaid Operating Advisor
Consulting Fees (but, with respect to the period when the outstanding Certificate Balances of the Control Eligible Certificates
have not been reduced to zero as a result of the allocation of Realized Losses to such certificates, only to the extent such Operating
Advisor Consulting Fee is actually received from the related Mortgagor), unpaid Asset Representations Reviewer Fee and any unpaid
Asset Representations Reviewer Asset Review Fee (to the extent such fee is payable by the Trust), unpaid CREFC®
Intellectual Property Royalty License Fees and other unpaid items incurred by or owing to such Person pursuant to the second sentence
of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, Section 3.12(c), Section
3.16(a), Section 3.29(k), Section 6.03, Section 7.04, Section 8.05(a), Section 8.05(b),
Section 8.05(d) , Section 11.02(a), Section 11.02(b) or Section 12.07 of this Agreement, or any other
provision of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each
case only to the extent expressly reimbursable under such Section, it being acknowledged that this clause (vi) shall not be deemed
to modify the substance of any such Section, including the provisions of such Section that set forth the extent to which one of
the foregoing Persons is or is not entitled to payment or reimbursement (provided that with respect to each Mortgage Loan
that is part of a Serviced Loan Combination, such expenses shall first be reimbursed pursuant to Section 3.06A(a)(v) of
this Agreement to the extent related to such Serviced Loan Combination and, if not reimbursed pursuant thereto, shall be paid from
the Collection Account as provided in this clause (vi), and provided, further, that Special Servicing Compensation
with respect to any Serviced Companion Loan (or a successor REO

 

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Companion
Loan) shall not be payable from the Collection Account pursuant to this clause (vi));

 

(vii)         to transfer
to the Certificate Administrator for deposit in one or more separate, non-interest bearing accounts any amount reasonably determined
by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on either Trust REMIC
under the circumstances and to the extent described in Section 4.05 of this Agreement;

 

(viii)        to make
such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in the Collection Account as are contemplated
by Section 3.14 of this Agreement;

 

(ix)          to make
such payments and reimbursements as contemplated by Section 3.06(c) of this Agreement out of funds transferred to the Collection
Account from the Loss of Value Reserve Fund pursuant to Section 3.06(c) of the Agreement;

 

(x)           to withdraw
any amount deposited into the Collection Account that was not required to be deposited therein; or

 

(xi)          to clear
and terminate the Collection Account pursuant to Section 9.01 of this Agreement.

 

If and to the extent that the
Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause of the prior paragraph above
for any cost, expense, indemnity, fee or Property Advance or Advance Interest Amount thereon with respect to a Loan Combination
that represents the related Serviced Companion Loan’s allocable share of such cost, expense, indemnity, fee, or Property
Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate Companion Loan),
the Master Servicer (with respect to Performing Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans)
shall use efforts consistent with the Servicing Standard to collect such amounts out of collections on such Serviced Companion
Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced Companion Loan Holder)
and deposit all such amounts (collectively, with respect to such Serviced Companion Loan, the “Trust Reimbursement Amount
No.1”) collected from or on behalf of the related Serviced Companion Loan Holder into the Collection Account.

 

The Master Servicer shall also
be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement
of amounts required to be paid to the parties to, and/or the securitization trust created under, the applicable Outside Servicing
Agreement by the holder of each Outside Serviced Mortgage Loan pursuant to each Outside Serviced Co-Lender Agreement. In the absence
of manifest error, the Master Servicer may conclusively rely on the request for payments contemplated by the preceding sentence.

 

The Master Servicer shall keep
and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from
the Collection Account pursuant to subclauses (i)-(ix) of the second preceding paragraph.

 

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The Master Servicer shall pay
to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor,
the Asset Representations Reviewer, the Trustee and the Certificate Administrator, as applicable, from the applicable Collection
Account, amounts permitted to be paid thereto from such account promptly upon receipt of a written statement of an officer of the
Special Servicer, an officer of the Operating Advisor, an officer of the Asset Representations Reviewer or a Responsible Officer
of the Trustee or the Certificate Administrator, as the case may be, describing the item and amount to which the Special Servicer
(or such third party contractor), the Operating Advisor, the Asset Representations Reviewer, the Trustee or the Certificate Administrator,
as the case may be, is entitled (unless such payment to the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in
which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall
have no duty to recalculate the amounts stated therein. The parties seeking payment pursuant to this Section shall each keep and
maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection Account, on a loan-by-loan
basis.

 

With respect to each Outside
Serviced Mortgage Loan, the Master Servicer shall pay to, subject to Section 3.01(j)(i), the related Outside Servicer, the
related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable,
from the Collection Account on the Master Servicer Remittance Date amounts permitted to be paid to the related Outside Servicer,
the related Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable,
therefrom based upon an Officer’s Certificate received from the related Outside Servicer, the related Outside Special Servicer,
the related Outside Certificate Administrator or the related Outside Trustee, as applicable, on the first Business Day following
the immediately preceding Determination Date, describing the item and amount to which the related Outside Servicer, the related
Outside Special Servicer, the related Outside Certificate Administrator or the related Outside Trustee, as applicable, is entitled.
The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Depositor, CREFC®, the Special Servicer
and the Master Servicer shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection
Account from time to time for the reimbursement or payment of the Servicing Fees (including investment income), Trustee/Certificate
Administrator Fees, Special Servicing Compensation, Advances, Advance Interest Amounts, Operating Advisor Fees, Operating Advisor
Consulting Fees (but, with respect to the period when the outstanding Certificate Balances of the Control Eligible Certificates
have not been reduced to zero as a result of the allocation of Realized Losses to such certificates, only to the extent such Operating
Advisor Consulting Fees are actually received from the related Mortgagor(s)), Asset Representations Reviewer Fee, Asset Representations
Reviewer Asset Review Fee, CREFC® Intellectual Property Royalty License Fees and (for each of such Persons other
than CREFC®) their respective expenses hereunder (including without limitation Additional Trust Fund Expenses) to
the extent such fees, indemnity amounts and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account
pursuant to this Agreement (and to have such amounts paid

 

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directly
to third party contractors for any invoices submitted to the Trustee, the Master Servicer or the Special Servicer, as applicable).

 

(b)          The Certificate Administrator
shall, upon receipt, deposit in each of the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the
Interest Reserve Account and the Excess Liquidation Proceeds Reserve Account any and all amounts received by the Certificate Administrator
in accordance with Section 3.06(a)(i) of this Agreement and required to be deposited therein. If, as of 3:00 p.m., New York
City time, on any Master Servicer Remittance Date or on such other date as any amount referred to in the preceding sentence is
required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in
the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and the Excess
Liquidation Proceeds Reserve Account the amounts required to be deposited therein pursuant to the provisions of this Agreement
(including, without limitation, Section 3.06(a)(i) of this Agreement), then the Certificate Administrator shall, to the
extent that a Responsible Officer of the Certificate Administrator has such knowledge, provide notice of such failure to the Master
Servicer by facsimile transmission sent to telecopy number (877) 379-1625 (or such alternative number provided by the Master Servicer
to the Certificate Administrator in writing) and by electronic mail at Andrew_j_lindenman@keybank.com (or such alternative email
address provided by the Master Servicer to the Certificate Administrator in writing) as soon as possible, but in any event before
5:00 p.m., New York City time, on such day; provided, however, that the Master Servicer will pay the Certificate
Administrator interest on such late payment at the Prime Rate until such late payment is received by the Certificate Administrator.

 

(c)          If any Loss of Value Payments
are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related REO Property, then the Special
Servicer shall, promptly upon written direction from the Master Servicer (provided that, (1) with respect to clause (iv)
below, the Special Servicer shall have provided notice to the Master Servicer of the occurrence of such Liquidation Event and (2)
with respect to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special
Servicer with five Business Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up
to the remaining portion thereof) from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account
for the following purposes:

 

(i)           to reimburse
the Master Servicer, the Special Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for any
Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related REO Property (together with any related
Advance Interest Amounts);

 

(ii)          to pay,
in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense relating
to such Mortgage Loan or any related REO Property that constitutes or, if not paid out of such Loss of Value Payments, would constitute
an Additional Trust Fund Expense, and to pay, in accordance with Section 3.06(a) of this Agreement, any unpaid Liquidation
Fee due and owing to the Special Servicer with respect to such Mortgage Loan or any related REO Property;

 

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(iii)         to offset
any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property (as calculated without regard
to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any related successor REO Mortgage
Loan;

 

(iv)         following
the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related REO Property and any related transfers
from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
above as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect
of any other Mortgage Loan or REO Mortgage Loan; and

 

(v)          on the final
Distribution Date after all distributions have been made as set forth in clauses (i) through (iv) above, to each Mortgage
Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage
Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are attributable to
such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred with respect
to the Mortgage Loan related to such contribution.

 

Any Loss of Value Payments transferred
to the Collection Account pursuant to clauses (i) - (iii) of the prior paragraph shall be treated as Liquidation Proceeds
received by the Trust in respect of the related Mortgage Loan or any successor REO Mortgage Loan with respect thereto for which
such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant to clause
(iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage Loan
or REO Mortgage Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated
by clauses (i)-(iii) of the prior paragraph.

 

Section 3.06A.          Permitted
Withdrawals From the Loan Combination Custodial Account.

 

(a)          The Master Servicer may
make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination only as described below (the order
set forth below not constituting an order of priority for such withdrawals), subject to the application of Penalty Charges and
Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:

 

(i)           (A) after
the Determination Date, and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in each
calendar month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property
related to such Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution
Date in any calendar month and were not available for any earlier transfer to the Collection Account in such calendar month), to
transfer to the Collection Account all amounts on deposit in the Loan Combination Custodial Account payable to the Trust pursuant
to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage Loan), including any
applicable Trust Reimbursement Amount, and (B) on or

 

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prior
to the Business Day immediately following the Determination Date in each calendar month (and also on the Business Day immediately
following the receipt of any funds from the REO Account for any REO Property related to such Serviced Loan Combination, if such
funds are received after the Determination Date and before the Distribution Date in any calendar month), to remit to the related
Serviced Companion Loan Holder all amounts on deposit in the Loan Combination Custodial Account payable to such Serviced Companion
Loan Holder pursuant to the related Co-Lender Agreement with respect to the related Serviced Companion Loan (or any successor
REO Companion Loan), exclusive of any applicable Trust Reimbursement Amount;

 

(ii)          to pay
or reimburse the Master Servicer, the Special Servicer or the Trustee, for Advances made thereby with respect to such Serviced
Loan Combination and any related Advance Interest Amounts (provided that the Trustee shall have priority with respect to such payment
or reimbursement of any such Advances and any related Advance Interest Amounts), the Master Servicer’s right to reimburse
any such Person pursuant to this clause (ii) being limited to late collections (including cure payments by related Serviced Companion
Loan Holders) of the particular item which was the subject of the related Advance, Penalty Charges, Net Condemnation Proceeds,
Net REO Proceeds, Net Insurance Proceeds and Net Liquidation Proceeds on or in respect of the particular Serviced Loan Combination
or any related REO Property; provided, however, that if such Advance has become a Workout-Delayed Reimbursement Amount (but not
a Nonrecoverable Advance), then neither such Workout-Delayed Reimbursement Amount nor any related Advance Interest Amounts shall
be reimbursed or paid, as the case may be, out of payments or other collections of interest (other than Penalty Charges) or Yield
Maintenance Charges on or in respect of the related Mortgage Loan (or any successor REO Mortgage Loan) or the related Serviced
Companion Loan (or any successor REO Companion Loan); and provided, further, that if such Advance is a P&I Advance with respect
to the related Mortgage Loan (or a successor REO Mortgage Loan), then neither such Advance nor any related Advance Interest Amounts
shall be reimbursed or paid, as the case may be, out of, or otherwise result in a reduction of, amounts otherwise payable to the
related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or any successor REO Companion Loan),
except that in the case of a Serviced AB Loan Combination, reimbursements or payments, as the case may be, of Advances or any related
Advance Interest Amounts shall be made taking into account the subordinate nature of the related Subordinate Companion Loan to
the extent set forth in, and in accordance with, the related Co-Lender Agreement;

 

(iii)         to pay
on or before each Master Servicer Remittance Date (A) to the Master Servicer as compensation, the aggregate unpaid Servicing Fee
with respect to such Serviced Loan Combination (to the extent not otherwise required to be applied against Prepayment Interest
Shortfalls) in respect of the immediately preceding Interest Accrual Period, to be paid from interest received on the related Mortgage
Loan or Serviced Companion Loan, as applicable, and to pay from time to time to the Master Servicer in accordance with Section
3.07(b) any interest or investment income earned on funds deposited in such Loan Combination Custodial Account and (B) to the
Special Servicer as compensation, any Special Servicing Compensation payable with respect to such Serviced Loan Combination; provided,
however, that no Servicing Fees or Special

 

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Servicing
Compensation earned with respect to the related Mortgage Loan (or a successor REO Mortgage Loan) shall be payable out of, or otherwise
result in a reduction of, amounts otherwise payable to the related Serviced Companion Loan Holder with respect to the related
Serviced Companion Loan (or any successor REO Companion Loan) (provided that, in the case of a Serviced AB Loan Combination, such
payments shall be made taking into account the subordinate nature of the related Subordinate Companion Loan to the extent set
forth in, and in accordance with, the related Co-Lender Agreement), and no Servicing Fees or Special Servicing Compensation earned
with respect to the related Serviced Companion Loan (or any successor REO Companion Loan) shall be payable out of, or otherwise
result in a reduction of, amounts otherwise payable to the Trust with respect to the related Mortgage Loan (or a successor REO
Mortgage Loan) (it being acknowledged and agreed that this proviso is in no way intended to limit the rights of the Master Servicer
or Special Servicer under the related Co-Lender Agreement to seek payment of any unpaid Servicing Fees or Special Servicing Compensation,
as applicable, with respect to any Serviced Companion Loan from the related Serviced Companion Loan Holder);

 

(iv)         to pay
for costs and expenses incurred by the Trust Fund solely with respect to such Serviced Loan Combination and related REO Property
pursuant to Section 3.10(e) and to pay Liquidation Expenses out of Liquidation Proceeds pursuant to Section 3.11;

 

(v)          to the extent
not reimbursed or paid pursuant to any other clause of this Section 3.06A, to reimburse or pay the Master Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor, the Special Servicer or the Depositor, as applicable, for unpaid Additional
Trust Fund Expenses, Servicing Fees and other unpaid items incurred by or owing to such Person pursuant to the second sentence
of Section 3.07(c), Section 3.08(a), Section 3.08(b), Section 3.10, the second sentence of Section
3.12(a), the third sentence of Section 3.12(c), Section 3.16(a), Section 6.03, Section 7.04, the
last sentence of Section 8.05(a), Section 8.05(b), Section 8.05(d) or Section 12.07, or any other provision
of this Agreement pursuant to which such Person is entitled to reimbursement or payment from the Trust Fund, in each case only
to the extent expressly reimbursable under such Section and to the extent related to such Serviced Loan Combination and not related
to amounts which are solely expenses of the Trust Fund (such as expenses related to administration of the Trust Fund or REMIC taxes,
penalties or interest or preservation of the REMIC status of each Trust REMIC), it being acknowledged that this clause (v) shall
not be deemed to modify the substance of any such Section, including the provisions of such Section that set forth the extent to
which one of the foregoing Persons is or is not entitled to payment or reimbursement; provided, however, that no payment or reimbursement
to the Operating Advisor, the Trustee or the Certificate Administrator or payment or reimbursement of costs and expenses associated
with obtaining a Rating Agency Confirmation, shall be made out of, or otherwise result in a reduction of, amounts otherwise payable
to the related Serviced Companion Loan Holder with respect to the related Serviced Companion Loan (or successor REO Companion Loan)
(provided that, in the case of a Serviced AB Loan Combination, such payments or reimbursements shall be made taking into account
the subordinate nature of the related Subordinate Companion Loan to the extent set forth in, and in accordance

 

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with,
the related Co-Lender Agreement), and no payment or reimbursement of costs and expenses associated with obtaining a Companion
Loan Rating Agency Confirmation shall be made out of, or otherwise result in a reduction of, amounts otherwise payable to the
Trust with respect to the related Mortgage Loan (or any successor REO Mortgage Loan);

 

(vi)         to make
such payments and reimbursements out of Penalty Charges and Modification Fees on deposit in such Loan Combination Custodial Account
as are contemplated by the related Co-Lender Agreement and Section 3.14 of this Agreement;

 

(vii)        to withdraw
any amount deposited into such Loan Combination Custodial Account that was not required to be deposited therein;

 

(viii)       if the
related Serviced Companion Loan (or any successor REO Companion Loan with respect thereto) is part of an Other Securitization Trust,
to the extent required by the related Co-Lender Agreement, to reimburse the applicable party to the related Other Pooling and Servicing
Agreement for any advances of delinquent monthly debt service payments made thereby with respect to such Serviced Companion Loan
(or REO Companion Loan), together with interest thereon, provided that such reimbursement, together with interest, shall be made
solely out of payments and other collections on such Serviced Companion Loan (or REO Companion Loan); or

 

(ix)         to clear
and terminate such Loan Combination Custodial Account pursuant to Section 9.01 of this Agreement.

 

The Master Servicer shall keep
and maintain separate accounting, on a Mortgage Loan-by-Mortgage Loan and Companion Loan-by-Companion Loan basis, for the purpose
of justifying any withdrawal from each Loan Combination Custodial Account pursuant to subclauses (i) - (ix) above. If and to the
extent that the Master Servicer has reimbursed or made payment to itself or any other Person pursuant to any clause of the prior
paragraph above for any cost, expense, indemnity, or Property Advance or Advance Interest Amount thereon with respect to a Serviced
Loan Combination out of monies allocable to the related Mortgage Loan (or any successor REO Mortgage Loan) to an extent that the
Trust has borne some or all of the related Serviced Companion Loan’s allocable share of such cost, expense, indemnity, or
Property Advance or Advance Interest Amount thereon (taking into account the subordinate nature of any related Subordinate Companion
Loan to the extent set forth in, and in accordance with, the related Co-Lender Agreement), the Master Servicer shall use efforts
consistent with the Servicing Standard to collect such amounts disproportionately borne by the Trust out of collections on such
Serviced Companion Loan (or, if and to the extent permitted under the related Co-Lender Agreement, from the related Serviced Companion
Loan Holder) and deposit all such amounts (collectively, with respect to such Serviced Companion Loan, the “Trust Reimbursement
Amount No.2” and, together with Trust Reimbursement Amount No.1, the “Trust Reimbursement Amount”)
collected from or on behalf of the related Serviced Companion Loan Holder into the Collection Account.

 

The Master Servicer shall pay
to each of the Special Servicer (or to third party contractors at the direction of the Special Servicer), the Operating Advisor,
the Trustee, the Certificate Administrator and an advancing party under any Other Pooling and Servicing Agreement, as applicable,
from the applicable Loan Combination Custodial Account, amounts

 

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permitted
to be paid thereto from such account promptly upon receipt of a written statement of an officer of the Special Servicer, an officer
of the Operating Advisor, a Responsible Officer of the Trustee or the Certificate Administrator or an officer of such advancing
party under such Other Pooling and Servicing Agreement, as the case may be, describing the item and amount to which the Special
Servicer (or such third party contractor), the Operating Advisor, the Trustee, the Certificate Administrator or such advancing
party under such Other Pooling and Servicing Agreement, as the case may be, is entitled (unless such payment to the Special Servicer,
the Operating Advisor, the Trustee or the Certificate Administrator, as the case may be, is clearly required pursuant to this
Agreement, in which case a written statement is not required). The Master Servicer may rely conclusively on any such written statement
and shall have no duty to re-calculate the amounts stated therein. The parties seeking payment pursuant to this Section shall
each keep and maintain separate accounting for the purpose of justifying any request for withdrawal from each Loan Combination
Custodial Account, on a loan-by-loan basis.

 

The Trustee, the Depositor, the
Operating Advisor, the Certificate Administrator, the Special Servicer and the Master Servicer shall in all cases have a right
prior to the Certificateholders to any funds on deposit in a Loan Combination Custodial Account from time to time for the reimbursement
or payment of the Servicing Fees (including investment income), or Special Servicing Compensation, Advances, Advance Interest Amounts
and their respective indemnity amounts or expenses hereunder to the extent such fees, indemnity amounts and expenses are to be
reimbursed or paid from amounts on deposit in such Loan Combination Custodial Account pursuant to this Agreement and the related
Co-Lender Agreement (and to have such amounts paid directly to third party contractors for any invoices approved by the Trustee,
the Depositor, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable); provided, however,
for the avoidance of doubt, neither the Trustee/Certificate Administrator Fees nor the Operating Advisor Fee shall be paid from
funds on deposit in a Loan Combination Custodial Account.

 

After the Determination Date,
and on or prior to the Business Day immediately preceding the Master Servicer Remittance Date, in each calendar month (and also
on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related to the applicable
Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution Date in any calendar
month and were not available for any earlier transfer to the Collection Account in such calendar month), the Master Servicer shall
remit for deposit in the Collection Account all amounts on deposit in a Loan Combination Custodial Account payable to the Trust
pursuant to the related Co-Lender Agreement with respect to the related Mortgage Loan (or any successor REO Mortgage Loan), including
any applicable Trust Reimbursement Amount; and on the Business Day immediately following the Determination Date in each calendar
month (and also on the Business Day immediately following the receipt of any funds from the REO Account for any REO Property related
to the applicable Serviced Loan Combination, if such funds are received after the Determination Date and before the Distribution
Date in any calendar month), the Master Servicer shall remit to the related Serviced Companion Loan Holder all amounts on deposit
in a Loan Combination Custodial Account payable to such Serviced Companion Loan Holder pursuant to the related Co-Lender Agreement
with respect to the related Serviced Companion Loan (or any successor REO Companion Loan), exclusive of any applicable Trust Reimbursement
Amount, in each case, prior to the required remittance from the Collection Account to the Certificate

 

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Administrator
for deposit into the Lower-Tier REMIC Distribution Account on such Master Servicer Remittance Date.

 

Section 3.07          Investment
of Funds in the Collection Account, the REO Account, the Mortgagor Accounts, and Other Accounts.

 

(a)          The Master Servicer, or
with respect to any REO Account and any Loss of Value Reserve Fund, the Special Servicer, may direct any depository institution
maintaining the Collection Account, any Loan Combination Custodial Account, any Mortgagor Account (subject to the second succeeding
sentence), any REO Account or any Loss of Value Reserve Fund (each of the Collection Account, any Loan Combination Custodial Account,
any REO Account, any Loss of Value Reserve Fund and any Mortgagor Account, for purposes of this Section 3.07, an “Investment
Account”), to invest the funds in such Investment Account in one or more Permitted Investments that bear interest or
are sold at a discount, and that mature, unless payable on demand, no later than the Business Day preceding the date on which such
funds are required to be withdrawn from such Investment Account pursuant to this Agreement. Any direction by the Master Servicer
or the Special Servicer to invest funds on deposit in an Investment Account shall be in writing and shall certify that the requested
investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the case
of any Escrow Account or Lock-Box Account (the “Mortgagor Accounts”), the Master Servicer shall invest the funds
in such Mortgagor Accounts in accordance with the express terms of the related Loan Documents and shall, in the absence of such
express terms, act upon the written request of the related Mortgagor or Manager to the extent the Master Servicer is required to
do so under the terms of the respective Mortgage Loan (or Serviced Loan Combination) or related documents, provided that
in the absence of appropriate written instructions from the related Mortgagor or Manager meeting the requirements of this Section
3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment of funds in such accounts
in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of
funds in an Investment Account shall be made in the name of the Trustee or a nominee of the Trustee (in each case for the benefit
of the Certificateholders). The Trustee (for the benefit of the Certificateholders) shall have sole control (except with respect
to investment direction, which shall be in the control of the Master Servicer or the Special Servicer, as applicable, as an independent
contractor to the Trust Fund) over each such investment and any certificate or other instrument evidencing any such investment
shall be delivered directly to the Certificate Administrator or its agent (which shall initially be the Master Servicer or the
Special Servicer, as applicable), together with any document of transfer, if any, necessary to transfer title to such investment
to the Trustee or its nominee (for the benefit of the Certificateholders). Neither the Trustee nor the Certificate Administrator
shall have any responsibility or liability with respect to the investment directions of the Master Servicer or the Special Servicer,
any Mortgagor or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer
shall have no responsibility or liability with respect to the investment direction of the Special Servicer, any Mortgagor or Manager
or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the investment direction of the Master Servicer, any Mortgagor or any property manager or any losses
resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in an Investment Account
are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or the Special

 

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Servicer
in the case of REO Accounts and any Loss of Value Reserve Fund), shall: (x) consistent with any notice required to be given thereunder,
demand that payment thereon be made on the last day such Permitted Investment may otherwise mature hereunder in an amount equal
to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on such date; and (y) demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer in the case
of REO Accounts and any Loss of Value Reserve Fund) that such Permitted Investment would not constitute a Permitted Investment
in respect of funds thereafter on deposit in the related Investment Account. Amounts on deposit in each Distribution Account,
the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Excess Liquidation Proceeds Reserve Account
and the Interest Reserve Account (each, a “Certificate Administrator Account”) shall remain uninvested.

 

(b)          All income and gain realized
from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer, except with respect
to the investment of funds deposited in (i) any Mortgagor Account to the extent required under the Mortgage Loan (or Serviced Loan
Combination) or applicable law to be for the benefit of the related Mortgagor or (ii) any REO Account and any Loss of Value Reserve
Fund, which shall be for the benefit of the Special Servicer, and if held in the Collection Account, a Loan Combination Custodial
Account or an REO Account, shall be subject to withdrawal by the Master Servicer or the Special Servicer, as applicable, in accordance
with Section 3.06, Section 3.06A or Section 3.16(b) of this Agreement, as applicable. The Master Servicer (or with
respect to any REO Account and any Loss of Value Reserve Fund, the Special Servicer) shall deposit from its own funds into any
applicable Investment Account, the amount of any loss incurred in respect of any such Permitted Investment immediately upon realization
of such loss (except with respect to losses incurred as a result of the related Mortgagor or Manager exercising its power under
the related Loan Documents to direct such investment in such Mortgagor Account); provided, however, that the Master
Servicer or Special Servicer, as applicable, may reduce the amount of such payment to the extent it forgoes any investment income
in such Investment Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Mortgagor
Account the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts are invested for
the benefit of the Mortgagor under the terms of the Mortgage Loan (or Serviced Loan Combination) or applicable law. Notwithstanding
the foregoing, neither the Master Servicer nor the Special Servicer (in their respective capacities as Master Servicer and Special
Servicer, respectively) shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is
incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds
such Investment Account, so long as such depository institution or trust company is not the Person or an Affiliate of the Person
maintaining such account hereunder and satisfied the qualifications set forth in the definition of Eligible Account both (1) at
the time such investment was made and (2) as of the date that is 30 days prior to the insolvency.

 

(c)          Except as otherwise expressly
provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default
occurs in any other performance required under any Permitted Investment, the Trustee may, and upon the request of Holders of Certificates
representing greater than 50% of the Percentage Interests of any Class shall, take such action as may be appropriate to enforce
such payment or performance, including the institution and prosecution of appropriate proceedings. In the event the Trustee

 

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takes
any such action, the Trust Fund shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and
advances incurred or made by the Trustee in connection therewith. In the event that the Trustee does not take any such action,
the Master Servicer may, but is not obligated to, take such action at its own cost and expense.

 

Section 3.08          Maintenance
of Insurance Policies and Errors and Omissions and Fidelity Coverage.

 

(a)          The Master Servicer on
behalf of the Trustee, as mortgagee of record, shall use efforts consistent with the Servicing Standard to cause the related Mortgagor
to maintain, to the extent required by each Mortgage Loan (other than an Outside Serviced Mortgage Loan) and each Serviced Companion
Loan (except to the extent that the failure to maintain such insurance coverage is an Acceptable Insurance Default), and if the
Mortgagor does not so maintain, shall itself maintain (subject to the provisions of this Agreement concerning Nonrecoverable Advances
and to the extent the Trustee as mortgagee of record has an insurable interest and to the extent available at commercially reasonable
rates), (i) fire and hazard insurance (and windstorm insurance, if applicable) with extended coverage on the related Mortgaged
Property in an amount which is at least equal to the lesser of (a) one hundred percent (100%) of the then “full replacement
cost” of the improvements and equipment (excluding foundations, footings and excavation costs), without deduction for physical
depreciation, and (b) the outstanding principal balance of the related Mortgage Loan and the related Serviced Companion Loan or
such greater amount as is necessary to prevent any reduction in such policy by reason of the application of co-insurance provisions
and to prevent the Trustee thereunder from being deemed to be a co-insurer and provided such policy shall include a “replacement
cost” rider, (ii) insurance providing coverage against 18 months (or such longer period or with such extended period endorsement
as provided in the related Mortgage or other Loan Document) of rent interruptions and (iii) such other insurance as is required
in the related Mortgage Loan and the related Serviced Companion Loan. Subject to Section 3.16 of this Agreement, the Special
Servicer in accordance with the Servicing Standard and to the extent available at commercially reasonable rates (as determined
by the Special Servicer in accordance with the Servicing Standard), shall cause to be maintained for each REO Property (other than
an REO Property related to an Outside Serviced Mortgage Loan) no less insurance coverage than was previously required of the Mortgagor
under the related Loan Documents (except to the extent that the failure to maintain such insurance coverage is an Acceptable Insurance
Default); provided that to the extent the Loan Documents require the related Mortgagor to maintain insurance with an insurer
rated better than as indicated in the definition of “Qualified Insurer”, the Master Servicer may, without a Rating
Agency Confirmation or the approval of the Special Servicer, to the extent consistent with the Servicing Standard, permit the related
Mortgagor to maintain insurance with an insurer that does not meet the requirements of the Loan Documents so long as the related
Mortgagor maintains insurance with an insurer rated at least as indicated in the definition of “Qualified Insurer”.
All insurance for an REO Property shall be from a Qualified Insurer, if available from a Qualified Insurer, and if not available
from a Qualified Insurer, from an insurance provider that is rated the next highest available rating who is offering such insurance
at commercially reasonable rates. Any amounts collected by the Master Servicer or the Special Servicer under any such policies
(other than amounts required to be applied to the restoration or repair of the related Mortgaged Property or amounts to be released
to the Mortgagor in accordance with the terms of the related Loan Documents) shall be deposited into

 

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the
Collection Account pursuant to Section 3.05 of this Agreement or the Loan Combination Custodial Account pursuant to Section
3.05A of this Agreement, as applicable, subject to withdrawal pursuant to Section 3.05, Section 3.05A, Section
3.06 or Section 3.06A of this Agreement. Any cost incurred by the Master Servicer or the Special Servicer in maintaining
any such insurance shall not, for the purpose of calculating distributions to Certificateholders, be added to the unpaid principal
balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed
that no other additional insurance other than flood insurance or earthquake insurance subject to the conditions set forth below
is to be required of any Mortgagor or to be maintained by the Master Servicer other than pursuant to the terms of the related
Loan Documents and pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such
additional insurance. If the related Mortgaged Property (other than an REO Property and other than with respect to an Outside
Serviced Mortgage Loan) is located in a federally designated special flood hazard area, the Master Servicer will use efforts consistent
with the Servicing Standard to cause the related Mortgagor to maintain, to the extent required by each Serviced Loan, and if the
related Mortgagor does not so maintain, shall itself obtain (subject to the provisions of this Agreement concerning Nonrecoverable
Advances) and maintain flood insurance in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (i)
the unpaid principal balance of the related Mortgage Loan and the related Serviced Companion Loan and (ii) the maximum amount
of such insurance required by the terms of the related Mortgage Loan or Serviced Loan Combination and as is available for the
related property under the national flood insurance program (assuming that the area in which such property is located is participating
in such program). If a Mortgaged Property (other than an REO Property) is related to a Serviced Loan pursuant to which earthquake
insurance is required to be maintained pursuant to the terms of the Mortgage Loan or Serviced Loan Combination, the Master Servicer
shall use efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain, and if the related Mortgagor
does not so maintain will itself obtain (subject to the provisions of this Agreement concerning Nonrecoverable Advances and for
so long as such insurance continues to be available at commercially reasonable rates) and maintain earthquake insurance in respect
thereof, in the amount required by the Mortgage Loan or Serviced Loan Combination or, if not specified, in-place at origination.
If an REO Property (other than an REO Property related to the Outside Serviced Mortgage Loan) (i) is located in a federally designated
special flood hazard area or (ii) is related to a Serviced Loan with respect to which earthquake insurance would be appropriate
in accordance with the Servicing Standard and such insurance is available at commercially reasonable rates, the Special Servicer
will obtain (subject to the provisions of this Agreement concerning Nonrecoverable Advances) and maintain flood insurance and/or
earthquake insurance in respect thereof providing the same coverage as described in this Section 3.08(a). Out-of-pocket
expenses incurred by the Master Servicer or Special Servicer in maintaining insurance policies pursuant to this Section 3.08
shall be advanced by the Master Servicer as a Property Advance and shall be reimbursable to the Master Servicer with interest
at the Advance Rate. The Master Servicer (or the Special Servicer, with respect to REO Properties) agrees to prepare and present,
on behalf of itself, the Trustee and the Certificateholders and the Serviced Companion Loan Holders, claims under each related
insurance policy maintained by it pursuant to this Section 3.08(a) in a timely fashion in accordance with the terms of
such policy and to take such reasonable steps as are necessary to receive payment or to permit recovery thereunder. All insurance
policies required to be maintained by the Master Servicer or Special Servicer hereunder shall name the Trustee or the Master Servicer
or the Special Servicer, on

 

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behalf of the Trustee as the mortgagee, as loss payee, and shall be issued by Qualified Insurers,
if available from a Qualified Insurer, and if not available from a Qualified Insurer, from an insurance provider that is rated
the next highest available rating who is offering such insurance at commercially reasonable rates. Notwithstanding the foregoing:
(A) the Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property
and the Special Servicer shall not be required to maintain any earthquake or environmental insurance policy on any REO Property,
in each case unless such insurance is required to be maintained under the related Loan Documents and is available at commercially
reasonable rates; provided, however, that neither the Master Servicer nor the Special Servicer shall have any obligation
to maintain such earthquake or environmental insurance policy required under the related Loan Documents if the originator of the
Serviced Mortgage Loan or Serviced Loan Combination waived compliance with such insurance requirements (and if the applicable
Master Servicer does not cause the Mortgagor to maintain or does not itself maintain such earthquake or environmental insurance
policy on any Mortgaged Property, the Special Servicer shall have the right, but not the duty, to obtain, at the Trust’s
expense, earthquake or environmental insurance on any Mortgaged Property securing a Specially Serviced Loan or an REO Property
so long as such insurance is available at commercially reasonable rates); (B) with respect to the Master Servicer’s obligation
to cause the related Mortgagor to maintain such insurance, the Master Servicer shall have no obligation beyond using its efforts
consistent with the Servicing Standard to cause any Mortgagor to maintain the insurance required to be maintained or that the
lender is entitled to reasonably require, subject to applicable law, under the related Loan Documents; and (C) in making determinations
as to the availability of insurance at commercially reasonable rates or otherwise, the Master Servicer or the Special Servicer,
as applicable, shall, to the extent consistent with the Servicing Standard, be entitled to rely, at its own expense, on insurance
consultants in making such determination and any such determinations by the Master Servicer or the Special Servicer, as applicable,
need not be made more frequently than annually but in any event shall be made at the approximate date on which the Master Servicer
or the Special Servicer, as applicable, receives notice of the renewal, replacement or cancellation of coverage.

 

Notwithstanding the foregoing,
the Master Servicer or Special Servicer, as applicable, will not be required to maintain, and shall not cause a Mortgagor to be
in default with respect to the failure of the related Mortgagor to obtain, all risk casualty insurance which does not contain any
carve out for terrorist or similar acts, if, and only if, the Special Servicer has determined in accordance with the Servicing
Standard that the failure to maintain such insurance is an Acceptable Insurance Default; provided that, during the period
that the Special Servicer is evaluating such insurance hereunder, the Master Servicer shall not be liable for any loss related
to its failure to require the Mortgagor to maintain terrorism insurance and shall not be in default of its obligations hereunder
as a result of such failure. The Special Servicer shall promptly notify the Master Servicer of each determination under this paragraph.

 

(b)          (i) If the Master Servicer
or the Special Servicer obtains and maintains a blanket insurance policy insuring against fire and hazard losses on all of the
Mortgaged Properties (other than REO Properties and other than Mortgaged Properties that secure the Outside Serviced Mortgage Loans)
as to which the related Mortgagor has not maintained insurance required by the related Mortgage Loan or, if applicable, related
Serviced Loan Combination (other than any Mortgagor that is required under the related Loan Documents to

 

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maintain
insurance with an insurer rated better than as indicated in the definition of “Qualified Insurer” that maintains insurance
with an insurer rated at least as indicated in the definition of “Qualified Insurer”) or the Special Servicer obtains
and maintains a blanket insurance policy insuring against fire and hazard losses on all of the REO Properties (other than REO
Properties acquired in respect of the Outside Serviced Mortgage Loan), as required under this Agreement, as the case may be, then
the Master Servicer or the Special Servicer, as the case may be, shall conclusively be deemed to have satisfied its respective
obligations concerning the maintenance of insurance coverage set forth in Section 3.08(a) of this Agreement. Any such blanket
insurance policy shall be maintained with a Qualified Insurer. A blanket insurance policy may contain a deductible clause, in
which case the Master Servicer or the Special Servicer, as applicable, shall, in the event that (i) there shall not have been
maintained on the related Mortgaged Property a policy otherwise complying with the provisions of Section 3.08(a) of this
Agreement, and (ii) there shall have been one or more losses which would have been covered by such a policy had it been maintained,
immediately deposit into the Collection Account or, if applicable, related Loan Combination Custodial Account from its own funds
the amount not otherwise payable under the blanket policy because of such deductible clause to the extent that any such deductible
exceeds the deductible limitation that pertained to the related Mortgage Loan or Serviced Loan Combination or, in the absence
of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard. In connection with
its activities as Master Servicer or the Special Servicer hereunder, as applicable, the Master Servicer and the Special Servicer,
respectively, agree to prepare and present, on behalf of itself, the Trustee and Certificateholder and any related Serviced Companion
Loan Holder, claims under any such blanket policy which it maintains in a timely fashion in accordance with the terms of such
policy and to take such reasonable steps as are necessary to receive payment or permit recovery thereunder.

 

(ii)          If the
Master Servicer causes any Mortgaged Property (other than any REO Property and other than any Mortgaged Property that secures an
Outside Serviced Mortgage Loan) or the Special Servicer causes any REO Property (other than an REO Property acquired in respect
of an Outside Serviced Mortgage Loan) to be covered by a master force placed insurance policy and such policy shall be issued by
a Qualified Insurer and provide no less coverage in scope and amount for such Mortgaged Property or REO Property than the insurance
required to be maintained pursuant to Section 3.08(a) of this Agreement, then the Master Servicer or Special Servicer, as
the case may be, shall conclusively be deemed to have satisfied its respective obligations to maintain insurance pursuant to Section
3.08(a) of this Agreement. Such policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer,
as applicable, shall, in the event that (i) there shall not have been maintained on the related Mortgaged Property or REO Property
a policy otherwise complying with the provisions of Section 3.08(a), and (ii) there shall have been one or more losses which
would have been covered by such a policy had it been maintained, immediately deposit into the Collection Account or, if applicable,
related Loan Combination Custodial Account from its own funds the amount not otherwise payable under such policy because of such
deductible to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan
and/or related Serviced Companion Loan(s) related thereto, or, in the absence of any such deductible limitation, the deductible
limitation which is consistent with the Servicing Standard.

 

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(iii)         In either
case, if the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property or REO Property to be covered by
such “force-placed” insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property
or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property
or REO Property is covered thereby) shall be paid as a Property Advance. Any legal fees or other out-of-pocket costs incurred in
accordance with the Servicing Standard in connection with any claim under an insurance policy described above (whether by the Master
Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Property Advance.

 

(c)          The Master Servicer and
the Special Servicer shall each obtain and maintain in effect a fidelity bond or similar form of insurance coverage (which may
provide blanket coverage) or a combination of fidelity bond and insurance coverage, in such form as is consistent with the Servicing
Standard and in such amounts that are consistent with the Servicing Standard, insuring against loss occasioned by fraud, theft
or other intentional misconduct of the officers and employees of the Master Servicer or the Special Servicer, as the case may be.
The Master Servicer and the Special Servicer each shall be deemed to have complied with this provision if one of its respective
Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to
the Master Servicer or the Special Servicer, as applicable. In addition, the Master Servicer and the Special Servicer shall each
keep in force during the term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions
of its officers and employees in connection with its obligations to service the Mortgage Loans and any Serviced Companion Loans
hereunder in such form as is consistent with the Servicing Standard and in such amounts as are consistent with the Servicing Standard.
Notwithstanding the foregoing, the Master Servicer and the Special Servicer may self insure for the fidelity bond and errors and
omissions coverge otherwise required above (and may, but shall not be obligated to, further self insure against loss occasioned
by errors and omissions of agents of the Master Servicer or the Special Servicer, as the case may be), so long as the long-term
unsecured debt rating or deposit account rating of the Master Servicer (or its corporate parent) or the Special Servicer (or its
corporate parent) is not in any event less than “A3” as rated by Moody’s and “A-” as rated by Fitch.
The Master Servicer shall cause each and every Sub-Servicer it has engaged to maintain or cause to be maintained by an agent or
contractor servicing any Mortgage Loan or Serviced Loan Combination on behalf of such Sub-Servicer, a fidelity bond and an errors
and omissions insurance policy which satisfy the requirements for the fidelity bond and the errors and omissions policy to be maintained
by the Master Servicer to comply with the foregoing. All fidelity bonds and policies of errors and omissions insurance obtained
under this Section 3.08(c) shall be issued by a Qualified Insurer.

 

(d)          Each of the Operating
Advisor and Asset Representations Reviewer shall obtain and maintain at its own expense and keep in full force and effect throughout
the term of this Agreement an “errors and omissions” insurance policy with a Qualified Insurer covering losses that
may be sustained as a result of an officer’s or employee’s errors or omissions.

 

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Section 3.09          Enforcement
of Due-On-Sale and Due-On-Encumbrance Clauses; Assumption Agreements; Defeasance Provisions.

 

(a)          Upon receipt of any request
of a waiver or consent in respect of a due-on-sale or due-on-encumbrance provision, except in the case of an Outside Serviced Mortgage
Loan, (i) the Master Servicer shall, with respect to Performing Serviced Loans, (A) promptly review and analyze such request, including
the preparation of written materials in connection with such analysis and (B) if the Master Servicer determines that approval of
such request is favorable, promptly provide a copy of such request and its written recommendation and analysis to the Special Servicer
with all information reasonably available to the Master Servicer that the Special Servicer may reasonably request in order to withhold
or grant its consent, and in all cases, the Special Servicer shall be entitled to approve or disapprove such request, and (ii)
the Special Servicer shall, with respect to Specially Serviced Loans, promptly review and analyze such request, including the preparation
of written materials in connection with such analysis. If following its receipt of a request of a waiver or consent in respect
of a due-on-sale or due-on-encumbrance provision and the review, analysis and/or recommendation, as applicable, set forth in the
first sentence of this Section 3.09, the Special Servicer (with respect to Specially Serviced Loans) or the Master Servicer
(with respect to Performing Serviced Loans and with the Special Servicer’s consent), as applicable, has determined, in a
manner consistent with the Servicing Standard, that the waiver or consent in respect of such due-on-sale or due-on-encumbrance
provision would be in accordance with the Servicing Standard, then the Master Servicer (with respect to Performing Serviced Loans)
or the Special Servicer (with respect to Specially Serviced Loans), as applicable, shall process and close the related transaction,
subject to the consultation and/or consent rights (if any) of the related Directing Holder or the consultation rights of any related
Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) as provided in this Section 3.09(a)
and as otherwise provided in the related Co-Lender Agreement and this Agreement, and subject to Sections 3.09(b), 3.21,
3.24, 3.25 and Section 3.28; provided, however, that neither the Master Servicer nor the Special Servicer
shall enter into any such agreement to the extent that any terms thereof would result in (i) the imposition of a tax on a Trust
REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to
qualify as a grantor trust under subpart E, part I of subchapter J of the Code for federal income tax purposes at any time that
any Certificate is outstanding or (ii) create any lien on a Mortgaged Property that is senior to, or on parity with, the lien of
the related Mortgage. With respect to Performing Serviced Loans, the Master Servicer or, in the case of Specially Serviced Loans,
the Special Servicer, each in a manner consistent with the Servicing Standard and each on behalf of the Trustee as the mortgagee
of record, shall, to the extent permitted by applicable law, enforce the restrictions contained in the related Loan Documents on
transfers or further encumbrances of the related Mortgaged Property and on transfers or further encumbrances of interests in the
related Mortgagor, unless following its receipt of a request of a waiver or consent in respect of a due-on-sale or due-on-encumbrance
provision the Master Servicer (with the written consent of the Special Servicer, which consent shall be deemed given if not denied
within 15 Business Days (or such other time as required by the related Co-Lender Agreement, but in no event less than 5 Business
Days after the time period set forth in such Co-Lender Agreement for review by any related Companion Loan Holder) after the Special
Servicer’s receipt (unless earlier objected to) of the written recommendation and analysis of the Master Servicer for such
action and any additional information reasonably available to the Master Servicer that the Special Servicer may

 

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reasonably
request for the analysis of such request, which recommendation and information may be delivered in an electronic format reasonably
acceptable to the Master Servicer and the Special Servicer) or the Special Servicer, as applicable, has determined, consistent
with the Servicing Standard, that the waiver of such restrictions or granting of consent would be in accordance with the Servicing
Standard. Promptly after the Master Servicer (with the written consent of the Special Servicer to the extent required in the preceding
sentence) or the Special Servicer, as applicable, has made any determination to grant a waiver in respect of a due-on-sale or
due-on-encumbrance provision, the Master Servicer or the Special Servicer, as applicable, shall deliver to the Trustee, the Certificate
Administrator, each other party to this Agreement and, for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider an Officer’s Certificate setting forth the
basis for such determination; provided that, notwithstanding anything herein to the contrary, no such Officer’s Certificate
shall be required to be delivered if the Master Servicer or Special Servicer, as applicable, is granting consent to an assumption
pursuant to this Section 3.09(a) in accordance with the terms of the related Loan Documents and there is no material waiver
of any conditions or any other provisions of the related Loan Documents with respect thereto. With respect to all Serviced Mortgage
Loans and each Serviced Loan Combination, the Special Servicer shall, prior to consenting to a proposed action of the Master Servicer
pursuant to this Section 3.09 that constitutes a Major Decision, and prior to itself taking such an action, obtain the
written consent of the related Outside Controlling Note Holder (to the extent set forth in the related Co-Lender Agreement if
a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s)
(exclusive of any Excluded Mortgage Loan(s)) are involved and a Control Termination Event does not exist), as applicable, which
consent shall be deemed given ten (10) Business Days after receipt (unless earlier objected to) by such related Directing Holder
of the written recommendation of the Master Servicer or the Special Servicer, as applicable, for such action and any additional
information the related Directing Holder may reasonably request for the analysis of such request, which recommendation and information
may be delivered in an electronic format reasonably acceptable to the related Directing Holder and the Master Servicer or the
Special Servicer, as applicable. In addition, neither the Master Servicer nor the Special Servicer may waive the rights of the
lender or grant its consent under any “due-on-encumbrance” provision unless (1) the Master Servicer or the Special
Servicer, as applicable (in each case, if it is the party processing the related request pursuant to this Section 3.09(a)),
shall have received a prior written Rating Agency Confirmation with respect to such action or (2) the related Serviced Mortgage
Loan (including a Serviced Mortgage Loan related to a Serviced Loan Combination) (A) represents less than 2% of the aggregate
principal balance of all of the Mortgage Loans in the Trust Fund, (B) has a principal balance that is equal to or less than $20,000,000,
(C) has a Loan-to-Value Ratio equal to or less than 85% (including any existing and proposed debt), (D) has a Debt Service Coverage
Ratio equal to or greater than 1.20x (in each case, determined based upon the aggregate of the Stated Principal Balance of the
Serviced Mortgage Loan, any related Serviced Companion Loan (if applicable) and the principal amount of the proposed additional
lien) and (E) is not one of the 10 largest Mortgage Loans (considering any Cross-Collateralized Group as a single Mortgage Loan)
in the Mortgage Pool based on principal balance (although no such Rating Agency Confirmation will be required if such Serviced
Mortgage Loan has a principal balance less than $10,000,000). Further, neither the Master Servicer nor the Special Servicer may
waive the rights of the lender or grant its consent under any “due-on-sale” provision unless (1) the Master Servicer
or the Special Servicer, as applicable (in each case, if it is the party processing the related request 

 

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pursuant
to this Section 3.09(a)), shall have received a prior written Rating Agency Confirmation with respect to such action or
(2) the related Serviced Mortgage Loan (including a Serviced Mortgage Loan related to a Serviced Loan Combination) (A) represents
less than 5% of the principal balance of all of the Mortgage Loans in the Trust Fund, (B) has a principal balance that is equal
to or less than $35,000,000 and (C) is not one of the 10 largest Mortgage Loans (considering any Cross-Collateralized Group as
a single Mortgage Loan) in the Mortgage Pool based on principal balance (although no such Rating Agency Confirmation will be required
if such Serviced Mortgage Loan has a principal balance less than $10,000,000). For the purposes of this Agreement, due-on-sale
provisions shall include, without limitation, sale or transfers of Mortgaged Properties, in full or in part, or the sale, transfer,
pledge or hypothecation of direct or indirect interests in any Mortgagor or its owner, to the extent prohibited under the related
Loan Documents, and due-on-encumbrance provisions shall include, without limitation, any mezzanine/subordinate financing of any
Mortgagor or any Mortgaged Property or any sale or transfer of preferred equity in any Mortgagor or its owners, to the extent
prohibited under the related Loan Documents.

 

The Master Servicer or the Special
Servicer, as applicable (in each case, if it is the party processing the related request pursuant to this Section 3.09(a)),
shall notify in writing the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as applicable,
the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), the Operating
Advisor (after the occurrence and during the continuance of a Control Termination Event), the Rule 17g-5 Information Provider
(for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement) and, with
respect to a Serviced Loan Combination, the related Serviced Companion Loan Holder, of any assumption or substitution agreement
executed pursuant to this Section 3.09(a) and shall forward thereto a copy of such agreement, and shall also deliver an
original to the Trustee or the Custodian of the recorded agreement relating to such assumption or substitution within 15 Business
Days following the execution and receipt thereof by the Master Servicer or the Special Servicer, as applicable.

 

In connection with any request
for a Rating Agency Confirmation from a Rating Agency pursuant to this Section 3.09(a), the Master Servicer or the Special
Servicer, as applicable (in each case, if it is the party processing the related request pursuant to the first paragraph of this
Section 3.09(a)), shall deliver a Review Package to the Rule 17g-5 Information Provider for posting to the Rule 17g-5 Information
Provider’s Website in accordance with Section 12.13 of this Agreement.

 

Further, subject to the terms
of the related Loan Documents and applicable law, the Master Servicer or the Special Servicer, as applicable (in each case, if
it is the party processing the related request pursuant to this Section 3.09(a)), shall use reasonable efforts to ensure that all
costs in connection with any assumption or encumbrance, including any arising from seeking a Rating Agency Confirmation, are paid
by the related Mortgagor. To the extent not collected from the related Mortgagor after the use of such efforts, any rating agency
charges in connection with the foregoing shall be paid by the Master Servicer as a Property Advance (or as an Additional Trust
Fund Expense if such Property Advance would be a Nonrecoverable Advance).

 

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To the extent not prohibited
by the applicable Loan Documents and applicable law, the Master Servicer or Special Servicer, as applicable, may charge the related
Mortgagor a fee in connection with any enforcement or waiver contemplated in this subsection (a); provided that any such
fee shall be applied as if it were a Modification Fee and/or Assumption Fee, as applicable, pursuant to the terms of this Agreement.

 

(b)          Nothing in this Section
3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice of any assumption
of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien or other encumbrance
with respect to such Mortgaged Property.

 

(c)          In connection with the
taking of, or the failure to take, any action pursuant to this Section 3.09, neither the Master Servicer nor the Special
Servicer shall agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section
3.09(a) of this Agreement shall contain any terms that are different from, any term of any Mortgage Loan or Serviced Companion
Loan or the related Note, other than pursuant to Section 3.24 of this Agreement.

 

(d)          With respect to any Mortgage
Loan (other than the Outside Serviced Mortgage Loans) or Serviced Loan Combination which permits release of Mortgaged Properties
through defeasance, and to the extent consistent with the terms of the related Loan Documents:

 

(i)           In the event
such Mortgage Loan or Serviced Loan Combination requires that the Master Servicer on behalf of the Trustee purchase the required
“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other
securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), the Master Servicer, an accommodation Mortgagor pursuant
to clause (v) below or the Mortgagor shall, at the Mortgagor’s expense (to the extent consistent with the related Loan Documents),
purchase or cause the purchase of such obligations in accordance with the terms of such Mortgage Loan or Serviced Loan Combination
and deliver to the Master Servicer, in the case of the Mortgagor, or in the case of the Master Servicer, hold the same on behalf
of the Trust Fund and, if applicable, the related Serviced Companion Loan Holder; provided that, subject to the related
Loan Documents, the Master Servicer shall not accept the amounts paid by the related Mortgagor to effect defeasance until acceptable
“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other
securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) have been identified, in each case which are acceptable
as defeasance collateral under the then most recently published current guidelines of the Rating Agencies. Notwithstanding the
foregoing, with respect to certain Mortgage Loans originated or acquired by SMF that are subject to defeasance, SMF has transferred
to a third party or has retained the right to establish or designate the successor borrower and/or to purchase or cause to be purchased
the related defeasance collateral (“Retained Defeasance Rights and Obligations”). In the event the Master Servicer
receives notice of a defeasance request with respect to a Mortgage Loan that provides for Retained Defeasance Rights and Obligations
in the related Loan Documents, the Master Servicer shall provide, within five (5) business days of receipt of such notice, written
notice of such defeasance request to SMF or SMF’s

 

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assignee
in the case of the Mortgage Loans for which SMF is the related Mortgage Loan Seller. Until such time as SMF provides written notice
to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which SMF
is the related Mortgage Loan Seller shall be delivered to Starwood Mortgage Capital LLC, 1601 Washington Ave., Suite 800, Miami
Beach, Florida 33139, Attention: Leslie K. Fairbanks, Executive Vice President, fax number: (305) 695-5449, e-mail: lfairbanks@starwood.com,
with a copy to: LNR Property LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Vincent Kallaher, Senior
Vice President, fax number: (305) 695-5449, email: vkallaher@lnrproperty.com, with a copy to: LNR Property LLC, 1601 Washington
Ave., Suite 800, Miami Beach, Florida 33139, Attention: General Counsel, fax number: (305) 695-5449, email: srivers@lnrproperty.com.

 

(ii)          The Master
Servicer shall require, to the extent the related Loan Documents grant the mortgagee discretion to so require, delivery of an Opinion
of Counsel (which shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents) to the
effect that the Trustee on behalf of the Certificateholders has a first priority security interest in the defeasance deposit and
the “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other
securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), and the assignment thereof is valid and enforceable;
such opinion, together with any other certificates or documents to be required in connection with such defeasance shall be in form
and substance acceptable to the Master Servicer.

 

(iii)         The Master
Servicer shall obtain, to the extent the related Loan Documents grant the mortgagee discretion to so obtain, a certificate (which
shall be an expense of the related Mortgagor to the extent consistent with the related Loan Documents) from an Independent certified
public accountant certifying that the “government securities” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii), comply with the
requirements of the related Loan Agreement or Mortgage.

 

(iv)         To the
extent consistent with the related Loan Documents, prior to permitting release of any Mortgaged Properties through defeasance,
the Master Servicer shall (at the Mortgagor’s expense) obtain a Rating Agency Confirmation; provided that the Master Servicer
shall not be required to obtain such Rating Agency Confirmation from any Rating Agency to the extent that the Master Servicer has
delivered a defeasance certificate to such Rating Agency substantially in the form of Exhibit DD to this Agreement for any
Mortgage Loan that, at the time of such defeasance, is (x) not one of the ten largest Mortgage Loans by Stated Principal Balance,
(y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000 and (z) a Mortgage Loan that represents less
than 5% of the Stated Principal Balance of all Mortgage Loans.

 

(v)          If the Mortgage
Loan or Serviced Loan Combination permits the related Mortgagor or the lender or its designee to cause an accommodation Mortgagor
to assume such defeased obligations, the Master Servicer shall, or shall cause the Mortgagor to, establish at the Mortgagor’s
cost and expense (and shall use efforts consistent with the

 

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Servicing
Standard to cause the related Mortgagor to consent to such assumption) a special purpose bankruptcy-remote entity to assume such
obligations, as to which the Trustee and the Certificate Administrator has received a Rating Agency Confirmation (if such confirmation
is required pursuant to the then most recently published guidelines of the Rating Agencies).

 

(vi)         To the
extent consistent with the related Loan Documents, the Master Servicer shall require the related Mortgagor to pay all costs and
expenses incurred in connection with the defeasance of the related Mortgage Loan or Serviced Loan Combination. In the event that
the Mortgagor is not required to pay any such costs and expenses under the terms of the Loan Documents, such costs and expenses
shall be Additional Trust Fund Expenses.

 

(vii)        In no
event shall the Master Servicer have liability to any party hereto or beneficiary hereof for obtaining a Rating Agency Confirmation
(or conditioning approval of defeasance on the delivery of a Rating Agency Confirmation) or for imposing conditions to approval
of a defeasance on the satisfaction of conditions that are consistent with the Servicing Standard but are not required under Rating
Agency guidelines (provided that this shall not protect the Master Servicer from any liability that may be imposed as a
result of the violation of applicable law or the Loan Documents).

 

(viii)       The Master
Servicer may accept as defeasance collateral any “government security,” within the meaning of Treasury Regulation’s
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the Master
Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not endanger the status of either
Trust REMIC as a REMIC or result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but not limited
to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to
a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property”
as set forth in Section 860G(c) of the Code).

 

(e)          Notwithstanding any other
provision of this Agreement, without any other approval or consent, the Master Servicer (for Performing Serviced Loans) or the
Special Servicer (for Specially Serviced Loans) may grant and process a Mortgagor’s request for consent to subject the related
Mortgaged Property to an immaterial easement, right of way or similar agreement for utilities, access, parking, public improvements
or another purpose and may consent to subordination of the related Mortgage Loan or Serviced Loan Combination to such easement,
right of way or similar agreement; provided that in each case, the Master Servicer or Special Servicer, as applicable, (i)
shall have determined in accordance with the Servicing Standard that such easement, right of way or similar agreement will not
materially and adversely affect the operation or value of such Mortgaged Property or the Trust Fund’s interest in the Mortgaged
Property and (ii) shall have determined that such easement, right of way or similar agreement will not cause either Trust REMIC
to fail to qualify as a REMIC at any time that any Certificates are outstanding. The Master Servicer or the Special Servicer may
rely on an Opinion of Counsel in making any such determination under clause (ii) above.

 

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Section 3.10          Appraisal
Reductions; Calculation and Allocation of Collateral Deficiency Amounts; Realization Upon Defaulted Loans.

 

(a)          Promptly upon the occurrence
of an Appraisal Reduction Event with respect to a Serviced Loan, the Special Servicer shall use reasonable efforts to obtain an
updated Appraisal of the related Mortgaged Property, the costs of which shall be advanced by, and reimbursable to, the Master Servicer
as a Property Advance (or shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account if
such Property Advance would be a Nonrecoverable Advance); provided, however, that the Special Servicer shall not
be required to obtain an updated Appraisal of any Mortgaged Property with respect to which there exists an Appraisal which is less
than nine months old unless the Special Servicer determines in accordance with the Servicing Standard that such previously obtained
Appraisal is materially inaccurate. With respect to any Serviced Loan for which an Appraisal Reduction Event has occurred and still
exists, the Special Servicer shall obtain annual letter updates to any updated Appraisal. Any Appraisal prepared in order to determine
the Appraisal Reduction Amount with respect to a Serviced Loan Combination shall be delivered by the Special Servicer, upon request,
to each related Serviced Companion Loan Holder.

 

As of the first Determination
Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Special Servicer shall calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special
Servicer with respect to such Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination.
Upon obtaining knowledge or receipt of notice by the Special Servicer that an Outside Serviced Mortgage Loan has become an AB Modified
Loan, the Special Servicer shall (i) promptly request from the related Outside Servicer, Outside Special Servicer and Outside Trustee
the most recent appraisal with respect to such AB Modified Loan, in addition to all other information reasonably required by the
Special Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, and (ii) as
of the first Determination Date following receipt by the Special Servicer of the appraisal and any other information set forth
in the immediately preceding clause (i) that the Special Servicer reasonably expects to receive, calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Special
Servicer with respect to such Outside Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount
determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that an Outside Serviced Mortgage
Loan has become an AB Modified Loan, such party shall promptly notify the Special Servicer thereof. The Master Servicer shall provide
(via electronic delivery) the Special Servicer with information in its possession that is reasonably required to calculate or recalculate
any Collateral Deficiency Amount pursuant to the definition thereof using reasonable efforts to deliver such information within
four (4) Business Days of the Special Servicer’s reasonable written request. The Master Servicer shall assist the Special
Servicer in obtaining information reasonably required to calculate or recalculate any Collateral Deficiency Amount with respect
to an Outside Serviced Mortgage Loan in the event that the Special Servicer is unsuccessful in obtaining such information from
the related Outside Servicer, Outside Special Servicer or Outside Trustee. None of the Master Servicer, the Trustee or the Certificate
Administrator shall calculate or verify any Collateral Deficiency Amount.

 

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The Certificate Balance of each
Class of applicable Certificates shall be notionally reduced (solely for purposes of determining the identity of the Non-Reduced
Certificates and the Controlling Class, as well as the occurrence of a Control Termination Event) as of any date of determination
to the extent of the Appraisal Reduction Amount(s) allocated to such Class on the preceding Distribution Date. The aggregate Appraisal
Reduction Amount for any Distribution Date shall be applied to notionally reduce the Certificate Balances of the following Classes
of Certificates and Class EC Regular Interests in the following order of priority: first, to the Class H Certificates; second,
to the Class G Certificates; third, to the Class F Certificates; fourth, to the Class E Certificates; fifth,
to the Class D Certificates; sixth, to the Class C Regular Interest (and correspondingly, the Class C Certificates and the
Class EC Component C, pro rata based on their respective percentage interests therein); seventh, to the Class B Regular
Interest (and correspondingly, the Class B Certificates and the Class EC Component B, pro rata based on their respective
percentage interests therein); eighth, to the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates
and the Class EC Component A-S, pro rata based on their respective percentage interests therein); and finally, pro rata
to the (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-3 Certificates, (iv) Class A-4 Certificates, (v)
Class A-5 Certificates and (vi) Class A-AB Certificates, based on their respective Certificate Balances (provided in each case
that no Certificate Balance in respect of any such Class may be notionally reduced below zero). In addition, as of any date of
determination for purposes of determining the Controlling Class or the occurrence of a Control Termination Event, the Collateral
Deficiency Amounts shall be applied to notionally reduce the Certificate Balances of each Class of the Control Eligible of Certificates
in the following order of priority: first, to the Class H Certificates; second, to the Class G Certificates; third,
to the Class F Certificates; and fourth, to the Class E Certificates (provided in each case that no Certificate Balance
in respect of any such Class may be notionally reduced below zero). For the avoidance of doubt, for purposes of determining the
Controlling Class or the occurrence of a Control Termination Event, any Class of Control Eligible Certificates shall be allocated
both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts (the sum of which shall constitute the
applicable Cumulative Appraisal Reduction Amount), in accordance with the preceding two sentences.

 

With respect to any Appraisal
Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates and with respect to any Appraisal Reduction
Amount or Collateral Deficiency Amount calculated for purposes of determining the Controlling Class or the occurrence of a Control
Termination Event, the appraised value of the related Mortgaged Property shall be determined on an “as-is” basis.

 

The Special Servicer shall promptly
notify the Certificate Administrator and Master Servicer of the determination of (i) any Appraisal Reduction Amount, (ii) any Collateral
Deficiency Amount, and (iii) any resulting Cumulative Appraisal Reduction Amount, and the Certificate Administrator shall promptly
post notice of the determination of any such Appraisal Reduction Amount, Collateral Deficiency Amount and/or Cumulative Appraisal
Reduction Amount, as applicable, on the Certificate Administrator’s website.

 

Any Appraisal Reduction Amounts
with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion Loan (up
to the outstanding principal balance thereof), and then, to the related Serviced Mortgage Loan

 

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and
any related Serviced Pari Passu Companion Loan(s), on a pro rata and pari passu basis in accordance with the respective outstanding
principal balances of such related Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan.

 

The Holders of Certificates representing
the majority of the Certificate Balance of the most senior Class of Control Eligible Certificates whose Certificate Balance is
notionally reduced to less than 25% of the initial Certificate Balance of that Class as a result of an allocation of an Appraisal
Reduction Amount or Collateral Deficiency Amount in respect of such Class (such Class, an “Appraised-Out Class”)
shall have the right to challenge the Special Servicer’s Appraisal Reduction Amount or Collateral Deficiency Amount determination,
as applicable, and, at their sole expense, obtain a second Appraisal of any Serviced Loan for which an Appraisal Reduction Event
has occurred or as to which there exists a Collateral Deficiency Amount (such Holders, the “Requesting Holders”).
The Requesting Holders shall cause the Appraisal to be prepared on an “as-is” basis by an Appraiser, and the Appraisal
must be reasonably acceptable to the Special Servicer in accordance with the Servicing Standard. The Requesting Holders shall provide
the Special Servicer with notice of their intent to challenge the Special Servicer’s Appraisal Reduction Amount or Collateral
Deficiency Amount determination within 10 days of the Requesting Holders’ receipt of written notice of the determination
of such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable.

 

An Appraised-Out Class shall
be entitled to continue to exercise the rights of the Controlling Class until 10 days following its receipt of written notice of
the determination of an Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, unless the Requesting Holders
provide written notice of their intent to challenge such Appraisal Reduction Amount or Collateral Deficiency Amount to the Special
Servicer and the Certificate Administrator within such 10-day period pursuant to the immediately preceding paragraph. If the Requesting
Holders provide such notice, then the Appraised-Out Class shall be entitled to continue to exercise the rights of the Controlling
Class until the earliest of (i) 120 days following the related Appraisal Reduction Event or receipt of written notice of a Collateral
Deficiency Amount, as applicable, unless the Requesting Holders provide the second appraisal within such 120-day period, (ii) the
determination by the Special Servicer (described below) that a recalculation of the Appraisal Reduction Amount or Collateral Deficiency
Amount, as applicable, is not warranted or that such recalculation does not result in the Appraised-Out Class remaining the Controlling
Class and (iii) the occurrence of a Consultation Termination Event. After the Appraised-Out Class is no longer entitled to exercise
the rights of the Controlling Class, the rights of the Controlling Class shall be exercised by the Class of Control Eligible Certificates
immediately senior to such Appraised-Out Class, if any, unless a recalculation results in the reinstatement of the Appraised-Out
Class as the Controlling Class.

 

In addition to the foregoing,
the Holders of Certificates representing the majority of the Certificate Balance of any Appraised-Out Class shall have the right,
at their sole expense, to require the Special Servicer to order an additional Appraisal of any Serviced Loan for which an Appraisal
Reduction Event has occurred or as to which a Collateral Deficiency Amount exists if an event has occurred at or with regard to
the related Mortgaged Property or Mortgaged Properties that would have a material effect on its appraised value, and the Special
Servicer shall use its reasonable best efforts to ensure that such Appraisal is delivered within 30 days from receipt of such Holders’
written request and shall ensure that such Appraisal is prepared on an

 

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“as-is”
basis by an Appraiser; provided that the Special Servicer shall not be required to obtain such Appraisal if the Special
Servicer determines in accordance with the Servicing Standard that no events at or with regard to the related Mortgaged Property
or Mortgaged Properties have occurred that would have a material effect on such appraised value of the related Mortgaged Property
or Mortgaged Properties.

 

Upon receipt of an Appraisal
provided by, or requested by, Holders of an Appraised-Out Class pursuant to this Section and any other information reasonably requested
by the Special Servicer from the Master Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount
or Collateral Deficiency Amount, as applicable, the Special Servicer shall determine, in accordance with the Servicing Standard,
whether, based on its assessment of such additional Appraisal, any recalculation of the Appraisal Reduction Amount or Collateral
Deficiency Amount, as applicable, is warranted and, if so warranted, shall recalculate such Appraisal Reduction Amount or Collateral
Deficiency Amount based upon such additional Appraisal. If required by any such recalculation, the Appraised-Out Class shall be
reinstated as the Controlling Class. The Special Servicer shall promptly deliver notice to the Certificate Administrator of any
such determination and recalculation, and the Certificate Administrator shall promptly post such notice to the Certificate Administrator’s
Website.

 

Appraisals that are permitted
to be presented by, or obtained by the Special Servicer at the request of, Holders of an Appraised-Out Class shall be in addition
to any Appraisals that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this
Agreement without regard to any appraisal requests made by any Holder of an Appraised-Out Class.

 

(b)          In connection with any
foreclosure, enforcement of the Loan Documents or other acquisition, the Master Servicer in accordance with Section 3.20
of this Agreement shall pay the out-of-pocket costs and expenses in any such proceedings as a Property Advance unless the Master
Servicer determines, in accordance with the Servicing Standard, that such Advance would constitute a Nonrecoverable Advance (in
which case such costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account). The
Master Servicer shall be entitled to reimbursement of Advances (with interest at the Advance Rate) made pursuant to the preceding
sentence to the extent permitted by Section 3.06(a)(ii) of this Agreement.

 

Subject to Section 3.21
of this Agreement, if the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the
state where the Mortgaged Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against
the related Mortgagor or any other liable party if the laws of the state do not permit such a deficiency judgment after a non-judicial
foreclosure or if the Special Servicer determines, in accordance with the Servicing Standard, that the likely recovery if a deficiency
judgment is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment
and such determination is evidenced by an Officer’s Certificate delivered to the Trustee, the Certificate Administrator,
any related Outside Controlling Note Holder and (prior to the occurrence and continuance of a Consultation Termination Event) the
Controlling Class Representative.

 

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In the event that title to any
Mortgaged Property (other than any Mortgaged Property related to an Outside Serviced Mortgage Loan) is acquired in foreclosure
or by deed-in-lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, to a co-trustee or to its nominee
(which shall not include the Master Servicer but may be a single member limited liability company owned by the Trust and managed
by the Special Servicer) or a separate trustee or co-trustee on behalf of the Trustee as holder of the Lower-Tier Regular Interests
and on behalf of the holders of the Certificates and, if applicable, and the related Serviced Companion Loan Holders. Notwithstanding
any such acquisition of title and cancellation of the related Serviced Mortgage Loan, the related Serviced Mortgage Loan shall
(except for purposes of Section 9.01) be considered to be an REO Mortgage Loan held in the Trust Fund until such time as
the related REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses.

 

(c)          Notwithstanding any provision
to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property pursuant to this
Section 3.10 unless either:

 

(i)           such personal
property is (in the good faith judgment of the Special Servicer) incident to real property (within the meaning of Code Section
856(e)(1)) so acquired by the Special Servicer for the benefit of the Trust Fund; or

 

(ii)          the Special
Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund) to the effect
that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on a Trust REMIC under the
REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes or cause the Grantor
Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any Certificate is outstanding.

 

(d)          Notwithstanding any provision
to the contrary in this Agreement, neither the Special Servicer nor the Master Servicer shall, on behalf of the Trust Fund or,
if applicable, the related Serviced Companion Loan Holder, obtain title to any direct or indirect partnership or membership interest
or other equity interest in any Mortgagor pledged pursuant to any pledge agreement, unless the Master Servicer or the Special Servicer
shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund) to the effect that
the holding of such partnership or membership interest or other equity interest by the Trust Fund will not cause the imposition
of a tax on a Trust REMIC under the REMIC Provisions or cause either Trust REMIC to fail to qualify as a REMIC for federal income
tax purposes or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that
any Certificate is outstanding.

 

(e)          Notwithstanding any provision
to the contrary contained in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund or, if applicable, the
related Serviced Companion Loan Holders, obtain title to a Mortgaged Property as a result of foreclosure or by deed-in-lieu of
foreclosure or otherwise, obtain title to any direct or indirect partnership or membership interest in any Mortgagor pledged pursuant
to a pledge agreement and thereby be the beneficial owner of a Mortgaged Property, and shall not otherwise acquire

 

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possession
of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the Custodian, the Trustee,
the Certificate Administrator or the Trust Fund or the Certificateholders or, if applicable, the related Serviced Companion Loan
Holders, would be considered to hold title to, or be a “mortgagee-in-possession” of, or to be an “owner”
or “operator” of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Special Servicer has previously determined
in accordance with the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person
who regularly conducts environmental audits, that:

 

(i)           such Mortgaged
Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant, that
it would be in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder (as a collective whole)
to take such actions as are necessary to bring such Mortgaged Property in compliance therewith; and

 

(ii)          there are
no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials for
which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Trust Fund and
any related Serviced Companion Loan Holder(s) (as a collective whole as if the Trust Fund and, if applicable, any related Serviced
Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the
subordinate nature of any related Subordinate Companion Loan)) to take such actions with respect to the affected Mortgaged Property
as could be required by such law or regulation.

 

In the event that the environmental
assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged Property may
not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively establish
such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person who regularly
conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and any related Serviced
Companion Loan Holder. Any such tests shall be deemed part of the environmental assessment obtained by the Special Servicer for
purposes of this Section 3.10.

 

In the event that the Special
Servicer seeks to obtain title to a Mortgaged Property on behalf of the Trust Fund and any related Serviced Companion Loan Holder,
the Special Servicer may, in its discretion, establish a single member limited liability company with the Trust Fund and any related
Serviced Companion Loan Holder as the sole owner to hold title to such Mortgaged Property.

 

(f)           The environmental assessment
contemplated by Section 3.10(e) of this Agreement shall be prepared within three months of the determination that such assessment
is required by any Independent Person who regularly conducts environmental audits for purchasers

 

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of
commercial property where the Mortgaged Property is located, as determined by the Special Servicer in a manner consistent with
the Servicing Standard and, if applicable, any secured creditor impaired property policy issued on or prior to the Closing Date
with respect to any Mortgage Loan (including that the environmental assessment identify any potential pollution conditions (as
defined in the environmental insurance policy) with respect to the related Mortgaged Property). The Master Servicer shall advance
the cost of preparation of such environmental assessments unless the Master Servicer determines, in accordance with the Servicing
Standard, that such Advance would be a Nonrecoverable Advance (in which case such costs shall be an expense of the Trust Fund
and paid by the Master Servicer out of the Collection Account). The Master Servicer shall be entitled to reimbursement of Advances
(with interest at the Advance Rate) made pursuant to the preceding sentence in the manner set forth in Section 3.06 of
this Agreement. Copies of any environmental assessment prepared pursuant to Section 3.10(e) of this Agreement shall be
provided to the Certificateholder of any Regular Certificates and any related Serviced Companion Loan Holder upon written request
to the Special Servicer.

 

(g)          If the Special Servicer
determines pursuant to Section 3.10(e)(i) of this Agreement that a Mortgaged Property is not in compliance with applicable
environmental laws, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder,
as a collective whole as if the Trust Fund and any related Serviced Companion Loan Holder constituted a single lender (and, in
the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan),
to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer determines
pursuant to Section 3.10(e)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous Materials
are present, but that it is in the best economic interest of the Trust Fund and any related Serviced Companion Loan Holder, as
a collective whole as if the Trust Fund and any related Serviced Companion Loan Holder constituted a single lender (and, in the
case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion Loan),
to take such action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property
as is required by law or regulation, then the Special Servicer shall take such action as it deems to be in the best economic interest
of the Trust Fund and any related Serviced Companion Loan Holder, as a collective whole as if the Trust Fund and any related Serviced
Companion Loan Holder constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the
subordinate nature of any related Subordinate Companion Loan). The Master Servicer shall pay the cost of any such compliance, containment,
clean-up or remediation from the Collection Account.

 

(h)          The Special Servicer shall
notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the IRS and shall provide the
Master Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to any Mortgage
Loan or Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and the related
Mortgagor, in the manner required by applicable law, such information and the Master Servicer shall report, via IRS Form 1099C,
all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer by the Special Servicer.
Upon request, the Master Servicer shall

 

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deliver
a copy of any such report to the Trustee, the Certificate Administrator and, if affected, to any related Serviced Companion Loan
Holder.

 

Section 3.11          Trustee
to Cooperate; Release of Mortgage Files.  Upon the payment in full of any Mortgage Loan or Serviced Loan Combination
or the receipt by the Master Servicer or the Special Servicer of a notification that payment in full has been escrowed in a manner
customary for such purposes, the Master Servicer or the Special Servicer shall immediately notify the Trustee, the Certificate
Administrator and the Custodian and, if affected, the related Serviced Companion Loan Holder by delivery of a certification (which
certification shall include a statement to the effect that all amounts received or to be received in connection with such payment
which are required to be deposited in the Collection Account pursuant to Section 3.05 of this Agreement have been or will
be so deposited) of a Servicing Officer and shall request delivery to it of the Mortgage File. No expenses incurred in connection
with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Trust Fund.

 

From time to time upon request
of the Master Servicer or Special Servicer and delivery to the Custodian of a Request for Release, the Trustee (or a Custodian
on its behalf) shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the
Master Servicer or Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation
or conversion of the Mortgage Loan or Serviced Loan Combination into an REO Property, receipt by the Trustee and the Certificate
Administrator of a certificate of a Servicing Officer stating that such Mortgage Loan or Serviced Loan Combination was liquidated
and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the
Collection Account have been so deposited, or that such Mortgage Loan or Serviced Loan Combination has become an REO Property,
the Custodian shall deliver a copy of the Request for Release to the Master Servicer or Special Servicer, as applicable.

 

Within three (3) Business Days,
after receipt of written certification of a Servicing Officer, the Trustee shall execute and deliver to the Special Servicer any
court pleadings, requests for trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys
and reasonably acceptable to the Trustee, necessary to the foreclosure or trustee’s sale in respect of a Mortgaged Property
or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Loan or Serviced Loan Combination, or to
obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Loan Documents or otherwise available
at law or in equity. Each such certification shall include a request that such pleadings or documents be executed by the Trustee
and a statement as to the reason such documents or pleadings are required, and that the execution and delivery thereof by the Trustee
will not invalidate or otherwise affect the lien of the Mortgage or other security agreement, except for the termination of such
a lien upon completion of the foreclosure or trustee’s sale.

 

If from time to time, pursuant
to the terms of the Co-Lender Agreement and the applicable Outside Servicing Agreement related to an Outside Serviced Mortgage
Loan, and as appropriate for enforcing the terms of, or otherwise properly servicing, such Outside Serviced Mortgage Loan, the
related Outside Servicer, the related Outside Special Servicer or other similar party requests delivery to it of the original Note
for such Outside Serviced Mortgage Loan, then such party shall deliver a Request for Release in the form of Exhibit C attached
hereto

 

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to
the Custodian and the Custodian shall release or cause the release of such original Note to the requesting party or its designee.
In connection with the release of the original Note for an Outside Serviced Mortgage Loan in accordance with the preceding sentence,
the Custodian shall obtain such documentation as is appropriate to evidence the holding by the related Outside Servicer, the related
Outside Special Servicer or such other similar party, as the case may be, of such original Note as custodian on behalf of and
for the benefit of the Trustee.

 

Section 3.12          Servicing
Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation.

 

(a)          As compensation for its
activities hereunder, the Master Servicer shall be entitled, with respect to each Mortgage Loan and REO Mortgage Loan (including
the Outside Serviced Mortgage Loan but excluding the Outside Serviced Companion Loans) and each Serviced Companion Loan and REO
Companion Loan that is included as part of a Serviced Loan Combination and each Interest Accrual Period, to the Servicing Fee,
which shall be payable from amounts on deposit in the Collection Account and/or, in the case of a Serviced Loan Combination or
portion thereof, the related Loan Combination Custodial Account as set forth in Section 3.06(a)(iii) and Section 3.06(a)(vii)
and/or Section 3.06A of this Agreement, as applicable. In addition, the Master Servicer shall be entitled to receive, as
additional servicing compensation, (i) 100% of any Excess Modification Fees with respect to a modification, waiver, extension or
amendment of a Performing Serviced Loan consented to by the Master Servicer pursuant to Section 3.24(a) of this Agreement
that did not require the approval of the Special Servicer, (ii) 50% of any Excess Modification Fees with respect to a modification,
waiver, extension or amendment of a Performing Serviced Loan consented to by the Special Servicer pursuant to Section 3.24(a)
of this Agreement, (iii) 100% of any defeasance fee received in connection with a defeasance of a Serviced Loan as contemplated
under Section 3.09 of this Agreement, (iv) 100% of any Assumption Fees with respect to a Performing Serviced Loan involving
an assumption transaction consented to by the Master Servicer that did not require the approval of the Special Servicer, (v) 50%
of any Assumption Fees with respect to a Performing Serviced Loan involving an assumption transaction consented to by the Special
Servicer, (vi) the aggregate Prepayment Interest Excess (exclusive of any portion thereof attributable to an Outside Serviced Mortgage
Loan), but only to the extent such amount is not required to be included in any Compensating Interest Payment, in each case to
the extent received and not required to be deposited or retained in the Collection Account pursuant to Section 3.05 of this
Agreement, (vii) 100% of Ancillary Fees (other than fees for insufficient or returned checks) actually received from Mortgagors
on Performing Serviced Loans, (viii) 100% of assumption application fees actually received from Mortgagors on Performing Serviced
Loans, (ix) 100% of Consent Fees with respect to a Performing Serviced Loan that did not require the approval of the Special Servicer,
(x) 50% of any Consent Fees with respect to a Performing Serviced Loan consented to by the Special Servicer, (xi) 100% of Excess
Penalty Charges paid by the Mortgagors with respect to any Mortgage Loan (other than an Outside Serviced Mortgage Loan) other than
Excess Penalty Charges accrued during the period such Mortgage Loan is a Specially Serviced Loan, (xii) 100% of fees for insufficient
or returned checks actually received from Mortgagors on all Serviced Loans, and (xiii) in the case of any ARD Mortgage Loan, 100%
of any extension fee actually paid by the related Mortgagor in connection with the Mortgagor’s option to exercise the related
Anticipated Repayment Date option pursuant to the related Loan Documents unless the Special Servicer’s consent is required,
then 50% of any such extension fee; provided, however,

 

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that
the Master Servicer shall not be entitled to apply or retain any amounts described in clauses (i) through (v) above as additional
compensation with respect to a specific Mortgage Loan or Serviced Loan Combination, as applicable, with respect to which a default
or event of default thereunder has occurred and is continuing unless and until such default or event of default has been cured
(or has been waived in accordance with the terms of this Agreement) and all delinquent amounts required to have been paid by the
Mortgagor, Advance Interest Amounts and Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and Liquidation
Fees) both (x) due with respect to such Mortgage Loan or Serviced Loan Combination, as applicable, and (y) in the case of expense
items, that arose within the last 12 months, have been paid. The Master Servicer shall also be entitled pursuant to, and to the
extent provided for in Sections 3.06(a)(iii), Section 3.06(A) and Section 3.07(b), to withdraw from the Collection
Account and the Loan Combination Custodial Accounts and to receive from any Mortgagor Accounts (to the extent not payable to the
related Mortgagor under a Mortgage Loan or Serviced Loan Combination or applicable law) any interest or other income earned on
deposits therein. Interest or other income earned on funds in the Collection Account, Loan Combination Custodial Account and Mortgagor
Accounts (to the extent consistent with the related Loan Documents), shall be paid to the Master Servicer as additional servicing
compensation and interest or other income earned on funds in any REO Account shall be payable to the Special Servicer. In addition,
the Master Servicer shall be entitled to charge and retain reasonable review fees in connection with any Mortgagor request with
respect to a Performing Serviced Loan to the extent such fees are permitted under the related Loan Documents and are actually
paid by or on behalf of the related Mortgagor.

 

For the avoidance of doubt, with
respect to any Excess Modification Fee, Assumption Fee, Consent Fee or other fee with respect to a Performing Serviced Loan that
is required to be split between the Master Servicer and the Special Servicer pursuant to the terms of this Agreement, the Master
Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its respective
percentage interest in any such fee; provided, however (x) neither the Master Servicer nor the Special Servicer shall have the
right to reduce or elect not to charge the percentage interest of any fee due to the other and (y) to the extent either of the
Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective percentage interest
in any fee, the party that reduced or elected not to charge such fee shall not have any right to share in any portion of the other
party’s fee. For the avoidance of doubt, if the Master Servicer decides not to charge any fee, the Special Servicer shall
still be entitled to charge the portion of the related fee the Special Servicer would have been entitled to if the Master Servicer
had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer. The foregoing
provisions of this paragraph shall only apply to Performing Serviced Loans and, subject to the other terms of this Agreement, shall
not prohibit any waiver or reduction by the Special Servicer of any fee payable by the Mortgagor with respect to any Specially
Serviced Loan.

 

KeyBank National Association
and any successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at its own expense, to transfer, sell,
pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional
Buyer or Institutional Accredited Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment
shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements
of

 

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the
Securities Act and any applicable state securities laws and is otherwise made in accordance with the Securities Act and such state
securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form
attached as Exhibit CC-1 to this Agreement, and (iii) the prospective transferee shall have delivered to KeyBank National
Association and the Depositor a certificate substantially in the form attached as Exhibit CC-2 to this Agreement. None
of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor or the Certificate Registrar is obligated
to register or qualify an Excess Servicing Fee Right under the Securities Act or any other securities law or to take any action
not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right
without registration or qualification. KeyBank National Association and each holder of an Excess Servicing Fee Right desiring
to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and KeyBank National Association
hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall
be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify
the Certificateholders, the Trust, the Depositor, the Underwriters, the Initial Purchasers, the Certificate Administrator, the
Trustee, the Custodian, the Master Servicer, the Operating Advisor, the Certificate Registrar and the Special Servicer against
any liability that may result if such transfer is not exempt from registration and/or qualification under the Securities Act or
other applicable federal and state securities laws or is not made in accordance with such federal and state laws or in accordance
with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee Right, the holder thereof shall
be deemed to have agreed not to use or disclose any information received in connection with its acquisition and holding of such
Excess Servicing Fee Right in any manner that could result in a violation of any provision of the Securities Act or other applicable
securities laws or that would require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Securities
Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Person then acting
as the Master Servicer shall pay, out of each amount paid to such Master Servicer as Servicing Fees with respect to each related
Mortgage Loan or REO Mortgage Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing
Fee Right within one (1) Business Day following the payment of such Servicing Fees to the Master Servicer, in each case in accordance
with payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right
shall not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Depositor, the Special Servicer, the Trustee or the Custodian
shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess
Servicing Fee Right.

 

Except as otherwise provided
herein, the Master Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including
all fees of any Sub-Servicers retained by it.

 

The Master Servicer will not
be entitled to retain any portion of Excess Interest paid on any Mortgage Loan. Notwithstanding anything herein to the contrary,
in the case of a Serviced Loan Combination, in no event shall Servicing Fees with respect to the related Mortgage Loan (including
an REO Mortgage Loan) be payable out of payments and other collections with respect to the related Serviced Pari Passu Companion
Loan(s), and in no event

 

    	-229-

    	 

    

 

shall
Servicing Fees with respect to the related Serviced Pari Passu Companion Loan(s) (including an REO Companion Loan) be payable
out of payments and other collections with respect to the related Mortgage Loan or the Mortgage Pool. In addition, with respect
to any Serviced Subordinate Companion Loan, in no event shall Servicing Fees with respect to such Serviced Subordinate Companion
Loan (including an REO Companion Loan) be payable out of payments and other collections with respect to any related Serviced Pari
Passu Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended to limit the rights,
if any, of the Master Servicer under the related Co-Lender Agreement to seek payment of unpaid Servicing Fees with respect to
any Serviced Companion Loan from the related Serviced Companion Loan Holder.

 

(b)          As compensation for its
activities hereunder, on each Distribution Date the Trustee shall be entitled with respect to each Mortgage Loan to its portion
of the Trustee/Certificate Administrator Fee, and the Certificate Administrator shall be entitled with respect to each Mortgage
Loan to its portion of the Trustee/Certificate Administrator Fee. The Certificate Administrator shall pay the Trustee the Trustee’s
portion of the Trustee/Certificate Administrator Fee. Except as otherwise provided herein, the Trustee/Certificate Administrator
Fee includes all routine expenses of the Trustee, the Certificate Registrar, the Paying Agent, the Certificate Administrator and
the Authenticating Agent. Each of the Trustee’s and Certificate Administrator’s rights to the Trustee/Certificate Administrator
Fee may not be transferred in whole or in part except in connection with the transfer of all of the Trustee’s or Certificate
Administrator’s, as applicable, responsibilities and obligations under this Agreement.

 

(c)          As compensation for its
activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan (including each Serviced
Companion Loan that is included as part of each Serviced Loan Combination) in respect of each Interest Accrual Period to the Special
Servicing Fee, which shall be payable from amounts on deposit in the Collection Account and/or, in the case of a Serviced Loan
Combination or portion thereof, the related Loan Combination Custodial Account as set forth in Section 3.06(a) and Section
3.06A. The Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in
connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition,
the Special Servicer shall be entitled to receive, as additional servicing compensation (the following items, collectively, the
“Additional Special Servicing Compensation”): (i) 50% of any Excess Modification Fees with respect to a modification,
waiver, extension or amendment of a Performing Serviced Loan consented to by the Special Servicer pursuant to Section 3.24
of this Agreement; (ii) 100% of any Excess Modification Fees with respect to a modification, waiver, extension or amendment of
a Specially Serviced Loan consented to by the Special Servicer pursuant to Section 3.24 of this Agreement; (iii) 100% of
any Assumption Fees with respect to a Specially Serviced Loan involving an assumption transaction ; (iv) 50% of any Assumption
Fees with respect to a Performing Serviced Loan involving an assumption transaction consented to by the Special Servicer; (v) 100%
of Ancillary Fees (other than fees for insufficient or returned checks) actually received from Mortgagors with respect to Specially
Serviced Loans; (vi) 100% of assumption application fees actually received from Mortgagors on Specially Serviced Loans; (vii) 100%
of Consent Fees with respect to a Specially Serviced Loan; (viii) 50% of any Consent Fees with respect to a Performing Serviced
Loan consented to by the Special Servicer; (ix) 100% of Excess Penalty Charges paid by the Mortgagors with respect to any Mortgage
Loan (other than an Outside

 

    	-230-

    	 

    

 

Serviced
Mortgage Loan) accrued during the period such Mortgage Loan is a Specially Serviced Loan; (x) any interest or other income earned
on deposits in the REO Accounts and any Loss of Value Reserve Fund; and (xi) in the case of any ARD Mortgage Loan, 50% of any
extension fee actually paid by the related Mortgagor in connection with the Mortgagor’s option to exercise the related Anticipated
Repayment Date option pursuant to the related Loan Documents, unless the Special Servicer’s consent is not required, then
0% of any such extension fee. In addition, the Special Servicer shall be entitled to charge and retain reasonable review fees
in connection with any Mortgagor request with respect to a Specially Serviced Loan or any request as to which the Special Servicer
has consent rights, to the extent such fees are permitted under the related Loan Documents and are actually paid by or on behalf
of the related Mortgagor. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to the Outside
Serviced Mortgage Loans.

 

For the avoidance of doubt, with
respect to any Excess Modification Fee, Assumption Fee, Consent Fee or other fee with respect to a Performing Serviced Loan that
is required to be split between the Master Servicer and the Special Servicer pursuant to the terms of this Agreement, the Master
Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its respective
percentage interest in any such fee; provided, however (x) neither the Master Servicer nor the Special Servicer shall have the
right to reduce or elect not to charge the percentage interest of any fee due to the other and (y) to the extent either of the
Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective percentage interest
in any fee, the party that reduced or elected not to charge such fee shall not have any right to share in any portion of the other
party’s fee. For the avoidance of doubt, if the Master Servicer decides not to charge any fee, the Special Servicer shall
still be entitled to charge the portion of the related fee the Special Servicer would have been entitled to if the Master Servicer
had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer. The foregoing
provisions of this paragraph shall only apply to Performing Serviced Loans and, subject to the other terms of this Agreement, shall
not prohibit any waiver or reduction by the Special Servicer of any fee payable by the Mortgagor with respect to any Specially
Serviced Loan.

 

Except as otherwise provided
herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder.

 

The Special Servicer shall also
be entitled to additional servicing compensation in the form of a Workout Fee with respect to each Corrected Loan at the Workout
Fee Rate on such Mortgage Loan or Serviced Loan Combination for so long as it remains a Corrected Loan. The Special Servicer shall
not be entitled to any Workout Fee with respect to any Outside Serviced Mortgage Loan. The Workout Fee with respect to any Corrected
Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided that a new Workout Fee will
become payable if and when such Specially Serviced Loan again becomes a Corrected Loan. If the Special Servicer is terminated (other
than for cause) or resigns: (1) it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage Loans
or Serviced Loan Combinations that became Corrected Loans prior to the time of that termination or resignation, except the Workout
Fees will no longer be payable if any such Mortgage Loan or Serviced Loan Combination subsequently becomes a Specially Serviced
Loan; and (2) it will receive any Workout Fees payable in respect of any Mortgage Loan or Serviced Loan Combination that was,

 

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at
the time of that termination or resignation, a Specially Serviced Loan for which the resigning or terminated Special Servicer
had cured the event of default through a modification, restructuring or workout negotiated by the Special Servicer and evidenced
by a signed writing, but which had not as of the time the Special Servicer resigned or was terminated become a Corrected Loan
solely because the Mortgagor had not had sufficient time to make three consecutive full and timely Monthly Payments and which
thereafter becomes a Corrected Loan as a result of the Mortgagor making such three consecutive timely Monthly Payments, except
the Workout Fees will no longer be payable if any such Mortgage Loan or Serviced Loan Combination subsequently becomes a Specially
Serviced Loan. In either case, the successor special servicer will not be entitled to any portion of such Workout Fees. The Special
Servicer shall also be entitled to additional servicing compensation in the form of a Liquidation Fee (other than with respect
to the Outside Serviced Mortgage Loans) payable out of the Liquidation Proceeds prior to the deposit of the Net Liquidation Proceeds
in the Collection Account or the Loan Combination Custodial Account, as applicable. However, no Liquidation Fee will be payable
with respect to an Outside Serviced Mortgage Loan or in connection with, or out of, Liquidation Proceeds as set forth in the final
two provisos of the definition of “Liquidation Fee” herein. Notwithstanding anything herein to the contrary, the Special
Servicer shall not be entitled to receive both a Liquidation Fee and a Workout Fee with respect to any specific collections or
proceeds on any Mortgage Loan or Serviced Loan Combination. For purposes of the foregoing provisions of this Section 3.12(c),
a termination and removal of the Special Servicer under Section 6.08 of this Agreement shall be deemed to constitute
a termination without cause.

 

If at any time a Mortgage Loan
or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall use its reasonable efforts to collect
the amount of any Special Servicing Fee, Liquidation Fee and/or Workout Fee from the related Mortgagor pursuant to the related
Loan Documents, including exercising all remedies available under such Loan Documents that would be in accordance with the Servicing
Standard, specifically taking into account the costs or likelihood of success of any such collection efforts and the Realized Loss
that would be incurred by Certificateholders in connection therewith as opposed to the Realized Loss that would be incurred as
a result of not collecting such amounts from the related Mortgagor.

 

The Special Servicer shall not
be entitled to any Liquidation Fee with respect to any Outside Serviced Mortgage Loan or any Outside Serviced Companion Loan. In
addition, the Special Servicer will not be entitled to retain any portion of Excess Interest paid on any Mortgage Loan.

 

Notwithstanding anything herein
to the contrary, in the case of a Serviced Loan Combination, in no event shall Special Servicing Compensation with respect to the
related Mortgage Loan (including an REO Mortgage Loan) be payable out of payments and other collections with respect to the related
Serviced Pari Passu Companion Loan(s), and in no event shall Special Servicing Compensation with respect to the related Serviced
Pari Passu Companion Loan(s) (including an REO Companion Loan) be payable out of payments and other collections with respect to
the related Mortgage Loan or the Mortgage Pool. In addition, with respect to any Serviced Subordinate Companion Loan, unless otherwise
provided in the related Co-Lender Agreement, in no event shall Special Servicing Compensation with respect to such Companion

 

    	-232-

    	 

    

 

Loan
(including an REO Companion Loan) be payable out of payments and other collections with respect to any related Serviced Pari Passu
Companion Loan(s), the related Mortgage Loan or the Mortgage Pool. This paragraph is in no way intended to limit the rights of
the Special Servicer under the related Co-Lender Agreement to seek payment of unpaid Special Servicing Compensation with respect
to any Serviced Companion Loan from the related Serviced Companion Loan Holder.

 

(d)          The Master Servicer, Special
Servicer, the Certificate Administrator and Trustee shall be entitled to reimbursement from the Trust Fund for the costs and expenses
incurred by them in the performance of their duties under this Agreement which are “unanticipated expenses incurred by the
REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall include, by way of example
and not by way of limitation, environmental assessments, Appraisals in connection with foreclosure, the fees and expenses of any
administrative or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(vi) of this Agreement.

 

(e)          No provision of this Agreement
or of the Certificates shall require the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to
expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties hereunder or
thereunder, or in the exercise of any of their rights or powers, if, in the good faith business judgment of the Master Servicer,
Special Servicer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds would not be ultimately
recoverable from late payments, Net Insurance Proceeds, Net Condemnation Proceeds, Net Liquidation Proceeds and other collections
on or in respect of the Mortgage Loans or Serviced Loan Combination (to the extent recovery is permitted from a Serviced Loan Combination
hereunder) or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request or inquiry from a Mortgagor, any
Certificateholder or any other Person the response to which would, in the Master Servicer’s, the Special Servicer’s
or the Operating Advisor’s commercially reasonable judgment or the Certificate Administrator’s or the Trustee’s
good faith business judgment require the assistance of Independent legal counsel or other consultant to the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee the cost of which would not be an expense
of the Trust Fund hereunder, then the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless the
Mortgagor or such Certificateholder or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s,
the Special Servicer’s, the Operating Advisor’s, the Certificate Administrator’s or the Trustee’s expenses
associated with such counsel (including, without limitation, posting an advance payment for such expenses) satisfactory to the
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee as the case may be,
in its sole discretion. Unless such arrangements have been made, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator or the Trustee as the case may be, shall have no liability to any Person for the failure to respond
to such request or inquiry.

 

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(f)           With respect to each Collection
Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two Business Days following the
related Determination Date, and the Master Servicer shall deliver, to the extent it has received
such information, to the Certificate Administrator, without charge and within one Business Day prior to the related Distribution
Date, an electronic report that
discloses and contains an itemized listing
of any Disclosable
Special Servicer Fees received by the Special
Servicer or any of its Affiliates during the related Collection Period; provided, that no such report shall be due in any month
during which no Disclosable Special Servicer Fees were received.

 

(g)          The Special Servicer and
its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without limitation,
in the form of commissions, brokerage fees or rebates) from any Person (including, without limitation, the Trust, any Mortgagor,
any Manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan or Serviced Companion Loan and any purchaser of
any Serviced Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure
of any Serviced Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties
under this Agreement, other than as expressly provided in this Section 3.12; provided that such prohibition shall
not apply to Permitted Special Servicer/Affiliate Fees or the fees received by any Person acting as an Outside Servicer or Outside
Special Servicer as expressly provided for under the applicable Outside Servicing Agreement with respect to an Outside Serviced
Mortgage Loan, or as master servicer or special servicer as expressly provided for under the applicable Other Pooling and Servicing
Agreement governing the securitization of a Serviced Companion Loan.

 

Section 3.13          Compensating
Interest Payments. The Master Servicer shall deliver to the Certificate Administrator for deposit in the Lower-Tier REMIC
Distribution Account (other than the portion of any Compensating Interest Payment described below that is allocable to a Serviced
Companion Loan) on each Master Servicer Remittance Date, without any right of reimbursement therefor, an amount, with respect
to each Mortgage Loan (other than an Outside Serviced Mortgage Loan) and any related Serviced Pari Passu Companion Loan, equal
to the lesser of:

 

		(i)	the aggregate of all Prepayment Interest Shortfalls incurred in connection with voluntary Principal
Prepayments received in respect of the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and any related Serviced
Pari Passu Companion Loan(s) (in each case other than a Specially Serviced Loan or a Mortgage Loan or any related Serviced Pari
Passu Companion Loan on which the Special Servicer allowed a prepayment on a date other than the applicable Due Date) for the related
Distribution Date; and

 

		(ii)	the aggregate of (A) that portion of the Master Servicer’s Servicing Fees for the related
Distribution Date that is, in the case of each Mortgage Loan, Serviced Pari Passu Companion Loan and REO Loan for which such Servicing
Fees are being paid in such Collection Period, calculated at a rate of 0.0025% per annum, and (B) all Prepayment Interest
Excesses received by the Master Servicer during such Collection Period with respect to the Mortgage Loans (and, so long as a Loan
Combination is serviced under this Agreement, any related Serviced Pari Passu 

 

    	-234-

    	 

    

 

Companion
Loan) subject to prepayment and net investment earnings on such Prepayment Interest Excesses. In no event will the rights of the
Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls be cumulative.

 

If a Prepayment Interest Shortfall
occurs with respect to a Mortgage Loan as a result of the Master Servicer allowing the related Mortgagor to deviate (a “Prohibited
Prepayment”) from the terms of the related Loan Documents regarding Principal Prepayments (other than (w) if the Mortgage
Loan is an Outside Serviced Mortgage Loan, (x) subsequent to a default under the related Loan documents or if the Mortgage Loan
is a Specially Serviced Loan, (y) pursuant to applicable law or a court order or otherwise in such circumstances where the Master
Servicer is required to accept such principal prepayment in accordance with the Servicing Standard, Special Servicer or (z) in
connection with the payment of any Insurance Proceeds or Condemnation Proceeds), then for purposes of calculating the Compensating
Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) of the preceding
paragraph, the amount of the Prepayment Interest Shortfall with respect to such Mortgage Loan otherwise described in clause (i)
of the preceding paragraph in connection with such Prohibited Prepayment.

 

Compensating Interest Payments
with respect to a Serviced Loan Combination shall be allocated between the related Mortgage Loan and the related Serviced Pari
Passu Companion Loan(s) in accordance with their respective principal amounts, and the Master Servicer shall pay the portion of
such Compensating Interest Payments allocable to a related Serviced Pari Passu Companion Loan to the holder thereof.

 

Section 3.14          Application
of Penalty Charges and Modification Fees.

 

(a)          On or prior to the second
Business Day before each Master Servicer Remittance Date, the Master Servicer shall apply all Penalty Charges and Modification
Fees (to the extent permitted under any related Co-Lender Agreement (in the case of a Serviced Loan Combination) and not applied
pursuant to Section 3.06A(a)(ii) or Section 3.06(a)(ii), as applicable, of this Agreement) received by it with respect
to any Mortgage Loan or Serviced Loan Combination, including an Outside Serviced Mortgage Loan (to the extent allocable to such
Outside Serviced Mortgage Loan pursuant to the related Co-Lender Agreement and remitted to the Master Servicer by the related Outside
Servicer) during the related Collection Period, as follows:

 

(i)           first,
to the extent of all Penalty Charges and Modification Fees (in such order), to pay or reimburse the Master Servicer, the Special
Servicer and/or the Trustee, as applicable, for all outstanding Advances (including unreimbursed Advances that have been determined
to be Nonrecoverable Advances) and the related Advance Interest Amounts and other outstanding Additional Trust Fund Expenses (exclusive
of Special Servicing Fees, Workout Fees and Liquidation Fees) other than Borrower Delayed Reimbursements, in each case, with respect
to such Mortgage Loan or Serviced Loan Combination;

 

(ii)          second,
to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all Advances
(and related Advance Interest Amounts) with respect to such Mortgage Loan or Serviced Loan

 

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Combination
previously determined to be Nonrecoverable Advances and previously reimbursed to the Master Servicer, the Special Servicer and/or
the Trustee, as applicable, from amounts on deposit in the Collection Account (and such amounts will be retained or deposited
in the Collection Account as recoveries of such Nonrecoverable Advances and related Advance Interest Amounts) other than Borrower
Delayed Reimbursements;

 

(iii)         third,
to the extent of all remaining Penalty Charges and Modification Fees (in such order), as a reimbursement to the Trust of all other
Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage
Loan or Serviced Loan Combination previously paid from the Collection Account or related Loan Combination Custodial Account (and
such amounts will be retained or deposited in the Collection Account or related Loan Combination Custodial Account as recoveries
of such Additional Trust Fund Expenses) other than Borrower Delayed Reimbursements; and

 

(iv)          fourth,
to the extent of any remaining Penalty Charges and any remaining Modification Fees, to the Master Servicer or the Special Servicer,
as applicable, as servicing compensation, pro rata, based on their entitlement set forth in Section 3.12 of this
Agreement prior to the applications set forth in clauses (i) through (iii) above;

 

provided that, notwithstanding the foregoing,
in the case of a Loan Combination, Penalty Charges shall be allocated for the purposes and in the order set forth in the related
Co-Lender Agreement.

 

(b)          In connection with the
operation of the provisions of this Section 3.14, not later than the 25th day of the month in which each Distribution Date
occurs (beginning with the 25th day of the month following the first Collection Period in which an Additional Trust Fund Expense,
Advance or Advance Interest Amount is incurred), the Master Servicer shall deliver to the Special Servicer a report in the form
reasonably agreed to by both the Master Servicer and the Special Servicer setting forth information regarding (1) the amount of
Penalty Charges, Modification Fees and Assumption Fees collected by the Master Servicer and the Special Servicer, as applicable,
and (2) the related loan expenses and other amounts paid to the Trust from such Penalty Charges, Modification Fees and Assumption
Fees, in each case for the related Collection Period or other reporting period as agreed to by the Master Servicer and the Special
Servicer. The Master Servicer shall respond promptly to any inquiries of the Special Servicer with respect to the contents of any
such report and shall provide any supporting information with respect thereto that is reasonably requested by the Special Servicer.

 

Section 3.15          Access
to Certain Documentation. The Master Servicer and Special Servicer shall provide to the Trustee, the Certificate Administrator,
the Controlling Class Representative (but only prior to the occurrence and continuance of any Consultation Termination Event),
the Operating Advisor, the Underwriters, the Initial Purchasers, the Depositor and any Certificateholders and Serviced Companion
Loan Holders that are, in the case of any Certificateholder or Serviced Companion Loan Holder, federally insured financial institutions,
the Federal Reserve Board, the FDIC and the OCC and the supervisory agents and examiners of such boards and such corporations,
and any other governmental or regulatory body to the jurisdiction of which any Certificateholder or Serviced Companion Loan Holder
is subject,

 

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access
to the documentation regarding the Mortgage Loans required by applicable regulations of the Federal Reserve Board, FDIC, OCC or
any such governmental or regulatory body, such access being afforded without charge but only upon reasonable request and during
normal business hours at the offices of the Master Servicer or Special Servicer (which access shall be limited, in the case of
the Serviced Companion Loan Holders or any regulatory authority seeking such access in respect of the Serviced Companion Loan
Holders, to records relating to the Serviced Companion Loans). Nothing in this Section 3.15 shall detract from the obligation
of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information with respect to
the Mortgagors, and the failure of the Master Servicer and Special Servicer to provide access as provided in this Section 3.15
as a result of such obligation shall not constitute a breach of this Section 3.15.

 

In connection with providing
or granting any information or access pursuant to the prior paragraph to a Certificateholder, a Serviced Companion Loan Holder
or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan Holder, the Master
Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced Companion Loan Holder of a sum
sufficient to cover the reasonable costs and expenses of providing such information or access, including copy charges and reasonable
fees for employee time and for space; provided that no charge may be made if such information or access was required to
be given or made available without charge under applicable law. In connection with providing Certificateholders or beneficial owners
of Certificates access to the information described in the preceding paragraph, the Master Servicer and the Special Servicer shall
require (prior to affording such access) a written confirmation executed by the requesting Person substantially in such form as
may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such
Person is a Holder of Certificates or a beneficial holder of book entry Certificates and will keep such information confidential.

 

In addition, in connection with
providing access to information pursuant to this Section 3.15, each of the Master Servicer and the Special Servicer may
(i) affix a reasonable disclaimer to any information provided by it for which it is not the original source (without suggesting
liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable statement regarding
securities law restrictions on such information and/or condition access to information on the execution of a reasonable confidentiality
agreement; (iii) withhold access to confidential information or any intellectual property; and (iv) withhold access to items of
information contained in the Servicing File for any Mortgage Loan or Serviced Companion Loan if the disclosure of such items would
constitute a waiver of the attorney-client privilege.

 

Each of the Master Servicer and
the Special Servicer, as applicable, shall, without charge, make a knowledgeable Servicing Officer available via telephone to verbally
answer questions from any related Serviced Companion Loan Holder, the Operating Advisor (after the occurrence and during the continuance
of a Control Termination Event)
and the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), on a monthly
basis, during regular business hours at such time and for such duration as the Master Servicer, the Special Servicer, any related
Serviced Companion Loan Holder, the Operating Advisor (after the occurrence and during the continuance of a Control Termination

 

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Event) and the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination Event)
shall reasonably agree, regarding the performance and servicing of the applicable Serviced Mortgage Loans and/or related REO Properties
for which the Master Servicer or the Special Servicer, as applicable, is responsible. In any event, the Operating Advisor and
the related Directing Holder agree to identify for the Master Servicer and the Special Servicer in advance (but at least two (2)
Business Days prior to the related monthly conference) the applicable Mortgage Loans (or Serviced Loan Combination) and/or REO
Properties it intends to discuss. As a condition to such disclosure, the related Directing Holder and, subject to the terms of
the related Co-Lender Agreement, any related Serviced Companion Loan Holder, shall execute a confidentiality agreement substantially
in the form of Exhibit M-4 to this Agreement and an Investor Certification.

 

The Master Servicer may (but
shall not be required to), in accordance with such rules and procedures as it may adopt in its sole discretion, make available
through the Master Servicer’s website or otherwise, any additional information relating to the Mortgage Loans, the Serviced
Companion Loans, the related Mortgaged Properties and/or the related Mortgagors that is not Privileged Information, for review
by the Depositor, the Trustee, the Master Servicer, the Special Servicer and the Operating Advisor.

 

After the occurrence and during
the continuation of a Control Termination Event, the Special Servicer shall deliver to the Operating Advisor such reports and other
information produced or otherwise available to any Outside Controlling Note Holder, the Controlling Class Representative or Certificateholders
generally, as requested by the Operating Advisor in support of the performance of the Operating Advisor’s obligations under
this Agreement in electronic format.

 

The Operating Advisor hereby
agrees that it shall use the information provided to it by the Special Servicer solely for purposes of performing its duties as
Operating Advisor under this Agreement and shall not disclose such information to any other Person or entity unless (i) with respect
to Privileged Information, pursuant to Section 3.29(j) of this Agreement, or (ii) with respect to any information other
than Privileged Information, to the extent necessary to support its conclusions in its Operating Advisor Annual Report required
under Section 3.29 of this Agreement or to discharge its other duties under this Agreement.

 

Section 3.16          Title and
Management of REO Properties.

 

(a)          In the event that title
to any Mortgaged Property (other than a Mortgaged Property with respect to an Outside Serviced Mortgage Loan) is acquired for the
benefit of Certificateholders (or, with respect to a Serviced Loan Combination, for the benefit of the Certificateholders and the
related Serviced Companion Loan Holder(s)) (as a collective whole as if such Certificateholders and, if applicable, such Serviced
Companion Loan Holder(s) constituted a single lender) (either by the Trust Fund or by a single member limited liability company
established for that purpose) in foreclosure, by deed-in-lieu of foreclosure or upon abandonment or reclamation from bankruptcy,
the deed or certificate of sale shall be taken in the name of a nominee of the Trustee (which shall not include the Master Servicer),
or a separate trustee or co-trustee, on behalf of the Trust Fund and any related Serviced Companion Loan Holders. The Special Servicer,
on behalf of the Trust Fund, shall sell any REO Property prior to

 

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the
close of the third calendar year following the year in which the Lower-Tier REMIC acquires ownership of such REO Property, within
the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Code Section 860G(a)(8), unless (i) the IRS grants
(or does not deny) an extension of time (an “REO Extension”) to sell such REO Property or (ii) the Special
Servicer obtains an Opinion of Counsel for the Special Servicer, the Certificate Administrator and the Trustee, addressed to the
Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Lower-Tier REMIC of such
REO Property subsequent to the close of the third calendar year following the year in which such acquisition occurred will not
result in the imposition of taxes on “prohibited transactions” (as defined in Code Section 860F) of either Trust REMIC,
or cause either Trust REMIC to fail to qualify as a REMIC under the Code at any time that any Lower-Tier Regular Interests or
Regular Certificates are outstanding. If the Special Servicer is granted (or is not denied) the REO Extension contemplated by
clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately
preceding sentence, the Special Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension
or such Opinion of Counsel, as the case may be. Any expense incurred by the Special Servicer in connection with its receiving
the REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated
by clause (ii) of the second preceding sentence shall be an expense of the Trust Fund payable out of the Collection Account pursuant
to Section 3.06(a) of this Agreement. The Special Servicer, on behalf of the Trust Fund and any related Serviced Companion
Loan Holder, in accordance with the Servicing Standard, shall dispose of any REO Property held by the Trust Fund (i) prior to
the last day of such period (taking into account extensions) by which such REO Property is required to be disposed of pursuant
to the provisions of the immediately preceding sentence in a manner provided under Section 3.17 of this Agreement and (ii)
on the same terms and conditions as if it were the owner of such REO Property. The Special Servicer shall manage, conserve, protect
and operate each REO Property for the Certificateholders and, if applicable, the related Serviced Companion Loan Holder, solely
for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as “foreclosure
property” within the meaning of Code Section 860G(a)(8) or result in the receipt by the Trust Fund of any “income
from non-permitted assets” within the meaning of Code Section 860F(a)(2)(B) or (i) endanger the status of either Trust REMIC
as a REMIC or (ii) result in the imposition of a tax upon either Trust REMIC or the Trust Fund.

 

(b)          The Special Servicer shall
have full power and authority, subject only to the specific requirements and prohibitions of this Agreement, to do any and all
things in connection with any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) as are consistent
with the Servicing Standard and the terms of this Agreement, all on such terms and for such period as the Special Servicer deems
to be in the best interests of Certificateholders and, if applicable, the related Serviced Companion Loan Holder(s) (as a collective
whole as if such Certificateholders and, if applicable, the related Serviced Companion Loan Holder(s) constituted a single lender
(and, in the case of a Serviced AB Loan Combination, taking into account the subordinate nature of any related Subordinate Companion
Loan)), and, in connection therewith, the Special Servicer shall only agree to the payment of management fees that are consistent
with general market standards or to terms that are more favorable. Consistent with the foregoing, the Special Servicer shall cause
or permit to be earned with respect to such REO Property any “net income from foreclosure property,” within the meaning
of Code

 

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Section
860G(c), which is subject to tax under the REMIC Provisions only if it has determined, and has so advised the Certificate Administrator
in writing, that the earning of such income on a net after-tax basis could reasonably be expected to result in a greater recovery
on behalf of Certificateholders and, if applicable, the related Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and, if applicable, the related Companion Loan Holder(s), constituted a single lender (and, in the case of a Serviced AB Loan
Combination, taking into account the subordinate nature of any related Subordinate Companion Loan)) than an alternative method
of operation or rental of such REO Property that would not be subject to such a tax. The Special Servicer shall segregate and
hold all revenues received by it with respect to any REO Property separate and apart from its own funds and general assets and
shall establish and maintain with respect to any REO Property a segregated custodial account (each, an “REO Account”),
each of which shall be an Eligible Account and (subject to any changes in the identities of the Special Servicer and/or the Trustee)
shall be entitled “Wells Fargo Bank, National Association, as Special Servicer, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial
Mortgage Pass-Through Certificates, Series 2016-GC36, [IN THE CASE OF AN REO PROPERTY RELATED TO A SERVICED LOAN COMBINATION:
and the related Serviced Companion Loan Holder, as their interests may appear], REO Account.” The Special Servicer shall
be entitled to withdraw for its account any interest or investment income earned on funds deposited in an REO Account to the extent
provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause to be deposited in the REO Account
within one (1) Business Day after receipt all revenues and proceeds received by it with respect to any REO Property, and shall
withdraw therefrom funds necessary for the proper operation, management and maintenance of such REO Property and for other Property
Protection Expenses with respect to such REO Property, including:

 

(i)           all insurance
premiums due and payable in respect of any REO Property;

 

(ii)          all real
estate taxes and assessments in respect of any REO Property that may result in the imposition of a lien thereon;

 

(iii)         all costs
and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any REO Property including, if
applicable, the payments of any ground rents in respect of such REO Property; and

 

(iv)         any taxes
imposed on either Trust REMIC in respect of net income from foreclosure property in accordance with Section 4.05 of this
Agreement.

 

To the extent that such REO Proceeds
are insufficient for the purposes set forth in clauses (i) through (iv) above and the Special Servicer has provided written notice
of such shortfall to the Master Servicer at least five (5) Business Days (or, in an emergency situation or on an urgent basis,
two (2) Business Days, provided that the written notice sets forth the nature of the emergency or the basis of the urgency)
prior to the date that such amounts are due, the Master Servicer shall advance the amount of such shortfall unless the Master Servicer
determines, in accordance with the Servicing Standard, that such Advance would be a Nonrecoverable Advance (in which case such
costs shall be an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account). If the Master Servicer
does not

 

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make
any such Advance in violation of the immediately preceding sentence, the Trustee shall make such Advance unless the Trustee determines
that such Advance would be a Nonrecoverable Advance. The Trustee shall be entitled to rely, conclusively, on any determination
by the Master Servicer that an Advance, if made, would be a Nonrecoverable Advance. The Trustee, in determining whether or not
a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee,
as applicable, shall be entitled to reimbursement of such Advances (with interest at the Advance Rate) made pursuant to the preceding
sentence, to the extent set forth in Section 3.06 and/or, if applicable, Section 3.06A of this Agreement. The Special
Servicer shall withdraw from each REO Account and remit to the Master Servicer for deposit into the Collection Account, or, for
a Serviced Loan Combination, the related Loan Combination Custodial Account, on a monthly basis prior to the related Master Servicer
Remittance Date the Net REO Proceeds, Net Liquidation Proceeds, Net Condemnation Proceeds and Net Insurance Proceeds received
or collected from each REO Property during the related Collection Period, except that in determining the amount of any such Net
REO Proceeds, the Special Servicer may retain in each REO Account reasonable reserves for repairs, replacements and necessary
capital improvements and other related expenses. Notwithstanding the foregoing, the Special Servicer shall not:

 

(i)           permit the
Trust Fund to enter into, renew or extend any New Lease, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;

 

(ii)          permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)         authorize
or permit any construction on any REO Property, other than the repair or maintenance thereof or the completion of a building or
other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was
completed before default on the related Mortgage Loan or Serviced Loan Combination became imminent, all within the meaning of Code
Section 856(e)(4)(B); or

 

(iv)         Directly
Operate or allow any Person to Directly Operate any REO Property on any date more than 90 days after its date of acquisition by
the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, any related Serviced Companion Loan Holder,
the Certificate Administrator and the Trustee (which opinion shall be an expense of the Trust Fund and, if any related Serviced
Companion Loan is part of a REMIC, the related Serviced Companion Loan Holder) to the effect that such action will not cause such
REO Property to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8) (determined
without regard to the exception applicable for purposes of Code Section 860D(a)) at any time that it is held by the Trust Fund,
in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

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The Special Servicer shall be
required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund and payable
out of REO Proceeds, for the operation and management of any REO Property, within 90 days of the Trust Fund’s acquisition
thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator with an Opinion of Counsel
that the operation and management of any REO Property other than through an Independent Contractor shall not cause such REO Property
to fail to qualify as “foreclosure property” within the meaning of Code Section 860G(a)(8)) (which opinion shall be
an expense of the Trust Fund), provided that:

 

(i)           the terms
and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be inconsistent
herewith;

 

(ii)          any such
contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such REO Property, including those listed above, and remit all related revenues
(net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than thirty days following
the receipt thereof by such Independent Contractor;

 

(iii)         none of
the provisions of this Section 3.16(b) relating to any such contract or to actions taken through any such Independent Contractor
shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund or the Trustee on behalf
of the Certificateholders and, if applicable, any related Serviced Companion Loan Holder with respect to the operation and management
of any such REO Property; and

 

(iv)         the Special
Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in
connection with the operation and management of such REO Property.

 

The Special Servicer shall be
entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations
hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed
to limit or modify such indemnification.

 

(c)          When and as necessary,
the Special Servicer shall send to the Trustee and the Certificate Administrator and the related Serviced Companion Loan Holder
(or the master servicer or special servicer for the related Other Securitization Trust on its behalf) a statement prepared by the
Special Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from
the operation and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of,
or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO Property in accordance with
Section 3.16(a) and Section 3.16(b) of this Agreement.

 

(d)          Notwithstanding anything
to the contrary, this Section 3.16 shall not apply to any REO Property related to an Outside Serviced Mortgage Loan.

 

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Section 3.17          Sale of Defaulted
Loans and REO Properties; Sale of Outside Serviced Mortgage Loans.

 

(a)          The parties hereto may
sell or purchase, or permit the sale or purchase of, a Mortgage Loan (excluding an Outside Serviced Mortgage Loan) only (i) on
the terms and subject to the conditions set forth in this Section 3.17, (ii) as otherwise expressly provided in or contemplated
by Sections 2.03 and 9.01 of this Agreement, or (iii) (A) in the case of a Mortgage Loan related to a Serviced Loan
Combination in accordance with and subject to the provisions of the related Co-Lender Agreement and Section 3.28 of this
Agreement and (B) in the case of a Mortgage Loan with a related mezzanine loan or subordinate mortgage loan, in accordance with
and subject to the provisions of the related intercreditor agreement.

 

(b)          Promptly upon a Serviced
Loan becoming a Defaulted Loan and if the Special Servicer determines in accordance with the Servicing Standard that it would be
in the best interests of the Certificateholders and, in the case of a Serviced Pari Passu Loan Combination, any related Serviced
Pari Passu Companion Loan Holder (as a collective whole as if such Certificateholders and, in the case of a Serviced Pari Passu
Loan Combination, any related Serviced Pari Passu Companion Loan Holder, constituted a single lender) to attempt to sell such Defaulted
Loan, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted Loan on behalf of the Certificateholders
and, if applicable, any related Serviced Pari Passu Companion Loan Holder in such manner as will be reasonably likely to realize
a fair price. Subject to the other subsections of this Section 3.17, the Special Servicer shall accept the first (and, if
multiple offers are contemporaneously received, the highest) cash offer received from any Person that constitutes a fair price
for such Defaulted Loan. The Special Servicer shall notify the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event), any related Outside Controlling Note Holder and the Operating Advisor (after the occurrence
and during the continuance of a Control Termination Event) of any inquiries or offers received regarding the sale of any Defaulted
Loan. Any Serviced Pari Passu Companion Loan that is part of a Defaulted Serviced Loan Combination is to be sold together
with the related Mortgage Loan, subject to this Section 3.17 and any additional requirements set forth in the related Co-Lender
Agreement.

 

(c)          The Special Servicer shall
give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan Holder (in the case of
a Serviced Loan Combination), the Controlling Class Representative (prior to the occurrence and continuance of a Consultation Termination
Event), any related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) and the Operating
Advisor (after the occurrence and during the continuance of a Control Termination Event) not less than five (5) Business Days’
prior written notice of its intention to sell any Defaulted Loan. No Interested Person shall be obligated to submit an offer to
purchase any Defaulted Loan, and notwithstanding anything to the contrary contained herein, neither the Trustee, in its individual
capacity, nor any of its Affiliates may offer to purchase, or purchase any Defaulted Loan pursuant hereto.

 

(d)          Whether any cash offer
constitutes a fair price for any Defaulted Loan for purposes of Section 3.17(b) of this Agreement shall be determined by
the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest

 

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offeror
is an Interested Person (provided that the Trustee may not be an offeror); provided, however, that no offer
from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two other
offers are received from independent third parties; and provided, further, notwithstanding the immediately preceding
proviso, the Purchase Price for any Defaulted Loan (and any equivalent amount for any related Serviced Companion Loan) shall be
deemed a fair price in all cases, including with respect to any offer from an Interested Person. In all cases under this Agreement
(except to the extent the Trustee is not required to determine whether any cash offer constitutes a fair price for any Defaulted
Loan pursuant to the immediately preceding sentence), in determining whether any offer received from an Interested Person represents
a fair price for any Defaulted Loan, the Trustee shall (at the expense of the Interested Person) designate an independent third
party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing or investing
in mortgage loans similar to such Defaulted Loan that has been selected with reasonable care by the Trustee to determine if such
cash offer constitutes a fair price for such Defaulted Loan; provided that the Trustee will not engage a third party expert
whose fees exceed a commercially reasonable amount as determined by the Trustee. The reasonable costs of all appraisals, inspection
reports and broker opinions of value incurred by any such third party pursuant to this Section 3.17(d) will be covered by,
and will be reimbursable by the Interested Person. The Trustee will be entitled to rely conclusively upon such third party’s
determination. In determining whether any such offer from a Person other than an Interested Person constitutes a fair price for
any such Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, updated Appraisal
or narrative Appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), among other factors, the
period and amount of any delinquency on such Defaulted Loan, the occupancy level and physical condition of the related Mortgaged
Property and the state of the local economy. The appraiser conducting any new Appraisal for determining whether any offer from
a Person other than an Interested Person represents a fair price for any Defaulted Loan shall be an Appraiser selected by the Special
Servicer. The cost of any such Appraisal shall be covered by, and shall be reimbursable to, the Master Servicer as a Property Advance
if no Interested Person is offering to purchase such Defaulted Loan.

 

(e)          Subject to Section
3.17(a) through Section 3.17(d), Section 3.17(f), Section 3.17(g) and Section 3.17(m), the Special
Servicer shall act on behalf of the Trust Fund and any affected Serviced Companion Loan Holder in negotiating and taking any other
action necessary or appropriate in connection with the sale of any Defaulted Loan, and the collection of all amounts payable in
connection therewith. In connection therewith, the Special Servicer may charge prospective offerors, and may retain, fees that
approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or
exchanging offers without obligation to deposit such amounts into the Collection Account or, if applicable, the Loan Combination
Custodial Account. Any sale of any Defaulted Loan shall be final and without recourse to the Trustee, the Certificate Administrator
or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such
transactions, any appropriations applied thereto and any customary closing matters), and if such sale is consummated in accordance
with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor or the Trustee shall have any liability to any Certificateholder with respect to the purchase price therefor
accepted by the Special Servicer or the Trustee.

 

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(f)           Subject to (x) the rights
of a holder of a mezzanine loan, under the respective intercreditor agreement, and (y) the rights of a Subordinate Companion Loan
Holder, under the respective Co-Lender Agreement, to purchase a Mortgage Loan or Serviced Loan Combination (or senior portion thereof),
unless and until a Defaulted Loan is sold pursuant to this Section, the Special Servicer shall continue to service and administer
such Defaulted Loan in accordance with the Servicing Standard and this Agreement and shall pursue such other resolutions or recovery
strategies including workout, foreclosure or sale of such Defaulted Loan, as is consistent with this Agreement and the Servicing
Standard.

 

(g)          Any sale of a Defaulted
Loan pursuant to this Section 3.17 shall be for cash only. The purchase price for any Defaulted Loan purchased under this
Section 3.17 or any Outside Serviced Mortgage Loan sold in accordance with the related Co-Lender Agreement or Outside Servicing
Agreement, shall be deposited into the Collection Account or the related Loan Combination Custodial Account, as applicable, and
the Trustee (or a Custodian on its behalf), upon receipt of an Officer’s Certificate from the Master Servicer to the effect
that such deposit has been made, shall release or cause to be released to the purchaser of the Defaulted Loan the related Mortgage
File, and the Trustee, the Master Servicer or the Special Servicer, as applicable, shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be necessary to vest in such purchaser ownership of such Defaulted
Loan. In connection with any such purchase, the Special Servicer and the Master Servicer shall deliver the related Servicing File
(to the extent either has possession of such file) to such purchaser.

 

(h)          The parties hereto
may sell or purchase, or permit the sale or purchase of, an REO Property (other than an REO Property related to an Outside Serviced
Mortgage Loan) only on the terms and subject to the conditions set forth in this Section 3.17.

 

(i)           The Special Servicer shall
use reasonable efforts to solicit offers for each REO Property (other than an REO Property related to an Outside Serviced Mortgage
Loan) on behalf of the Certificateholders and the related Serviced Companion Loan Holder in such manner as will be reasonably likely
to realize a fair price within the time period specified by Section 3.16 of this Agreement. Subject to Section 3.17(m)
of this Agreement, the Special Servicer shall accept the first (and, if multiple offers are contemporaneously received, highest)
cash offer received from any Person that constitutes a fair price for such REO Property. If the Special Servicer determines, in
its good faith and reasonable judgment, that it will be unable to realize a fair price for any REO Property (other than an REO
Property related to an Outside Serviced Mortgage Loan) within the time constraints imposed by Section 3.16 of this Agreement,
then the Special Servicer shall dispose of such REO Property upon such terms and conditions as the Special Servicer shall deem
necessary and desirable to maximize the recovery thereon under the circumstances and, in connection therewith, shall accept the
highest outstanding cash offer, regardless from whom received. The Liquidation Proceeds (net of related Liquidation Expenses) for
any REO Property sold hereunder shall be deposited in the Collection Account or, if applicable, the related Loan Combination Custodial
Account. The Special Servicer shall notify the Controlling Class Representative (prior to the occurrence and continuance of a Consultation
Termination Event), any related Outside Controlling Note Holder, the Operating Advisor (after the occurrence and during the continuance
of a Control Termination Event) and, in the case of a Serviced Loan Combination, any related Serviced Companion Loan Holder of
any inquiries or offers received regarding the sale of any REO Property hereunder.

 

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(j)           The Special Servicer shall
give the Trustee, the Certificate Administrator, the Master Servicer, any related Serviced Companion Loan Holder, the Controlling
Class Representative (prior to the occurrence and continuance of a Consultation Termination Event), any related Outside Controlling
Note Holder (if a Serviced Outside Controlled Loan Combination is involved) and the Operating Advisor (after the occurrence and
during the continuance of a Control Termination Event) not less than three (3) Business Days’ prior written notice of its
intention to sell any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) hereunder. No Interested
Person shall be obligated to submit an offer to purchase any REO Property, and notwithstanding anything to the contrary contained
herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may offer to purchase, or purchase, any REO
Property pursuant hereto.

 

(k)          Whether any cash offer
constitutes a fair price for any REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan) for purposes
of Section 3.17(i) of this Agreement shall be determined by the Special Servicer, if the highest offeror is a Person other
than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person (provided that the Trustee
may not be an offeror); provided, however, that no offer from an Interested Person shall constitute a fair price
unless (i) it is the highest offer received and (ii) at least two other offers are received from independent third parties; and
provided, further, notwithstanding the immediately preceding proviso, the Purchase Price for any such REO Property
shall be deemed a fair price in all cases, including with respect to any offer from an Interested Person. In determining whether
any offer received from an Interested Person represents a fair price for any such REO Property, the Trustee shall (at the expense
of the Interested Person) designate an independent third party expert in real estate or commercial mortgage loan matters with at
least five (5) years’ experience in valuing or investing in properties similar to such REO Property that has been selected
with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such REO Property; provided
that the Trustee will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.
The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant
to this Section 3.17(k) will be covered by, and will be reimbursable by the Interested Person. The Trustee will be entitled
to rely conclusively upon such third party’s determination. In determining whether any such offer from a Person other than
an Interested Person constitutes a fair price for any such REO Property, the Special Servicer shall take into account (in addition
to the results of any Appraisal, updated Appraisal or narrative Appraisal that it may have obtained pursuant to this Agreement
within the prior 9 months), among other factors, the period and amount of any delinquency on the related Mortgage Loan or Serviced
Loan Combination, the occupancy level and physical condition of such REO Property, the state of the local economy and the obligation
to dispose of such REO Property within the time period specified in Section 3.16 of this Agreement. The appraiser conducting
any new Appraisal for determining whether any offer from a Person other than an Interested Person represents a fair price for any
REO Property shall be an Appraiser selected by the Special Servicer. The cost of any such Appraisal shall be covered by, and shall
be reimbursable to, the Master Servicer as a Property Advance if no Interested Person is offering to purchase such REO Property.

 

(l)           Subject to Section
3.17(a) through Section 3.17(k) and Section 3.17(m) of this Agreement, the Special Servicer shall act on behalf
of the Trust Fund and any affected

 

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Serviced Companion Loan Holder in negotiating and taking any other action necessary or appropriate
in connection with the sale of any Defaulted Loan or REO Property (other than an REO Property related to an Outside Serviced Mortgage
Loan), and the collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge
prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery
of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account
or, if applicable, the related Loan Combination Custodial Account. Any sale of any Defaulted Loan or REO Property (other than an
REO Property related to an Outside Serviced Mortgage Loan) shall be final and without recourse to the Trustee, the Certificate
Administrator or the Trust Fund or any related Serviced Companion Loan Holder (except such recourse to the Trust Fund and the related
Serviced Companion Loan Holder imposed by those representations and warranties typically given in such transactions, any appropriations
applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement,
none of the Special Servicer, the Master Servicer, the Depositor, the Certificate Administrator, the Operating Advisor or the Trustee
shall have any liability to any Certificateholder with respect to the purchase price therefor accepted by the Special Servicer
or the Trustee.

 

(m)         Notwithstanding any of
the foregoing paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest cash offer
for a Defaulted Loan if the Special Servicer determines (in consultation with the Controlling Class Representative (unless a Consultation
Termination Event exists or a Serviced Outside Controlled Loan Combination is involved) and any related Outside Controlling Note
Holder (if a Serviced Outside Controlled Loan Combination is involved)), in accordance with the Servicing Standard, that rejection
of such offer would be in the best interests of the Certificateholders and, in the case of a Serviced Pari Passu Loan Combination,
the related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable,
any related Serviced Pari Passu Companion Loan Holder(s) constituted a single lender), and the Special Servicer may accept a lower
cash offer (from any Person other than itself or an Affiliate) if it determines, in its reasonable and good faith judgment, that
acceptance of such offer would be in the best interests of the Certificateholders and, in the case of a Serviced Pari Passu Loan
Combination, any related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole as if such Certificateholders and,
if applicable, the related Serviced Pari Passu Companion Loan Holder(s) constituted a single lender) (for example, if the prospective
buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the
lower offer are more favorable).

 

Notwithstanding any of the foregoing
paragraphs of this Section 3.17, the Special Servicer shall not be obligated to accept the highest cash offer for an REO
Property (other than an REO Property related to an Outside Serviced Mortgage Loan) if the Special Servicer determines (in consultation
with the related Directing Holder (unless, if the Controlling Class Representative is the related Directing Holder, a Consultation
Termination Event exists)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests
of the Certificateholders and, in the case of an REO Property that corresponds to a Serviced Loan Combination, the related Serviced
Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, any Serviced Companion Loan Holder(s)
constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the

 

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subordinate nature of
the related Subordinate Companion Loan)), and the Special Servicer may accept a lower cash offer (from any Person other than itself
or an Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best
interests of the Certificateholders and, in the case of an REO Property that corresponds to a Serviced Loan Combination, any related
Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, if applicable, any related Serviced
Companion Loan Holder(s) constituted a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the
subordinate nature of the related Serviced Subordinate Companion Loan)) (for example, if the prospective buyer making the lower
offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer are more favorable).

 

(n)          In no event shall the
Trust Fund or the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer on the Trust’s behalf
purchase, or pay or advance costs to purchase, any Outside Serviced Mortgage Loan, or any Companion Loan or any Mortgage Loan.

 

(o)          Notwithstanding anything
herein to the contrary, any party identified in the related Co-Lender Agreement or Outside Servicing Agreement (which, if the identified
party is the holder of an Outside Serviced Mortgage Loan, shall mean the Controlling Class Representative for so long as no Control
Termination Event has occurred and is continuing), in its individual capacity and not on behalf of the Trust, shall be entitled
to purchase an Outside Serviced Mortgage Loan in accordance with the terms and conditions set forth in the related Co-Lender Agreement
and Outside Servicing Agreement. In no event shall the Trust Fund or the Trustee, the Master Servicer or the Special Servicer on
its behalf purchase, or pay or advance costs to purchase, any Outside Serviced Mortgage Loan or the related Companion Loan(s) or
any other Mortgage Loan.

 

(p)          Notwithstanding anything
to the contrary herein, any purchase or sale of a Specially Serviced Loan pursuant to this Section 3.17 will remain subject
to the cure, purchase and other rights of, in each case if applicable, any related Subordinate Companion Loan Holder as set forth
in the related Co-Lender Agreement and any holder of a related mezzanine loan as set forth in the related intercreditor agreement.
The Special Servicer shall determine the price to be paid in accordance with the terms of the related Co-Lender Agreement or the
related mezzanine loan intercreditor agreement in connection with any such purchase rights in favor of any related Subordinate
Companion Loan Holder or mezzanine loan holder and shall provide such notices to the related Subordinate Companion Loan Holder
or the holder of a related mezzanine loan as are required by the related Co-Lender Agreement or the related mezzanine loan intercreditor
agreement in connection with each such holders’ purchase rights.

 

(q)          With respect to any Serviced
Pari Passu Loan Combination (other than any such Loan Combination that is a Serviced Outside Controlled Loan Combination), the
parties hereto acknowledge that the related Co-Lender Agreement provides that if such Serviced Pari Passu Loan Combination becomes
a Defaulted Serviced Loan Combination, and if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance
with this Section 3.17, then the Special Servicer will be required to sell each related Serviced Pari Passu Companion Loan
together with such Serviced Mortgage Loan as a single whole loan in accordance with this Agreement and subject to any rights of
the related Directing Holder and/or

 

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the holder of any related Serviced Pari Passu Companion Loan hereunder or under the related
Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer shall not sell any such Serviced Pari
Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written consent of each related Serviced
Pari Passu Companion Loan Holder (provided that such consent is not required if the consenting party is the related Mortgagor or
an Affiliate of the related Mortgagor) unless the Special Servicer has delivered (which delivery may be by electronic mail to the
extent it would not be prohibited under the terms of the related Co-Lender Agreement) to such related Serviced Pari Passu Companion
Loan Holder (at the expense of such Serviced Pari Passu Companion Loan Holder to the extent permitted under the terms of the related
Co-Lender Agreement): (a) at least 15 Business Days’ prior written notice of any decision to attempt to sell such Defaulted
Serviced Loan Combination; (b) at least 10 days prior to the proposed sale date, a copy of each bid package (together with any
material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at least
10 days prior to the proposed sale date, a copy of the most recent appraisal for the subject Serviced Pari Passu Loan Combination,
and any documents in the Servicing File reasonably requested by such related Serviced Pari Passu Companion Loan Holder that are
material to the price of the subject Serviced Pari Passu Loan Combination; and (d) until the sale is completed, and a reasonable
period of time (but no less time than is afforded to other offerors) prior to the proposed sale date, all information and other
documents being provided to other offerors and all leases or other documents that are approved by the Master Servicer or the Special
Servicer in connection with the proposed sale; provided, that a related Serviced Pari Passu Companion Loan Holder may waive as
to itself any of the delivery or timing requirements set forth in this sentence. The Controlling Class Representative and each
related Serviced Pari Passu Companion Loan Holder will be permitted to submit an offer to purchase, and any such party is permitted
to be the purchaser at any sale of, the subject Defaulted Serviced Loan Combination unless such Person is the related Mortgagor
or an agent or Affiliate of the related Mortgagor.

 

(r)          With respect to any Serviced
Pari Passu Loan Combination that is a Serviced Outside Controlled Loan Combination, the parties hereto acknowledge that the related
Co-Lender Agreement provides that if such Serviced Pari Passu Loan Combination becomes a Defaulted Serviced Loan Combination, and
if the Special Servicer determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17, then
the Special Servicer will be required to sell the related Serviced Pari Passu Companion Loan together with such Serviced Mortgage
Loan as a single whole loan in accordance with this Agreement and subject to any rights of the related Directing Holder, the Controlling
Class Representative and/or the holder of any related non-controlling Serviced Pari Passu Companion Loan hereunder or under the
related Co-Lender Agreement. Notwithstanding anything to the contrary herein, the Special Servicer shall not sell any such Serviced
Pari Passu Loan Combination if it becomes a Defaulted Serviced Loan Combination without the written consent of the Controlling
Class Representative (unless a Consultation Termination Event exists), the related Outside Controlling Note Holder and the holder
of each related non-controlling Serviced Pari Passu Companion Loan (provided that such consent is not required if the consenting
party is the related Mortgagor or an Affiliate of the related Mortgagor) unless the Special Servicer has delivered (which delivery
may be by electronic mail to the extent it would not be prohibited under the terms of the related Co-Lender Agreement) to the Controlling
Class Representative, the related Outside Controlling Note Holder and the holder of each related non-controlling Serviced Pari
Passu Companion Loan (at the

 

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expense of such Outside Controlling Note Holder and the holder of each related non-controlling Serviced
Pari Passu Companion Loan, to the extent permitted under the terms of the related Co-Lender Agreement): (a) at least 15 Business
Days’ prior written notice of any decision to attempt to sell such Serviced Pari Passu Loan Combination; (b) at least 10
days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received
by the Special Servicer in connection with any such proposed sale; (c) at least 10 days prior to the proposed sale date, a copy
of the most recent appraisal for the subject Serviced Pari Passu Loan Combination, and any documents in the Servicing File reasonably
requested by the Controlling Class Representative, the related Outside Controlling Note Holder and the holder of each related non-controlling
Serviced Pari Passu Companion Loan that are material to the price of the subject Serviced Pari Passu Loan Combination; 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 Controlling
Class Representative) 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 the Controlling Class Representative, the related Outside Controlling Note Holder and the holder of
each related non-controlling Serviced Pari Passu Companion Loan may each waive as to itself any of the delivery or timing requirements
set forth in this sentence. The Controlling Class Representative, the related Outside Controlling Note Holder and the holder of
each related non-controlling Serviced Pari Passu Companion Loan shall be permitted to submit an offer to purchase, and any such
party is permitted to be the purchaser at any sale of, the subject Serviced Pari Passu Loan Combination unless such Person is the
related Mortgagor or an agent or Affiliate of the related Mortgagor.

 

With respect to each Serviced
AB Loan Combination, if such Serviced AB Loan Combination becomes a Defaulted Serviced Loan Combination, and if the Special Servicer
determines to sell the related Serviced Mortgage Loan in accordance with this Section 3.17, then the Special Servicer shall
be permitted to sell the related Serviced Subordinate Companion Loan together with such Serviced Mortgage Loan and any related
Serviced Pari Passu Companion Loan as one whole loan in accordance with this Agreement and the related Co-Lender Agreement, provided
that the Special Servicer has received prior written consent from the holder of such Serviced Subordinate Companion Loan.

 

(s)          With respect to any Outside
Serviced Mortgage Loan upon becoming a “Defaulted Mortgage Loan” (as such term or any analogous term is defined pursuant
to the terms of the applicable Outside Servicing Agreement), and with respect to any REO Property related to an Outside Serviced
Mortgage Loan, the liquidation of such Outside Serviced Mortgage Loan or such REO Property shall be administered by the related
Outside Special Servicer in accordance with the applicable Outside Servicing Agreement and the related Co-Lender Agreement. Any
such sale of an Outside Serviced Mortgage Loan or any related REO Property pursuant to the applicable Outside Servicing Agreement
and/or the related Co-Lender Agreement shall be final and without recourse to the Trustee or the Trust, and none of the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder
with respect to the purchase price for such Outside Serviced Mortgage Loan or such REO Property accepted on behalf of the Trust.
Any proceeds of such a sale received by the Trust Fund shall be promptly deposited in the Collection Account.

 

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Section 3.18         Additional
Obligations of the Master Servicer; Inspections; Obligation to Notify Ground Lessors; Delivery of Certain Reports to the Serviced
Companion Loan Holder.

 

(a)          The Master Servicer (or,
with respect to Specially Serviced Loans and REO Properties, the Special Servicer) shall inspect or cause to be inspected each
Mortgaged Property that secures a Serviced Loan at such times and in such manner as are consistent with the Servicing Standard,
but in any event at least once every calendar year with respect to such Mortgaged Property relating to Serviced Mortgage Loans
with an outstanding principal balance of $2,000,000 or more and at least once every other calendar year with respect to such Mortgaged
Property relating to Serviced Mortgage Loans with an outstanding principal balance of less than $2,000,000, in each case commencing
in 2017; provided that the Master Servicer is not required to inspect any Mortgaged Property that has been inspected by
the Special Servicer during the preceding 12 months. If any Serviced Mortgage Loan or Serviced Loan Combination becomes a Specially
Serviced Loan, the related Mortgaged Property shall be inspected by the Special Servicer as soon as practicable and thereafter
at least every calendar year for so long as such condition exists. The cost of any annual inspection, or bi-annual inspection,
as the case may be, shall be borne by the Master Servicer unless the related Serviced Mortgage Loan or Serviced Loan Combination
is a Specially Serviced Loan. The Master Servicer shall reimburse the Special Servicer for the cost of any inspection of a Specially
Serviced Loan as a Property Advance (or as an expense of the Trust Fund and paid by the Master Servicer out of the Collection Account
if such Property Advance would be a Nonrecoverable Advance) and any out-of-pocket costs incurred with respect to such inspection
shall be borne by the Trust Fund. The Special Servicer or the Master Servicer, as applicable, shall prepare or cause to be prepared
a written report of each such inspection performed by it pursuant to this Section 3.18(a), and shall promptly following
preparation deliver or make available a copy (in electronic format) of each such report to the Certificate Administrator (who shall
post such report to the Certificate Administrator’s Website for review by Privileged Persons in accordance with Section
4.02(a)).

 

(b)          The Master Servicer shall,
as to each Mortgage Loan (excluding an Outside Serviced Mortgage Loan) which is secured by the interest of the related Mortgagor
under a Ground Lease, even if the corresponding fee interest is encumbered, promptly (and in any event within 60 days following
the later of the Closing Date or its receipt of a copy of the Ground Lease) notify the related ground lessor of the transfer of
such Mortgage Loan to the Trust Fund pursuant to this Agreement and inform such ground lessor that any notices of default under
the related Ground Lease should thereafter be forwarded to the Master Servicer. The Master Servicer shall forward to the Special
Servicer any written notice of default under a ground lease.

 

(c)          The Master Servicer and
the Special Servicer shall each promptly prepare or cause to be prepared and deliver to each Serviced Companion Loan Holder a written
report, prepared in the manner set forth in Section 4.02, of each inspection performed by it with respect to the related
Mortgaged Property and Serviced Companion Loan related thereto.

 

(d)          The Master Servicer is
hereby authorized to exercise any rights granted under the applicable Outside Servicing Agreement in favor of the Trust (or a party
on its behalf) as the holder of each Outside Serviced Mortgage Loan to obtain information from the

 

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related Outside Servicer (or
other similar parties with an obligation to make advances) in connection with making nonrecoverability determinations. The Master
Servicer shall promptly deliver to any related Outside Servicer, upon request, such information in the Master Servicer’s
possession as the related Outside Servicer reasonably requests in order to determine whether an advance similar to a P&I Advance
would be “nonrecoverable.”

 

(e)          If required under the
related Co-Lender Agreement, the Master Servicer shall promptly deliver to each Serviced Companion Loan Holder or provide electronically:
(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 this Agreement with respect to the Mortgaged Properties securing the related Serviced Companion Loan.

 

Section 3.19          Lock-Box Accounts,
Escrow Accounts.

 

Except with respect to the Outside
Serviced Mortgage Loans, the Master Servicer shall administer each Lock-Box Account and Escrow Account in accordance with the related
Mortgage or Loan Agreement or Lock-Box Agreement, if any, and administer any letters of credit pursuant to the related letter of
credit agreement and the Loan Documents.

 

Notwithstanding the foregoing,
to the extent that any cash amounts are held in an Escrow Account or other cash collateral account and the mortgagee under the
related Loan Documents is permitted, but not required, to apply such amounts to prepay the related Mortgage Loan (or Serviced Loan
Combination), neither the Master Servicer nor the Special Servicer shall apply such amounts to prepay the Mortgage Loan (or Serviced
Loan Combination) until after the occurrence of an event of default under the Mortgage Loan that may result in the Mortgage Loan
(or Serviced Loan Combination) being accelerated or becoming a Specially Serviced Loan.

 

Section 3.20          Property Advances.

 

(a)          Except with respect to
an Outside Serviced Mortgage Loan, the Master Servicer (or, to the extent provided in Section 3.20(b) of this Agreement,
the Trustee) shall make any Property Advances as and to the extent incidental to the performance of its duties under this Agreement
or otherwise required pursuant to the terms hereof; provided that no Property Advances shall be made with regard to a Subordinate
Companion Loan if the related Mortgage Loan is no longer held by the Trust. The Special Servicer shall give the Master Servicer,
the Trustee and any affected Serviced Companion Loan Holder not less than five (or, in the case of Emergency Advances pursuant
to Section 3.20(e) of this Agreement, two) Business Days’ written notice before the date on which the Master Servicer
is requested to make any Property Advance with respect to a given Specially Serviced Loan or REO Property (other than an REO Property
related to an Outside Serviced Mortgage Loan). In addition, the Special Servicer shall provide the Master Servicer, the Trustee
and any affected Serviced Companion Loan Holder with such information in its possession as the Master Servicer, the Trustee or
such Serviced Companion Loan Holder, as applicable, may reasonably request to enable the Master Servicer or the Trustee, as applicable,
to determine whether a requested Property Advance would constitute a Nonrecoverable Advance. Any such notice by the Special Servicer
to the Master Servicer of a required Property Advance shall be deemed to be a determination by the Special Servicer that such requested
Property Advance is not a Nonrecoverable Advance, and the Master Servicer

 

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shall be entitled to conclusively rely on such determination.
In the absence of a determination by the Special Servicer that a Property Advance is a Nonrecoverable Advance, all determinations
of recoverability with respect to Property Advances to be made (or contemplated to be made) by the Master Servicer or the Trustee
will remain with the Master Servicer or the Trustee, as applicable. On the fourth Business Day before each Distribution Date, the
Special Servicer shall report to the Master Servicer the Special Servicer’s determination as to whether any Property Advance
previously made with respect to a Specially Serviced Loan is a Nonrecoverable Advance promptly after making such determination.
The Master Servicer and the Trustee shall be entitled to conclusively rely on and shall be bound by such a determination and shall
be bound by a determination by the Special Servicer that a Property Advance previously made or contemplated to be made with respect
to a Specially Serviced Loan is or would be a Nonrecoverable Advance. Although the Special Servicer may determine whether a Property
Advance is a Nonrecoverable Advance, the Special Servicer will have no right to (i) make an affirmative determination that any
Property Advance previously made or to be made (or contemplated to be made) by the Master Servicer or the Trustee is, or would
be, recoverable or (ii) reverse any determination that may have been made by the Master Servicer or the Trustee or to prohibit
the Master Servicer or the Trustee from making a determination that any Property Advance constitutes or would constitute a Nonrecoverable
Advance; provided that this sentence will not be construed to limit the Special Servicer’s right to make a determination
that a Property Advance to be made (or contemplated to be made) would be, or a previously made Advance is, a Nonrecoverable Advance,
as described in this Section 3.20. The Master Servicer and the Special Servicer shall consider Unliquidated Advances in
respect of prior Property Advances for the purposes of non-recoverability determinations as if such amounts were unreimbursed Property
Advances.

 

For purposes of distributions
to Certificateholders and Serviced Companion Loan Holders and compensation to the Master Servicer or the Trustee, Property Advances
shall not be considered to increase the principal balance of any Mortgage Loan or Serviced Loan Combination, notwithstanding that
the terms of such Mortgage Loan or Serviced Loan Combination so provide.

 

(b)          The Master Servicer shall
notify the Trustee, the Special Servicer and any related Serviced Companion Loan Holder in writing promptly upon, and in any event
within one (1) Business Day after, becoming aware that it will be unable to make any Property Advance required to be made pursuant
to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Property Advance, the Person
to whom it will be paid, and the circumstances and purpose of such Property Advance, and shall set forth therein information and
instructions for the payment of such Property Advance, and, on the date specified in such notice for the payment of such Property
Advance, or, if the date for payment has passed or if no such date is specified, then within five (5) Business Days following such
notice, the Trustee, subject to the provisions of Section 3.20(c) of this Agreement, shall pay the amount of such Property
Advance in accordance with such information and instructions. Any notice to the Trustee pursuant to this Section shall be deemed
to be given to a Responsible Officer of the Trustee if made in accordance with Section 12.04 of this Agreement.

 

(c)          Neither the Master Servicer
nor the Trustee shall be obligated to make a Property Advance as to any Mortgage Loan or Serviced Loan Combination or REO Property
if the Master Servicer or the Trustee, as applicable, determines that such Advance will be a

 

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Nonrecoverable Advance. The determination
by any Person with an obligation hereunder to make Property Advances that it has made a Nonrecoverable Advance or that any proposed
Property Advance, if made, would constitute a Nonrecoverable Advance or a determination by the Special Servicer that a Property
Advance previously made or proposed to be made is or would, if made, constitute a Nonrecoverable Advance, shall be made by such
Person (i) in the case of the Master Servicer or the Special Servicer, in accordance with the Servicing Standard and (ii) in the
case of the Trustee, in accordance with its good faith business judgment and shall be evidenced by an Officer’s Certificate
delivered on or prior to the next Master Servicer Remittance Date to (1) the affected Serviced Companion Loan Holders or their
Companion Loan Holder representatives (and the related master servicer and special servicer under any related Other Pooling and
Servicing Agreement, if applicable), in the case of any Serviced Loan Combination, (2) the Trustee (unless it is the Person making
the determination), (3) the Controlling Class Representative (prior to the occurrence and continuance of a Control Termination
Event), (4) in the case of a Property Advance with respect to any Serviced Outside Controlled Loan Combination, the related Outside
Controlling Note Holder, (5) the Master Servicer (unless it is the Person making the determination), (6) the Special Servicer (unless
it is the Person making the determination), and (7) the Depositor (if the Trustee is making the determination), setting forth the
basis for such determination, together with any other information that supports such determination together with a copy of any
Appraisal of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall be an expense of the Trust
Fund, shall take into account any material change in circumstances of which such Person is aware or such Person has received new
information, either of which has a material effect on the value and shall have been conducted in accordance with the standards
of the Appraisal Institute within the twelve months preceding such determination of nonrecoverability), and further accompanied
by related Mortgagor operating statements and financial statements, budgets and rent rolls of the related Mortgaged Property (to
the extent available and/or in such Person’s possession) and any engineers’ reports, environmental surveys or similar
reports that such Person may have obtained and that support such determination. In connection with a determination by the Special
Servicer, the Master Servicer or the Trustee as to whether a Property Advance previously made or to be made constitutes or would
constitute a Nonrecoverable Advance:

 

(A)     any such Person
will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related Mortgage Loan
or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged Properties in
their “as is” or then current conditions and occupancies, as modified by such party’s assumptions regarding the
possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider (among other
things) future expenses and to estimate and consider (among other things) the timing of recoveries;

 

(B)     any such Person
may update or change its recoverability determinations at any time (but not reverse any other Person’s determination that
an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals or market value
estimates or other information as reasonably may be required for such purposes;

 

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(C)      the Special
Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed Property Advance,
if made, would be a Nonrecoverable Advance or that any outstanding Property Advance is a Nonrecoverable Advance and may deliver
to the Master Servicer, the Trustee, the Controlling Class Representative (prior to the occurrence and continuance of a Consultation
Termination Event) and, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan Combination, the related
Outside Controlling Note Holder notice of such determination, which determination shall be conclusive and binding on the Master
Servicer and the Trustee (but this statement shall not be construed to entitle the Special Servicer to reverse any other authorized
Person’s determination, or to prohibit any such other authorized Person from making a determination, that a Property Advance
constitutes or would constitute a Nonrecoverable Advance);

 

(D)     the Trustee
shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a Property Advance
is or, if made, would be a Nonrecoverable Advance, and the Master Servicer shall be entitled to rely, conclusively, on any determination
by the Special Servicer that a Property Advance is or, if made, would be a Nonrecoverable Advance;

 

(E)      any non-recoverability
determination by the Master Servicer or the Special Servicer pursuant to this Section 3.20 with respect to the non-recoverability
of Property Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination by the Special
Servicer) and the Trustee; and

 

(F)      notwithstanding
the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any
Property Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance
with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination
by the Special Servicer that any Property Advance would be recoverable.

 

(d)          The Master Servicer, the
Special Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances made by any of
them to the extent permitted pursuant to Section 3.06(a)(ii) or Section 3.06A(a)(ii) of this Agreement, together
with any related Advance Interest Amount in respect of such Property Advances, and the Master Servicer and the Special Servicer,
as applicable, hereby covenant and agree to use efforts consistent with the Servicing Standard to obtain the reimbursement of such
Property Advances from the related Mortgagors to the extent permitted by applicable law and the related Loan Documents.

 

(e)          Notwithstanding anything
to the contrary contained in this Agreement, if a Property Advance is required to be made under this Agreement with respect to
any Specially Serviced Loan or REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan), the Special
Servicer shall request that the Master Servicer make such Property

 

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Advance, such request to be made, in writing, at least five
(5) Business Days (or, in the case of an Emergency Advance, two (2) Business Days, provided that the written request sets
forth the nature of the emergency or the basis of the urgency) in advance of the date on which such Property Advance is required
to be made hereunder and to be accompanied by such information and documentation regarding the subject Property Advance as the
Master Servicer may reasonably request, subject to the Master Servicer’s right to determine that such Property Advance does
not constitute or would not constitute a Nonrecoverable Advance. The Master Servicer shall have the obligation to make any such
Property Advance that it is so requested by the Special Servicer to make, within five (5) Business Days (or, in the case of an
Emergency Advance, two (2) Business Days) of the Master Servicer’s receipt of such request. The Special Servicer shall have
no obligation to make any Property Advance; provided that the Special Servicer may in its sole discretion elect to make
an Emergency Advance, and the Master Servicer shall reimburse the Special Servicer for such Property Advance (with interest thereon),
provided that such Advance is not determined by the Master Servicer, in accordance with the Servicing Standard, to be nonrecoverable.
The Master Servicer shall be entitled to reimbursement for any Advance made by it at the direction of the Special Servicer, together
with interest thereon at the same time, in the same manner and to the same extent as the Master Servicer is entitled with respect
to any other Advances made thereby.

 

(f)          Within five (5) Business
Days of making an Emergency Advance pursuant to the proviso to the penultimate sentence of Section 3.20(e), the Special
Servicer shall deliver to the Master Servicer request for reimbursement for such Emergency Advance, along with all information
and documentation regarding the subject Emergency Advance as the Master Servicer may reasonably request, and the Master Servicer
shall be obligated, out of such Master Servicer’s own funds, to reimburse the Special Servicer for any such unreimbursed
Emergency Advances (other than any Emergency Advance determined by the Master Servicer, in accordance with Section 3.20(c)
of this Agreement, to be a Nonrecoverable Property Advance) made by the Special Servicer pursuant to the proviso to the penultimate
sentence of Section 3.20(e), together with interest thereon at the Advance Rate from the date made to, but not including,
the date of reimbursement. Such reimbursement and any accompanying payment of interest shall be made within five (5) Business Days
of the written request therefor pursuant to the preceding sentence by wire transfer of immediately available funds to an account
designated in writing by the Special Servicer. Upon the Master Servicer’s reimbursement to the Special Servicer of any Emergency
Advance and payment to the Special Servicer of interest thereon, all in accordance with this Section 3.20(f), the Master
Servicer shall for all purposes of this Agreement be deemed to have made such Emergency Advance at the same time as the Special
Servicer actually made such Emergency Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed for such
Emergency Advance, together with interest thereon at the Advance Rate, at the same time, in the same manner and to the same extent
as the Master Servicer would otherwise have been entitled if it had actually made such Emergency Advance at the time the Special
Servicer did. Notwithstanding the foregoing provisions of this Section 3.20(f), the Master Servicer shall not be required
to reimburse the Special Servicer for any Emergency Advance if the Master Servicer determines in accordance with Section 3.20(c)
of this Agreement that such Emergency Advance, although not characterized by the Special Servicer as a Nonrecoverable Property
Advance, is in fact a Nonrecoverable Property Advance. The Master Servicer shall notify the Special Servicer in writing of such
determination and, if applicable, such

 

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Nonrecoverable Property Advance shall be reimbursed to the Special Servicer pursuant to
Section 3.06(a) of this Agreement.

 

Section 3.21          Appointment
of Special Servicer; Asset Status Reports.

 

(a)          Wells Fargo Bank, National
Association is hereby appointed as the initial Special Servicer to specially service each of the Mortgage Loans (other than the
Outside Serviced Mortgage Loans) and each Serviced Loan Combination.

 

(b)          The Special Servicer,
at the earlier of (x) within 60 days after a Servicing Transfer Event occurs and (y) prior to taking action with respect to any
Major Decision (or making a determination not to take action with respect to a Major Decision) with respect to a Specially Serviced
Loan, shall prepare a report (the “Asset Status Report”) for the related Mortgage Loan or Serviced Loan Combination.
Each Asset Status Report will be delivered in electronic format to the Operating Advisor (but only after the occurrence and during
the continuance of a Control Termination Event), the related Directing Holder (but, if the Controlling Class Representative is
the related Directing Holder, only prior to the occurrence and continuance of a Consultation Termination Event and only if the
related Specially Serviced Loan is not an Excluded Mortgage Loan), the Certificate Administrator, the related Serviced Companion
Loan Holder (in the case of a Serviced Loan Combination) and, for posting to the Rule 17g-5 Information Provider’s Website
pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider; provided, however, the Special
Servicer shall not be required to deliver an Asset Status Report to the related Directing Holder if they are the same entity. Such
Asset Status Report shall be consistent with the Servicing Standard and set forth the following information to the extent reasonably
determinable:

 

(i)           summary
of the status of the related Mortgage Loan or Serviced Loan Combination and any negotiations with the Mortgagors;

 

(ii)          if a Servicing
Transfer Event has occurred and is continuing:

 

(A)     a discussion
of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the Mortgage Loan or Serviced Loan Combination and whether outside legal counsel has been retained;

 

(B)      the most current
rent roll and income or operating statement available for the related Mortgaged Properties;

 

(C)      the Special
Servicer’s recommendations on how the related Mortgage Loan might be returned to performing status or otherwise realized
upon;

 

(D)     a copy of the
last obtained Appraisal of the Mortgaged Property;

 

(E)      the status of
any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto and the
status of

 

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any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under the
related Mortgage Loan or Serviced Loan Combination;

 

(F)      a description
of any amendment, modification or waiver of a material term of any ground lease; and

 

(G)      if the Special
Servicer elects to proceed with a non-judicial foreclosure, then a statement as to (i) whether there was a violation of a non-recourse
carve-out under the related Mortgage Loan or Serviced Loan Combination and (ii) any determination not to pursue a deficiency judgment
against the related Mortgagor or guarantor;

 

(iii)         a description
of any such proposed or taken actions;

 

(iv)         the alternative
courses of action that were or are being considered by the Special Servicer in connection with the proposed or taken actions;

 

(v)          the decision
that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special Servicer’s
rationale for its proposed decision, including its rejection of the alternatives;

 

(vi)         an analysis
of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis than
not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present
value calculation (including the applicable Calculation Rate used) and all related assumptions; and

 

(vii)        such other
information as the Special Servicer deems relevant in light of the proposed or taken action and the Servicing Standard.

 

If any related Outside Controlling
Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class Representative (if any other
Serviced Loan(s) (other than any Excluded Mortgage Loan) are involved and a Control Termination Event does not exist), as applicable,
does not disapprove an Asset Status Report in writing within 10 Business Days of receiving such Asset Status Report, then the related
Directing Holder shall be deemed to have approved such Asset Status Report and the Special Servicer shall implement the recommended
action as outlined in such Asset Status Report; provided, however, that the Special Servicer may not take any action
that is contrary to applicable law, the Servicing Standard or the terms of the applicable Loan Documents. If the related Directing
Holder disapproves such Asset Status Report within 10 Business Days of receipt (and, if the Controlling Class Representative is
the related Directing Holder, a Control Termination Event does not exist and such Asset Status Report does not relate to an Excluded
Mortgage Loan) and the Special Servicer has not made the affirmative determination contemplated below, the Special Servicer will
revise such Asset Status Report and deliver to the Operating Advisor (after the occurrence and during the continuance of a Control
Termination Event), related Directing Holder (but, if the Controlling Class Representative is the related Directing Holder, only
prior to the occurrence and continuance of a Consultation Termination Event and only if such Asset Status Report does not relate
to an

 

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Excluded Mortgage Loan), the Certificate Administrator, any related Serviced Companion Loan Holder(s) (in the case of a Serviced
Loan Combination) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this
Agreement, the Rule 17g-5 Information Provider a new Asset Status Report as soon as practicable, but in no event later than 30
days after such disapproval. The Special Servicer shall revise such Asset Status Report as described above until the related Directing
Holder shall fail to disapprove such revised Asset Status Report in writing within 10 Business Days of receiving such revised Asset
Status Report (but, if the Controlling Class Representative is the related Directing Holder, only if a Control Termination Event
does not exist and only if an Excluded Mortgage Loan is not involved) or until the Special Servicer makes a determination, consistent
with the Servicing Standard, that such objection is not in the best interests of all the Certificateholders and, if applicable,
the related Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders, and/or Serviced Companion Loan
Holder(s), if applicable, constitute a single lender (and, in the case of a Serviced AB Loan Combination, taking into account the
subordinate nature of the related Subordinate Companion Loan)). The Special Servicer may, from time to time, modify any Asset Status
Report it has previously delivered and implement such report, provided such report shall have been prepared, reviewed and
not rejected pursuant to the terms of this Section. If the related Directing Holder does not approve an Asset Status Report within
60 Business Days from the first submission thereof, the Special Servicer shall take such action as directed by the related Directing
Holder (but, if the Controlling Class Representative is the related Directing Holder, only if a Control Termination Event does
not exist and only if an Excluded Mortgage Loan is not involved), provided such action does not violate the Servicing Standard.
Notwithstanding the foregoing, if the Special Servicer determines that emergency action is necessary to protect the related Mortgaged
Property or the interests of the Certificateholders and any related Serviced Companion Loan Holder(s), or if a failure to take
any such action at such time would be inconsistent with the Servicing Standard, the Special Servicer may take actions with respect
to the related Mortgaged Property before the expiration of a 10 Business Day period if the Special Servicer reasonably determines
in accordance with the Servicing Standard that failure to take such actions before the expiration of a 10 Business Day period would
materially and adversely affect the interest of the Certificateholders and any related Serviced Companion Loan Holder(s) (if applicable)
and the Special Servicer has made a reasonable effort to contact the related Directing Holder (during the period that such Directing
Holder has approval rights). The foregoing shall not relieve the Special Servicer of its duties to comply with the Servicing Standard.
To the extent that the Special Servicer received notice of an Excluded Controlling Class Mortgage Loan (in the form of Exhibit
M-1C or M-1D), any Asset Status Report or Excluded Information delivered with respect to an Excluded Controlling Class
Mortgage Loan shall be labeled by the Special Servicer with “Excluded Information” followed by the loan number and
loan name.

 

After the occurrence and during
the continuance of a Control Termination Event, the Special Servicer shall consult on a non-binding basis with the Operating Advisor
in connection with each Asset Status Report prior to finalizing and executing such Asset Status Report and the Operating Advisor
shall propose, by written notice, alternative courses of action within 10 days of receipt of each Asset Status Report to the extent
the Operating Advisor determines such alternatives to be in the best interest of the Certificateholders (including any Certificateholders
that were previously included in the Control Eligible Classes), as a collective whole as if such Certificateholders constituted
a single lender. In addition, after the occurrence

 

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 and during the continuance of a Control Termination Event, but prior to the
occurrence and continuance of a Consultation Termination Event, the Special Servicer shall also consult on a non-binding basis
with the Controlling Class Representative in connection with each related Asset Status Report (other than any Asset Status Report
with respect to an Excluded Mortgage Loan) prior to finalizing and executing such Asset Status Report and the Controlling Class
Representative shall be permitted to propose alternative courses of action within 10 days of receipt of each Asset Status Report
(other than any Asset Status Report with respect to an Excluded Mortgage Loan). Furthermore, with respect to a Serviced Loan Combination,
at all times if and to the extent so provided in the related Co-Lender Agreement, any related Serviced Pari Passu Companion Loan
Holder (or its Companion Loan Holder Representative) shall be entitled to consult on a non-binding basis with the Special Servicer
and propose alternative courses of action in respect of any Asset Status Report; provided that, in the case of a Serviced
Outside Controlled Loan Combination, a related Serviced Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative)
may be the related Outside Controlling Note Holder. The Special Servicer shall consider any such proposals from (a) the Operating
Advisor (during the continuance of a Control Termination Event) (b) the Controlling Class Representative (during the continuance
of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event and only with respect
to any Serviced Loan that is not an Excluded Mortgage Loan) or (c) with respect to any Serviced Companion Loan, any related Serviced
Pari Passu Companion Loan Holder (or its Companion Loan Holder Representative) (if and when provided in the related Co-Lender Agreement),
as applicable, and determine whether any changes to its proposed Asset Status Report should be made, such determination being made
in accordance with the Servicing Standard and the other terms of this Agreement. In the event that the Operating Advisor, the Controlling
Class Representative, the related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), or the related
Outside Controlling Note Holder, as applicable, does not propose alternative courses of action within 10 days after receipt of
such Asset Status Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

Notwithstanding anything to
the contrary herein: (i) after the occurrence and during the continuance of a Consultation Termination Event, the Controlling
Class Representative shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with
respect to any matter set forth therein; (ii) after the occurrence and during the continuance of a Control Termination Event,
the Controlling Class Representative shall have no right to consent or object to any Asset Status Report under this Section
3.21(b); and (iii) from and after the Closing Date, the Controlling Class Representative shall have no right to receive any
Asset Status Report related to an Excluded Mortgage Loan or otherwise to consent or object thereto under this Section 3.21(b) or consult with the Special Servicer with respect to any matter set forth therein.

 

(c)          Subject to Section
3.21(b) of this Agreement, during the continuance of a Servicing Transfer Event, the Special Servicer shall have the authority
to meet with the related Mortgagors and take any actions consistent with the Servicing Standard and the most recent Asset Status
Report for the related Mortgage Loan.

 

(d)          Upon request of any Certificateholder
(or any Certificate Owner, if applicable, which shall have provided the Certificate Administrator with an Investor

 

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Certification),
the Certificate Administrator shall mail, without charge, to the address specified in such request a copy of the Final Asset Status
Report for each Specially Serviced Loan; provided that an Excluded Controlling Class Holder shall not be provided with any
Final Asset Status Report (or copy thereof) with respect to any Excluded Controlling Class Mortgage Loan with respect to which
such Excluded Controlling Class Holder is a Borrower Party.

 

(e)          Prior to the occurrence
and continuance of a Control Termination Event, the Special Servicer shall deliver to the Operating Advisor only each related Final
Asset Status Report.

 

(f)           Notwithstanding the foregoing,
the Special Servicer shall not follow any advice, direction or consultation provided by the Operating Advisor, any Serviced Companion
Loan Holder, any Companion Loan Holder Representative or the related Directing Holder that would require or cause the Special Servicer
to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the Special Servicer to violate provisions
of this Agreement, require or cause the Special Servicer to violate the terms of any Mortgage Loan or Serviced Loan Combination,
expose any Certificateholder or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit
or liability, cause either Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust
for federal income tax purposes, result in the imposition of a “prohibited transaction” or “prohibited contribution”
tax under the REMIC Provisions or materially expand the scope of any Special Servicer’s responsibilities under this Agreement
or any Co-Lender Agreement. In addition, the Special Servicer is under no obligation to act upon any recommendation of the Operating
Advisor.

 

Section 3.22          Transfer of
Servicing Between Master Servicer and Special Servicer; Record Keeping.

 

(a)          Upon determining that
any Serviced Loan has become a Specially Serviced Loan, the Master Servicer shall promptly give written notice thereof to the Special
Servicer, any related Serviced Companion Loan Holder (in the case of a Serviced Loan Combination), the Operating Advisor, the Certificate
Administrator, the Trustee, the related Directing Holder (prior to the occurrence and continuance of a Consultation Termination
Event with respect to the related Mortgage Loan) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider and shall promptly deliver a copy of the Servicing
File to the Special Servicer and concurrently provide a copy of such Servicing File to the Operating Advisor and shall use its
reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents constituting
the Mortgage File, but including copies thereof) and records (including records stored electronically on computer tapes, magnetic
discs and the like) relating to such Serviced Loan and reasonably requested by the Special Servicer to enable it to assume its
duties hereunder with respect thereto without acting through a Sub-Servicer. The Master Servicer shall use its reasonable efforts
to comply with the preceding sentence within five (5) Business Days of the date such Serviced Loan became a Specially Serviced
Loan and in any event shall continue to act as Master Servicer and administrator of such Serviced Loan until the Special Servicer
has commenced the servicing of such Serviced Loan, which shall occur upon the receipt by the Special Servicer of the Servicing
File. With respect to each such Serviced

 

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Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related
Mortgagor to continue to remit all payments in respect of such Serviced Loan to the Master Servicer. The Master Servicer shall
forward any notices it would otherwise send to the Mortgagor of such a Specially Serviced Loan to the Special Servicer who shall
send such notice to the related Mortgagor.

 

Upon determining that a Specially
Serviced Loan has become a Corrected Loan, the Special Servicer shall promptly give written notice thereof to the Master Servicer,
the Trustee, the Operating Advisor, the Certificate Administrator, any related Serviced Companion Loan Holder, the related Directing
Holder (prior to the occurrence and continuance of a Consultation Termination Event with respect to the related Mortgage Loan)
and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the
Rule 17g-5 Information Provider and, upon giving such notice and the return of the Servicing File to the Master Servicer, such
Serviced Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the definition of Specially Serviced
Loans, the Special Servicer’s obligation to service such Serviced Loan shall terminate and the obligations of the Master
Servicer to service and administer such Serviced Loan as a Serviced Loan that is not a Specially Serviced Loan shall resume. In
addition, if the related Mortgagor has been instructed, pursuant to the preceding paragraph, to make payments to the Special Servicer,
upon such determination, the Special Servicer shall instruct the related Mortgagor to remit all payments in respect of such Specially
Serviced Loan directly to the Master Servicer.

 

(b)          In servicing any Specially
Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within the definition of “Mortgage
File” for inclusion in the related Mortgage File (to the extent such documents are in the possession of the Special Servicer)
and copies of any additional related Serviced Loan information, including correspondence with the related Mortgagor, and the Special
Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies of any analysis or internal
review prepared by or for the benefit of the Special Servicer.

 

(c)          Notwithstanding the provisions
of subsections (a) and (b) of this Section 3.22, the Master Servicer shall maintain ongoing payment records with respect
to each of the Specially Serviced Loans and, upon request, shall provide the Special Servicer and the Operating Advisor with any
information reasonably required by the Special Servicer or the Operating Advisor to perform its duties under this Agreement to
the extent such information is within the Master Servicer’s possession. Upon request, the Special Servicer shall provide
the Master Servicer and the Operating Advisor with any information reasonably required by the Master Servicer or the Operating
Advisor to perform its duties under this Agreement to the extent such information is within the Special Servicer’s possession.

 

Section
3.23          Interest Reserve Account. The Certificate
Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on
behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and
maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except
during a leap year) or February (commencing in 2017) (unless, in either such case, the related Distribution Date is the final
Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit

 

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into the Interest Reserve
Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of
days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated
Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the
month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in
respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld
Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date
occurs in such month) of each calendar year, the Certificate Administrator shall transfer to the Lower-Tier REMIC
Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

 

Section 3.24          Modifications,
Waivers and Amendments.

 

(a)          (i) With respect to Performing
Serviced Loans, the Master Servicer (subject to the Special Servicer’s consent, except as set forth in the last paragraph
of this Section 3.24(a)), or (ii) with respect to Specially Serviced Loans, the Special Servicer, in each case subject to
any applicable consultation rights of the Operating Advisor, any applicable consent and/or consultation rights of the related Directing
Holder (if any) and, to the extent required in accordance with the related Co-Lender Agreement, any applicable consultation rights
of any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative), may modify, waive or amend any term
of any Serviced Loan if such modification, waiver or amendment (A) is consistent with the Servicing Standard and (B) would not
constitute a “significant modification” of such Serviced Loan pursuant to Treasury Regulations Section 1.860G-2(b)
and would not otherwise (1) cause either Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify
as a grantor trust under subpart E, part I of subchapter J of the Code for federal income tax purposes or (2) result in the imposition
of a tax upon either Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions”
as defined in Code Section 860F(a)(2) and the tax on contributions to a REMIC set forth in Code Section 860G(d), but not including
the tax on “net income from foreclosure property” under Code Section 860G(c)). The Master Servicer and the Special
Servicer may rely on an Opinion of Counsel with respect to the determination described in clause (B) of the immediately preceding
sentence.

 

In addition, with respect to
Performing Serviced Loans, to the extent any modification, waiver, amendment, consent or other action (i) constitutes a Major Decision
and/or (ii) is not the responsibility of the Master Servicer pursuant to the last paragraph of this Section 3.24(a), the
Master Servicer shall obtain the consent of the Special Servicer, and, in each case, to the extent any modification, waiver, amendment,
consent or other action constitutes a Major Decision, the Special Servicer shall obtain the consent of the related Outside Controlling
Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling Class Representative (if any other
Serviced Loan(s) (exclusive of any Excluded Mortgage Loan(s)) are involved and a Control Termination Event does not exist), as
applicable. The Special Servicer shall also obtain the consent of the related Outside Controlling Note Holder (if a Serviced Outside
Controlled Loan Combination is involved) or the Controlling Class Representative (if any other Serviced Loan(s) (exclusive of any
Excluded Mortgage Loan(s)) are involved and a Control Termination Event does not exist), as applicable, with respect to any modification,

 

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waiver, amendment, consent or other action that constitutes a Major Decision with regard to any Specially Serviced Loan.

 

No modification, waiver or amendment
of any Co-Lender Agreement related to a Serviced Loan, or any action to enforce rights with respect thereto, in each case, in a
manner that materially and adversely affects the rights, duties and obligations of the Special Servicer shall be permitted without
the prior written consent of the Special Servicer.

 

When the Special Servicer’s
consent is required with respect to any modification, waiver, amendment, consent or other action with regard to any Performing
Serviced Loan, the Master Servicer shall promptly provide the Special Servicer with written notice of any request for such modification,
waiver, amendment, consent or other action, accompanied by the Master Servicer’s written recommendation and analysis and
any and all information in the Master Servicer’s possession or reasonably available to it that the Special Servicer or, with
respect to a Major Decision, the related Directing Holder may reasonably request in order to withhold or grant its consent, and
in all cases the Special Servicer shall be entitled (subject to, with respect to Major Decision, in each case if applicable, the
consultation rights of the Operating Advisor, the consent and/or consultation rights of the related Directing Holder and/or the
consultation rights of any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) to approve or disapprove
such modification, waiver, amendment, consent or other action. Subject to Section 3.09 of this Agreement, the Special Servicer
shall have 15 Business Days (or, with respect to a Serviced Loan Combination, such longer period as required by the related Co-Lender
Agreement for review by any related Serviced Companion Loan Holder or its Companion Loan Holder Representative) (or 60 days with
respect to an Acceptable Insurance Default), from the date that the Special Servicer receives the Master Servicer’s written
analysis and recommendation and any supporting information it requested from the Master Servicer, to analyze and approve such modification,
waiver, amendment, consent or other action and, prior to the end of such 15 Business Day period or such longer period if required
by the applicable Co-Lender Agreement or 60-day period (with respect to an Acceptable Insurance Default), as applicable, the Special
Servicer shall notify the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved)
or the Controlling Class Representative (if any other Serviced Loan(s) (exclusive of any Excluded Mortgage Loan(s)) are involved
and a Control Termination Event does not exist), as applicable, of such request for approval of each such modification, waiver,
amendment, consent or other action that constitutes a Major Decision and provide its written analysis and recommendation with respect
thereto. Following such notice, the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination
is involved) or the Controlling Class Representative (if any other Serviced Loan(s) are involved and a Control Termination Event
does not exist), as applicable, shall have 10 Business Days (or, in the case of a determination of an Acceptable Insurance Default,
20 days) from the date it receives from the Special Servicer the recommendation and analysis of the Master Servicer or the Special
Servicer, as applicable, and any other information it may reasonably request (or, with respect to a Serviced Loan Combination,
such longer time period as may be provided in the related Co-Lender Agreement) to approve any recommendation of the Special Servicer
or the Master Servicer relating to any request for approval. In any such event, if the related Directing Holder does not respond
to a request for approval by 5:00 p.m. on the 10th Business Day (or, with respect to a Serviced Loan Combination, such longer time
period as may be provided in the related Co-Lender Agreement) or 20th day, as applicable, after receipt

 

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of the applicable recommendation
and analysis and other requested information as set forth in the preceding sentence, the Special Servicer or the Master Servicer,
as applicable, may deem its recommendation approved by the related Directing Holder, and if the Special Servicer does not respond
to a request for approval within the required 15 Business Days (or, with respect to a Serviced Loan Combination, such longer time
period if required by the related Co-Lender Agreement) or 60 days (with respect to an Acceptable Insurance Default), as applicable,
the Master Servicer may deem its recommendation approved by the Special Servicer.

 

With respect to any Performing
Serviced Loan, and subject to the rights of the Special Servicer and the related Directing Holder under Section 6.09 of
this Agreement, the Master Servicer, without the consent of the Special Servicer, shall be responsible to determine whether to
consent to or approve any request by the related Mortgagor with respect to the following (each of the following, a “Master
Servicer Decision”):

 

(A)     approving routine
leasing activities that (1) do not involve a ground lease or lease of an outparcel, (2) affect an area less than the lesser of
(i) 20,000 square feet and (ii) 20% of the net rentable area of the related Mortgaged Property and (3) is not with respect to a
lease that otherwise constitutes a “major lease” or “material lease,” if applicable, under the related
Loan Documents;

 

(B)      approving annual
budgets for the related Mortgaged Property; provided that no such budget (i) provides for the payment of operating expenses in
an amount equal to more than 110% of the amounts budgeted therefor for the prior year or (ii) provides for the payment of any material
expenses to any Affiliate of the related Mortgagor (other than the payment of a management fee to any property manager if such
management fee is no more than the management fee in effect on the Cut-Off Date);

 

(C)      subject to other
restrictions in this Agreement regarding Principal Prepayments, waiving any provision of a Serviced Loan requiring a specified
number of days’ notice prior to a Principal Prepayment;

 

(D)      approving non-material
modifications, consents or waivers (other than modifications, consents or waivers specifically prohibited under this Section
3.24) in connection with a defeasance permitted by the terms of this Agreement, and subject to the conditions set forth in
Sections 3.09 and 3.24 of this Agreement including, in certain cases, delivery of an Opinion of Counsel (which Opinion
of Counsel shall be at the expense of the related Mortgagor) to the effect that such modification, waiver or consent would not
cause either Trust REMIC to fail to qualify as a REMIC under the Code or result in a “prohibited transaction” under
the REMIC Provisions or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes;

 

(E)      granting waivers
of minor covenant defaults (other than financial covenants);

 

(F)      as permitted
under the related Loan Documents, payment from any escrow or reserve, except releases of any escrows, reserve accounts or letters
of

 

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credit held as performance escrows or reserves unless required pursuant to the specific terms of the related Serviced Loan and
for which there is no lender discretion;

 

(G)      for all Serviced
Mortgage Loans other than the Specified Serviced Mortgage Loans, subject to the satisfaction of any conditions precedent set forth
in the related Loan Documents, approving disbursements of any holdback amounts in accordance with the related Loan Documents; provided,
that such disbursements are required pursuant to the specific terms of the related Serviced Loan and for which there is no material
lender discretion;

 

(H)     approving any
immaterial waiver affecting the timing of receipt of financial statements from any Mortgagor; provided that such financial statements
are delivered no less often than quarterly and within 60 days after the end of the calendar quarter;

 

(I)       approving consents
with respect to non-material rights-of-way and non-material easements and consent to subordination of the related Serviced Loan
to such non-material rights-of-way or easements; provided, that the Master Servicer has determined in accordance with the
Servicing Standard that such right-of-way or easement does not materially interfere with the then-current use of the related Mortgaged
Property or the security intended to be provided by the related Mortgage and will not have a material adverse effect on the value
of such Mortgaged Property;

 

(J)       approving a
change of the property manager at the request of the related Mortgagor so long as (i) the successor property manager is not affiliated
with the related Mortgagor and is a nationally or regionally recognized manager of similar properties, and (ii) the subject Serviced
Mortgage Loan does not have an outstanding principal balance in excess of the lesser of $5,000,000 or 2% of the then aggregate
principal balance of the Mortgage Loans;

 

(K)     any non-material
modifications, waivers or amendments not provided for in clauses (A) through (J) above, which are necessary to cure any ambiguities
or to correct scrivener’s errors in the terms of the related Serviced Loan.

 

(b)          All modifications, waivers
or amendments of any Serviced Loan shall be in writing and shall be effected in a manner consistent with the Servicing Standard.
The Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Depositor,
any related Serviced Companion Loan Holder, any related Outside Controlling Note Holder, the Controlling Class Representative (prior
to the occurrence and continuance of a Consultation Termination Event), the Operating Advisor (after the occurrence and during
the continuance of a Control Termination Event) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant
to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider, in writing, of any modification, waiver or amendment
of any term of any Serviced Loan and the date thereof, and shall deliver a copy to the Trustee, any related Serviced Companion
Loan Holder (which, in the case of a Serviced Companion Loan that has been included in an Other Securitization Trust, shall be
deemed to be the related master servicer under

 

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the related Other Pooling and Servicing Agreement, unless the notifying party has
received written notice otherwise), any related Outside Controlling Note Holder, the Controlling Class Representative (prior to
the occurrence and continuance of a Consultation Termination Event) and the Operating Advisor (after the occurrence and during
the continuance of a Control Termination Event) and an original to the Trustee or the Custodian of the recorded agreement relating
to such modification, waiver or amendment within 15 Business Days following the execution and recordation thereof. For the avoidance
of doubt, the requirement with respect to the delivery of assumption or substitution agreements shall be governed by Section
3.09.

 

(c)          Subject to Section
3.30 of this Agreement, any modification of any Loan Documents that requires obtaining a Rating Agency Confirmation pursuant
to such Loan Documents, or any modification that would eliminate, modify or alter the requirement of obtaining a Rating Agency
Confirmation in such Loan Documents, shall not be made without obtaining a Rating Agency Confirmation. The Rating Agency Confirmation
shall be obtained at the related Mortgagor’s expense in accordance with the related Loan Agreement or, if not so provided
in such Loan Agreement or if such Mortgagor does not pay, at the expense of the Trust Fund.

 

(d)          Promptly after any Mortgage
Loan or Serviced Loan Combination becomes a Specially Serviced Loan, the Special Servicer shall request from the Certificate Administrator
the name of the current Controlling Class Representative and, if applicable, shall request from the Master Servicer the name of
the current related Serviced Companion Loan Holder. Upon receipt of the name of such current Controlling Class Representative from
the Certificate Administrator, the Special Servicer shall notify the Controlling Class Representative that such Mortgage Loan became
a Specially Serviced Loan. Upon receipt of the name of such current related Serviced Companion Loan Holder from the Master Servicer,
the Special Servicer shall notify the related Serviced Companion Loan Holder that the related Serviced Loan Combination became
a Specially Serviced Loan. The Certificate Administrator shall be responsible for providing the name of the current Controlling
Class Representative only to the extent the Controlling Class Representative has identified itself as such to the Certificate Administrator;
provided that if the Controlling Class Representative is determined pursuant to the proviso in the definition of “Controlling
Class Representative”, then (i) the Certificate Administrator shall determine which Class is the Controlling Class and (ii)
the Special Servicer shall request from the Certificate Administrator, and the Certificate Administrator shall request from the
Depository at the expense of the Trust, the list of Beneficial Holders of the Controlling Class, and the Certificate Administrator
shall provide such list to the Special Servicer and the Master Servicer at the expense of the Trust Fund.

 

(e)          [Reserved].

 

(f)           The Special Servicer or
Master Servicer may, as a condition to granting any request by a Mortgagor for consent to a modification, extension, waiver or
indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms of the instruments
evidencing or securing the related Mortgage Loan or Serviced Loan Combination and, further, pursuant to the terms of this Agreement
and applicable law, require that such Mortgagor pay to it a reasonable or customary fee for the additional services performed in
connection with such request and any related costs and expenses incurred by it; provided that the

 

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charging of such fee would
not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(g)          Notwithstanding anything
set forth in this Agreement, in no event shall the Special Servicer be permitted to:

 

(i)           extend the
Maturity Date of a Serviced Loan beyond a date that is 3 years prior to the Rated Final Distribution Date; or

 

(ii)          if the
Serviced Loan is secured by a ground lease, extend the Maturity Date of such Serviced Loan beyond a date which is 20 years or,
to the extent consistent with the Servicing Standard, giving due consideration to the remaining term of the ground lease, 10 years
prior to the end of the current term of such ground lease, plus any options to extend exercisable unilaterally by the related Mortgagor.

 

(h)          In connection with (i)
the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related Mortgage or (ii) the taking
of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent domain or condemnation, if the
related Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or require the Mortgagor
to provide such calculation to the Master Servicer or the Special Servicer, as applicable) the loan-to-value ratio of the remaining
Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property
or Mortgaged Properties, for purposes of REMIC qualification of the related Serviced Mortgage Loan, then, unless then permitted
by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any. In connection
with approving any such release or taking, the Master Servicer or Special Servicer, as applicable, shall calculate the loan-to-value
ratio in a manner consistent with the prior sentence, and if such calculation is greater than 125%, the Master Servicer or Special
Servicer, as applicable, will require a payment of principal in an amount equal to or greater than a “qualified amount”
as determined under Revenue Procedure 2010-30 or successor provisions unless the related Mortgagor provides an Opinion of Counsel
that if such amount is not paid the related Mortgage Loan will not fail to be a Qualified Mortgage.

 

(i)           If and to the extent that
the Trust, as holder of an Outside Serviced Mortgage Loan, is entitled to exercise any consent and/or consultation rights with
respect to modifications, waivers and amendments or certain other major decisions under the applicable Outside Servicing Agreement,
(a) such consent rights shall be exercised by the Master Servicer (if such Outside Serviced Mortgage Loan is not part of a “specially
serviced loan” (as such term or any analogous term is defined in the applicable Outside Servicing Agreement) and only to
the extent that the action would be considered a Master Servicer Decision) or the Special Servicer (if such Outside Serviced Mortgage
Loan is part of a “specially serviced loan” (as such term or any analogous term is defined in the applicable Outside
Servicing Agreement) or if the action would not be considered a Master Servicer Decision), with, in the case of a matter that would
be a Major Decision, the consent of the Controlling Class Representative unless a Control Termination Event exists or such Outside
Serviced Mortgage Loan is an Excluded Mortgage Loan, in each case in accordance with Section 3.01(i) and (b) any consultation
rights entitled to be exercised by the holders of such Outside Serviced Mortgage Loan shall be exercised by the

 

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Controlling Class
Representative (unless a Consultation Termination Event exists or such Outside Serviced Mortgage Loan is an Excluded Mortgage Loan).

 

Section 3.25          Additional
Obligations With Respect to Certain Mortgage Loans.

 

(a)          With respect to each Mortgage
Loan (other than an Outside Serviced Mortgage Loan) with a Stated Principal Balance in excess of $35,000,000, in connection with
any replacement of the Manager for the related Mortgaged Property, the Master Servicer or Special Servicer, as applicable, to the
extent permitted by the related Loan Documents, shall require a Rating Agency Confirmation and shall condition its consent to such
replacement on the Mortgagor paying for such Rating Agency Confirmation.

 

(b)          With respect to any Mortgage
Loan (other than an Outside Serviced Mortgage Loan), if any mezzanine loan is directly or indirectly secured by any equity interest
of the related Mortgagor, the Master Servicer (if (i) the related Mortgage Loan is a Performing Serviced Loan and (ii) the performance
of the particular obligation would not constitute a Special Servicer Decision or a Major Decision) or the Special Servicer (if
(i) the related Mortgage Loan is a Specially Serviced Loan or (ii) the performance of the particular would constitute a Special
Servicer Decision or a Major Decision) shall perform the obligations of the Trust, as holder of the related Mortgage Loan, or its
servicer or agent under the related mezzanine loan intercreditor agreement.

 

Section 3.26          Certain Matters
Relating to the Outside Serviced Mortgage Loans.

 

With respect to each Outside
Serviced Mortgage Loan, in the event that any of the related Outside Trustee, the related Outside Servicer or the related Outside
Special Servicer shall be replaced in accordance with the terms of the applicable Outside Servicing Agreement, the Master Servicer
and the Special Servicer shall acknowledge its successor as the successor to the related Outside Trustee, the related Outside Servicer
or the related Outside Special Servicer, as the case may be, in each case with reasonable promptness following request therefor
by a party to the applicable Outside Servicing Agreement.

 

Section 3.27          Additional
Matters Regarding Advance Reimbursement.

 

(a)          Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Mortgage Loans deposited in the Collection Account, the Master Servicer,
the Special Servicer or the Trustee, at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement
for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.06(a)(ii)(B) of this Agreement immediately,
may elect to refrain from obtaining such reimbursement for some or all such portion of the Nonrecoverable Advance during the one-month
Collection Period ending on the then-current Determination Date, for successive one-month periods for a total not to exceed 12
months; provided that any deferral in excess of 6 months shall be subject to the consent of the Controlling Class Representative
(or, in the case of a Property Advance with respect to a Serviced Outside Controlled Loan Combination, the related Outside Controlling
Note Holder) (unless, if the Controlling Class Representative is the consenting party, a Control Termination

 

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Event has occurred
and is continuing, in which case the Controlling Class Representative must be consulted with unless a Consultation Termination
Event has occurred and is continuing). If the Master Servicer, the Special Servicer or the Trustee makes such an election in its
sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon),
then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in
the subsequent Collection Period (subject, again, to the same sole discretion option to defer; it is acknowledged that, in such
a subsequent period, such Nonrecoverable Advance shall again be reimbursable pursuant to Section 3.06(a)(ii)(B) of this
Agreement). In connection with a potential election by the Master Servicer, the Special Servicer or the Trustee to refrain from
the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period ending on the
related Determination Date for any Distribution Date, the Master Servicer, the Special Servicer or the Trustee shall further be
authorized to wait for principal collections to be received before making its determination of whether to refrain from the reimbursement
of a particular Nonrecoverable Advance or portion thereof) until the end of such Collection Period; provided, however,
if, at any time the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that the reimbursement of a
Nonrecoverable Advance during any Collection Period will exceed the full amount of the principal portion of general collections
deposited in the Collection Account for the related Distribution Date, then the Master Servicer, the Special Servicer or the Trustee,
as applicable, shall, through a posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13
of this Agreement, give the Rating Agencies at least 15 days’ notice prior to any reimbursement to it of Nonrecoverable Advances
from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer, the Special
Servicer or the Trustee, as applicable, determines in its sole discretion that waiting 15 days after such a notice could jeopardize
the Master Servicer’s, the Special Servicer’s or the Trustee’s, as applicable, ability to recover such Nonrecoverable
Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer, the Special Servicer
or the Trustee, as applicable, that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether
to defer reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer or the
Special Servicer, as applicable, has not timely received from the Trustee information requested by the Master Servicer or the Special
Servicer, as applicable, to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided
that, if clause (1), (2) or (3) apply, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall, through
a posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, give Rating
Agencies notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable
to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances. Subject to Section 12.13 of this
Agreement, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall have no liability for any loss, liability
or expense resulting from any notice provided to Rating Agencies contemplated by the immediately preceding sentence. Any election
by the Master Servicer, the Special Servicer or the Trustee to refrain from reimbursing itself for any Nonrecoverable Advance (together
with interest thereon) or portion thereof with respect to any Collection Period shall not be construed to impose on the other two
parties any obligation to make such an election (or any entitlement in favor of any Certificateholder or any other Person to such
an election) with respect to any subsequent Collection Period or to constitute a waiver or limitation on the right of the Master
Servicer, the Special Servicer or the Trustee to otherwise be

 

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reimbursed for such Nonrecoverable Advance immediately (together
with interest thereon). Any such election by the Master Servicer, the Special Servicer or the Trustee shall not be construed to
impose any duty on any other such party to make such an election (or any entitlement in favor of any Certificateholder or any other
Person to such an election). Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement
for any Nonrecoverable Advance or portion thereof with respect to any one or more Collection Periods shall not limit the accrual
of interest on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. None
of the Master Servicer, the Special Servicer, the Trustee or the other parties to this Agreement will have any liability to one
another or to any of the Certificateholders for any such election that such party makes to refrain or not to refrain from reimbursing
itself as contemplated by this paragraph or for any losses, damages or other adverse economic or other effects that may arise from
such an election nor will such election constitute a violation of the Servicing Standard or any duty under this Agreement. The
Master Servicer’s, the Special Servicer’s or the Trustee’s, as applicable, election, if any, to defer reimbursement
of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and shall not be construed as
an obligation on the part of the Master Servicer, the Special Servicer or the Trustee, as applicable, or a right of the Certificateholders.
Nothing herein shall give the Master Servicer, the Special Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable
Advance if there are principal collections then available in the Collection Account pursuant to Section 3.06 of this Agreement
or to defer reimbursement of a Nonrecoverable Advance for an aggregate period exceeding 12 months.

 

(b)          If the Master Servicer
is required to make a Property Advance, but does not do so within 15 days after the Property Advance is required to be made, then
the Trustee will be required: (i) if a Responsible Officer of the Trustee has actual knowledge of the failure, to give the Master
Servicer notice of its failure; and (ii) if the failure continues for three more Business Days, to make the Advance unless the
Trustee determines such advance to be a Nonrecoverable Advance.

 

Section 3.28          Serviced Companion
Loan Intercreditor Matters.

 

(a)          If, pursuant to Section
2.03, Section 3.17 or Section 9.01 of this Agreement, any Mortgage Loan that relates to a Serviced Loan Combination
is purchased from, repurchased from or substituted out of, the Trust Fund, the subsequent holder thereof shall be bound by the
terms of the related Co-Lender Agreement and shall assume the rights and obligations of the holder of the Note that represents
the related Mortgage Loan under such Co-Lender Agreement. All portions of the related Mortgage File and (to the extent provided
under the related Loan Purchase Agreement) other documents pertaining to such Mortgage Loan shall be endorsed or assigned to the
extent necessary or appropriate to the purchaser of such Mortgage Loan in its capacity as the holder of the Note that represents
the related Mortgage Loan (as a result of such purchase, repurchase or substitution) and (except for the actual Note) on behalf
of the holder of the Note that represents the Serviced Companion Loan. Thereafter, such Mortgage File shall be held by the holder
of the Note that represents the related Mortgage Loan or a custodian appointed thereby for the benefit thereof, on behalf of itself
and the holder of the related Serviced Companion Loan as their interests appear under the related Co-Lender Agreement. If the related
Servicing File is not already in the possession of such party, it shall be

 

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delivered to the master servicer or special servicer,
as the case may be, under any separate servicing agreement for the Serviced Loan Combinations.

 

(b)          With respect to each Serviced
Companion Loan, notwithstanding any rights the Operating Advisor or the Controlling Class Representative hereunder may have to
consult with respect to any action or other matter with respect to the servicing of such Serviced Companion Loan, to the extent
the related Co-Lender Agreement provides that such right is exercisable by the related Serviced Companion Loan Holder or its Companion
Loan Holder Representative or is exercisable in conjunction with any related Serviced Companion Loan Holder, then (i) neither the
Operating Advisor nor the Controlling Class Representative shall be permitted to exercise such right or (ii) to the extent provided
in the related Co-Lender Agreement, the Operating Advisor or the Controlling Class Representative, as applicable, shall be required
to exercise such right in conjunction with any related Serviced Companion Loan Holder or its Companion Loan Holder Representative,
as applicable. Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer or Special Servicer,
as applicable, shall consult with, seek the approval of, or obtain the consent of the holder of any Serviced Companion Loan or
its Companion Loan Holder Representative with respect to any matters with respect to the servicing of such Serviced Companion Loan
to the extent required under related Co-Lender Agreement and shall not take such actions requiring consent of or consultation with
the Serviced Companion Loan Holder or its Companion Loan Holder Representative without such consent or consultation. In addition,
notwithstanding anything to the contrary, the Master Servicer or Special Servicer, as applicable, shall deliver reports and notices
to the Serviced Companion Loan Holder or its Companion Loan Holder Representative (or the master servicer or special servicer for
the related Other Securitization Trust on behalf of the Serviced Companion Loan Holder) as required under the Co-Lender Agreement.

 

(c)          With respect to each Serviced
Loan Combination, the Master Servicer shall prepare, or cause to be prepared, on an ongoing basis a statement setting forth, to
the extent applicable to such Serviced Loan Combination:

 

(i)           (A) the
amount of the distribution from the related Loan Combination Custodial Account allocable to principal and (B) separately identifying
the amount of scheduled principal payments, balloon payments, principal prepayments made at the option of the Mortgagor or other
principal prepayments (specifying the reason therefor), net liquidation proceeds and foreclosure proceeds included therein and
information on distributions made with respect to the related Serviced Loan Combination;

 

(ii)          the amount
of the distribution from the related Loan Combination Custodial Account allocable to interest and the amount of Default Interest
allocable to the related Serviced Loan Combination;

 

(iii)         the amount
of the distribution to the related Serviced Companion Loan Holder, separately identifying the non-default interest, principal and
other amounts included therein, and if the distribution to a Serviced Companion Loan Holder is less than the full amount that would
be distributable to such Serviced Companion Loan Holder if there were sufficient amounts available therefor, the amount of the
shortfall and the

 

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allocation thereof between interest and principal and the amount of the shortfall, if any, under the related
Serviced Loan Combination;

 

(iv)         the principal
balance of each of the related Serviced Loan Combination and related Serviced Companion Loan after giving effect to the distribution
of principal on the most recent Distribution Date; and

 

(v)          the amount
of the servicing fees paid to the Master Servicer and the Special Servicer with respect to the most recent Distribution Date, showing
separately the Servicing Fee, the Special Servicing Fee, the Workout Fee and the Liquidation Fee.

 

Not later than each Distribution
Date, the Master Servicer shall make the foregoing statement available to the Serviced Companion Loan Holder (or the master servicer
or special servicer for the related Other Securitization Trust on its behalf) by electronic means (which includes posting such
information pursuant to the applicable CREFC® reports on the Master Servicer’s website) and by such other means of delivery
as required under the related Co-Lender Agreement.

 

(d)          If any Serviced Companion
Loan becomes the subject of an Other PSA Asset Review 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 related Other Asset Representations
Reviewer or any other party to the related Other Pooling and Servicing Agreement in connection with such Other PSA Asset Review
by providing the related Other Asset Representations Reviewer or such other requesting party with any documents and information
reasonably requested by the related Other Asset Representations Reviewer or such other requesting party, but only to the extent
such documents and/or information are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian,
as the case may be.

 

Section 3.29          Appointment
and Duties of the Operating Advisor.

 

(a)          Pentalpha Surveillance
LLC is hereby appointed to serve as the initial Operating Advisor.

 

(b)          The Operating Advisor,
as an independent contractor, shall review the Special Servicer’s operational practices in respect of Specially Serviced
Loans, consult with the Special Servicer and perform each other obligation of the Operating Advisor as set forth in this Agreement
solely on behalf of the Trust Fund and in the best interest of, and for the benefit of, the Certificateholders (as a collective
whole as if such Certificateholders (and, with respect to any Serviced Pari Passu Loan Combination, any related Serviced Pari Passu
Companion Loan Holder(s)) constituted a single lender), and not any particular Class of Certificateholders, as determined by the
Operating Advisor in the exercise of its good faith and reasonable judgment, but without regard to any conflict of interest arising
from any relationship that the Operating Advisor or any of its Affiliates may have with any of the Mortgagors, any Sponsor, any
Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing
Holder, or any of their respective Affiliates (the “Operating Advisor Standard”). The Operating Advisor shall
act solely as a contracting party to the extent set forth in this Agreement and shall not owe any fiduciary duty to any party to
this

 

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Agreement or any other Person in connection with this Agreement. The Operating Advisor’s duties shall be limited to
its specific obligations under this Agreement, and the Operating Advisor shall have no duty or liability to any particular Class
of Certificates or any Certificateholder. The Operating Advisor is not a servicer or a sub-servicer and will not be charged with
changing the outcome on any particular Specially Serviced Loan. By its acceptance of a Certificate, each Certificateholder acknowledges
and agrees that there could be multiple strategies to resolve any Specially Serviced Loan and that the goal of the Operating Advisor’s
participation is to provide additional input relating to the Special Servicer’s compliance with the Servicing Standard in
making its determinations as to which strategy to execute. The Operating Advisor shall not owe any fiduciary duty to the Master
Servicer, the Special Servicer or any other Person in connection with this Agreement.

 

(c)          Prior to the occurrence
and continuance of a Control Termination Event, the Operating Advisor shall promptly review (i) all information available to Privileged
Persons on the Certificate Administrator’s Website with respect to the Special Servicer, assets on the CREFC®
Servicer Watch List and the applicable Specially Serviced Loans and (ii) each related Final Asset Status Report.

 

(d)          (i) After
the occurrence and during the continuance of a Control Termination Event, the Operating Advisor shall review the Special Servicer’s
operational practices in light of the Servicing Standard and the requirements of this Agreement, with respect to the resolution
and/or liquidation of the applicable Specially Serviced Loan(s).

 

(ii)          After the
occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s review of any annual
compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.08 and Section
10.09 of this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant to Section 10.10
of this Agreement, any Asset Status Report and other information (other than any communications between the related Directing Holder
or any Serviced Companion Loan Holder (or its Companion Loan Holder Representative), as applicable, and the Special Servicer that
would be Privileged Information) delivered to the Operating Advisor by the Special Servicer, the Operating Advisor shall (if any
applicable Serviced Mortgage Loan(s) were Specially Serviced Loan(s) during, and a Control Termination Event existed as of the
end of, the prior calendar year) prepare and deliver to the Depositor, the Rule 17g-5 Information Provider (who shall promptly
post such Operating Advisor Annual Report on the Rule 17g-5 Information Provider’s Website), the Trustee and the Certificate
Administrator (who shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website),
within 120 days of the end of the prior calendar year an annual report (the “Operating Advisor Annual Report”),
substantially in the form of Exhibit R of this Agreement (which form may be modified or altered as to either its organization
or content by the Operating Advisor, subject to compliance of such form with the terms and provisions of this Agreement; provided,
that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision
of this Agreement) setting forth the Operating Advisor’s assessment of the Special Servicer’s performance of its duties
under this Agreement on a platform-level basis with respect to the resolution and/or liquidation of such Specially Serviced Loan(s)
during the

 

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prior calendar year. Subject to the restrictions in this Agreement, including, without limitation, Section 3.29(b)
of this Agreement, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing
Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation
of the applicable Specially Serviced Loan(s), and (B) comply with all of the confidentiality requirements applicable to the Operating
Advisor described in this Agreement regarding Privileged Information (subject to any permitted exceptions set forth in this Agreement).
In the event a lack of access to Privileged Information limits the Operating Advisor from performing its duties under this Agreement,
the Operating Advisor shall, in any such case, describe any such limitations in the applicable Operating Advisor Annual Report
and the Operating Advisor shall not be subject to any liability arising from its lack of access to Privileged Information. Such
Operating Advisor Annual Report shall be delivered to the Trustee, the Certificate Administrator, the Rule 17g-5 Information Provider
and the Depositor, and the Certificate Administrator and the Rule 17g-5 Information Provider shall promptly, upon receipt, post
such Operating Advisor Annual Report on the Certificate Administrator’s Website and the Rule 17g-5 Information Provider’s
Website, respectively; provided, however, that the Operating Advisor shall deliver to the Special Servicer, the Controlling
Class Representative (if a Serviced Loan other than a Serviced Outside Controlled Loan Combination is addressed and a Consultation
Termination Event does not exist) and the related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination
is addressed), any annual report produced by the Operating Advisor at least ten (10) calendar days prior to its delivery to the
Depositor, the Trustee and the Certificate Administrator. The Operating Advisor may, but shall not be obligated to, revise the
Operating Advisor Annual Report based on any comments received from the Special Servicer or the Controlling Class Representative.
No Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer if during
the prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced Loan
or REO Property. In addition, in the event the Special Servicer is replaced during the prior calendar year, the Operating Advisor
shall only be required to prepare an Operating Advisor Annual Report relating to each entity that was acting as Special Servicer
as of December 31 of the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual
Report. Only as used in connection with the Operating Advisor Annual Report, the term “platform-level basis” refers
to the Special Servicer’s performance of its duties as they relate to the resolution and liquidation of Specially Serviced
Loans, taking into account the Special Servicer’s specific duties under this Agreement as well as the extent to which those
duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of any
annual compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.08
and Section 10.09 of this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant to
Section 10.10 of this Agreement, any Asset Status Report and other information (other than any communications between the
related Directing Holder or any Serviced Companion Loan Holder (or its Companion Loan Holder Representative), as applicable, and
the Special Servicer that would be Privileged Information) delivered to the Operating Advisor by the Special Servicer pursuant
to this Agreement.

 

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(iii)          Notwithstanding
anything in this Agreement to the contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance
shall be based on the provisions of this Agreement and (ii) so long as Wells Fargo Bank, National Association is acting as Special
Servicer, then such Special Servicer shall provide the Operating Advisor reasonable access, at such Special Servicer’s offices
during normal business hours (or at such other time, place and manner as the Operating Advisor and the Special Servicer may mutually
agree), to such Special Servicer’s policies and procedures. Unless the Special Servicer and the Operating Advisor mutually
agree otherwise, the Operating Advisor will be permitted to review such policies and procedures but will not be permitted to retain
hard copies and will not be provided with any electronic copies or soft copies. The Operating Advisor shall keep all information
contained in the policies and procedures strictly confidential, except (A) the Operating Advisor may disclose such information
if (i) such information becomes generally available and known to the public other than as a result of a disclosure directly or
indirectly by the Operating Advisor, or (ii) such disclosure is required by applicable law, as evidenced by an Opinion of Counsel
(which shall be an expense of the Operating Advisor) delivered to the Operating Advisor and the Special Servicer and (B) the Operating
Advisor may disclose a particular portion of the policies and procedures solely when necessary to support specific conclusions
concerning allegations of material deviations from the Servicing Standard (i) in the Operating Advisor Annual Report, or (ii) in
connection with a recommendation by the Operating Advisor to replace Wells Fargo Bank, National Association as the Special Servicer
pursuant to the provisions of this Agreement. Notwithstanding the foregoing, the Operating Advisor will be permitted to share such
information with its Affiliates and any subcontractors of the Operating Advisor to the extent reasonably necessary to perform the
Operating Advisor’s obligations under this Agreement and provided such Affiliates and subcontractors of the Operating Advisor
agree in writing prior to their receipt of such information to be bound by the same confidentiality provisions applicable to the
Operating Advisor. The Operating Advisor’s assessment may not take into account the fact that Wells Fargo Bank, National
Association as Special Servicer limited the Operating Advisor’s access to such Special Servicer’s written policies
and procedures pursuant to the provisions of this Agreement. Nothing set forth herein shall limit or affect the scope of the Operating
Advisor’s platform level review in connection with its preparation of the Operating Advisor Annual Report, provided that
the Operating Advisor’s access to or reliance upon such Special Servicer’s written policies and procedures shall be
subject to the terms of this clause (iii) of Section 3.29(d). During any period when the Special Servicer is not
Wells Fargo Bank, National Association, or an Affiliate of Wells Fargo Bank, National Association, the requirements and limitations
contained in this clause (iii) of Section 3.29(d) with respect to such Special Servicer shall not be applicable,
and the Operating Advisor shall have adequate and timely access to the policies and procedures of any successor special servicer
as the Operating Advisor determines necessary to fulfill its duties under this Agreement.

 

(e)          Prior to the occurrence
and continuance of a Control Termination Event, the Special Servicer shall forward any Appraisal Reduction Amount with respect
to, and net present value calculations used in the Special Servicer’s determination of the course of action to be taken in
connection with the workout or liquidation of, a Specially Serviced Loan, to the Operating Advisor after such calculations have
been finalized. The Operating Advisor shall

 

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review such calculations but may not opine on, or otherwise call into question such
Appraisal Reduction Amount and/or net present value calculations; provided, however, if the Operating Advisor discovers
a mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and the related
Directing Holder (if the related Directing Holder is not a Borrower Party with respect to the related Specially Serviced Loan)
of such error.

 

(f)          After the occurrence and
during the continuance of a Control Termination Event, after the calculation but prior to the utilization by the Special Servicer
of any of the calculations with respect to an applicable Specially Serviced Loan related to (i) Appraisal Reduction Amounts or
(ii) net present value used in the Special Servicer’s determination of the course of action to be taken in connection with
the workout or liquidation of such Specially Serviced Loan, the Special Servicer shall forward such calculations, together with
any supporting material or additional information necessary in support thereof (including such additional information reasonably
requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged
Information), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations,
and the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations and any
supporting or additional materials, recalculate and verify the accuracy of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this Section
3.29, in the event the Operating Advisor does not agree with the mathematical calculations or the application of the non-discretionary
portions of the applicable formulas required to be utilized for such calculation, the Operating Advisor and the Special Servicer
shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the applicable formulas in arriving at those mathematical calculations or any disagreement within five (5) Business
Days of delivery of such calculations to the Operating Advisor. In the event the Operating Advisor and Special Servicer are not
able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business Day period, the Operating Advisor
shall promptly notify the Certificate Administrator of such disagreement and the Certificate Administrator shall determine which
calculation is to apply. In making such determination, the Certificate Administrator may hire an independent third-party to assist
with any such calculation at the expense of the Trust Fund.

 

(g)          After the occurrence and
during the continuance of a Control Termination Event, the Special Servicer shall consult (on a non-binding basis) with the Operating
Advisor in connection with any Major Decision with respect to a Serviced Mortgage Loan and consider alternative actions recommended
by the Operating Advisor, but only to the extent consultation with, or consent of, the Controlling Class Representative would have
been required prior to the occurrence and continuance of such Control Termination Event with respect to such Serviced Mortgage
Loan (without regard to whether such Mortgage Loan is an Excluded Mortgage Loan); provided that the Operating Advisor may
consult regarding a Serviced Outside Controlled Loan Combination only if and to the extent that the holder of the related Split
Mortgage Loan is granted consultation rights under the related Co-Lender Agreement.

 

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(h)          Subject to the requirements
of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged Information),
the Operating Advisor shall respond to Inquiries relating to the Operating Advisor Annual Reports or actions by the Master Servicer
or the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced in any Operating Advisor
Annual Report and made by Privileged Persons from time to time in accordance with the terms of Section 4.02(a) of this Agreement.

 

(i)           Subject to the Privileged
Information Exception, the Operating Advisor will be obligated to keep confidential any Privileged Information received from the
Special Servicer, the related Directing Holder or any related Serviced Companion Loan Holder (or its Companion Loan Holder Representative)
in connection with the exercise of the rights of the related Directing Holder or such related Serviced Companion Loan Holder under
this Agreement (including, without limitation, in connection with the review and/or approval of any Asset Status Report), subject
to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged Information.

 

(j)           The Operating Advisor
shall keep Privileged Information confidential and shall not disclose such Privileged Information to any Person (including Certificateholders
other than the Controlling Class Representative), other than (1) to the extent expressly required by this Agreement, to the other
parties to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged
Information Exception. Notwithstanding the foregoing, the Operating Advisor will be permitted to share Privileged Information with
its Affiliates and any subcontractors of the Operating Advisor to the extent reasonably necessary to perform the Operating Advisor’s
obligations under this Agreement and provided such Affiliates and subcontractors of the Operating Advisor agree in writing prior
to their receipt of such Privileged Information to be bound by the same confidentiality provisions applicable to the Operating
Advisor described in this Agreement and a copy of such agreement is provided to the parties hereto. Each party to this Agreement
that receives Privileged Information from the Operating Advisor with a notice stating that such information is Privileged Information
shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer, any related
Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) and, unless a Consultation Termination
Event has occurred and is continuing, the Controlling Class Representative other than pursuant to a Privileged Information Exception.

 

(k)          On each Master Servicer
Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on deposit in the Collection
Account, pursuant to Section 3.06 of this Agreement. In addition, the Operating Advisor Consulting Fee shall be payable
to the Operating Advisor with respect to each Major Decision for which the Operating Advisor has consultation rights. Each of the
Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection Account
as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor Consulting Fee only to the extent
such Operating Advisor Consulting Fee is actually received from the related Mortgagor unless such fee is payable as an expense
of the Trust Fund pursuant to the immediately following proviso; provided, however, with respect to any Major Decision
as to which the Operating Advisor has consultation rights after the outstanding Certificate Balances

 

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of the Control Eligible Certificates
have been reduced to zero as a result of the allocation of Realized Losses to such Certificates, the related Operating Advisor
Consulting Fee shall be $10,000 and payable out of the Collection Account as an expense of the Trust Fund. If the Operating Advisor
has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer, as
applicable, shall (regardless of whether the related Operating Advisor Consulting Fee has been paid out of the Collection Account
as an expense of the Trust Fund) use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable
Operating Advisor Consulting Fee from the related Mortgagor in connection with such Major Decision, but only to the extent not
prohibited by the related Loan Documents, and shall, to the extent any Operating Advisor Consulting Fee has been paid out of the
Collection Account as an expense of the Trust Fund as described in the last proviso of the immediately preceding sentence, deposit
any Operating Advisor Consulting Fee so collected from the related Mortgagor into the Collection Account to reimburse the Trust
for any Operating Advisor Consulting Fee paid to the Operating Advisor. The Master Servicer or Special Servicer, as applicable,
may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that such
full or partial waiver is in accordance with the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer
take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection;
provided that the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior
to any such waiver or reduction.

 

(l)           In no event shall the
Operating Advisor have the power to compel any transaction party to take or refrain from taking any action.

 

Section 3.30          Rating Agency
Confirmation.

 

(a)          Notwithstanding the terms
of any related Loan Documents or other provisions of this Agreement, if any action under any Loan Documents or this Agreement requires
Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting Party”) required
to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency for such Rating Agency
Confirmation and if, within 10 Business Days of the Rating Agency Confirmation request being posted to the Rule 17g-5 Information
Provider’s Website, any Rating Agency has not granted such request, rejected such request or provided a Rating Agency Declination,
then (i) such Requesting Party shall promptly request the related Rating Agency Confirmation again, and (ii) if there is no response
to such second Rating Agency Confirmation request from the applicable Rating Agency within five (5) Business Days of such second
request, whether in the form of granting or rejecting such Rating Agency Confirmation request or providing a Rating Agency Declination,
then: (x) with respect to any condition in any Loan Document or related intercreditor agreement or Co-Lender Agreement requiring
a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than
as set forth in clause (y) or (z) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the
Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and
REO Properties), as applicable) shall determine (with the consent of the related Directing Holder, unless, in the case of the Controlling
Class Representative, a Control Termination Event has occurred and is continuing (but in each case

 

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only in the case of actions
that would otherwise be Major Decisions), which consent shall be pursued by the Special Servicer and deemed given if the related
Directing Holder does not respond within seven (7) Business Days of receipt of a request from the Special Servicer to consent to
the Requesting Party’s determination), in accordance with its duties under this Agreement and in accordance with the Servicing
Standard, except as provided in Section 3.30(b), whether or not such action would be in accordance with the Servicing Standard,
and if the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer or the Special Servicer,
as applicable) makes such determination, then the requirement to obtain a Rating Agency Confirmation shall not apply; (y) with
respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be considered satisfied if: (1) in
the case that Moody’s is the non-responding Rating Agency, (a) the applicable replacement master servicer or special servicer,
as applicable, has confirmed in writing that it was appointed to act as the master servicer or special servicer, as applicable,
on a transaction level basis on the closing date of a commercial mortgage loan securitization with respect to which Moody’s
rated one or more classes of securities and one or more of such classes of securities are still outstanding and rated by Moody’s
and (b) Moody’s has not cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable,
as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction
serviced by the applicable servicer prior to the time of determination; (2) the applicable replacement master servicer has a master
servicer rating of at least “CMS3” from Fitch or the applicable replacement special servicer has a special servicer
rating of at least “CSS3” from Fitch, if Fitch is the non-responding Rating Agency; and (3) KBRA has not cited servicing
concerns of the applicable replacement master servicer or 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 any other commercial mortgage backed securitization transaction serviced by the applicable servicer prior to the
time of determination, if KBRA is the non-responding Rating Agency, as applicable; and (z) with respect to a replacement or successor
of the Operating Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long
as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material factor in any
qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings
downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect to which the
replacement operating advisor acts as trust advisor or operating advisor prior to the time of determination.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee, as applicable,
pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating
Agency Confirmation request, and shall contain all back-up material reasonably necessary for the Rating Agency to process such
request, subject to Section 12.13. Such written Rating Agency Confirmation request shall be provided in electronic format
in accordance with Section 12.13(b) and the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor
or Trustee, as applicable, shall be required to send the Rating Agency Confirmation request to the Rating Agencies in accordance
with Section 12.13(b).

 

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Promptly following the
Requesting Party’s (or, if the Requesting Party is the related Mortgagor, then the Master Servicer’s or the Special
Servicer’s, as applicable) determination to take any action discussed in this Section 3.30(a) without receiving
any required Rating Agency Confirmation, such Requesting Party (or the Master Servicer or the Special Servicer, as applicable)
shall provide electronic written notice in accordance with Section 12.13(b) of the action taken for the particular
item at such time and the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, shall be required
to send the Rating Agency Confirmation request to the Rating Agencies in accordance with Section 12.13(b).

 

(b)         
For the purposes of clause (ii) of Section 3.30(a), and notwithstanding anything to the contrary in Section 3.30(a),
with respect to the provisions of any Loan Document relating to defeasance (including without limitation the type of collateral
acceptable for use as defeasance collateral), release or substitution of any collateral, any applicable Rating Agency Confirmation
requirement in the Loan Documents shall not apply, even without the determination pursuant to Section 3.30(a)(ii)(x)
by the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master Servicer (with respect to Performing
Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable), provided
that the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties), as applicable, shall in any event review the other conditions required under the related Loan Documents
with respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard
that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)         
For all other matters or actions (i) not specifically discussed in clause (ii) (x), (ii) (y) or (ii) (z) of Section 3.30(a)
above and (ii) that are not the subject of a Rating Agency Declination, the proposed action shall not be permitted to proceed
unless the applicable Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

(d)         
With respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating
to the servicing and administration of any or all of the related Serviced Loans or any related REO Property (the “Relevant
Action”) requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement,
then, except as set forth below in this paragraph, such action will also require delivery of a Companion Loan Rating Agency Confirmation
as a condition precedent to such action from each Companion Loan Rating Agency. Each Companion Loan Rating Agency Confirmation
shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party is seeking the corresponding
Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a Companion Loan Rating Agency
Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted to be waived by the Master
Servicer and the Special Servicer on, and will be deemed satisfied or not to apply on, the same terms and conditions applicable
to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided, that the Master Servicer or Special
Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to
one or more of its counterparts (i.e., the master servicer or special servicer, as applicable), the Rule 17g-5

 

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Information Provider’s
counterpart for the related Other Securitization Trust, or such other party or parties (as are agreed to by the Master Servicer
or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization Trust), at the expense
of the related Other Securitization Trust to the extent not borne by the related Mortgagor, and in such format as the sender and
recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation at least two (2) Business Days
before it is sent to the applicable Companion Loan Rating Agency, (ii) all materials forwarded to the Rule 17g-5 Information Provider
under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately
the same time that such materials are forwarded to the Rule 17g-5 Information Provider, and (iii) any other materials that the
applicable Companion Loan Rating Agency may reasonably request in connection with such Companion Loan Rating Agency Confirmation
promptly following such request.

 

(e)          
Each of the Master Servicer and the Certificate Administrator shall, promptly following receipt of written request from
the Special Servicer, provide to the Special Servicer the contact information for the master servicer, the special servicer, the
trustee, the certificate administrator and the Rule 17g-5 Information Provider’s counterpart for an Other Securitization
Trust, in each case to the extent known to it.

 

Section 3.31         
General Acknowledgement Regarding Companion Loan Holders. Each Certificateholder acknowledges and agrees, by its
acceptance of its Certificates, that: (i) each Companion Loan Holder may have special relationships and interests that conflict
with those of Holders of one or more Classes of Certificates; (ii) each Companion Loan Holder may act solely in its own interests;
(iii) no Companion Loan Holder has any duty to the Holders of any Class of Certificates; and (iv) no Companion Loan Holder
shall have any liability whatsoever for having so acted in its own interests, and no Certificateholder may take any action whatsoever
against any Companion Loan Holder or any director, officer, employee, agent or principal thereof for such Companion Loan Holder’s
having so acted in its own interests.

 

Section 3.32         
Delivery of Excluded Information to the Certificate Administrator. Any Excluded Information that the Master Servicer,
the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate
Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as
is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the
applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information that
is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately posted as Excluded
Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate
Administrator pursuant to this Section 3.32 shall be posted on the Certificate Administrator’s Website under the “Excluded
Information” section, as provided under Section 4.02. When so posted, the Excluded Controlling Class Holders shall
be prohibited from accessing Excluded Information with respect to any Excluded Controlling Class Mortgage Loans on the Certificate
Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case
such access shall only be prohibited with respect to the related Excluded Controlling Class Mortgage Loans). None of the Master
Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded
Information in accordance with this 

 

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Section 3.32 until such party has received written notice with respect to the related
Excluded Controlling Class Mortgage Loan in the form of Exhibit M-1C to this Agreement. Nothing set forth in this Agreement
shall prohibit the Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting or reviewing
any Excluded Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class Representative
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate
Administrator’s Website, such Controlling Class Representative or Controlling Class Certificateholder that is not a Borrower
Party with respect to the related Excluded Controlling Class Mortgage Loan shall be permitted to obtain such information in accordance
with Section 4.02(e) of this Agreement.

 

Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01         
Distributions.

 

(a)         
 (i)  On each Master Servicer Remittance Date, the Master Servicer shall make the remittances and deposits specified
in the first paragraph of Section 4.06(a) of this Agreement. On each Master Servicer Remittance Date in March of any
calendar year, the Certificate Administrator shall withdraw from the Interest Reserve Account the related Withheld Amounts pursuant
to Section 3.23 of this Agreement, and shall deposit any such amounts in the Lower-Tier REMIC Distribution Account.
On each Distribution Date, the amounts that have been transferred to the Lower-Tier REMIC Distribution Account from the Collection
Account or as P&I Advances or Compensating Interest Payments or pursuant to the preceding two sentences shall be deemed distributed
on the Lower-Tier Regular Interests to the Upper-Tier REMIC, in accordance with Section 4.01(a)(ii) and the last paragraph
of Section 4.01(c) of this Agreement. Thereafter, such amounts shall be considered to be held in the Upper-Tier REMIC Distribution
Account until distributed to the Certificateholders.

 

(ii)         
All distributions made in respect of interest on any Class of Regular Certificates (other than the Class X Certificates)
and any Class EC Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC
in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement hereto. All distributions made
in respect of interest on any Class of the Class X Certificates on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01, and allocable to any particular Component of such Class of Certificates
in accordance with the last paragraph of Section 4.01(b), shall be deemed to have first been distributed from the
Lower-Tier REMIC to the Upper-Tier REMIC in respect of such Component’s Corresponding Lower-Tier Regular Interest. All distributions
made in respect of principal of any Class of Regular Certificates (other than the Class X Certificates) and any Class EC
Regular Interest on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding
Lower-Tier Regular Interest set forth in the Preliminary Statement hereto. All distributions of reimbursements of Realized Losses
made in respect of any Class of

 

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Regular Certificates (other than the Class X Certificates) and any Class EC Regular Interest
on each Distribution Date pursuant to Section 4.01(b), Section 4.01(d) or Section 9.01 shall
be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier
Regular Interest. For the avoidance of doubt, (i) payments of interest and principal, and reimbursements of Realized Losses,
on the Class A-S Certificates and the Class EC Component A-S of the Class EC Certificates under this Section 4.01
shall be deemed to have been first distributed in respect of the Class LA-S Interest to the Upper-Tier REMIC in respect of
the Class A-S Regular Interest, (ii) payments of interest and principal, and reimbursements of Realized Losses, on the Class B
Certificates and the Class EC Component B of the Class EC Certificates under this Section 4.01 shall be deemed to
have been first distributed in respect of the Class LB Interest to the Upper-Tier REMIC in respect of the Class B Regular Interest
and (iii) payments of interest and principal, and reimbursements of Realized Losses, on the Class C Certificates and the Class
EC Component C of the Class EC Certificates under this Section 4.01 shall be deemed to have been first distributed
in respect of the Class LC Interest to the Upper-Tier REMIC in respect of the Class C Regular Interest.

 

On each Distribution Date, the Class R
Certificates shall receive distributions of any amounts remaining in the Lower-Tier REMIC Distribution Account in respect of the
Lower-Tier Residual Interest after all payments have been made to the Certificate Administrator as the holder of the Lower-Tier
Regular Interests in accordance with this Section 4.01(a)(ii) and the last paragraph of Section 4.01(c).

 

(b)         
On each Distribution Date, for so long as the Certificate Balances and Notional Amounts of the Principal Balance Certificate
and the Interest-Only Certificates, respectively, have not all been reduced to zero, the Certificate Administrator shall withdraw
from the Upper-Tier REMIC Distribution Account the amounts on deposit in the Upper-Tier REMIC Distribution Account in respect of
interest, principal and reimbursement of Realized Losses, to the extent of Available Funds, and distribute such amounts to the
Holders of each Class of Regular Certificates, to the Holders of the Class R Certificates and to the Exchangeable Distribution
Account in respect of the Class EC Regular Interests in the amounts and in the order of priority set forth below:

 

(i)          
First, to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-AB and Class X-A Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance
with, the respective Interest Distribution Amounts for those Classes;

 

(ii)         
Second, to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5
and Class A-AB Certificates in reduction of the respective Certificate Balances thereof in the following priority (prior
to the Cross-Over Date):

 

(A)         
to the Holders of the Class A-AB Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, until the related

 

    	-284-

    	 

    

 

Certificate Balance is reduced to the Class A-AB
Scheduled Principal Balance with respect to such Distribution Date;

 

(B)         
to the Holders of the Class A-1 Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclause (A) above, until the related Certificate Balance is reduced to zero;

 

(C)         
to the Holders of the Class A-2 Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclauses (A) and (B) above, until the related Certificate Balance is reduced to zero;

 

(D)        
to the Holders of the Class A-3 Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclauses (A) through (C) above, until the related Certificate Balance is reduced to zero;

 

(E)         
to the Holders of the Class A-4 Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclauses (A) through (D) above, until the related Certificate Balance is reduced to zero;

 

(F)         
to the Holders of the Class A-5 Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclauses (A) through (E) above, until the related Certificate Balance is reduced to zero; and

 

(G)         
to the Holders of the Class A-AB Certificates, in reduction of the related Certificate Balance, up to an amount equal
to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed
pursuant to subclauses (A) through (F) above, until the related Certificate Balance is reduced to zero;

 

(iii)        
Third, to the respective Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5
and Class A-AB Certificates, up to an amount equal to, and pro rata based upon, the aggregate unreimbursed Realized
Losses previously allocated to each such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly
from the date the related Realized Loss was allocated to such Class;

 

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(iv)        
Fourth, to the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, in respect
of interest, up to an amount equal to the Interest Distribution Amount of the Class A-S Regular Interest;

 

(v)         
Fifth, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB
Certificates have been reduced to zero, to the Exchangeable Distribution Account with respect to the Class A-S Regular Interest,
in reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for such Distribution
Date, less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate
Balance of the Class A-S Regular Interest is reduced to zero;

 

(vi)        
Sixth, to the Exchangeable Distribution Account with respect to the Class A-S Regular Interest, up to an amount
equal to the aggregate of unreimbursed Realized Losses previously allocated to the Class A-S Regular Interest, plus interest
thereon at the Pass-Through Rate for the Class A-S Regular Interest compounded monthly from the date the related Realized
Loss was allocated to the Class A-S Regular Interest;

 

(vii)       
Seventh, to the Exchangeable Distribution Account with respect to the Class B Regular Interest, in respect
of interest, up to an amount equal to the Interest Distribution Amount for the Class B Regular Interest;

 

(viii)      
Eighth, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB
Certificates and the Class A-S Regular Interest have been reduced to zero, to the Exchangeable Distribution Account with
respect to the Class B Regular Interest, in reduction of the related Certificate Balance, up to an amount equal to the Principal
Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to
all prior clauses, until the Certificate Balance of the Class B Regular Interest is reduced to zero;

 

(ix)        
Ninth, to the Exchangeable Distribution Account with respect to the Class B Regular Interest, up to an amount
equal to the aggregate of unreimbursed Realized Losses previously allocated to the Class B Regular Interest, plus interest
thereon at the Pass-Through Rate for the Class B Regular Interest compounded monthly from the date the related Realized Loss
was allocated to the Class B Regular Interest;

 

(x)         
Tenth, to the Exchangeable Distribution Account with respect to the Class C Regular Interest, in respect of
interest, up to an amount equal to the Interest Distribution Amount for the Class C Regular Interest;

 

(xi)        
Eleventh, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class
A-AB Certificates, the Class A-S Regular Interest and the Class B Regular Interest have been reduced to zero, to the Exchangeable
Distribution Account with respect to the Class C Regular Interest, in reduction of the related Certificate Balance, up to
an amount equal to the Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution
Amount

 

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distributed pursuant to all prior clauses, until the Certificate Balance of the Class C Regular Interest is reduced
to zero;

 

(xii)       
Twelfth, to the Exchangeable Distribution Account with respect to the Class C Regular Interest, up to an amount
equal to the aggregate of unreimbursed Realized Losses previously allocated to the Class C Regular Interest, plus interest
thereon at the Pass-Through Rate for the Class C Regular Interest compounded monthly from the date the related Realized Loss
was allocated to the Class C Regular Interest;

 

(xiii)      
Thirteenth, to the respective Holders of the Class D and Class X-D Certificates, in respect of interest, up
to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amounts of those Classes;

 

(xiv)      
Fourteenth, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class
A-AB Certificates and all of the Class EC Regular Interests have been reduced to zero, to the Holders of the Class D Certificates,
in reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for such Distribution
Date less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the related Certificate
Balance is reduced to zero;

 

(xv)       
Fifteenth, to the Holders of the Class D Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly
from the date the related Realized Loss was allocated to such Class;

 

(xvi)      
Sixteenth, to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount of that Class;

 

(xvii)     
Seventeenth, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 Class A-AB
and Class D Certificates and all of the Class EC Regular Interests have been reduced to zero, to the Holders of the Class E
Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for
such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until
the related Certificate Balance is reduced to zero;

 

(xviii)    
Eighteenth, to the Holders of the Class E Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly
from the date the related Realized Loss was allocated to such Class;

 

(xix)      
Nineteenth, to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount of that Class;

 

(xx)       
Twentieth, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB,
Class D and Class E Certificates and all of the Class EC Regular Interests have been reduced to zero, to the Holders of the Class F

 

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Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution Amount for
such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until
the related Certificate Balance is reduced to zero;

 

(xxi)       
Twenty-First, to the Holders of the Class F Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly
from the date the related Realized Loss was allocated to such Class;

 

(xxii)      
Twenty-Second, to the Holders of the Class G Certificates, in respect of interest, up to an amount equal to
the Interest Distribution Amount of that Class;

 

(xxiii)     
Twenty-Third, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class
A-AB, Class D, Class E and Class F Certificates and all of the Class EC Regular Interests have been reduced to zero, to the Holders
of the Class G Certificates, in reduction of the related Certificate Balance, up to an amount equal to the Principal Distribution
Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant to all prior clauses,
until the related Certificate Balance is reduced to zero;

 

(xxiv)     
Twenty-Fourth, to the Holders of the Class G Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly
from the date the related Realized Loss was allocated to such Class;

 

(xxv)      
Twenty-Fifth, to the Holders of the Class H Certificates, in respect of interest, up to an amount equal to
the Interest Distribution Amount of that Class;

 

(xxvi)     
Twenty-Sixth, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class
A-AB, Class D, Class E, Class F and Class G Certificates and all of the Class EC Regular Interests have been reduced to zero,
to the Holders of the Class H Certificates, in reduction of the related Certificate Balance, up to an amount equal to the
Principal Distribution Amount for such Distribution Date, less the portion of such Principal Distribution Amount distributed pursuant
to all prior clauses, until the Certificate Balance thereof is reduced to zero;

 

(xxvii)    
Twenty-Seventh, to the Holders of the Class H Certificates, up to an amount equal to the aggregate of unreimbursed
Realized Losses previously allocated to such Class, plus interest thereon at the Pass-Through Rate for such Class compounded monthly
from the date the related Realized Loss was allocated to such Class; and

 

(xxviii)   
Last, to the Holders of the Class R Certificates in respect of the Upper-Tier REMIC Residual Interest, in the
amount of any remaining portion of the Available Funds for such Distribution Date on deposit in the Upper-Tier REMIC Distribution
Account.

 

Notwithstanding the foregoing,
on each Distribution Date occurring on and after the Cross-Over Date, in place of the allocation of principal payments described
in clause

 

    	-288-

    	 

    

 

(ii) above, remaining Available Funds at such level shall be distributed up to an amount equal to the Principal
Distribution Amount for such Distribution Date to the respective Holders of Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5 and Class A-AB Certificates, pro rata, based on their respective Certificate Balances, in reduction of their
respective Certificate Balances (and the schedule for the Class A-AB principal distributions shall be disregarded). Any remaining
Available Funds will then be allocated as provided in clauses (iii) through (xxviii) above.

 

All distributions of
interest made in respect of a Class of the Class X Certificates on any Distribution Date pursuant to clause (b)(i) above or
Section 4.01(d), shall be deemed to have been made: (x) if there is only one Component of such Class, in respect of
such Component; and (y) if there are multiple Components of such Class, in respect of all such Components, pro rata in accordance
with the respective amounts of interest that would be payable on such Components on such Distribution Date based on one-twelfth
of the Class X Strip Rate of each such Component multiplied by its respective Component Notional Amount, reduced by its share
of any Excess Prepayment Interest Shortfall for such Distribution Date, together with any amounts thereof remaining unpaid from
previous Distribution Dates.

 

(c)          
 (i)  On each Distribution Date, amounts on deposit in the Upper-Tier REMIC Distribution Account that represent Yield
Maintenance Charges collected on the Mortgage Loans during the related Collection Period (or, in the case of any Outside Serviced
Mortgage Loan(s), received hereunder as of the Business Day immediately preceding the related Master Servicer Remittance Date)
shall be distributed by the Certificate Administrator to the Holders of the respective Classes of Certificates (excluding the Class
X-D, Class E, Class F, Class G, Class H and Class R Certificates) as follows: (A) first such Yield Maintenance charge shall
be allocated between (x) the group (the “YM Group A”) of the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5 and Class A-AB Certificates and the Class A-S Regular Interest (and, correspondingly, the Class A-S and Class EC Certificates,
pro rata based on their respective percentage interests in the Class A-S Regular Interest) and (y) the group (the “YM
Group B” and collectively with the YM Group A, the “YM Groups”) of the Class B Regular Interest (and,
correspondingly, the Class B and Class EC Certificates, pro rata based on their respective percentage interests in the Class B
Regular Interest), the Class C Regular Interest (and, correspondingly, the Class C and Class EC Certificates, pro rata based
on their respective percentage interests in the Class C Regular Interest) and the Class D Certificates, pro rata based on
the aggregate amount of principal distributed with respect to the Classes of Regular Certificates and Class EC Regular Interest(s)
in each YM Group on such Distribution Date, and (B) then the portion of such Yield Maintenance Charge allocated to each YM
Group shall be further allocated as among the Classes of Regular Certificates and the Class EC Regular Interest(s) in such YM Group,
in the following manner: each Class of Regular Certificates and each Class EC Regular Interest in such YM Group shall entitle the
applicable Certificateholders to receive on the applicable Distribution Date, on a pro rata basis according to entitlements,
that portion of such Yield Maintenance Charge equal to the product of (x) a fraction, the numerator of which is the amount
distributed as principal to such Class of Regular Certificates or Class EC Regular Interest on such Distribution Date, and the
denominator of which is the total amount of principal distributed to all of the Classes of Regular Certificates and Class EC Regular
Interests in such YM Group on such Distribution Date, (y) the Base Interest Fraction for the related Principal Prepayment
and such Class of Regular Certificates or Class EC Regular Interest and

 

    	-289-

    	 

    

 

(z) the amount of such Yield Maintenance Charge allocated
to such YM Group. The amount of any Yield Maintenance Charge allocated to either YM Group on any Distribution Date and remaining
after such distributions contemplated by the preceding sentence shall be distributed to the Class X-A Certificates. If there is
more than one Class of Regular Certificates and/or Class EC Regular Interest in either YM Group entitled to distributions of principal
on any particular Distribution Date on which Yield Maintenance Charges are distributable to such Class(es) and/or Class EC Regular
Interest(s), then the aggregate amount of such Yield Maintenance Charges shall be allocated among all such Classes of Regular Certificates
and/or Class EC Regular Interest(s) up to, and on a pro rata basis in accordance with, their respective entitlements in
those Yield Maintenance Charges in accordance with the second preceding sentence.

 

On each Distribution
Date, any Yield Maintenance Charges distributed in respect of the Class A-S Regular Interest shall be further allocated between
and distributed on the Class A-S Certificates and the Class EC Component A-S (and correspondingly on the Class EC Certificates),
pro rata in proportion to the Class A-S Percentage Interest and Class A-S-Exchange Percentage Interest, respectively. On
each Distribution Date, any Yield Maintenance Charges distributed in respect of the Class B Regular Interest shall be further allocated
between and distributed on the Class B Certificates and the Class EC Component B (and correspondingly on the Class EC Certificates),
pro rata in proportion to the Class B Percentage Interest and Class B-Exchange Percentage Interest, respectively. On each
Distribution Date, any Yield Maintenance Charges distributed in respect of the Class C Regular Interest shall be further allocated
between and distributed on the Class C Certificates and the Class EC Component C (and correspondingly on the Class EC Certificates),
pro rata in proportion to the Class C Percentage Interest and Class C-Exchange Percentage Interest, respectively.

 

Notwithstanding the foregoing
provisions of this Section 4.01(c), after the Distribution Date on which the Class X-A Notional Amount and the Certificate
Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates and the Class EC
Regular Interests have been reduced to zero, all Yield Maintenance Charges collected with respect to the Mortgage Loans will be
distributed to the Holders of the Class X-A Certificates.

 

Any Yield Maintenance
Charge that is to be distributed to the Regular Certificates or Class EC Regular Interests on any Distribution Date shall be deemed
distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests then receiving a
principal distribution, pro rata, based on the respective amounts of those principal distributions.

 

(d)         
On each Distribution Date, the Certificate Administrator shall withdraw amounts from the Excess Liquidation Proceeds Reserve
Account and shall distribute such amounts in the following priority:

 

(i)           
first, to the Holders of the Regular Certificates and to the Exchangeable Distribution Account with respect to the Class
EC Regular Interests (in the same order as distributions are made pursuant to Section 4.01(b) of this Agreement) up
to an amount equal to all amounts remaining due and payable on the Regular Certificates and Class EC

 

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Regular Interests, and any
Realized Loss allocable to such Certificates or Class EC Regular Interests, after application of the Available Funds for such
Distribution Date; and

 

(ii)          
second, to the Holders of the Class R Certificates, in accordance with the last sentence of Section 3.05(c)
of this Agreement.

 

Amounts paid with respect
to the Mortgage Loans from the Excess Liquidation Proceeds Reserve Account pursuant to the preceding clause (i) shall
first be deemed to have been distributed to reimburse the Lower-Tier REMIC in respect of any Realized Losses or other shortfalls
allocated to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests in reimbursement of Realized Losses previously
allocated thereto and payment of other amounts due thereon.

 

(e)          
On each Distribution Date, following the deemed distributions of principal or in reimbursement of previously allocated Realized
Losses made in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a)(ii), the Lower-Tier Principal
Balance of each Lower-Tier Regular Interest (after taking account of such deemed distributions) shall be reduced as a result
of Realized Losses to equal the Certificate Balance of its Corresponding Certificates that will be outstanding immediately following
such Distribution Date.

 

(f)          
The Certificate Balance of each Class of Regular Certificates (other than the Class X Certificates) and each Class
EC Regular Interest will be reduced without distribution on any Distribution Date, as a write-off, to the extent of any Realized
Loss allocated to such Class of Certificates or Class EC Regular Interest on such Distribution Date. On each Distribution Date,
any Realized Loss for such Distribution Date will be allocated to the following Classes of Regular Certificates and Class EC Regular
Interests in the following order, until the Certificate Balance of each such Class of Certificates or Class EC Regular Interest
is reduced to zero: first, to the Class H Certificates; second, to the Class G Certificates; third,
to the Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class D Certificates;
sixth, to the Class C Regular Interest (and correspondingly, the Class C Certificates and the Class EC Component C, pro rata
based on their respective percentage interests therein); seventh, to the Class B Regular Interest (and correspondingly,
the Class B Certificates and the Class EC Component B, pro rata based on their respective percentage interests therein);
eighth, to the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and the Class EC Component A-S,
pro rata based on their respective percentage interests therein); and, finally, pro rata to the (i) Class A-1
Certificates, (ii) Class A-2 Certificates, (iii) Class A-3 Certificates, (iv) Class A-4 Certificates,
(v) Class A-5 Certificates and (vi) Class A-AB Certificates based on their respective Certificate Balances. Any amounts
recovered in respect of any amounts previously written off as Realized Losses will be distributed to the Classes of Certificates
and Class EC Regular Interests to which Realized Losses have been allocated in order of their seniority and shall be deemed to
be distributed to the Corresponding Lower-Tier Regular Interests (and any amounts so distributed on any Class EC Regular Interest
shall be deemed to be distributed on the Class of Class A-S, Class B or Class C Certificates corresponding to that Class EC Regular
Interest and the corresponding Class EC Component of the Class EC Certificates, pro rata based on their respective percentage interests
in such Class EC Regular Interest). Reimbursement of previously allocated Realized Losses will not constitute distributions of
principal for any purpose and will not result in an additional reduction in the Certificate Balance

 

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of the Class of Principal Balance
Certificates or Class EC Regular Interest in respect of which any such reimbursement is made. If and to the extent that any Nonrecoverable
Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans (including REO Mortgage
Loans) and previously resulted in a reduction of the Principal Distribution Amount are subsequently recovered on the related Mortgage
Loan or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred) the amount
of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Regular Certificates (other than the
Class X Certificates) and/or the Class EC Regular Interest(s) that previously were allocated Realized Losses, in the same sequential
order as distributions pursuant to Section 4.01(b) of this Agreement, in each case up to the lesser of the unallocated
portion of such recovery and the amount of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates
or Class EC Regular Interest, and the Interest Shortfall with respect to each affected Class of Regular Certificates or Class EC
Regular Interest for the next Distribution Date will be increased by the amount of interest that would have accrued through the
then current Distribution Date if the restored write-down for such Class of Regular Certificates or Class EC Regular Interest had
never been written down (and, to the extent that the Certificate Balance of, and any interest payable on, any Class of Regular
Certificates or Class EC Regular Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal
Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest). If the Certificate Balance of any Class
of Regular Certificates (other than the Class X Certificates) or Class EC Regular Interest (or the Lower-Tier Principal Balance
of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed Realized Losses of such Class of Certificates or
Class EC Regular Interest (or such Lower-Tier Regular Interest, as the case may be) shall be decreased by such amount.

 

The Notional Amount of
the Class X-A Certificates and the Component Notional Amounts of the Class X-A Components will be reduced to reflect reductions
of the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB
Certificates and the Class A-S Regular Interest and of the Lower-Tier Principal Balances of the Lower-Tier Regular Interests
designated as the Class LA-1, Class LA-2, Class LA-3, Class LA-4, Class LA-5, Class LA-AB and Class LA-S
Interests, in any event resulting from allocations of Realized Losses. The Notional Amount of the Class X-D Certificates and the
Component Notional Amount of the Class X-D Component will be reduced to reflect reductions of the Certificate Balance of the Class
D Certificates and of the Lower-Tier Principal Balance of the Lower-Tier Regular Interest designated as the Class LD Interest,
in any event resulting from allocations of Realized Losses.

 

(g)         
All amounts distributable, or reductions allocable on account of Realized Losses, to a Class of Certificates pursuant to
this Section 4.01 on each Distribution Date shall be allocated pro rata among the outstanding Certificates in
each such Class based on their respective Percentage Interests. Such distributions shall be made by the Certificate Administrator
on each Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity
located in the United States and having appropriate facilities to accept such funds, if such Certificateholder has provided the
Certificate Administrator with written wiring instructions no less than five (5) Business Days prior to the related Record Date
(which wiring instructions may

 

    	-292-

    	 

    

 

be in the form of a standing order applicable to all subsequent distributions), or otherwise by
check mailed to such Certificateholder. The final distribution on each Certificate shall be made in like manner, but only upon
presentation and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying
Agent or the Certificate Registrar acting as such agent) that is specified in a notice to Certificateholders of the pendency
of the final distribution. The Certificate Administrator shall be responsible for making all distributions on the Certificates
contemplated hereunder.

 

(h)         
Except as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate
Administrator shall, no later than the fifteenth day of the month preceding the month in which the final distribution with respect
to any Class of Certificates is expected to be made (or, if the Certificate Administrator has not received notice of such Anticipated
Termination Date by such time, promptly following the Certificate Administrator’s receipt of such notice), mail to each Holder
of such Class of Certificates, on such date a notice to the effect that:

 

(i)          
the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution
with respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of
such Certificates at the office of the Certificate Administrator therein specified, and

 

(ii)         
if such final distribution is made on such Distribution Date, no interest shall accrue on such Class of Certificates, or
on the Corresponding Lower-Tier Regular Interest, from and after such Distribution Date;

 

provided, however, that the
Class R Certificates shall remain outstanding until there is no other Class of Certificates outstanding.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of the appropriate non-tendering
Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(h) shall
not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to
receive the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall
have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps
to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of
holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state
law with respect to escheatment of funds, if within two years after the second notice any such Certificates shall not have been
surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders
thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier
of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate
Administrator and (ii) the termination of the

 

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Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held in trust hereunder or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 4.01(h). Any funds not distributed on such Distribution Date shall be set aside and held uninvested
in trust for the benefit of Certificateholders not presenting and surrendering their Certificates in the aforesaid manner.

 

(i)           
[Reserved].

 

(j)           
The Excess Prepayment Interest Shortfall, if any, for each Distribution Date will be allocated among the various Classes
of Regular Certificates, the Class A-S Regular Interest (and correspondingly, the Class A-S Certificates and the Class EC Component
A-S, pro rata based on their respective percentage interests therein), the Class B Regular Interest (and correspondingly,
the Class B Certificates and the Class EC Component B, pro rata based on their respective percentage interests therein)
and the Class C Regular Interest (and correspondingly, the Class C Certificates and the Class EC Component C, pro rata based
on their respective percentage interests therein), pro rata, based upon the respective Interest Accrual Amounts with respect
to such Classes of Regular Certificates and Class EC Regular Interests for such Distribution Date. The portion of any Excess Prepayment
Interest Shortfall for any Distribution Date so allocable to a Class of Class X Certificates shall, in turn, be allocated
among the various Components of such Class of Class X Certificates, pro rata, based upon the respective amounts of
Accrued Component Interest with respect to such Components for such Distribution Date. The portion of any Excess Prepayment Interest
Shortfall for any Distribution Date so allocated to any Class of Sequential Pay Certificates, any Class EC Regular Interest or
any Component of a Class of Class X Certificates shall be deemed to have first been allocated to the Corresponding Lower-Tier
Regular Interest for such Class of Regular Certificates, Class EC Regular Interest or Component, as applicable.

 

(k)          
Amounts distributed on the Class EC Regular Interests pursuant to Section 4.01(b) and Section 4.01(d)
shall be further distributed from the Exchangeable Distribution Account to the Holders of the Exchangeable Certificates as set
forth below:

 

(i)           
On each Distribution Date, simultaneously with the distributions made on the Class A-S Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class A-S Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class A-S Certificates and the Class EC Certificates in the following amounts
and in the following order of priority:

 

 (A)         
first, concurrently, to the Holders of the Class A-S Certificates in respect of interest, up to an amount equal to
the Class A-S Percentage Interest of the amount distributed in respect of interest on the Class A-S Regular Interest under Section 4.01(b)(iv)
and Section 4.01(d)(i), and to the Holders of the Class EC Certificates in respect of interest on Class EC Component
A-S, up to an amount equal to the Class A-S-Exchange Percentage Interest of the amount distributed in respect of interest on the
Class A-S Regular Interest under Section 4.01(b)(iv) and Section 4.01(d)(i);

 

    	-294-

    	 

    

 

 (B)         
second, concurrently, to the Holders of the Class A-S Certificates in respect of principal, up to an amount equal
to the Class A-S Percentage Interest of the amount distributed in respect of principal on the Class A-S Regular Interest under
Section 4.01(b)(v) and Section 4.01(d)(i), and to the Holders of the Class EC Certificates in respect of
principal on Class EC Component A-S, up to an amount equal to the Class A-S-Exchange Percentage Interest of the amount distributed
in respect of principal on the Class A-S Regular Interest under Section 4.01(b)(v) and Section 4.01(d)(i);
and

 

 (C)         
third, concurrently, to the Holders of the Class A-S Certificates in respect of unreimbursed Realized Losses, up
to an amount equal to the Class A-S Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on
the Class A-S Regular Interest under Section 4.01(b)(vi) and Section 4.01(d)(i), and to the Holders of
the Class EC Certificates in respect of unreimbursed Realized Losses on Class EC Component A-S, up to an amount equal to the Class
A-S-Exchange Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class A-S Regular
Interest under Section 4.01(b)(vi) and Section 4.01(d)(i).

 

(ii)         
On each Distribution Date, simultaneously with the distributions made on the Class B Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class B Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class B Certificates and the Class EC Certificates in the following amounts
and in the following order of priority:

 

 (A)         
first, concurrently, to the Holders of the Class B Certificates in respect of interest, up to an amount equal to
the Class B Percentage Interest of the amount distributed in respect of interest on the Class B Regular Interest under Section 4.01(b)(vii)
and Section 4.01(d)(i), and to the Holders of the Class EC Certificates in respect of interest on Class EC Component B,
up to an amount equal to the Class B-Exchange Percentage Interest of the amount distributed in respect of interest on the Class B
Regular Interest under Section 4.01(b)(vii) and Section 4.01(d)(i);

  

 (B)         
second, concurrently, to the Holders of the Class B Certificates in respect of principal, up to an amount equal to
the Class B Percentage Interest of the amount distributed in respect of principal on the Class B Regular Interest under Section 4.01(b)(viii)
and Section 4.01(d)(i), and to the Holders of the Class EC Certificates in respect of principal on Class EC Component
B, up to an amount equal to the Class B-Exchange Percentage Interest of the amount distributed in respect of principal on the Class B
Regular Interest under Section 4.01(b)(viii) and Section 4.01(d)(i); and

 

 (C)         
third, concurrently, to the Holders of the Class B Certificates in respect of unreimbursed Realized Losses, up to
an amount equal to the Class B Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the
Class B Regular Interest under Section 4.01(b)(ix) and 

 

    	-295-

    	 

    

 

Section 4.01(d)(i), and to the Holders of the Class
EC Certificates in respect of unreimbursed Realized Losses on Class EC Component B, up to an amount equal to the Class B-Exchange
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest under
Section 4.01(b)(ix) and Section 4.01(d)(i).

 

(iii)         
On each Distribution Date, simultaneously with the distributions made on the Class C Regular Interest under Section 4.01(b),
the aggregate amount so distributed on the Class C Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class C Certificates and the Class EC Certificates in the following amounts
and in the following order of priority:

 

 (A)         
first, concurrently, to the Holders of the Class C Certificates in respect of interest, up to an amount equal to
the Class C Percentage Interest of the amount distributed in respect of interest on the Class C Regular Interest under Section 4.01(b)(x)
and Section 4.01(d)(i), and to the Holders of the Class EC Certificates in respect of interest on Class EC Component
C, up to an amount equal to the Class C-Exchange Percentage Interest of the amount distributed in respect of interest on the Class C
Regular Interest under Section 4.01(b)(x) and Section 4.01(d)(i);

 

 (B)         
second, concurrently, to the Holders of the Class C Certificates in respect of principal, up to an amount equal to
the Class C Percentage Interest of the amount distributed in respect of principal on the Class C Regular Interest under Section 4.01(b)(xi)
and Section 4.01(d)(i), and to the Holders of the Class EC Certificates in respect of principal on Class EC Component
C, up to an amount equal to the Class C-Exchange Percentage Interest of the amount distributed in respect of principal on the Class C
Regular Interest under Section 4.01(b)(xi) and Section 4.01(d)(i); and

 

 (C)        
third, concurrently, to the Holders of the Class C Certificates in respect of unreimbursed Realized Losses, up to
an amount equal to the Class C Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the
Class C Regular Interest under Section 4.01(b)(xii) and Section 4.01(d)(i), and to the Holders of the Class
EC Certificates in respect of unreimbursed Realized Losses on Class EC Component C, up to an amount equal to the Class C-Exchange
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest under
Section 4.01(b)(xii) and Section 4.01(d)(i).

 

(iv)         
The various amounts distributable on the Class EC Certificates on each Distribution Date under the foregoing subsections
of this Section 4.01(k) shall be so distributed in a single, aggregate distribution.

 

(l)           
The various amounts distributable on the Class EC Certificates on each Distribution Date under Article IV in respect
of amounts allocated to any of the Class EC Components pursuant to the terms of this Agreement shall be so distributed in a single,
aggregate distribution to the Holders of the Class EC Certificates on such Distribution Date. In addition,

 

    	-296-

    	 

    

 

the Class EC Certificates
shall be allocated the aggregate amount of Realized Losses, Prepayment Interest Shortfalls and other interest shortfalls (including
those resulting from Appraisal Reduction Events) that are allocated to the Class EC Components pursuant to the terms of this Agreement.

 

(m)         
On each Distribution Date, any Excess Interest received during the related Collection Period with respect to any ARD Mortgage
Loans shall be distributed to the Holders of the Excess Interest Certificates from the Excess Interest Distribution Account.

 

Section 4.02         
Statements to Certificateholders; Certain Reports by the Master Servicer and the Special Servicer. 

 

(a)          
Based on loan-level information received from the Master Servicer and any other applicable Persons, on each Distribution
Date, the Certificate Administrator shall provide or make available a report, including reports in substantially the form attached
hereto as Exhibit D (the “Distribution Date Statement”), setting forth, among other things, the
following information:

 

 (A)        
the amount of distributions, if any, made on such Distribution Date to the holders of each Class of Principal Balance Certificates
and applied to reduce the respective Certificate Balance thereof;

 

 (B)         
the amount of distributions, if any, made on such Distribution Date to the Holders of each Class of Certificates allocable
to (A) Interest Distribution Amount, (B) Yield Maintenance Charges and (C) Excess Interest;

 

 (C)          the amount of any distributions made on such Distribution Date to the Holders of the Class R Certificates;

 

 (D)        
the aggregate amount of outstanding P&I Advances with respect to each Mortgage Loan as of the related Determination
Date, and the total outstanding other or miscellaneous advances (excluding P&I Advances and tax and insurance advances) with
respect to each Mortgage Loan as of the related Determination Date;

 

 (E)           the aggregate amount of Servicing Fees retained by or paid to the Master Servicer and Special Servicing Compensation retained
by or paid to the Special Servicer in respect of the related Due Period, Collection Period or Interest Accrual Period, as applicable;

 

 (F)         
the aggregate Stated Principal Balance of the Mortgage Loans immediately before and after such Distribution Date and the
percentage of the Cut-Off Date Balance of the Mortgage Loans which remains outstanding immediately after such Distribution Date;

 

 (G)     
    the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate
of the outstanding Mortgage Loans, at the close of business on the related Determination Date;

 

    	-297-

    	 

    

 

 (H)         
as of the Determination Date, the number and aggregate unpaid principal balance of Mortgage Loans (A) delinquent 30-59
days, (B) delinquent 60-89 days, (C) delinquent 90 days to 120 days, (D) delinquent 120 or more, (E) that are Specially
Serviced Loans but are not delinquent or (F) as to which foreclosure proceedings have been commenced;

 

 (I)         
  the aggregate Stated Principal Balance of Mortgage Loans as to which the related Mortgagor is subject or is
expected to be subject to a bankruptcy proceeding;

 

 (J)          
with respect to any Mortgage Loan as to which the related Mortgaged Property became an REO Property (including with respect
to the Outside Serviced Mortgage Loans) during the related Collection Period, the Stated Principal Balance and unpaid principal
balance of such Mortgage Loan as of the date such Mortgaged Property became an REO Property and the most recently determined Appraised
Value and date upon which the Appraisal was performed;

 

 (K)         
as to any Mortgage Loan repurchased, substituted for or otherwise liquidated or disposed of during the related Collection
Period, the Loan Number thereof and the amount of any Liquidation Proceeds and/or other amounts, if any, received thereon during
the related Collection Period and the portion thereof included in the Available Funds for such Distribution Date;

 

 (L)         
with respect to any REO Property (including with respect to the Outside Serviced Mortgage Loans) included in the Trust Fund
as of the close of business on the last day of the related Collection Period, the Loan Number of the related Mortgage Loan, the
book value of such REO Property and the amount of any income collected with respect to such REO Property (net of related expenses)
and other amounts, if any, received on such REO Property during the related Collection Period and the portion thereof included
in the Available Funds for such Distribution Date and the most recently determined Appraised Value and date upon which the Appraisal
was performed;

 

 (M)         with respect to any REO Property (including with respect to the Outside Serviced Mortgage Loans)
sold or otherwise disposed of during the related Collection Period, the Loan Number of the related Mortgage Loan, and the
amount of Liquidation Proceeds and other amounts, if any, received in respect of such REO Property during the related
Collection Period, the portion thereof included in the Available Funds for such Distribution Date and the balance of the
Excess Liquidation Proceeds Reserve Account for such Distribution Date;

 

 (N)         
the Interest Distribution Amount in respect of each Class of Regular Certificates and Class EC Regular Interest for such
Distribution Date;

 

 (O)     
    any unpaid Interest Distribution Amount in respect of each Class of Regular Certificates and Class EC Regular Interest after
giving effect to the distributions made on such Distribution Date;

 

    	-298-

    	 

    

 

 (P)         
the Pass-Through Rate for each Class of Regular Certificates and Class EC Regular Interest for such Distribution Date;

 

 (Q)         the original Certificate Balance or Notional Amount as of the Closing Date and the Certificate Balance or Notional Amount,
as the case may be, of each Class of Regular Certificates and Class EC Regular Interest immediately before and immediately after
such Distribution Date, separately identifying any reduction in the Certificate Balance or Notional Amount, as the case may be,
of each such Class of Regular Certificates and Class EC Regular Interest due to Realized Losses;

 

 (R)        
the Certificate Factor for each Class of Regular Certificates or Class EC Regular Interest immediately following such Distribution
Date;

 

 (S)         
the Principal Distribution Amount for such Distribution Date;

 

 (T)     
   the aggregate amount of Principal Prepayments made during the related Collection Period, and the
aggregate amount of any Prepayment Interest Excesses received and Prepayment Interest Shortfalls incurred in connection
therewith;

 

 (U)     
   the aggregate amount of losses on Mortgage Loans and Additional Trust Fund Expenses, if any, incurred with respect to the
Trust Fund during the related Collection Period, and any Realized Loss for such Distribution Date;

 

 (V)         any Appraisal Reduction Amounts on a loan-by-loan basis, and the total Appraisal Reduction Amounts, as of the related Determination
Date;

 

 (W)        
identification of any material modification, extension or waiver of a Mortgage Loan;

 

 (X)     
   identification of any material breach of the representations and warranties given with respect to a Mortgage Loan by the
applicable Mortgage Loan Seller;

 

 (Y)        
the identity of the Operating Advisor;

 

 (Z)         
the amount of the Operating Advisor Fee, the Trustee/Certificate Administrator Fee and the CREFC® Intellectual
Property Royalty License Fee paid with respect to such Distribution Date;

 

 (AA)      an itemized
listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection
Period;

 

 (BB)
       the identity of the Controlling Class;

 

    	-299-

    	 

    

 

(CC)
      such additional information as contemplated by Exhibit D to this
Agreement; and

 

(DD)       the information
required by Rule 15Ga-1(a), as promulgated under the Exchange Act, concerning all assets of the Trust Fund that were subject of
a demand to repurchase or replace for breach of the representations and warranties in any of the Loan Purchase Agreements.

 

In the case of information furnished pursuant
to subclauses (A), (B), (C) and (Q) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates
of each applicable Class and per single Certificate of a specified minimum denomination. The form of any Distribution Date Statement
may change over time.

 

On each Distribution
Date, the Certificate Administrator shall make available via the Certificate Administrator’s Website to each Holder of a
Class R Certificate a copy of the reports made available to the other Certificateholders on such Distribution Date and a statement
setting forth the amounts, if any, actually distributed with respect to the Class R Certificates in respect of the related
Trust REMIC on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed to have been satisfied
to the extent that it provided substantially comparable information pursuant to any requirements of the Code as from time to time
in force. Subject to any potential liability for willful misconduct, bad faith or negligence under Sections 6.01, 6.03,
8.01 or 8.05, applicable, none of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator
shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor (or a third party on its
behalf), any Mortgage Loan Seller (including the information in the Prospectus) another party to this Agreement or a party to an
Outside Servicing Agreement that is included in any reports, statements, materials or information prepared or provided by it.

 

The Certificate Administrator
shall make available each month via the Certificate Administrator’s Website, to any Privileged Person (or, in the case of
item (vii) below, solely to Certificateholders and Certificate Owners, and provided that the Prospectus, Distribution
Date Statements, this Agreement, the Loan Purchase Agreements and the Commission EDGAR filings referred to below (collectively,
the “Public Documents”) will be available to the general public, and provided further that any
Privileged Person that is a Borrower Party shall only be entitled to access the Public Documents, except as otherwise provided
herein with respect to the Special Servicer, any Controlling Class Certificateholder and the Controlling Class Representative),
the following items:

 

(i)          
the following “deal documents”:

 

(A)        
the Prospectus;

 

(B)      
  this Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any),
the Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)         
CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

    	-300-

    	 

    

 

(ii)         
the following “Commission EDGAR filings”:

 

(A)        
any reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust
through the EDGAR system;

 

(iii)        
the following documents, which shall initially be made available under a tab or heading designated “periodic reports”:

 

(A)         
the Distribution Date Statements;

 

(B)      
   the supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (IRP)” (other than the CREFC® Loan Setup File), to the extent the Certificate Administrator
has received such report or file; and

 

(C)         
all Operating Advisor Annual Reports;

 

(iv)        
the following documents, which shall be made available under a tab or heading designated “additional documents”:

 

(A)        
the summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format pursuant to
Section 3.21 of this Agreement;

 

(B)       
  any inspection reports prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable, and delivered
to the Certificate Administrator to Section 3.18 of this Agreement; and

 

(C)          any other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;

 

(v)         
the following documents, which shall be made available under a tab or heading designated “special notices”:

 

(A)         
notice of any release based on an environmental release under this Agreement;

 

(B)      
   notice of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(C)      
   notice of final payment on the Certificates;

 

(D)      
  all notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator or any notice
to Certificateholders of the termination of the Master Servicer or the Special Servicer;

 

(E)          notice of termination or resignation of the Master Servicer or the Special Servicer;

 

    	-301-

    	 

    

 

(F)         
notice of resignation of the Trustee or the Certificate Administrator, and notice of the acceptance of appointment by the
successor Trustee or the successor Certificate Administrator, as applicable;

 

(G)          any notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant
to Section 6.08(a) of this Agreement, the Operating Advisor pursuant to Section 7.06(b) of this Agreement
or the Asset Representations Reviewer pursuant to Section 11.05(b) of this Agreement;

 

(H)          any notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the
related report prepared by the Operating Advisor in connection with such recommendation;

 

(I)          
notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and notice of the acceptance
of appointment by the successor Operating Advisor or the successor Asset Representations Reviewer, as applicable;

 

(J)          
notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and a copy of any
Final Asset Review Report received by the Certificate Administrator;

 

(K)          any notice of the termination of a sub-servicer with respect to Mortgage Loans representing 10% or more of the aggregate
principal balance of all the Mortgage Loans;

 

(L)      
   any and all officer’s certificates and other evidence delivered to or by the Certificate Administrator to support
its or the Master Servicer’s, the Special Servicer’s, or the Trustee’s as the case may be, determination that
any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(M)        
notice of the termination of the Trust;

 

(N)     
   any notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred;

 

(O)     
    any notice of the occurrence of an Operating Advisor Termination Event;

 

(P)          any notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

(Q)     
    any assessments of compliance delivered to the Certificate Administrator;

 

(R)     
    any attestation reports delivered to the Certificate Administrator;

 

    	-302-

    	 

    

 

(S)       
  any “special notices” required by a Certificateholder to be posted on the Certificate Administrator’s
website pursuant to Section 5.07;

 

(T)         
any Proposed Course of Action Notice;

 

(vi)        
the Investor Q&A Forum; and

 

(vii)       
solely to Certificateholders and Certificate Owners, the Investor Registry.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through
(vii) above) and made available to Privileged Persons other than any Excluded Controlling Class Holder (unless a loan-by-loan
segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect
to the related Excluded Controlling Class Mortgage Loan(s)).

 

Notwithstanding any of
the foregoing to the contrary, if the Special Servicer is a Borrower Party with respect to any Mortgage Loan, it shall nevertheless
have access to the Certificate Administrator’s Website; provided, that the Special Servicer hereby agrees not to access,
and is not permitted to access, Excluded Information with respect to any Excluded Special Servicer Mortgage Loan (but shall have
access to any information with respect to any Mortgage Loan other than any related Excluded Special Servicer Mortgage Loan) made
available on the Certificate Administrator’s Website or otherwise pursuant to this Agreement. If the Special Servicer is
a Borrower Party with respect to any Excluded Special Servicer Mortgage Loan, the Special Servicer (i) shall not directly or indirectly
provide any information related to any Excluded Special Servicer Mortgage Loan to (A) the related Mortgagor, (B) any employees
or personnel of the Special Servicer or any Affiliate involved in the management of any investment in the related Mortgagor or
the related Mortgaged Property or (C) to the extent known to the Special Servicer, any non-Affiliate that holds a direct or indirect
ownership interest in the related Mortgagor, and (ii) shall maintain sufficient internal controls and appropriate policies and
procedures in place in order to comply with the obligations described in clause (i) above. Notwithstanding any provision to the
contrary herein, the Certificate Administrator shall not have any obligation to restrict access by the Special Servicer or any
Excluded Special Servicer to any information on the Certificate Administrator’s website related to any Excluded Special Servicer
Mortgage Loan.

 

Any Person that is a
Borrower Party shall be entitled to access (a) the Public Documents, and (b) in the case of the Controlling Class Representative
or a Controlling Class Certificateholder, if any such Person is an Excluded Controlling Class Holder, upon delivery to the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical form of an Investor
Certification substantially in the form of Exhibit M-1C and a notice in the form of Exhibit M-1D hereto certifying
to the effect that it is an Excluded Controlling Class Holder and upon delivery to the Certificate Administrator in physical form
of an investor certification substantially in the form of Exhibit M-1E, which shall include each of the CTSLink User ID
associated with such Excluded Controlling Class Holder, all information (other than Excluded Information related to the Excluded
Controlling Class Mortgage Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate

 

    	-303-

    	 

    

 

Administrator in which
case such access shall only be prohibited with respect to the Excluded Controlling Class Mortgage Loan(s) for which such Person
is a Borrower Party)) available on the Certificate Administrator’s Website.

 

In the case of the Controlling
Class Representative or Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of
an investor certification substantially in the form of Exhibit M-1B hereto certifying to the effect that it is not an Excluded
Controlling Class Holder, such Controlling Class Representative or a Controlling Class Certificateholder shall be entitled to access
all information on the Certificate Administrator’s Website. The Master Servicer, Special Servicer, Operating Advisor, Certificate
Administrator and Trustee may each rely on (i) an Investor Certification in the form of Exhibit M-1B hereto from the Controlling
Class Representative or a Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class
Holder with respect to any Excluded Controlling Class Mortgage Loan or (ii) an Investor Certification in the form of Exhibit
M-1C hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such Person
is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage Loan(s). In the event the
Controlling Class Representative or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party
shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and
the Trustee in writing substantially in the form of Exhibit M-1D to the effect that such party is an Excluded Controlling
Class Holder with respect to the Excluded Controlling Class Mortgage Loan(s) listed in such notice and shall also provide the Certificate
Administrator a notice substantially in the form of Exhibit M-1E listing the CTSLink User ID associated with such Excluded
Controlling Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class Holder’s
access to the Certificate Administrator’s Website as and to the extent provided in this Agreement. Upon confirmation from
the Certificate Administrator that such access has been restricted, such Excluded Controlling Class Holder shall submit a new investor
certification substantially in the form of Exhibit M-1C (which certification shall include, among other things, an acknowledgement
and agreement by such Excluded Controlling Class Holder that it is prohibited from accessing and reviewing (and it agrees not to
access and review) any Excluded Information with respect to any Excluded Controlling Class Mortgage Loans for which it is a Borrower
Party) to access the information on the Certificate Administrator’s Website, except that such Excluded Controlling Class
Holder shall not be entitled to access any Excluded Information related to any Excluded Controlling Class Mortgage Loan(s) (unless
a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited
with respect to the Excluded Controlling Class Mortgage Loan(s) for which such Person is a Borrower Party) made available on the
Certificate Administrator’s Website. Any Excluded Information relating to an Excluded Controlling Class Mortgage Loan that
the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for
posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via email to cmbsexcludedinformation@wellsfargo.com
in one or more separate files labeled “Excluded Information” followed by the applicable loan name and loan number,
and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information on
a separate excluded loan tab on the Certificate Administrator’s website (and, if possible at a later time, on a loan-by-loan
basis). Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special

 

    	-304-

    	 

    

 

Servicer, the Operating Advisor
and the Certificate Administrator shall be entitled to conclusively assume that the Controlling Class Representative and all Controlling
Class Certificateholders are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special
Servicer, the Operating Advisor or the Certificate Administrator, as applicable, has received notice from the Controlling Class
Representative or a Controlling Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master
Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall be liable for any communication to
the Controlling Class Representative or Controlling Class Certificateholder or disclosure of Excluded Information if the Master
Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written
notice that the related Mortgage Loan is an Excluded Controlling Class Mortgage Loan (including, in the case of an Asset Status
Report or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s
Website and/or any failure to label any such information provided to the Certificate Administrator).

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on any certification
delivered by the Controlling Class Representative or a Controlling Class Certificateholder, as applicable, substantially in the
form of Exhibit M-1B to the effect that such Person is no longer an Excluded Controlling Class Holder. To the extent the
Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement to any Excluded
Information with respect to a related Excluded Controlling Class Mortgage Loan on the Certificate Administrator’s Website
or otherwise receives access to such Excluded Information, such Controlling Class Representative or Controlling Class Certificateholder
shall be deemed to have agreed that it (i) will not directly or indirectly provide any information related to the Excluded Controlling
Class Mortgage Loan to (A) the related Mortgagor, (B) any Excluded Controlling Class Holder, (C) any employees or personnel of
such Controlling Class Representative or Controlling Class Certificateholder, (D) any Affiliate involved in the management of any
investment in the related Mortgagor or the related Mortgaged Property or (E) to its actual knowledge, any non-Affiliate that holds
a direct or indirect ownership interest in the related Mortgagor, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of information provided pursuant to this Section and
assumes no responsibility therefor. In addition, the Certificate Administrator disclaims responsibility for any information distributed
by the Certificate Administrator for which it is not the original source. In connection with providing access to the Certificate
Administrator’s internet website, the Certificate Administrator may require registration and acceptance of a disclaimer and
may require a recipient of any of the information set forth above (other than the Public Documents) to execute a confidentiality
agreement (which may be in the form of a web page “click-through”). The Certificate Administrator shall not be liable
for the dissemination of information in accordance with this Agreement. Notwithstanding anything herein to the contrary, the Certificate
Administrator shall not be liable for any disclosure of Excluded Information relating to an Excluded Controlling Class Mortgage
Loan to the extent such information was included in the Asset Status Report or the Final Asset Status Report delivered to the Certificate

 

    	-305-

    	 

    

 

Administrator for posting to the Certificate Administrator’s Website and not properly identified as relating to an Excluded
Controlling Class Mortgage Loan.

 

The Certificate Administrator
shall have no liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s website of
any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement
if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The Certificate Administrator
shall provide assistance in using the Certificate Administrator’s Website through the Certificate Administrator’s customer
service desk at telephone number 866-846-4526.

 

The Certificate Administrator
may provide such information through means other than (and in lieu of) the Certificate Administrator’s Website; provided
that (i) the Depositor shall have consented to such alternative means and (ii) Certificateholders and each of the Serviced
Companion Loan Holders shall have received notice of such alternative means (which notice may be given via the Certificate Administrator’s
Website).

 

Any Person that is a
Mortgagor, a Manager of a Mortgaged Property, an Affiliate of the foregoing, or an agent of any Mortgagor shall be entitled to
access only the Prospectus, Distribution Date Statements, this Agreement, the Loan Purchase Agreements and the Commission EDGAR
filings on the Certificate Administrator’s Website which are being made available to the general public. The provisions in
this Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage
Loans at a website maintained by the Master Servicer.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Holder of a Certificate and requests in writing, a statement containing the information as to the applicable
Class set forth in clauses (A), (B) and (C) of the description of Distribution Date Statements above, aggregated for such
calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other information
as the Certificate Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests,
to enable Certificateholders to prepare their tax returns for such calendar year. Such obligation of the Certificate Administrator
shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate
Administrator pursuant to any requirements of the Code as from time to time are in force.

 

The Certificate Administrator
shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor Q&A Forum” shall
be a service available on the Certificate Administrator’s Website, where Certificateholders and Certificate Owners that are
Privileged Persons may submit questions to (a) the Certificate Administrator relating to the Distribution Date Statements, (b) the
Master Servicer or the Special Servicer, as applicable, relating to the servicing reports prepared by that party and being made
available pursuant to this Section 4.02(a), the Mortgage Loans (excluding the Outside Serviced Mortgage Loans) or the
related Mortgaged Properties or (c) the Operating Advisor relating to the Operating Advisor Annual Reports or other reports
prepared by the Operating Advisor or actions by the Special

 

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Servicer referenced in such reports (collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers
thereto. Upon receipt of an Inquiry for the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, the
Certificate Administrator shall forward the Inquiry to the appropriate Person and, in the case of an inquiry relating to an Outside
Serviced Mortgage Loan, to the applicable party under the related Outside Servicing Agreement, in each case within a commercially
reasonable period following receipt thereof.

 

Within a commercially
reasonable time following receipt of an Inquiry, the Certificate Administrator, the Operating Advisor, the Master Servicer or the
Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry,
which reply of the Operating Advisor, the Master Servicer or Special Servicer shall be by e-mail to the Certificate Administrator.
In the case of an Inquiry relating to an Outside Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts
to obtain an answer from the related Outside Servicer or the related Outside Special Servicer, as applicable; provided that
the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such answer.
The Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt of such answer,
as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) any
Inquiry is beyond the scope of the topics described above, (ii) answering any Inquiry would not be in the best interests of
the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, this Agreement
(including requirements in respect of non-disclosure of Privileged Information) or the applicable Loan Documents, (iv) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, (v) answering any Inquiry would require
the disclosure of Privileged Information (subject to the Privileged Information Exception) or (vi) answering any Inquiry is
otherwise, for any reason, not advisable, then it shall not be required to answer such Inquiry and, in the case of the Operating
Advisor, the Master Servicer or the Special Servicer, shall promptly notify the Certificate Administrator of such determination.
In addition, no party shall post or otherwise disclose any direct communications with the Directing Holder as part of its response
to any Inquiries. The Certificate Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry
will not be answered. The Certificate Administrator shall not be required to post to the Certificate Administrator’s Website
any Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial
in nature. The Investor Q&A Forum will not reflect questions, answers and other communications which are not submitted via
the Certificate Administrator’s Website. Answers posted on the Investor Q&A Forum shall be attributable only to the respondent,
and shall not be deemed to be answers from any of the Depositor, the Underwriters, the Initial Purchasers or any of their respective
Affiliates. None of the Underwriters, Initial Purchasers, Depositor, any of their respective affiliates or any other person will
certify as to the accuracy of any of the information posted in the Investor Q&A Forum and no such person will have any responsibility
or liability for the content of any such information. No party to this Agreement shall disclose Privileged Information in the Investor
Q&A Forum.

 

    	-307-

    	 

    

 

The Certificate Administrator
shall make available to any Certificateholder and any Certificate Owner that is a Privileged Person, the Investor Registry. The
“Investor Registry” shall be a voluntary service available on the Certificate Administrator’s Website,
where Certificateholders and Certificate Owners can register and thereafter obtain information with respect to any other Certificateholder
or Certificate Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that
(a) it is a Certificateholder or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its
name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other
registered Certificateholders and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields
such as the individual’s name, the company name and e-mail address, as well as certain optional fields such as address, phone,
and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator that
it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate
Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying
or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any
information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor
Registry.

 

Notwithstanding the foregoing,
in no event shall any provision of this Agreement be construed to require the Master Servicer, the Special Servicer or the Certificate
Administrator to produce any ad hoc or non-standard written reports (in addition to the CREFC® reports, inspection
reports, reports required under each Co-Lender Agreement and other specific periodic reports otherwise required). If the Master
Servicer, the Special Servicer or the Certificate Administrator elects to provide any ad hoc or non-standard reports, it may require
the Person requesting such report to pay a reasonable fee to cover the costs of the preparation thereof.

 

Upon filing with the IRS, the
Certificate Administrator shall furnish to the Holders of the Class R Certificates the IRS Form 1066 for each Trust REMIC and shall
furnish their respective Schedules Q thereto at the times required by the Code or the IRS, and shall provide from time to time
such information and computations with respect to the entries on such forms as any Holder of the Class R Certificates may reasonably
request.

 

The specification of information
to be furnished by the Certificate Administrator in this Section 4.02 (and any other terms of this Agreement requiring or
calling for delivery or reporting of information by the Certificate Administrator to Certificateholders and Certificate Owners)
shall not limit the Certificate Administrator in furnishing, and the Certificate Administrator is hereby authorized to furnish,
to any Privileged Person any other information (such other information, collectively, “Additional Information”)
with respect to the Mortgage Loans or Serviced Loan Combination, the Mortgaged Properties or the Trust Fund as may be provided
to it by the Depositor, the Master Servicer or the Special Servicer or gathered by it in any investigation or other manner from
time to time, provided that (A) while there exists any Servicer Termination Event, any such Additional Information shall
only be furnished with the consent or at the request of the Depositor (except pursuant to clause (E) below or to the extent such
information is requested by a Certifying Certificateholder), (B) the Certificate Administrator shall be entitled to indicate the
source of all information furnished by it, and the Certificate Administrator may affix thereto any disclaimer it deems appropriate
in its sole

 

    	-308-

    	 

    

 

discretion (together with any warnings as to the confidential nature and/or the uses of such information as it may,
in its sole discretion, determine appropriate), (C) the Certificate Administrator may notify any Privileged Person of the availability
of any such information in any manner as it, in its sole discretion, may determine, (D) the Certificate Administrator shall be
entitled (but not obligated) to require payment from each recipient of a reasonable fee for, and its out-of-pocket expenses incurred
in connection with, the collection, assembly, reproduction or delivery of any such Additional Information, and (E) the Certificate
Administrator shall be entitled to distribute or make available such Additional Information in accordance with such reasonable
rules and procedures as it may deem necessary or appropriate (which may include the requirement that an agreement that provides
such information shall be used solely for purposes of evaluating the investment characteristics or valuation of the Certificates
be executed by the recipient, if and to the extent the Certificate Administrator deems the same to be necessary or appropriate).
Nothing herein shall be construed to impose upon the Certificate Administrator any obligation or duty to furnish or distribute
any Additional Information to any Person in any instance, and the Certificate Administrator shall neither have any liability for
furnishing nor for refraining from furnishing Additional Information in any instance. The Certificate Administrator shall be entitled
(but not required) to request and receive direction from the Depositor as to the manner of delivery of any such Additional Information,
if and to the extent the Certificate Administrator deems necessary or advisable, and to require that any consent, direction or
request given to it pursuant to this Section be made in writing.

 

The Depositor hereby authorizes
the Certificate Administrator to, and the Certificate Administrator shall, make available to Bloomberg, L.P., Trepp, LLC, Intex
Solutions, Inc., BlackRock Financial Management, Inc., Markit Group Limited or such other vendor chosen by the Depositor that submits
to the Certificate Administrator a certification in the form of Exhibit M-3 to this Agreement, all the Distribution Date
Statements, CREFC® reports and supplemental notices delivered or made available pursuant to this Section 4.02(a)
to Privileged Persons.

 

(b)          No later than the Business
Day prior to each Distribution Date, subject to the third from last paragraph of this subsection (b), the Master Servicer shall
deliver or cause to be delivered to the Certificate Administrator, the Operating Advisor, the Special Servicer and any master servicer
of a securitization of a Companion Loan in electronic form mutually acceptable to the Certificate Administrator, the Operating
Advisor, the Special Servicer and the Master Servicer the following reports or information (and any other files as may be, or have
been, adopted and promulgated by CREFC® as part of the CREFC® Investor Reporting Package (IRP) from
time to time): (1) a CREFC® REO Status Report, (2) a CREFC® Historical Loan Modification/Forbearance
and Corrected Mortgage Loan Report, (3) CREFC® Total Loan Report, (4) the CREFC® Servicer Watch List/Portfolio
Review Guidelines, (5) the CREFC® Financial File, (6) the CREFC® Property File, (7) except for the
first two Distribution Dates, the CREFC® Comparative Financial Status Report, (8) the CREFC® Loan
Level Reserve/LOC Report, (9) the CREFC® Advance Recovery Report and (10) the CREFC® Delinquent Loan
Status Report.

 

No later than the Business Day
prior to each Distribution Date except for the first two Distribution Dates, the Master Servicer shall deliver to the Certificate
Administrator and the Operating Advisor (by electronic means) the CREFC® Comparative Financial Status Report for

 

    	-309-

    	 

    

 

 

each Mortgage Loan or related Mortgaged Property as of the Determination Date immediately preceding the preparation of such report
for each of the following three periods (but only to the extent the related Mortgagor is required by the Mortgage to deliver and
does deliver, or otherwise agrees to provide and does provide, such information): (a) the most current available year-to-date;
(b) each of the previous two full fiscal years stated separately (to the extent such information is in the Master Servicer’s
possession); and (c) the “base year” (representing the original analysis of information used as of the Cut-Off Date).

 

No later than 2:00 p.m., New
York City time, on the second Business Day prior to each Distribution Date, the Master Servicer shall deliver to the Certificate
Administrator and the Operating Advisor a CREFC® Loan Periodic Update File setting forth certain information with
respect to the Mortgage Loans and Mortgaged Properties.

 

The Master Servicer shall prepare
the initial CREFC® Financial File and the initial CREFC® Loan Periodic Update File based on the initial
data with respect to each Mortgage Loan provided by the Mortgage Loan Sellers pursuant to the respective Loan Purchase Agreements
and the Supplemental Servicer Schedule.

 

The Master Servicer shall provide
to the Certificate Administrator and the Operating Advisor the CREFC® Loan Setup File within 60 days of the first
Distribution Date hereunder to the extent it has received from the Mortgage Loan Sellers one or more spreadsheets (with the data
fields filled) containing the data necessary for the completion of the aggregate pool-wide CREFC® Loan Setup File.

 

In addition, the Master Servicer
(with respect to Performing Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans and REO Properties),
as applicable, shall prepare the following with respect to each Mortgaged Property and REO Property, in each case other than with
respect to any Outside Serviced Mortgage Loan:

 

(i)          Within 30
days after receipt of a quarterly operating statement, if any, for each calendar quarter, commencing within 30 days of receipt
of such quarterly operating statement for the quarter ending June 30, 2016, a CREFC® Operating Statement Analysis
Report (but only to the extent the related Mortgagor is required by the related Loan Documents to deliver and does deliver, or
otherwise agrees to provide and does provide, such information) for such Mortgaged Property or REO Property as of the end of such
calendar quarter; provided, however, that any analysis or report with respect to the first calendar quarter of each
year shall not be required to the extent provided in the then current applicable CREFC® guidelines (it being understood that
as of the Closing Date, the applicable CREFC® guidelines provide that such analysis or report with respect to the first calendar
quarter (in each year) is not required for a Mortgaged Property unless such Mortgaged Property is analyzed on a trailing 12-month
basis, or if the related Serviced Mortgage Loan is on the CREFC® Servicer Watch List). The Master Servicer (with respect to
Performing Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable, shall
deliver to the Certificate Administrator, the Operating Advisor and each related Serviced Companion Loan Holder (or the master
servicer or special servicer for the related Other

 

    	-310-

    	 

    

 

Securitization Trust on its behalf) by electronic means the CREFC®
Operating Statement Analysis Report upon request; and

 

(ii)          Within
30 days after receipt by the Special Servicer (with respect to Specially Serviced Loans and REO Properties) or the Master Servicer
(with respect to Performing Serviced Loans) of any annual operating statement or rent rolls, commencing within 30 days of receipt
of such annual operating statement for the calendar year ending December 31, 2016, a CREFC® NOI Adjustment Worksheet
(but only to the extent the related Mortgagor is required by the related Loan Documents to deliver and does deliver, or otherwise
agrees to provide and does provide, such information), presenting the computation to “normalize” the full year net
operating income and debt service coverage numbers used by the Master Servicer in preparing the CREFC® Comparative
Financial Status Report above. The Special Servicer or the Master Servicer shall deliver to the Certificate Administrator, the
Operating Advisor and each related Serviced Companion Loan Holder (or the master servicer or special servicer for the related Other
Securitization Trust on its behalf) by electronic means the CREFC® NOI Adjustment Worksheet upon request. Notwithstanding
anything to the contrary contained herein, with respect to any Mortgage Loan related to any Significant Obligor, the Master Servicer
(with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties)
shall be required to complete any CREFC files, reports and/or templates necessary in order to comply with the Master Servicer’s
or the Special Servicer’s, as applicable, obligations under Section 10.11 of this Agreement and the Exchange Act filing
obligations of the Depositor and/or any Other Depositor, as applicable, with respect to such Significant Obligor.

 

The Certificate Administrator
shall deliver or shall cause to be delivered, upon request, to the Rule 17g-5 Information Provider (for posting to the Rule 17g-5
Information Provider’s Website pursuant to Section 12.13 of this Agreement), to each Certificateholder, to each party
hereto, to any Underwriter and/or to any Initial Purchaser and to each Person that provides the Certificate Administrator with
an Investor Certification a copy of the CREFC® Operating Statement Analysis Report and CREFC® NOI
Adjustment Worksheet most recently performed by the Master Servicer with respect to any Mortgage Loan or Serviced Loan Combination
and delivered to the Certificate Administrator.

 

Upon request (and in any event,
not more frequently than once per month), the Master Servicer shall forward to the Certificate Administrator (as to the Collection
Account), the Operating Advisor, any related Serviced Companion Loan Holder or the master servicer or special servicer for the
related Other Securitization Trust on its behalf (as to the related Loan Combination Custodial Account) and, for posting to the
Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information
Provider a statement, setting forth the status of the Collection Account and each Loan Combination Custodial Account as of the
close of business on such Master Servicer Remittance Date, stating that all remittances to the Certificate Administrator required
by this Agreement to be made by the Master Servicer have been made (or, in the case of any such required remittance that has not
been made by the Master Servicer, specifying the nature and status thereof) and showing, for the period from the preceding Master
Servicer Remittance Date (or, in the case of the first Master Servicer Remittance Date, from the Cut-Off Date) to such Master Servicer
Remittance Date, the

 

    	-311-

    	 

    

 

aggregate of deposits into and withdrawals from the Collection Account and each Loan Combination Custodial
Account for each category of deposit specified in Section 3.05(a) of this Agreement and each category of withdrawal specified
in Section 3.06 of this Agreement. The Master Servicer shall also deliver to the Certificate Administrator and (solely as
to a Serviced Loan Combination) the related Serviced Companion Loan Holder, upon reasonable request of the Certificate Administrator
or any Serviced Companion Loan Holder, any and all additional information relating to the Mortgage Loans or Serviced Loan Combinations
in the possession of the Master Servicer (which information shall be based upon reports delivered to the Master Servicer by the
Special Servicer with respect to Specially Serviced Loans and REO Properties).

 

Further, the Master Servicer
shall cooperate with the Special Servicer and provide the Special Servicer with the information in the possession of the Master
Servicer reasonably requested by the Special Servicer, in writing, to the extent required to allow the Special Servicer to perform
its obligations under this Agreement with respect to those Mortgage Loans serviced by the Master Servicer.

 

The obligation of the Master
Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject to the Master Servicer having
received from the Special Servicer in a timely manner the related reports and information in the possession of the Special Servicer
necessary or required to enable the Master Servicer to prepare and deliver such reports. The Master Servicer shall not be responsible
for the accuracy or content of any report, document or information furnished by the Special Servicer to the Master Servicer pursuant
to this Agreement and accepted by the Master Servicer in good faith pursuant to this Agreement.

 

The obligation of the Special
Servicer to deliver the reports required to be delivered by it pursuant to this subsection is subject to the Special Servicer having
received from the Master Servicer in a timely manner the related reports and information in the possession of the Master Servicer
necessary or required to enable the Special Servicer to prepare and deliver such reports. The Special Servicer shall not be responsible
for the accuracy or content of any report, document or information furnished by the Master Servicer to the Special Servicer pursuant
to this Agreement and accepted by the Special Servicer in good faith pursuant to this Agreement.

 

With respect to an Outside Serviced
Mortgage Loan, the Master Servicer shall deliver information comparable to the above-described information to the same Persons
as described above in this Section 4.02(b) and according to the same time frames as described above in this Section 4.02(b),
with reasonable promptness following such Master Servicer’s receipt of such information from the related Outside Servicer
under the applicable Outside Servicing Agreement.

 

(c)          Not later than 5:00 p.m.
New York time on each Determination Date, the Special Servicer shall forward to the Master Servicer, for each Specially Serviced
Loan and REO Property (other than an REO Property related to an Outside Serviced Mortgage Loan), a CREFC® Special
Servicer Loan File. The Special Servicer shall also deliver to the Certificate Administrator, upon the reasonable written request
of the Certificate Administrator, any and all additional information in the possession of the Special Servicer relating to the
Specially Serviced

 

    	-312-

    	 

    

 

Loans and the REO Properties (other than an REO Property related to an Outside Serviced Mortgage Loan).

 

The Special Servicer shall cooperate
with the Master Servicer and provide the Master Servicer with the information in the possession of the Special Servicer reasonably
requested by the Master Servicer, in writing, to the extent required to allow the Master Servicer to perform its obligations under
this Agreement with respect to the Specially Serviced Loans and REO Properties (other than an REO Property related to an Outside
Serviced Mortgage Loan).

 

The Master Servicer may make
available to Privileged Persons copies of any reports or files prepared by the Master Servicer pursuant to this Agreement. The
Master Servicer may make information concerning the Mortgage Loans or Serviced Loan Combination available on any website that it
has established.

 

With respect to an Outside Serviced
Mortgage Loan, the Master Servicer shall deliver information comparable to the above-described information to the extent received
from the related Outside Servicer or the related Outside Special Servicer, as applicable, to the same Persons as described above
in this Section 4.02(c) and according to the same time frames as described above in this Section 4.02(c), with reasonable
promptness following such Master Servicer’s receipt of such information from the related Outside Servicer under the related
Outside Servicing Agreement.

 

Upon the reasonable request of
any Privileged Person so identified by a Certificate Owner or an Underwriter, the Master Servicer shall provide (or forward electronically)
at the expense of such Privileged Person copies of reports prepared by the Master Servicer pursuant to this Agreement any appraisals,
operating statements, rent rolls and financial statements obtained by the Master Servicer; provided that in no event shall
an Excluded Controlling Class Holder be entitled to Excluded Information with respect to an Excluded Controlling Class Mortgage
Loan with respect to which it is a Borrower Party; and provided, further, that no Certificateholders or Certificate
Owners shall be given access to or be provided copies of, any Mortgage Files or Diligence Files. In connection with such request,
the Master Servicer may require (1) a written confirmation executed by the requesting Person substantially in such form as may
be reasonably acceptable to the Master Servicer, generally to the effect that such Person is a Privileged Person and that such
Person will keep such information confidential and will use such information only for the purpose of analyzing asset performance
and evaluating any continuing rights the Certificateholder may have under this Agreement, and (2) payment of a sum sufficient to
cover the reasonable costs and expenses of providing copies of such reports or information (which amounts in any event are not
reimbursable as Additional Trust Fund Expenses), except that, other than for extraordinary or duplicate requests, the Directing
Holder (but, in the case of the Controlling Class Representative, only if a Consultation Termination Event does not exist) will
be entitled to reports and information free of charge.

 

(d)          The Master Servicer shall
withdraw from the Collection Account and pay the CREFC® Intellectual Property Royalty License Fee to CREFC®
in accordance with Section 3.06(a)(vi) on a monthly basis, from funds on deposit in the Collection Account.

 

(e)          Upon the reasonable request
of the Controlling Class Representative or any Controlling Class Certificateholder that, in either case, is an Excluded Controlling
Class

 

    	-313-

    	 

    

 

Holder with respect to any Excluded Controlling Class Mortgage Loan identified to the Master Servicer’s (in the case
of a Performing Serviced Loan) or the Special Servicer’s (in the case of a Specially Serviced Loan) reasonable satisfaction
(at the expense of the Controlling Class Representative or such Controlling Class Certificateholder) and if such information is
in the Master Servicer’s or Special Servicer’s possession, as applicable, the Master Servicer or Special Servicer,
shall provide or make available (or forward electronically) to the Controlling Class Representative or such Controlling Class Certificateholder,
as applicable, (at the expense of the Controlling Class Representative or such Controlling Class Certificateholder, as applicable)
any Excluded Information (available to Privileged Persons through the Certificate Administrator’s Website but not accessible
to the Controlling Class Representative or such Controlling Class Certificateholder, as applicable, through the Certificate Administrator’s
Website because the Controlling Class Representative or such Controlling Class Certificateholder, as applicable, is an Excluded
Controlling Class Holder with respect to another Excluded Controlling Class Mortgage Loan) relating to any Excluded Controlling
Class Mortgage Loan with respect to which the Controlling Class Representative or such Controlling Class Certificateholder, as
applicable, is not a Borrower Party; provided that, in connection therewith, the Master Servicer or Special Servicer may
require a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to
the Master Servicer or Special Servicer, generally to the effect that such Person is the Controlling Class Representative or a
Controlling Class Certificateholder, will keep such Excluded Information confidential and is not a Borrower Party, upon which the
Master Servicer or Special Servicer may conclusively rely. In addition, the Master Servicer and the Special Servicer shall be entitled
to conclusively rely on delivery from the Controlling Class Representative or a Controlling Class Certificateholder, as applicable,
of an Investor Certification substantially in the form of Exhibit M-1C that such Controlling Class Representative or Controlling
Class Certificateholder is not an Excluded Controlling Class Holder with respect to a particular Mortgage Loan. For the avoidance
of doubt, the Special Servicer referenced in this Section 4.02(e) shall include any applicable Excluded Mortgage Loan Special
Servicer with respect to the related Excluded Special Servicer Loan(s).

 

Section 4.03          Compliance
With Withholding Requirements.

  

(a)          Notwithstanding any other
provision of this Agreement, the Paying Agent shall comply with all federal withholding requirements with respect to payments to
Certificateholders of interest or original issue discount that the Paying Agent reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for any such withholding. In the event the Paying Agent or its agent withholds
any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to federal withholding
requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder. Any amount so withheld shall be treated
as having been distributed to such Certificateholder for all purposes of this Agreement.

 

(b)          Each Certificate Owner
and Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein, acknowledges that interest
on the Certificates will be treated as United States source interest, and, as such, United States withholding tax may apply. Each
such Certificate Owner and Certificateholder further agrees, upon request, to provide any certifications that may be required under
applicable law, regulations or procedures to evidence its status for United States withholding tax purposes and understands

 

    	-314-

    	 

    

 

that
if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under the Certificates may
be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing, if a payment
made under this Agreement would be subject to United States federal withholding tax imposed by FATCA if the recipient of such payment
were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable), such recipient
shall deliver to the Paying Agent, with a copy to each of the Trustee and the Certificate Administrator, at the time or times prescribed
by the Code and at such time or times reasonably requested by the Paying Agent or the Trustee, such documentation prescribed by
the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the
Paying Agent, the Trustee or the Certificate Administrator to comply with their respective obligations under FATCA, to determine
that such recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and
withhold from such payment. For these purposes, “FATCA” means Section 1471 through 1474 of the Code and any
regulations or official interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued
by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under such Sections, regulations
and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA
after the date of this Agreement.

 

Section 4.04          REMIC Compliance.

 

(a)          The parties intend that
each Trust REMIC shall constitute, and that the affairs of each Trust REMIC shall be conducted so as to qualify it as, a “real
estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions, and the provisions hereof
shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator shall, to
the extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each Trust REMIC and shall on
behalf of each Trust REMIC: (i) prepare, timely deliver to the Trustee for execution (and the Trustee shall timely execute) and
file, or cause to be prepared and filed, all required Tax Returns for each Trust REMIC, using a calendar year as the taxable year
for each Trust REMIC when and as required by the REMIC Provisions and other applicable federal, state or local income tax laws;
(ii) make an election, on behalf of each Trust REMIC, to be treated as a REMIC on IRS Form 1066 for its first taxable year ending
December 31, 2016, in accordance with the REMIC Provisions; (iii) prepare and forward, or cause to be prepared and forwarded, to
the Certificateholders (other than the Holders of any Excess Interest Certificates) and the IRS and applicable state and local
tax authorities all information reports as and when required to be provided to them in accordance with the REMIC Provisions of
the Code; (iv) if the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through
(iii) of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of each Trust REMIC
as a REMIC or is otherwise required by the Code, prepare, sign and file or distribute, or cause to be prepared and signed and filed
or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the Code or comparable provisions
of state and local law; (v) obtain a taxpayer identification number for the Upper-Tier REMIC and Lower-Tier REMIC on IRS Form SS-4,
and, within thirty days of the Closing Date, furnish or cause to be furnished to the IRS, on IRS Form 8811 or as otherwise may
be required by the Code, the name, title and address of the Person that the holders of the

 

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Certificates may contact for tax information
relating thereto (and the Certificate Administrator shall act as the representative of each Trust REMIC for this purpose), together
with such additional information as may be required by such IRS Form, and shall update such information at the time or times and
in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide any information
reasonably requested by the Master Servicer or the Certificate Administrator and necessary to make such filing); and (vi) maintain
such records relating to each Trust REMIC as may be necessary to prepare the foregoing returns, schedules, statements or information,
such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual basis.

 

The Holder of the largest Percentage
Interest in the Class R Certificates shall be the tax matters person of each Trust REMIC pursuant to Treasury Regulations Section
1.860F-4(d). If more than one Holder should hold an equal Percentage Interest in the Class R Certificates larger than that held
by any other Holder, the first such Holder to have acquired such Class R Certificates shall be such tax matters person. The Certificate
Administrator shall act as attorney-in-fact and agent for the tax matters person of each Trust REMIC, and each Holder of a Percentage
Interest in the Class R Certificates, by acceptance thereof, is deemed to have consented to the Certificate Administrator’s
appointment in such capacity and agrees to execute any documents required to give effect thereto, and any fees and expenses incurred
by the Certificate Administrator in connection with any audit or administrative or judicial proceeding shall be paid by the Trust
Fund. The Certificate Administrator shall make any elections allowed under the Code (i) to avoid the application of Section 6221
of the Code (or successor provision) to any Trust REMIC and (ii) to avoid payment by any Trust REMIC under Section 6225 of the
Code of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any holder of any
residual interest of any Trust REMIC, past or present. Each Holder of a Percentage Interest in the Class R Certificates, by acceptance
thereof, is deemed to agree to any such elections and to the Certificate Administrator’s acting as agent for any tax matters
person or other representative of each Trust REMIC that can be designated under the Code.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action within its control and the scope of its duties
if, in taking or omitting to take such action, the Certificate Administrator knows that such action or omission (as the case may
be) would cause the termination of the REMIC status of a Trust REMIC or the imposition of tax on a Trust REMIC (other than a tax
on income expressly permitted or contemplated to be received by the terms of this Agreement).

 

Notwithstanding any provision
of this paragraph or the three preceding paragraphs to the contrary, the Certificate Administrator shall not be required to take
any action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement,
nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or authorized
by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability with respect
to any act or omission of the Depositor or the Master Servicer which does not enable the Certificate Administrator to comply with
any of clauses (i) through (vi) of the third preceding paragraph or which results in any action contemplated by clauses (i) through
(iii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) not allow the

 

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occurrence of any “prohibited
transactions” within the meaning of Code Section 860F(a), unless the party seeking such action shall have delivered to the
Certificate Administrator an Opinion of Counsel (at such party’s expense) that such occurrence would not (a) result in a
taxable gain, (b) otherwise subject a Trust REMIC to tax (other than a tax at the highest marginal corporate tax rate on net income
from foreclosure property), or (c) cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes; (ii)
not allow a Trust REMIC to receive income from the performance of services or from assets not permitted under the REMIC Provisions
to be held by such Trust REMIC (provided, however, that the receipt of any income expressly permitted or contemplated
by the terms of this Agreement shall not be deemed to violate this clause); and (iii) not permit the creation of any “interests,”
within the meaning of the REMIC Provisions, in the Upper-Tier REMIC other than the Regular Certificates, the Class A-S Regular
Interest, the Class B Regular Interest, the Class C Regular Interest and the Upper-Tier REMIC Residual Interest, or in the Lower-Tier
REMIC other than the Lower-Tier Regular Interests and the Lower-Tier Residual Interest. None of the Trustee, the Master Servicer,
the Special Servicer or the Depositor shall be responsible or liable for any failure by the Certificate Administrator to comply
with the provisions of this Section 4.04. The Depositor, the Master Servicer and the Special Servicer shall cooperate in
a timely manner with the Certificate Administrator in supplying any information within the Depositor’s, the Master Servicer’s
or the Special Servicer’s control (other than any confidential information) that is reasonably necessary to enable the Certificate
Administrator to perform its duties under this Section 4.04.

 

(b)          The following assumptions
are to be used for purposes of determining the anticipated payments of principal and interest for calculating the original yield
to maturity and original issue discount with respect to the Regular Certificates, the Class A-S Regular Interest, the Class B Regular
Interest and the Class C Regular Interest: (i) each Mortgage Loan will pay principal and interest in accordance with its terms
and scheduled payments will be timely received on their Due Dates, provided that the Mortgage Loans in the aggregate will
prepay in accordance with the Prepayment Assumption; (ii) none of the Master Servicer, the Special Servicer, the Depositor and
the Class R Certificateholder will exercise the right described in Section 9.01 of this Agreement to cause early termination
of the Trust Fund; and (iii) no Mortgage Loan is repurchased or substituted for by the applicable Mortgage Loan Seller pursuant
to Article II of this Agreement.

 

Section
4.05          Imposition of Tax on the Trust REMICs. In the event
that any tax, including interest, penalties or assessments, additional amounts or additions to tax, is imposed on a Trust
REMIC, such tax shall be charged against amounts otherwise distributable with respect to the Regular Certificates, the Class
EC Regular Interests and the Class R Certificates; provided that any taxes imposed on any net income from foreclosure
property pursuant to Code Section 860G(d) or any similar tax imposed by a state or local jurisdiction shall instead be
treated as an expense of the related REO Property in determining Net REO Proceeds with respect to the REO Property (and until
such taxes are paid, the Special Servicer from time to time shall withdraw from the REO Account and transfer to
the Certificate Administrator for deposit into the Distribution Accounts amounts reasonably determined by the Certificate
Administrator to be necessary to pay such taxes, and the Certificate Administrator shall return to the Special Servicer the
excess determined by the Certificate Administrator from time to time of the amount in excess of the amount necessary to pay
such taxes); provided that any such tax imposed on net income from foreclosure property that exceeds the amount in any
such reserve

 

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shall be retained from Available Funds as provided in Section 3.06(a)(vii) of
this Agreement and the next sentence. Except as provided in the preceding sentence, the Certificate Administrator is hereby authorized
to and shall retain or cause to be retained from the Distribution Account in determining the amount of Available Funds sufficient
funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by a Trust REMIC (but such authorization
shall not prevent the Certificate Administrator from contesting, at the expense of the Trust Fund, any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate
Administrator is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest bearing account,
(i) the net income from any “prohibited transaction” under Code Section 860F(a) or (ii) the amount of any contribution
to a Trust REMIC after the Startup Day that is subject to tax under Code Section 860G(d) and use such income or amount, to the
extent necessary, to pay such tax (and return the balance thereof, if any, to the related Distribution Account). To the extent
that any such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise
distributable to the Holders of the Class R Certificates in respect of the related residual interest and shall distribute such
retained amounts to the Holders of Regular Certificates or to the Certificate Administrator in respect of the Lower-Tier Regular
Interests and the Class EC Regular Interests until they are fully reimbursed and then to the Holders of the Class R Certificates
in respect of the related residual interest. None of the Master Servicer, the Special Servicer, the Certificate Administrator or
the Trustee shall be responsible for any taxes imposed on a Trust REMIC except to the extent such tax is attributable to a breach
of a representation or warranty of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or an
act or omission of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee in contravention of
this Agreement in both cases, provided, further, that such breach, act or omission could result in liability under
Section 6.03, in the case of the Master Servicer or the Special Servicer, as applicable, or Section 4.04 or Section
8.01, in the case of the Certificate Administrator or the Trustee. Notwithstanding anything in this Agreement to the contrary,
in each such case, the Master Servicer or the Special Servicer shall not be responsible for the Certificate Administrator’s,
the Authenticating Agent’s, the Certificate Registrar’s, the Paying Agent’s or the Trustee’s breaches,
acts or omissions, and the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator,
the Master Servicer, the Special Servicer, the Authenticating Agent, the Certificate Registrar or the Paying Agent, and the Certificate
Administrator shall not be responsible for the breaches, acts or omissions of the Trustee, the Master Servicer, the Special Servicer
and, in each case if a different entity than the Certificate Administrator, the Authenticating Agent, the Certificate Registrar
or the Paying Agent.

 

Section 4.06          Remittances;
P&I Advances.

 

(a)          On the Master Servicer
Remittance Date immediately preceding each Distribution Date, the Master Servicer shall:

 

(i)           remit to
the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account an amount equal to the Yield Maintenance
Charges applicable to the Mortgage Loans (but not a Companion Loan) received by the Master Servicer in the Collection Period relating
to such Distribution Date (or, in the case of an Outside Serviced Mortgage Loan, received by the Master Servicer as of the close
of business on

 

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the Business Day immediately preceding the applicable Master Servicer Remittance Date and not previously so remitted
to the Certificate Administrator);

 

(ii)           remit to
the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account an amount equal to the Available Funds applicable
to the Mortgage Loans (other than the amounts referred to in clause (iv) below and clause (d) of the definition of “Available
Funds”);

 

(iii)          remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee;

 

(iv)          make a
P&I Advance by remittance to the Certificate Administrator for deposit into the Lower-Tier REMIC Distribution Account, in an
amount equal to the sum of the Applicable Monthly Payments for each Mortgage Loan (including any REO Mortgage Loan and any Mortgage
Loan related to a Loan Combination, but not a Companion Loan) to the extent such amounts were not received by the Master Servicer
on such Mortgage Loan as of the close of business on the Determination Date (without regard to any grace period) in the same month
as (or, in the case of an Outside Serviced Mortgage Loan, was not received by the Master Servicer as of the close of business on
the Business Day immediately preceding) such Master Servicer Remittance Date), except that the portion of such P&I Advance
equal to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan shall not be remitted
to the Certificate Administrator but shall instead be remitted to CREFC® and the portion of such P&I Advance
equal to the Asset Representations Reviewer Fee, the Operating Advisor Fee or the Trustee/Certificate Administrator Fee shall,
to the extent the subject fee remains unpaid to the applicable party hereunder, shall be deposited in the Collection Account for
payment to such party; and

 

(v)          remit to
the Certificate Administrator for deposit in the Excess Interest Distribution Account all Excess Interest for the related Distribution
Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)(ii)
through Section 3.06(a)(ix) of this Agreement.

 

Neither the Master Servicer nor
the Trustee shall be required or permitted to make an advance for Balloon Payments, Default Interest, Excess Interest or Yield
Maintenance Charges, or delinquent Monthly Payments on the Companion Loans. The amount required to be advanced in respect of delinquent
payments of interest on any Mortgage Loan as to which an Appraisal Reduction Amount exists will equal the product of (i) the amount
otherwise required to be advanced by the Master Servicer with respect to delinquent payments of interest without giving effect
to such Appraisal Reduction Amounts, and (ii) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage
Loan as of the last day of the related Collection Period, reduced by such Appraisal Reduction Amount, and the denominator of which
is the Stated Principal Balance of such Mortgage Loan as of the last day of the related Collection Period. Appraisal Reduction
Amounts shall not affect the principal portion of any P&I Advances.

 

Any amount advanced by the Master
Servicer pursuant to Section 4.06(a)(iv) of this Agreement shall constitute a P&I Advance for all purposes of this Agreement
and the Master

 

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Servicer shall be entitled to reimbursement (with interest at the Advance Rate). The Special Servicer shall have
no obligation to make any P&I Advance.

 

The Certificate Administrator
shall notify the Master Servicer and the Trustee by telephone if as of 3:00 p.m., New York City time, on the Master Servicer Remittance
Date, the Certificate Administrator has not received the amount of a required P&I Advance hereunder. If as of 11:00 a.m., New
York City time, on any Distribution Date the Master Servicer shall not have made the P&I Advance required to have been made
on the related Master Servicer Remittance Date pursuant to Section 4.06(a)(iv) of this Agreement, the Certificate Administrator
shall notify the Trustee and the Trustee shall no later than 1:00 p.m., New York City time, on such Business Day deposit into the
Lower-Tier REMIC Distribution Account in immediately available funds an amount equal to the P&I Advances otherwise required
to have been made by the Master Servicer.

 

Neither the Master Servicer nor
the Trustee shall be obligated to make a P&I Advance as to any Monthly Payment on any date on which a P&I Advance is otherwise
required to be made by this Section 4.06 if the Master Servicer or the Trustee, as applicable, or the Special Servicer determines
that such Advance will be a Nonrecoverable Advance. The determination by any Person with an obligation hereunder to make P&I
Advances that it has made (or in the case of a determination by the Special Servicer, that the Master Servicer or the Trustee has
made) a Nonrecoverable Advance or the determination by the Special Servicer, the Master Servicer or the Trustee that any proposed
P&I Advance, if made, would constitute a Nonrecoverable Advance, shall be made by such Person (i) in the case of the Master
Servicer or the Special Servicer, in accordance with the Servicing Standard or (ii) in the case of the Trustee, in its good faith
business judgment, and shall be evidenced by an Officer’s Certificate as set forth in Section 4.06(b). In connection
with a determination by the Special Servicer, the Master Servicer or the Trustee as to whether a P&I Advance previously made
or to be made constitutes or would constitute a Nonrecoverable Advance:

 

(A)          any such Person
will be entitled to consider (among other things) the obligations of the Mortgagor under the terms of the related Mortgage Loan
or Serviced Loan Combination as it may have been modified, to consider (among other things) the related Mortgaged Properties in
their “as is” or then current conditions and occupancies, as modified by such party’s assumptions regarding the
possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider (among other
things) future expenses and to estimate and consider (among other things) the timing of recoveries;

 

(B)          any such Person
may update or change its recoverability determinations at any time (but not reverse any other Person’s determination that
an Advance is a Nonrecoverable Advance) and may obtain at the expense of the Trust Fund any analysis, Appraisals or market value
estimates or other information for such purposes;

 

(C)          the Special
Servicer may, at its option, make a determination in accordance with the Servicing Standard that any proposed P&I Advance,
if made,

 

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would be a Nonrecoverable Advance or that any outstanding P&I Advance is a Nonrecoverable Advance and may deliver
to the Master Servicer, the Trustee and the Controlling Class Representative (prior to the occurrence and continuance of a Consultation
Termination Event) notice of such determination, which determination shall be conclusive and binding on the Master Servicer and
the Trustee;

 

(D)          although the
Special Servicer may determine whether a P&I Advance is a Nonrecoverable Advance, the Special Servicer will have no right to
(i) make an affirmative determination that any P&I Advance previously made or to be made (or contemplated to be made) by the
Master Servicer or the Trustee is, or would be, recoverable or (ii) reverse any determination that may have been made by the Master
Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making a determination that a P&I Advance constitutes
or would constitute a Nonrecoverable Advance; provided that this sentence will not be construed to limit the Special Servicer’s
right to make a determination that a P&I Advance to be made (or contemplated to be made) would be, or a previously made Advance
is, a Nonrecoverable Advance, as described in this Section 4.06;

 

(E)           any non-recoverability
determination by the Master Servicer or the Special Servicer pursuant to this Section 4.06 with respect to the recoverability
of P&I Advances shall be conclusive and binding on the Master Servicer (in the case of such a determination by the Special
Servicer) and the Trustee;

 

(F)           the Master Servicer
shall provide notice to the Trustee on or prior to the Master Servicer Remittance Date of any such non-recoverability determination
made by the Master Servicer on or prior to such date;

 

(G)          the Trustee
shall be entitled to rely, conclusively, on any determination by the Master Servicer or Special Servicer that a P&I Advance,
if made, would be a Nonrecoverable Advance; provided, however, that if the Master Servicer has failed to make a P&I
Advance for reasons other than a determination by the Master Servicer or Special Servicer that such Advance would be a Nonrecoverable
Advance, the Trustee shall make such advance within the time periods required by this Section 4.06 unless the Trustee, in
its good faith business judgment, or the Special Servicer, in accordance with the Servicing Standard, makes a determination prior
to the times specified in this Section 4.06 that such advance would be a Nonrecoverable Advance;

 

(H)          the Special
Servicer shall report, promptly upon making a determination contemplated in this paragraph, to the Master Servicer the Special
Servicer’s determination as to whether any P&I Advance made with respect to any previous Distribution Date or required
to be made with respect to a future Distribution Date with respect to any Specially Serviced Loan is a Nonrecoverable P&I Advance,
and the Master Servicer and the Trustee shall be entitled to conclusively rely on such determination; and

 

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(I)          notwithstanding
the foregoing, the Trustee may conclusively rely upon any determination by the Master Servicer or the Special Servicer that any
P&I Advance would be recoverable (unless a non-recoverability determination has been made by the other servicer in accordance
with clause (E) above which is binding on the Trustee), and the Master Servicer may conclusively rely upon any determination
by the Special Servicer that any P&I Advance would be recoverable.

 

The Master Servicer or the Trustee,
as applicable, shall be entitled to the reimbursement of P&I Advances it makes (together with interest thereon) to the extent
permitted pursuant to Section 3.06(a)(ii) of this Agreement and each of the Master Servicer and Special Servicer hereby
covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Mortgagors to the extent permitted
by applicable law and the related Mortgage Loan.

 

With respect to P&I Advances
and each Outside Serviced Mortgage Loan, the Master Servicer and the Trustee shall be entitled to rely on the “appraisal
reduction amount” calculated by the related Outside Special Servicer or the related Outside Servicer in accordance with the
terms of the applicable Outside Servicing Agreement.

 

(b)          The determination by the
Master Servicer, the Trustee or the Special Servicer that a P&I Advance has become a Nonrecoverable P&I Advance or that
any proposed P&I Advance, if made pursuant to this Section 4.06 with respect to any Mortgage Loan (or with respect to
any successor REO Mortgage Loan with respect to any of the foregoing), would constitute a Nonrecoverable P&I Advance, shall
be evidenced by an Officer’s Certificate delivered on or prior to the next Master Servicer Remittance Date to the Trustee
(unless it is the Person making the determination), the Controlling Class Representative (prior to the occurrence and continuance
of a Consultation Termination Event), the holder of any related Pari Passu Companion Loan or its Companion Loan Holder Representative
(in the case of a Pari Passu Loan Combination), the Master Servicer (unless it is the Person making the determination), the Special
Servicer (unless it is the Person making the determination) and, if the Trustee is making the determination, the Depositor, setting
forth the basis for such determination, together with any other information that supports such determination together with a copy
of any Appraisal of the related Mortgaged Property or REO Property, as the case may be (which Appraisal shall be an expense of
the Trust, shall take into account any material change in circumstances of which such Person is aware or such Person has received
new information, either of which has a material effect on the value and shall have been conducted in accordance with the standards
of the Appraisal Institute within the twelve months preceding such determination of nonrecoverability), and further accompanied
by related Mortgagor operating statements and financial statements, budgets and rent rolls of the related Mortgaged Property (to
the extent available and/or in such Person’s possession) and any engineers’ reports, environmental surveys or similar
reports that such Person may have obtained and that support such determination. The Master Servicer and the Special Servicer shall
consider Unliquidated Advances with respect to prior P&I Advances for the purpose of nonrecoverability determinations as if
such amounts were unreimbursed P&I Advances.

 

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(c)          With respect to each Outside
Serviced Mortgage Loan, if (1) the related Outside Servicer has determined that a proposed debt service advance with respect to
such Outside Serviced Mortgage Loan or a related Outside Serviced Companion Loan, if made, would be, or any outstanding debt service
advance previously made with respect to such Outside Serviced Companion Loan is, as applicable, a “nonrecoverable advance,”
and the related Outside Servicer has provided written notice of such determination to the Master Servicer, or (2) if the Master
Servicer or the Special Servicer has determined that a P&I Advance with respect to the Outside Serviced Mortgage Loan related
to such related Outside Serviced Companion Loan would be a Nonrecoverable P&I Advance, then neither the Master Servicer nor
the Trustee shall make any additional P&I Advance with respect to such Outside Serviced Mortgage Loan until the Master Servicer
or the Special Servicer, as applicable, has consulted with the related Outside Servicer under the applicable Outside Servicing
Agreement and they agree that circumstances with respect to such Mortgage Loans have changed such that a proposed future debt service
advance would not be a “nonrecoverable advance.” With respect to each Outside Serviced Mortgage Loan, if the Master
Servicer has determined that a proposed P&I Advance with respect to such mortgage loan would be a Nonrecoverable Advance, the
Master Servicer shall provide the related Outside Servicer written notice of such determination within two (2) Business Days after
such determination was made.

 

In connection with each Outside
Serviced Mortgage Loan, any determination by the Master Servicer that any P&I Advance made or to be made with respect to such
Outside Serviced Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) is or, if made, would be a Nonrecoverable
P&I Advance may be made independently from any determinations (or the absence of any determinations) made under the applicable
Outside Servicing Agreement regarding nonrecoverability of debt service advances on the related Outside Serviced Companion Loan.

 

(d)          If the Trustee, the Master
Servicer or the Special Servicer has received written notice from Moody’s, Fitch or KBRA to the effect that continuation
of the Master Servicer or the Special Servicer in such capacity would result in the downgrade, qualification or withdrawal of any
rating then assigned by Moody’s, Fitch or KBRA, as applicable, to any Class of Certificates and citing servicing concerns
with such Master Servicer or Special Servicer, as applicable, as the sole or material factor in such rating action, and such notice
is not rescinded within 60 days, then the Trustee, the Master Servicer or the Special Servicer, as applicable, shall promptly notify
the other such parties and the Certificate Administrator, and the Certificate Administrator shall promptly notify the Serviced
Companion Loan Holder and the applicable master servicer of any Serviced Companion Loan.

 

Section 4.07          Grantor Trust
Reporting.

 

(a)          The Certificate Administrator
shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.

 

(b)          The parties intend that
the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof shall be interpreted
consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer, the Special Servicer,
the Trustee or the Certificate Administrator shall vary the assets of the Grantor

 

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Trust so as to take advantage of market fluctuations
or so as to improve the rate of return of the Exchangeable Certificates, and shall otherwise comply with Treasury Regulations Section
301.7701-4(c). The Certificate Administrator shall timely file or cause to be timely filed with the IRS Form 1041, Form 1099 or
such other form as may be applicable and shall furnish or cause to be furnished to the Holders of the respective Classes of the
Grantor Trust Certificates, their allocable share of income and expense with respect to the Class A-S Specific Grantor Trust Assets,
the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class EC Specific Grantor Trust Assets,
any Excess Interest Grantor Trust Assets and proceeds thereof, respectively, as such amounts are received or accrue, as applicable.

 

(c)          (i) The Grantor Trust
is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations to the extent such
information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate Administrator
on a timely basis. With respect to each Class of Exchangeable Certificates, the Certificate Administrator is hereby directed to
assume that DTC is the only “middleman” as defined by the WHFIT Regulations unless it has actual knowledge to the contrary
or the Depositor provides the Certificate Administrator with the identities of the other “middlemen” that are Certificateholders.
The Certificate Administrator will not be liable for any tax reporting penalties that may arise under the WHFIT Regulations in
the event that the IRS makes a determination that is contrary to the first sentence of this paragraph.

 

(ii)          The Certificate
Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method, except to the
extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under no obligation
to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make available
(via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition, the Certificate
Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information to any Certificateholder,
unless requested by the Certificateholder.

 

(iii)          The Certificate
Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any penalties
thereunder if such failure is due to: (i) the lack of reasonably necessary information that is not in its possession being provided
to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator.
Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance
of its interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information
regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information
regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof
or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

(d)          To the extent required
by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate Administrator’s
Website the CUSIP Numbers for the Certificates that represent ownership of a WHFIT. The CUSIP

 

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Number so published will represent
the Rule 144A CUSIP Numbers. The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate
and updated to the extent CUSIP Numbers have been received. Absent the receipt of a CUSIP Number, the Certificate Administrator
will use a reasonable identifier number in lieu of a CUSIP Number. The Certificate Administrator shall not be liable for investor
reporting delays that result from the receipt of inaccurate or untimely CUSIP Number information.

 

Section 4.08          Calculations.

 

Provided that the Certificate
Administrator receives the necessary loan-level information from the Master Servicer and/or the Special Servicer, the Certificate
Administrator shall be responsible for performing all calculations necessary in connection with the actual and deemed distributions
to be made pursuant to Section 4.01, the preparation of the Distribution Date Statements pursuant to Section 4.02(a)
and the actual and deemed allocations of Realized Losses to be made pursuant to Section 4.01. The Certificate Administrator
shall calculate the Principal Distribution Amount and Interest Distribution Amounts for each Distribution Date and shall allocate
such amounts among Certificateholders in accordance with this Agreement. Absent actual knowledge of an error therein, the Certificate
Administrator shall have no obligation to recompute, recalculate or otherwise verify any loan-level information provided to it
by the Master Servicer. The calculations by the Certificate Administrator contemplated by this Section 4.08 shall, in the
absence of manifest error, be deemed to be correct for all purposes hereunder.

 

Section
4.09          Secure Data Room. (a) The Certificate Administrator
shall create a Secure Data Room, and the Depositor shall, upon the earlier of (i) receipt of all the Mortgage Loan
Sellers’ Diligence File Certifications and (ii) the 120th day following the Closing Date, deliver to the Certificate
Administrator (but solely with respect to any Diligence File(s) received by the Depositor as to which it has received the
related Mortgage Loan Seller’s Diligence File Certification) an electronic copy of the Diligence Files for the Mortgage
Loans that have been uploaded by the Mortgage Loan Sellers to the Designated Site. After the 120th day following the Closing
Date, the Depositor may deliver any Mortgage Loan Seller’s Diligence Files to the Certificate Administrator if it has
not previously delivered such Mortgage Loan Seller’s Diligence Files to the Certificate Administrator. Upon
receipt thereof, the Certificate Administrator shall promptly upload the contents of each Diligence File to the Secure Data
Room. Access to the Secure Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations
Reviewer and (ii) any other Person at the direction of the Depositor, in each case, upon the occurrence of an Affirmative
Asset Review Vote and receipt by the Certificate Administrator of a certification substantially in the form of Exhibit
RR hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted electronically
via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders be permitted to access the
Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation to post any
documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered to it by
the Depositor with respect to each Mortgage Loan Seller.

 

(b)          The Certificate Administrator
shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type, number or contents of
any

 

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Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction or confirm that
all documents and information constituting any Diligence File have actually been delivered to the Certificate Administrator. In
no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of, or
information contained in, any Diligence File by virtue of posting such Diligence File to the Secure Data Room. In the event that
any document or information is posted in error, the Certificate Administrator may remove such document or information from the
Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of any document
or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not be responsible or held
liable for any other Person’s use or dissemination of the documents or information contained on the Secure Data Room; provided
that such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The Certificate Administrator
shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person with access to the Secure
Data Room shall covenant to access only the information necessary to perform its duties and responsibilities under this Agreement.

 

(c)          Upon the resignation or
removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall transfer electronic
copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor or the Master Servicer,
and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses
associated with the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant
to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed
from the Trust, the Special Servicer may direct the Certificate Administrator in writing to delete the Diligence File related to
such Mortgage Loan from the Secure Data Room; provided that absent such direction, the Certificate Administrator shall not
be obligated to delete any Diligence File from the Secure Data Room. Following the termination of the Trust pursuant to Section
9.01, the Certificate Administrator shall be permitted to delete all files from the Secure Data Room. Upon deletion, in no
event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

Article
V

THE CERTIFICATES

 

Section
5.01          The Certificates. (a) The Certificates consist of the
Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-5
Certificates, the Class A-AB Certificates, the Class X-A Certificates, the Class A-S Certificates, the Class B Certificates,
the Class C Certificates, the Class EC Certificates, the Class D Certificates, the Class X-D Certificates, the Class E
Certificates, the Class F Certificates, the Class G Certificates, the Class H Certificates and the Class R Certificates.

 

Each Class of Certificates will
be substantially in the forms annexed hereto as Exhibits A-1 through A-18 respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Agreement or as may, in the reasonable judgment
of the Certificate Registrar, be necessary, appropriate or convenient to

 

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comply, or facilitate compliance, with applicable laws,
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
by law, or as may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by their execution
thereof. The Public Certificates (other than the Class X-A and Class X-D Certificates) shall be issued in minimum denominations
of $10,000 and integral multiples of $1 in excess thereof. However, in connection with an exchange of Class A-S, Class B and Class
C Certificates for Class EC Certificates and vice versa, each of the Class A-S, Class B, and Class C Certificates exchanged (whether
surrendered or received) in such exchange shall be in denominations of at least $10,000 initial principal balance, and the initial
principal balance of the Class EC Certificates exchanged shall equal the aggregate initial principal balance of the Class A-S,
Class B and Class C Certificates being exchanged therefor (i.e. at least $30,000 initial principal balance). The Private Certificates
(other than the Class R Certificates) shall be issued in minimum denominations of $100,000 and integral multiples of $1 in excess
thereof. The Class X-A and Class X-D Certificates shall be issued, maintained and transferred only in minimum denominations of
authorized initial notional amounts of not less than $1,000,000 and in integral multiples of $1 in excess thereof. If the initial
principal balance or initial Notional Amount, as applicable, of any Class of Certificates (exclusive of the Class R Certificates)
does not equal an integral multiple of $1, then a single additional Certificate of such Class may be issued in a minimum denomination
of authorized initial principal balance or initial Notional Amount, as applicable, that includes the excess of (i) the initial
principal balance or initial Notional Amount, as applicable, of such Class over (ii) the largest integral multiple of $1 that does
not exceed such amount. The Class R Certificates shall be issued, maintained and transferred in minimum percentage interests of
10% of such Class R Certificates and in integral multiples of 1% in excess thereof.

 

(b)          One authorized signatory
shall sign the Certificates for the Certificate Administrator by manual or facsimile signature. If an authorized signatory whose
signature is on a Certificate no longer holds that office at the time the Certificate Administrator countersigns the Certificate,
the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the Certificate
Administrator (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature shall
be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

Section 5.02          Form and Registration.

 

(a)           Each Class of Public Certificates
shall be represented by a single, global certificate in definitive, fully registered form without interest coupons, substantially
in the applicable form set forth as an exhibit hereto, which shall be deposited with the Certificate Registrar or an agent of the
Certificate Registrar, as custodian for the Depository, and registered in the name of the Depository or a nominee of the Depository.
The aggregate Certificate Balance of a Global Certificate may from time to time be increased or decreased by adjustments made on
the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

(b)          Unless and until Definitive
Certificates are issued in respect of a Class of Global Certificates, beneficial ownership interests in such Certificates will
be maintained and

 

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transferred on the book-entry records of the Depository and Depository Participants, and all references to actions
by Holders of such Class of Certificates will refer to action taken by the Depository upon instructions received from the related
registered Holders of Certificates through the Depository Participants in accordance with the Depository’s procedures and,
except as otherwise set forth herein, all references herein to payments, notices, reports and statements to Holders of such Class
of Certificates will refer to payments, notices, reports and statements to the Depository or its nominee as the registered Holder
thereof, for distribution to the related registered Holders of Certificates through the Depository Participants in accordance with
the Depository’s procedures.

 

(c)          No transfer of any Private
Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the Securities Act,
and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not
require such registration or qualification. If a transfer is to be made in reliance upon an exemption from the Securities Act,
and under the applicable state securities laws, then:

 

(i)            The Certificates
of each Class of the Private Certificates (other than the Class R Certificates) sold in offshore transactions in reliance on Regulation
S under the Act shall initially be represented by a temporary global certificate in definitive, fully registered form without interest
coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary Regulation S Global Certificate”),
which shall be deposited on the Closing Date on behalf of the purchasers of the Private Certificates represented thereby with the
Certificate Registrar, at its principal trust office, as custodian, for the Depository, and registered in the name of the Depository
or the nominee of the Depository for the account of designated agents holding on behalf of Euroclear and/or Clearstream. Prior
to the expiration of the 40-day period commencing on the later of the commencement of the offering and the Closing Date (the “Restricted
Period”), beneficial interests in each Temporary Regulation S Global Certificate may be held only through Euroclear or
Clearstream. After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation S Global Certificate
may be exchanged for an interest in the related permanent global certificate of the same Class of Private Certificates (a “Regulation
S Global Certificate”) in the applicable form set forth as an exhibit hereto in accordance with the procedures set forth
in Section 5.03(f) of this Agreement. During the Restricted Period, distributions due in respect of a beneficial interest
in a Temporary Regulation S Global Certificate shall only be made upon delivery to the Certificate Registrar by Euroclear or Clearstream,
as applicable, of a Non-U.S. Beneficial Ownership Certification. After the expiration of the Restricted Period, distributions due
in respect of any beneficial interests in a Temporary Regulation S Global Certificate shall not be made to the holders of such
beneficial interests unless exchange for a beneficial interest in the Regulation S Global Certificate of the same Class is improperly
withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S Global Certificate or a Regulation S Global
Certificate may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as
custodian for the Depository, as hereinafter provided.

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to

 

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the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate Registrar for
purposes of effecting the exchanges contemplated by the preceding paragraph. Wells Fargo Bank, National Association is hereby initially
appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the authentication and delivery of
the Certificates in connection with transfers and exchanges as herein provided. If Wells Fargo Bank, National Association is removed
as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated as Authenticating Agent. If the Authenticating
Agent is terminated, the Trustee shall appoint a successor authenticating agent, which may be the Trustee or an Affiliate thereof.

 

(ii)           The Certificates
of each Class of Private Certificates (other than the Class R Certificates) offered and sold to Qualified Institutional Buyers
in reliance on Rule 144A shall be represented by a single, global certificate in definitive, fully registered form without interest
coupons, substantially in the applicable form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate”),
which shall be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository,
and registered in the name of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A Global
Certificate may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as
custodian for the Depository, as hereinafter provided.

 

(iii)          The Certificates
of each Class of Private Certificates offered and sold in the United States to investors that are Institutional Accredited Investors
that are not Qualified Institutional Buyers and the Class R Certificates (collectively, the “Non-Book Entry Certificates”)
shall be in the form of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall
be registered in the name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for
such Non-Book Entry Certificates to the respective beneficial owners or owners.

 

(d)          Owners of beneficial interests
in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated Certificates unless: (i)
the Depository advises the Certificate Registrar in writing that the Depository is no longer willing or able to discharge properly
its responsibilities as depository with respect to the Global Certificates of such Class or ceases to be a Clearing Agency, and
the Certificate Administrator and the Depositor are unable to locate a qualified successor within 90 days of such notice; (ii)
the Trustee has instituted or has been directed to institute any judicial proceeding to enforce the rights of the Holders of such
Class and the Trustee has been advised by counsel that in connection with such proceeding it is necessary or appropriate for the
Trustee to obtain possession of the Certificates of such Class; or (iii) in the case of a Private Certificate, all of the applicable
requirements of Section 5.03 of this Agreement are satisfied; provided, however, that under no circumstances
will certificated Private Certificates be issued to beneficial owners of a Temporary Regulation S Global Certificate. Upon notice
of the occurrence of any of the events described in clause (i) or (ii) above with respect to any Certificates of a Class that are
in the form of Global Certificates and upon surrender by the Depository of any Global Certificate of such Class and receipt from
the Depository of instructions for reregistration, the Certificate Registrar shall issue Certificates of such Class in the form
of Definitive Certificates (bearing, in the case of

 

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a Definitive Certificate issued for a Rule 144A Global Certificate, the same
legends regarding transfer restrictions borne by such Global Certificate), and thereafter the Certificate Registrar shall recognize
the holders of such Definitive Certificates as Certificateholders under this Agreement.

 

(e)          If any Certificate Owner
wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited Investor that is not a Qualified
Institutional Buyer, or wishes to transfer its interest in a Regulation S Global Certificate to a “U.S. person” (as
that term is defined in Rule 902(k) under the Securities Act) that is an Institutional Accredited Investor but not a Qualified
Institutional Buyer, then the transferee shall take delivery in the form of a Non-Book Entry Certificate, subject to the restrictions
on the transfer of such Non-Book Entry Certificate in Section 5.03(h) of this Agreement. No such transfer shall be made
and the Certificate Registrar shall not register any such transfer unless such transfer complies with the provisions of Section
5.03(h) of this Agreement applicable to transfers of Non-Book Entry Certificates. Upon acceptance for exchange or transfer
of a beneficial interest in a Global Certificate for a Non-Book Entry Certificate, as provided herein, the Certificate Registrar
shall endorse on the schedule affixed to the related Global Certificate (or on a continuation of such schedule affixed to such
Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease
in the denomination of such Global Certificate equal to the denomination of such Non-Book Entry Certificate issued in exchange
therefor or upon transfer thereof.

 

Section 5.03          Registration
of Transfer and Exchange of Certificates.

 

(a)          The Certificate Administrator
shall keep or cause to be kept at its principal offices books (the “Certificate Register”) in which, subject
to such reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates
and of transfers and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate
Registrar”). In such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining
the Certificate Register and a record of the aggregate holdings of Certificates of each Class of Private Certificates represented
by a Temporary Regulation S Global Certificate, a Regulation S Global Certificate and a Rule 144A Global Certificate and accepting
Certificates for exchange and registration of transfer and (ii) transmitting to the Depositor, the Master Servicer and the Special
Servicer any notices from the Certificateholders.

 

(b)          Subject to the restrictions
on transfer set forth in this Article V, upon surrender for registration of transfer of any Certificate, the Certificate
Administrator shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)          Rule 144A Global Certificate
to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global Certificate deposited
with the Certificate Registrar as custodian for the Depository wishes at any time during the Restricted Period to exchange its
interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate of the same Class,
or to transfer its interest in such

 

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Rule 144A Global Certificate to an institution that is required to take delivery thereof in
the form of an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may, subject to the rules
and procedures of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial interest in such
Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in
Section 5.11 of this Agreement, of (1) instructions given in accordance with the Depository’s procedures from a Depository
Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest in the Temporary Regulation
S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written
order given in accordance with the Depository’s procedures containing information regarding the Euroclear or Clearstream
account to be credited with such increase and the name of such account and (3) a certificate in the form of Exhibit E to
this Agreement given by the holder of such beneficial interest stating that the transfer of such interest has been made in compliance
with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S, then
the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule
144A Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Temporary Regulation S Global
Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged,
to credit or cause to be credited to the account of the Person specified in such instructions (who shall be the agent member of
Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Global Certificate equal to the reduction
in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the account of the Person
making such exchange or transfer the beneficial interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(d)          Rule 144A Global Certificate
to Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global Certificate deposited with
the Certificate Registrar as custodian for the Depository wishes at any time following the Restricted Period to exchange its interest
in such Rule 144A Global Certificate for an interest in the Regulation S Global Certificate of the same Class, or to transfer its
interest in such Rule 144A Global Certificate to an institution that is required to take delivery thereof in the form of an interest
in a Regulation S Global Certificate, such holder may, subject to the rules and procedures of the Depository, exchange, or cause
the exchange of, such interest for an equivalent beneficial interest in such Regulation S Global Certificate. Upon receipt by the
Certificate Registrar, as registrar, at its office designated in Section 5.11 of this Agreement, of (1) instructions given
in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit
or cause to be credited a beneficial interest in the Regulation S Global Certificate in an amount equal to the beneficial interest
in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures
containing information regarding the participant account of the Depository to be credited with such increase and (3) a certificate
in the form of Exhibit F to this Agreement given by the holder of such beneficial interest, then the Certificate Registrar
shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and
to increase, or cause to be increased, the Certificate Balance of the Regulation S Global Certificate by the aggregate Certificate
Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the
account of the Person specified in such instructions a beneficial interest in the Regulation S Global

 

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Certificate equal to the
reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the account
of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global Certificate that is being exchanged
or transferred.

 

(e)          Temporary Regulation
S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. If a holder of a beneficial interest
in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited with the Certificate Registrar as custodian
for the Depository wishes at any time to exchange its interest in such Temporary Regulation S Global Certificate or Regulation
S Global Certificate for an interest in the Rule 144A Global Certificate of the same Class, or to transfer its interest in such
Temporary Regulation S Global Certificate or Regulation S Global Certificate to a Person who is required to take delivery thereof
in the form of an interest in the Rule 144A Global Certificate, such holder may, subject to the rules and procedures of Euroclear
or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such interest for an equivalent beneficial
interest in the Rule 144A Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its
office designated in Section 5.11 of this Agreement, of (1) instructions from Euroclear or Clearstream, if applicable, and
the Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest in the
Rule 144A Global Certificate equal to the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S
Global Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository
to be credited with such increase, (2) with respect to a transfer of an interest in the Regulation S Global Certificate, information
regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer of an interest
in the Temporary Regulation S Global Certificate (but not the Regulation S Global Certificate) for an interest in the Rule 144A
Global Certificate at any time during the Restricted Period, a certificate in the form of Exhibit G to this Agreement given
by the holder of such beneficial interest and stating that the Person transferring such interest in the Temporary Regulation S
Global Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Global Certificate is a Qualified
Institutional Buyer and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A, then the
Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Temporary
Regulation S Global Certificate or Regulation S Global Certificate and to increase, or cause to be increased, the Certificate Balance
of the Rule 144A Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Temporary Regulation
S Global Certificate or Regulation S Global Certificate to be exchanged, and the Certificate Registrar shall instruct the Depository,
concurrently with such reduction, to credit, or cause to be credited, to the account of the Person specified in such instructions,
a beneficial interest in the Rule 144A Global Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation
S Global Certificate or Regulation S Global Certificate and to debit, or cause to be debited, from the account of the Person making
such transfer the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate that
is being transferred.

 

(f)          Temporary Regulation
S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation S Global Certificate as to which
the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate (a “Non-U.S. Beneficial
Ownership Certification”) to the effect that Euroclear or Clearstream, as

 

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applicable, has received a certificate substantially
in the form of Exhibit H to this Agreement from the holder of a beneficial interest in such Temporary Regulation S Global
Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation S Global Certificate of the same Class
or Private Certificates. The Certificate Registrar shall effect such exchange by delivering to the Depository for credit to the
respective accounts of such holders, a duly executed and authenticated Regulation S Global Certificate, representing the aggregate
Certificate Balance of interests in the Temporary Regulation S Global Certificate initially exchanged for interests in the Regulation
S Global Certificate. The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate or certificates
referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that the certificate
or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Agreement
and the Temporary Regulation S Global Certificate. Upon any exchange of interests in the Temporary Regulation S Global Certificate
for interests in the Regulation S Global Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Global
Certificate to reflect the reduction in the Certificate Balance represented thereby by the amount so exchanged and shall endorse
the Regulation S Global Certificate to reflect the corresponding increase in the amount represented thereby. Until so exchanged
in full and except as provided therein, the Temporary Regulation S Global Certificate, and the Certificates evidenced thereby,
shall in all respects be entitled to the same benefits under this Agreement as the Regulation S Global Certificate and Rule 144A
Global Certificate authenticated and delivered hereunder.

 

(g)          Non-Book Entry Certificate
to Global Certificate. If a holder of a Non-Book Entry Certificate that is a Private Certificate (other than a Class R Certificate)
wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Global Certificate of the same
Class, or to transfer all or part of such Non-Book Entry Certificate to an institution that is entitled to take delivery thereof
in the form of an interest in a Global Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream,
if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial
interest in the appropriate Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its
office designated in Section 5.11 of this Agreement, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein,
(2) instructions from such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial
interest in the applicable Global Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate
to be exchanged, such instructions to contain information regarding the participant account with the Depository to be credited
with such increase and (3) a certificate in the form of Exhibit I to this Agreement (in the event that the applicable Global
Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit J to this Agreement (in the event
that the applicable Global Certificate is the Regulation S Global Certificate) or in the form of Exhibit K to this Agreement
(in the event that the applicable Global Certificate is the Rule 144A Global Certificate), then the Certificate Registrar, as registrar,
shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, and shall, if applicable, direct the Certificate
Administrator to execute, authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate
Balance of the portion retained by such transferor and shall instruct the Depository to increase, or cause to be increased, such
Global Certificate by the aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to
credit, or cause to be credited, to the account of the institution specified in such instructions a beneficial interest in the
applicable

 

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Global Certificate equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled.

 

(h)          Exchanges of Non-Book
Entry Certificates. If a holder of a Rule 144A Global Certificate, Regulation S Global Certificate or Non-Book Entry Certificate
(other than a Public Certificate) wishes at any time to transfer its interest in such Rule 144A Global Certificate, Regulation
S Global Certificate or Non-Book Entry Certificate to a Person who is required to take delivery thereof in the form of a Non-Book
Entry Certificate, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt,
may conclusively rely upon): (i) an investment representation letter from the proposed transferee substantially in the form attached
as Exhibit L-4 to this Agreement; and (ii) if required by the Certificate Registrar, an opinion of counsel satisfactory
to the Certificate Registrar to the effect that such transfer shall be made without registration under the Securities Act, together
with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or the proposed transferee on which such opinion of counsel is based (such opinion of counsel shall not be an expense
of the Trust or of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trustee or the Certificate Registrar in their respective capacities as such).

 

(i)           Other Exchanges.
In the event that a Global Certificate is exchanged for a Definitive Certificate (other than as otherwise set forth in Section
5.02(d) of this Agreement), such Certificates may be exchanged only in accordance with such procedures as are substantially
consistent with the provisions of clauses (c) through (f) and (h) above (including the certification requirements intended to ensure
that such transfers comply with Rule 144A or Regulation S under the Act, at the case may be) and such other procedures as may from
time to time be adopted by the Certificate Registrar.

 

(j)           Restricted Period.
Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests in the
Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made pursuant
to the provisions of clause (e) above.

 

(k)          If Private Certificates
are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating to compliance with
the Act, or if a request is made to remove such legend on Certificates, the Private Certificates so issued shall bear the restrictive
legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory
evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on transfer set forth therein are
required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S under the Act or, with
respect to Non-Book Entry Certificates, that such Certificates are not “restricted” within the meaning of Rule 144
under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver Certificates
that do not bear such legend.

 

(l)           All Certificates surrendered
for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate Registrar in accordance
with the Certificate Registrar’s customary procedures.

 

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(m)          No Class R Certificate
may be purchased by or transferred to any prospective purchaser or transferee that is or will be (i) an employee benefit plan or
other plan subject to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (each, a
“Plan”), or (ii) any entity or collective investment fund the assets of which are considered Plan assets under
U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, an insurance company that is using the
assets of separate accounts or general accounts which include Plan assets (or which are deemed to include assets of Plans) or other
Person acting on behalf of any such Plan or using the assets of a Plan (each, a “Plan Investor”) to purchase
such Certificate. In addition, no ERISA Restricted Certificate or interest therein may be purchased by or transferred to any prospective
purchaser or transferee that is or will be a Plan or Plan Investor, unless (i) such purchaser or transferee is an insurance company,
(ii) the source of funds used to acquire or hold such ERISA Restricted Certificate or interest therein is an “insurance company
general account,” as such term is defined in PTCE 95-60, and (iii) the conditions in Sections I and III of PTCE 95-60 have
been satisfied. Furthermore, no ERISA Restricted Certificate or Class R Certificate or interest therein may be purchased by or
transferred to any prospective purchaser or transferee that is or will be a governmental plan (as defined in Section 3(32) of ERISA)
or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility
or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”), or to any Person acting
on behalf of any such plan or using the assets of such plan to acquire such Certificate or interest therein unless, in the case
of an ERISA Restricted Certificate, its acquisition, holding and disposition of such Certificate or an interest therein would not
constitute or otherwise result in a non-exempt violation of Similar Law. Except in connection with the transfer thereof by an Initial
Purchaser or the Depositor, each prospective transferee of an ERISA Restricted Certificate or a Class R Certificate in Non-Book
Entry Certificate form shall deliver to the transferor, the Depositor, the Certificate Registrar, the Certificate Administrator
and the Trustee representation letters, substantially in the form of Exhibit L-3 and Exhibit L-4 to this Agreement.
Each beneficial owner of a Certificate (other than a Class R Certificate) or any interest therein will be deemed to have represented,
by virtue of its acquisition or holding of such Certificate or interest therein, that either (i) it is not a Plan or Plan Investor,
(ii) in the case of a Certificate other than an ERISA Restricted Certificate, it has acquired and is holding the Certificates in
reliance on the Underwriter Exemption, and that it understands that there are certain conditions to the availability of the Underwriter
Exemption, including that the Certificates must be rated, at the time of purchase, not lower than “BBB-” (or its equivalent)
by a rating agency that meets the requirements of the Underwriter Exemption and that such Certificate is so rated and that it is
an Institutional Accredited Investor or (iii) (1) it is an insurance company, (2) the source of funds used to acquire or hold the
Certificate or interest therein is an “insurance company general account,” as such term is defined in PTCE 95-60, and
(3) the conditions in Sections I and III of PTCE 95-60 have been satisfied. Each beneficial owner of a Certificate or an interest
therein which is a governmental plan or other plan subject to Similar Law shall be deemed to have represented, by virtue of its
acquisition or holding of such Certificate or interest therein that the acquisition, holding and disposition of such Certificate
or an interest therein by the purchaser will not constitute or otherwise result in a non-exempt violation of Similar Law. Any attempted
or purported transfer in violation of these transfer restrictions shall be null and void ab initio and shall vest no rights in
any purported transferee and shall not relieve the transferor of any obligations with respect to the applicable Certificates.

 

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(n)          Each Person who has or
acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest are
expressly subject to the following provisions:

 

(i)          Each Person
acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Residual
Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition described in the first
sentence of this Section 5.03(n) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent
of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding owner who
was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest as soon
and as fully as possible.

 

(ii)          No Residual
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed
Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of any Residual
Ownership Interest, other than in connection with the initial Transfer thereof to the Initial Purchasers, the Certificate Registrar
shall, as a condition to such consent, (x) require the proposed transferee to deliver, and the proposed transferee shall deliver
to the Certificate Registrar and to the proposed transferor, an affidavit in substantially the form attached as Exhibit L-1
to this Agreement (a “Transferee Affidavit”) of the proposed transferee (A) that such proposed transferee is
a Permitted Transferee and (B) stating that (1) the proposed transferee historically has paid its debts as they have come due and
intends to do so in the future, (2) the proposed transferee understands that, as the holder of a Residual Ownership Interest, it
may incur tax liabilities in excess of cash flows generated by the residual interest, (3) the proposed transferee intends to pay
taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed transferee will not cause income
with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Tax Person, (5) the proposed transferee
will not transfer the Residual Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the
proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker,
nominee or other middleman) for a Person that is not a Permitted Transferee, and (6) the proposed transferee expressly agrees to
be bound by and to comply with the provisions of this Section 5.03(n) and (y) other than in connection with the initial
issuance of a Class R Certificate or the Transfer of any Class R Certificate by any Initial Purchaser in connection with the initial
offering of the Certificates, require a statement from the proposed transferor substantially in the form attached as Exhibit
L-2 to this Agreement (the “Transferor Letter”), that the proposed transferor has no actual knowledge that
the proposed transferee is not a Permitted Transferee and has no actual

 

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knowledge or reason to know that the proposed transferee’s
statements in the preceding clauses (x)(B)(1) or (3) are false.

 

(iii)          Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (n)(ii) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee
shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a
Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions,
and in any event not later than 60 days after a request for information from the transferor of such Residual Ownership Interest
or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and the transferor of such
Residual Ownership Interest or such agent such information necessary to the application of Code Section 860E(e) as may be required
by the Code, including, but not limited to, the present value of the total anticipated excess inclusions with respect to such Class
R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate Registrar, the Certificate
Registrar may charge a reasonable fee for computing and furnishing such information to the transferor or to such agent referred
to above; provided, however, such Persons shall in no event be excused from furnishing such information.

 

(iv)          The Class
R Certificates may only be represented by Definitive Certificates and may only be transferred to and owned by Qualified Institutional
Buyers.

 

(o)           Any attempted or purported
transfer in violation of the transfer restrictions set forth in this Article V shall be null and void ab initio and shall
vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect to the applicable
Certificates.

 

Section
5.04          Mutilated, Destroyed, Lost or Stolen Certificates. If
(a) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to
its satisfaction of the destruction, loss or theft of any Certificate and (b) there is delivered to the Certificate
Registrar, the Trustee and the Certificate Administrator such security or indemnity as may be required by it to save it
harmless, then, in the absence of actual notice that such Certificate has been acquired by a bona fide purchaser, the
Certificate Registrar shall direct the Certificate Administrator to execute, authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust
Fund. In connection with the issuance of any new Certificate under this Section 5.04, the Certificate Registrar
and the Certificate Administrator may require the payment of a sum sufficient to cover any expenses (including the fees and
expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section
5.04 shall constitute complete and indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether
or not the lost, stolen or destroyed Certificate shall be found at any time.

 

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Section
5.05          Persons Deemed Owners. The Master Servicer, the
Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator and the Certificate Registrar, and any
agent of any of them, may treat the Person in whose name any Certificate is registered as the owner of such Certificate for
the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever, and neither the
Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator, the Certificate
Registrar, nor any agent of any of them shall be affected by any notice to the contrary; provided, however,
that to the extent that a party to this Agreement responsible for distributing any report, statement or other information
required to be distributed to Certificateholders has been provided an Investor Certification, such party to this Agreement
shall distribute such report, statement or other information to such Certificate Owner (or prospective transferee) under the
same circumstances, and subject to the same conditions, as such report, statement or other information would be provided to a
Certificateholder.

 

Section
5.06          Appointment of Paying Agent. The Certificate
Administrator may appoint (and, if it does not so appoint, shall act as) a paying agent for the purpose of making
distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate Administrator shall
cause such Paying Agent, if other than the Certificate Administrator or the Master Servicer, to execute and deliver to
the Master Servicer and the Certificate Administrator an instrument that is consistent in all material respects with this
Agreement and in which such Paying Agent shall agree with the Master Servicer and the Certificate Administrator that such
Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums have been paid to the Certificateholders or disposed of as otherwise
provided herein. The initial Paying Agent shall be the Certificate Administrator. The Paying Agent shall at all times be an
entity having a long-term unsecured debt rating of at least “BBB+” by Fitch and “Baa1” by
Moody’s, or shall be otherwise acceptable to each Rating Agency.

 

Section 5.07          Access to
Certificateholders’ Names and Addresses; Special Notices.

 

(a)          The Certificate Registrar
shall maintain in as current form as is reasonably practicable the most recent list available to it of the names and addresses
of the Certificateholders. If any Certificateholder or Certificate Owner that has delivered an executed Investor Certification
to the Trustee or the Certificate Administrator (a “Certifying Certificateholder”) (i) requests in writing from
the Certificate Registrar a list of the names and addresses of Certificateholders, (ii) states that such Certifying Certificateholder
desires to communicate with other Certificateholders and Certificate Owners with respect to its rights under this Agreement or
under the Certificates and (iii) provides a copy of the communication which Certifying Certificateholder proposes to transmit,
then the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, furnish such Certifying
Certificateholder (at such Certifying Certificateholder’s sole cost and expense) a list of the names and addresses of the
Certificateholders as of the most recent Record Date as they appear in the Certificate Register. Every Certificateholder, by receiving
and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable by reason of the disclosure of any
such information as to the list of the Certificateholders hereunder, regardless of the source from which information was derived.
The Master Servicer, the Special Servicer, the Trustee, the

 

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Certificate Administrator, the Operating Advisor and the Depositor
shall be entitled to a list of the names and addresses of Certificateholders from time to time upon request therefor

 

(b)          The Certificate Administrator
shall include in any Form 10-D any written request received in accordance with Section 5.07(a) prior to the Distribution
Date to which the Form 10-D relates (and on or after the Distribution Date preceding such Distribution Date) from a Certificateholder
or Certificate Owner to communicate with other Certificateholders or Certificate Owners related to Certificateholders or Certificate
Owners exercising their rights under the terms of this Agreement. Any Form 10-D containing such disclosure (a “Special
Notice”) regarding the request to communicate shall include the following and no more than the following (a) the name
of the Certificateholder or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the
effect that the Certificate Administrator has received such request, stating that such Certificateholder or Certificate Owner is
interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise of rights
under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use to contact the
requesting Certificateholder or Certificate Owner.

 

(c)          In verifying the identity
of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if the Certificateholder or Certificate
Owner is the holder of record with respect to any Certificate, the Certificate Administrator shall not require any further verification
or (ii) if the Certificateholder or Certificate Owner is not the holder of record with respect to any Certificate, the Certificate
Administrator shall require no more than (x) a written certification from such Certificateholder or Certificate Owner that it is
the beneficial owner of a Certificate and (y) one of the following documents confirming ownership of such Certificate: a trade
confirmation, an account statement, a letter from a broker-dealer or another document acceptable to the Certificate Administrator
that is similar to any of the foregoing documents. The Certificate Administrator shall not have any obligation to verify the information
provided by any Certificateholder or Certificate Owner in any request to communicate and may rely on such information conclusively.
Additionally, any expenses the Certificate Administrator incurs in connection with any request to communicate will be paid by the
Trust.

 

Section 5.08          Actions of
Certificateholders.

 

(a)          Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person
or by agent duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Certificate Administrator and, when required, to the Depositor, the Master
Servicer or the Special Servicer. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Agreement and conclusive in favor of the Trustee, the Certificate Administrator, the Depositor,
the Special Servicer and the Master Servicer, if made in the manner provided in this Section.

 

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(b)          The fact and date of the
execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Certificate
Administrator deems sufficient.

 

(c)          Any request, demand, authorization,
direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder of every Certificate issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be
done, by the Trustee, the Certificate Administrator, the Depositor, the Special Servicer or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.

 

(d)          The Certificate Administrator
or Certificate Registrar may require such additional proof of any matter referred to in this Section 5.08 as it shall deem
necessary.

 

Section
5.09          Authenticating Agent. The Certificate Administrator
may appoint an Authenticating Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable
to the Depositor and must be an entity organized and doing business under the laws of the United States of America or any
state, having a principal office and place of business in a state and city acceptable to the Depositor, having a combined
capital and surplus of at least $15,000,000, authorized under such laws to do a trust business and subject to supervision or
examination by federal or state authorities. The Certificate Administrator shall serve as the initial Authenticating
Agent and the Certificate Administrator hereby accepts such appointment.

 

Any entity into which the Authenticating
Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation
to which the Authenticating Agent shall be party, or any entity succeeding to the corporate agency business of the Authenticating
Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further act on the part of the Certificate
Administrator or the Authenticating Agent.

 

The Authenticating Agent may
at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator and
the Depositor. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent by giving written
notice of termination to the Authenticating Agent and the Depositor. Upon receiving a notice of resignation or upon such a termination,
or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section
5.09, the Certificate Administrator promptly shall appoint a successor Authenticating Agent, which shall be acceptable to the
Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder,
with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 5.09.

 

The Authenticating Agent shall
have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator. Any compensation
paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator.

 

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The appointment of an Authenticating
Agent shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate Administrator
shall remain responsible for all acts and omissions of the Authenticating Agent.

 

Section
5.10          Appointment of Custodian. The Certificate
Administrator may appoint one or more Custodians to hold all or a portion of the Mortgage Files as agent for the Certificate
Administrator, by entering into a Custodial Agreement (in the event the Certificate Administrator is not the Custodian) that
is consistent in all material respects with this Agreement. The Certificate Administrator shall give prompt written notice to
the Depositor of any appointment of a Custodian. The Certificate Administrator agrees to comply with the terms of each
Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the
Certificateholders and Serviced Companion Loan Holders. Each Custodian shall be a depository institution subject to
supervision by federal or state authority, shall have a combined capital and surplus of at least $15,000,000, shall have a
long-term debt rating of at least “BBB+” by Fitch and “Baa1” from Moody’s, and shall be
qualified to do business in the jurisdiction in which it holds any Mortgage File. Each Custodial Agreement may be amended
only as provided in Section 12.07 of this Agreement. Any compensation paid to the Custodian shall be an unreimbursable
expense of the Certificate Administrator. The Certificate Administrator shall serve as the initial Custodian and shall be
deemed appointed as Custodian at all times that no other party is so appointed in accordance with this Section 5.10.
The Custodian, if the Custodian is not the Certificate Administrator, shall maintain a fidelity bond in the form and amount
that are customary for securitizations similar to the securitization evidenced by this Agreement, with the Certificate
Administrator named as loss payee. The Custodian shall be deemed to have complied with this provision if one of its
respective Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded
thereunder extends to the Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a
policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in
connection with its obligations hereunder in the form and amount that are customary for securitizations similar to the
securitization evidenced by this Agreement, with the Certificate Administrator named as loss payee. All fidelity bonds and
policies of errors and omissions insurance obtained under this Section 5.10 shall be issued by a Qualified Insurer, or
by any other insurer with respect to which the Rating Agencies have provided to the Certificate Administrator a Rating Agency
Confirmation. The Custodian shall be subject to the same obligations and standard of care as would be imposed on the
Certificate Administrator hereunder in connection with the retention of Mortgage Files directly by the Certificate
Administrator. Upon termination or resignation of the Custodian, the Certificate Administrator may appoint another Custodian
meeting the foregoing requirements. The appointment of a Custodian shall not relieve the Certificate Administrator from any
of its obligations hereunder, and the Certificate Administrator shall remain responsible for all acts and omissions of the
Custodian. In the event the Certificate Administrator is the Custodian, the Custodian may self-insure.

 

Section
5.11          Maintenance of Office or Agency. The Certificate
Registrar shall maintain or cause to be maintained an office or offices or agency or agencies where Certificates may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the Certificate Registrar in
respect of the Certificates and this Agreement may be served. The Certificate Registrar initially designates its office at
Sixth Street and

 

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Marquette Avenue, Minneapolis,
Minnesota 55479-0113, as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders
of any change in the location of the Certificate Register or any such office or agency.

 

Section 5.12          Exchanges
of Exchangeable Certificates.

 

(a)          At all times, the Class
A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage Interest, the
Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest, respectively. At all times, the Class EC Certificates shall represent beneficial ownership
interests in the Class EC Components.

 

(b)          On the Closing Date, the
Grantor Trust shall issue the several Classes of Exchangeable Certificates. Each Class of Exchangeable Certificates shall be initially
issued on the Closing Date with the respective aggregate Certificate Balance set forth for such Class in the Preliminary Statement.

 

(c)          Following the Closing
Date and subject to the conditions set forth in Section 5.12(d), (i) if a Certificateholder holds Exchangeable Certificates
in an Exchangeable Proportion, then those Exchangeable Certificates may be exchanged on the books of the Depository for Class EC
Certificates that represent the same Tranche Percentage Interest in each Class EC Regular Interest as the Exchangeable Certificates
to be surrendered and (ii) a Certificateholder that holds Class EC Certificates may exchange its Class EC Certificates on the books
of the Depository for Exchangeable Certificates that evidence the same Tranche Percentage Interest in each Class EC Regular Interest
as the Class EC Certificates being surrendered.

 

(d)          An exchange of Exchangeable
Certificates or Class EC Certificates may only occur if the Exchangeable Certificates or Class EC Certificates being surrendered
or received in such exchange have denominations no smaller than the minimum Denominations set forth in Section 5.01. No
exchange of Exchangeable Certificates may occur pursuant to this Section 5.12 after the date when the then-current Certificate
Balance of the Class A-S Regular Interest (and correspondingly, to the extent evidencing an interest in the Class A-S Regular Interest,
of the Class A-S Certificates and the Class EC Component A-S) has been reduced to zero as a result of the payment in full of all
interest and principal thereon. There shall be no limit on the number of exchanges of Exchangeable Certificates authorized pursuant
to this Section 5.12. In addition, the Depositor shall have the right to make or cause exchanges on the Closing Date pursuant
to instructions delivered to the Certificate Administrator on the Closing Date.

 

(e)          At the request of the
Holder of a Class or Classes of Exchangeable Certificates or Class EC Certificates, and upon the surrender of such Exchangeable
Certificates in the applicable Exchangeable Proportion or Class EC Certificates, the Certificate Administrator, on behalf of the
Trustee, shall deliver (by the means set forth in the penultimate sentence of Section 5.12(h)) the corresponding Exchangeable
Certificates or Class EC Certificates to which such Certificateholder is entitled as set forth in Section 5.12(c).

 

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(f)          In connection with any
exchange of Exchangeable Certificates for Class EC Certificates, or Class EC Certificates for Exchangeable Certificates, the Certificate
Registrar shall reduce the Certificate Balance(s) of the Class or Classes of Certificates surrendered by the applicable Holder
on the Certificate Register and shall increase the Certificate Balance(s) of the Class or Classes of Certificates received by such
Holder in such exchange on the Certificate Register, and the Certificate Registrar or the Certificate Administrator, as applicable,
shall approve the instructions at the Depository and make appropriate notations on the Global Certificate for each Class of the
Exchangeable Certificates and the Class EC Certificates to reflect such reductions and increases.

 

(g)          In order to effect an
exchange of Exchangeable Certificates for Class EC Certificates, or Class EC Certificates for Exchangeable Certificates, the Certificateholder
shall notify the Certificate Administrator by e-mail at “cts.cmbs.bond.admin@wellsfargo.com” and setting forth
the proposed Exchange Date) no later than three (3) Business Days before the proposed exchange date (the “Exchange Date”).
The Exchange Date may be any Business Day other than the first or last Business Day of the month. An exchange notice must (i) be
set forth on the applicable Certificateholder’s letterhead, (ii) carry a medallion stamp guarantee and (iii) set forth the
following information: the CUSIP Number of each Exchangeable Certificate and Class EC Certificate to be exchanged and each Exchangeable
Certificate and Class EC Certificate to be received; the original and outstanding principal balance of the Exchangeable Certificates
and Class EC Certificates to be exchanged and received; the Certificateholder’s Depository participant number; and the proposed
Exchange Date. The Certificateholder and the Certificate Registrar shall utilize the “deposit and withdrawal system”
at the Depository to effect the exchange of the applicable Exchangeable Certificates. The aggregate principal and interest entitlements
of the Certificates received must equal the aggregate entitlements of the Certificates surrendered. A notice shall become irrevocable
on the second (2nd) Business Day before the proposed Exchange Date. The Exchangeable Certificates shall be exchangeable for the
Class EC Certificates, and the Class EC Certificates shall be exchangeable for the Exchangeable Certificates, in each case on the
books of the Depository on and after the Closing Date, by notice to the Certificate Administrator substantially in the form of
Exhibit EE.

 

(h)          The Certificate Administrator
shall make the first distribution on an Exchangeable Certificate or Class EC Certificate received by a Certificateholder in any
exchange on the Distribution Date in the month following the month of exchange to the Certificateholder of record as of the applicable
Record Date for such Certificate and Distribution Date. If an Exchange Date occurs in any month before the Distribution Date in
such month, then any distributions to be made on such Distribution Date on any Certificates surrendered in the exchange shall be
so made to the Certificateholder of record as of the applicable Record Date for such Certificates and such Distribution Date. Neither
the Certificate Administrator nor the Depositor shall have any obligation to ensure the availability of the applicable Certificates
in the market to accomplish any exchange.

 

Section
5.13          Voting Procedures. With respect to any matters
submitted to Certificateholders for a vote, the Certificate Administrator shall administer such vote through the Depository
with respect to Global Certificates and directly with registered Holders by mail with respect to Definitive Certificates. In
each case, such vote shall be administered in accordance

 

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with the following procedures, unless different procedures are otherwise described herein
with respect to a specific vote:

 

(a)          Any matter submitted to
Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such notice shall include
the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline which shall be no less
than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice and related ballot
shall be sent to Holders of Global Certificates through the Depository and by mail to the registered Holders of Definitive Certificates.
In addition, the notice and related ballot shall be posted to the Certificate Administrator’s Website. Notices delivered
in this manner shall be considered delivered to all Holders regardless of whether any Holder actually receives the notice and ballot.

 

(b)          In connection with any
vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in the manner set forth
on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance with their Voting Rights.
Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate Administrator in accordance
with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding Certificate Balance or
Notional Amount, as applicable, greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has
cast its vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated
by the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may
not be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of
the Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking
into consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and
shall be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)          The Certificate Administrator
may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator shall use its reasonable
efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible or incomplete ballots that
are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted. Promptly after the
votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote. Such notice shall
include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and the percentage
abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders. The notice shall
be distributed in accordance with the methods described in Section 5.13(a) above. The Certificate Administrator shall also
include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the date such notice
is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest error, re-tabulate
the votes or conduct a new vote for the same proposition.

 

(d)          Any and all reasonable
expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne by the Trust. The Certificate

 

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Administrator is under no obligation to advise Holders about the matter being voted on or answer questions other than process-related
questions regarding the administration of the vote.

 

(e)          If any party to this Agreement
believes a vote of Certificateholders is needed for some matter related to the administration of the Trust that is not specifically
contemplated herein, such party may request the Certificate Administrator to conduct a vote and the Certificate Administrator will
conduct the requested vote in accordance with these procedures. Unless specifically provided herein, all such votes require a majority
of Certificateholders to carry a proposition.

 

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the

 Operating Advisor, THE Asset Representations Reviewer and the

 Controlling
Class Representative

 

Section
6.01          Liability of the Depositor, the Master Servicer, the Special
Servicer, the Asset Representations Reviewer and the Operating Advisor. The Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor and the Asset Representations Reviewer each shall be liable in accordance herewith only to
the extent of the obligations specifically imposed by this Agreement. Each of the Master Servicer, the Special Servicer, the
Operating Advisor and the Asset Representations Reviewer shall indemnify the Depositor (and any employee, director or officer
of the Depositor), the Trust Fund and the Serviced Companion Loan Holders and hold the Depositor (and any employee, director
or officer of the Depositor), the Trust Fund and the Serviced Companion Loan Holders harmless against any loss, liability or
reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by such parties
(i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance of duties of the Master
Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as the case may be, or by reason
of negligent disregard of such Person’s obligations or duties hereunder, or (ii) as a result of the breach by
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as the case may be,
of any of its representations or warranties contained herein. The Depositor shall indemnify the Trust Fund and the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Asset
Representations Reviewer, and any member, manager, employee, director or officer of the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer and hold
the Trust Fund and the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor and the Asset Representations Reviewer and any member, manager, employee, director or officer of either the Master
Servicer, the Special Servicer, the Trustee, the Operating Advisor or the Asset Representations Reviewer harmless against any
loss, liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred
by such parties (i) in connection with any willful misconduct, bad faith, fraud and/or negligence in the performance of
duties of the Depositor or by reason of negligent disregard of the Depositor obligations or duties hereunder, or (ii) as a
result of the breach by the Depositor of any of its representations or warranties contained herein.

 

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Section 6.02          
Merger or Consolidation of the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer. Subject to the following paragraph, each of the Master Servicer, the Special Servicer, the Operating Advisor and the
Asset Representations Reviewer shall keep in full effect its existence, rights and good standing as a national banking association,
a corporation or a limited liability company, as applicable, under the laws of the state of its organization and shall not jeopardize
its ability to do business in each jurisdiction in which the Mortgaged Properties are located, to the extent necessary to perform
its obligations under this Agreement, or to protect the validity and enforceability of this Agreement, the Certificates or any
of the Mortgage Loans and to perform its respective duties under this Agreement.

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Asset Representations Reviewer may be merged or consolidated with or into any
Person, or transfer all or substantially all of its assets (which may be limited to all or substantially all of its assets related
to commercial mortgage loan servicing or, in the case of the Operating Advisor, may be limited to all or substantially all of its
assets related to acting as a trust advisor or operating advisor for commercial mortgage securitizations) to any Person, in which
case any Person resulting from any merger or consolidation to which it shall be a party, or any Person succeeding to its business,
shall be the successor of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, if each of the Rating Agencies has provided
a Rating Agency Confirmation; provided that if the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer enters into a merger and the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, as applicable, is the surviving entity under applicable law, then the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer, as applicable, shall not, as a result of the merger, be required to
provide a Rating Agency Confirmation.

 

Section 6.03          
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and Others. None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer or any of the directors, members, managers, officers, employees or agents of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any liability
to the Trust Fund, the Certificateholders, the Companion Loan Holders or any other Person for any action taken, or for refraining
from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment. However, none of the
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any such Person
shall be protected against any liability which would otherwise be imposed by reason of (i) any breach of warranty or representation
by such respective party in this Agreement or (ii) any willful misconduct, bad faith, fraud or negligence on the part of such
respective party in the performance of its obligations and duties hereunder or by reason of negligent disregard on the part of
such respective party of its obligations or duties hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and any director, member, manager, officer, employee or agent of the Depositor, the
Master Servicer, the Special

 

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Servicer,
the Operating Advisor or the Asset Representations Reviewer may rely in good faith on any document of any kind which, prima facie,
is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any director, member, manager, officer,
employee or agent of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer shall be indemnified and held harmless by the Trust Fund (which indemnification amounts shall be payable out of the Collection
Account or the applicable Loan Combination Custodial Account if and to the extent with respect to a Serviced Loan Combination
and then out of the Collection Account, provided that, to the extent that the amount relates to a Serviced Loan Combination,
is required under the related Co-Lender Agreement to be borne by the holder of a related Serviced Companion Loan and is paid from
the Collection Account because funds on deposit in the applicable Loan Combination Custodial Account are insufficient to pay such
indemnification, then the Master Servicer shall from time to time thereafter use amounts otherwise payable to the holder of such
Serviced Companion Loan to deposit into the Collection Account the amount so paid from the Collection Account) against any loss,
liability, penalty, fine, forfeiture, claim, judgment or expense (including reasonable legal fees and expenses) incurred
in connection with, or relating to, this Agreement or the Certificates, other than any loss, liability, penalty, fine, forfeiture,
claim, judgment or expense (including reasonable legal fees and expenses) (i) incurred by reason of willful misconduct, bad
faith, fraud or negligence in the performance of obligations or duties hereunder or by reason of negligent disregard of obligations
or duties hereunder, in each case by the Person being indemnified, (ii) with respect to any such party, resulting from the
breach by such party of any of its representations or warranties contained herein, (iii) specifically required to be borne
by the party seeking indemnification without right of reimbursement pursuant to the terms hereof or (iv) which constitutes
an Advance that is otherwise reimbursable hereunder. None of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor or the Asset Representations Reviewer shall be under any obligation to appear in, prosecute or defend any legal action
unless such action is related to its respective duties under this Agreement and in its opinion does not expose it to any expense
or liability for which reimbursement is not reasonably assured, and neither the Operating Advisor nor the Asset Representations
Reviewer may prosecute on behalf of the Trust or in the interests of the Certificateholders any legal action related to its duties
under this Agreement under any circumstances; provided, however, that each of the Depositor, the Master Servicer
and the Special Servicer may in its discretion undertake any such action related to its obligations hereunder which it may deem
necessary or desirable with respect to this Agreement and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the reasonable legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund (payable out of the Collection Account or the applicable
Loan Combination Custodial Account if and to the extent with respect to a Serviced Loan Combination and then out of the Collection
Account, provided that to the extent that the amount relates to a Serviced Loan Combination, is required under the related Co-Lender
Agreement to be borne by the holder of a related Serviced Companion Loan and is paid from the Collection Account because funds
on deposit in the applicable Loan Combination Custodial Account are insufficient to pay such indemnification, then the Master
Servicer shall from time to time thereafter use amounts otherwise payable to the holder of such Serviced Companion Loan to deposit
into the Collection Account the amount so paid from the Collection Account), and the Depositor, the Master Servicer and the Special
Servicer shall be entitled to be

 

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reimbursed therefor from the Collection Account or the applicable Loan Combination Custodial
Account, as applicable, as provided in Section 3.06 and Section 3.06A of this Agreement.

 

Each of the related Outside
Servicer, the related Outside Special Servicer or the related Outside Trustee, as applicable, shall be entitled to reimbursement
out of general collections in the Collection Account for the Trust’s pro rata share of any fees, costs or expenses
incurred in connection with the servicing and administration of an Outside Serviced Loan Combination as to which the securitization
trust created under the applicable Outside Servicing Agreement or any of the parties thereto are entitled to be reimbursed pursuant
to the terms of the applicable Outside Servicing Agreement and the related Co-Lender Agreement (to the extent amounts on deposit
in the related “Serviced Whole Loan Custodial Account” or “Loan Combination Custodial Account” (as each
such term or any analogous term is defined in the applicable Outside Servicing Agreement) are insufficient for reimbursement of
such amounts).

 

Section 6.04          
Limitation on Resignation of the Master Servicer, the Special Servicer or the Operating Advisor.

 

(a)          
Each of the Master Servicer and the Special Servicer may resign, assign its respective rights and delegate its respective
duties and obligations under this Agreement; provided that, with respect to any of the Master Servicer or the Special Servicer:
(i) the successor accepting such assignment and delegation (A) shall be an established mortgage finance entity, bank
or other entity regularly engaged in the servicing of commercial mortgage loans, organized and doing business under the laws of
any state of the United States, the District of Columbia or the United States, authorized under such laws to perform the duties
of a servicer of mortgage loans or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02
of this Agreement and, in the case of a Serviced Loan Combination, under the related Co-Lender Agreement and (B) shall execute
and deliver to the Trustee and the Certificate Administrator an agreement which contains an assumption by such Person of the due
and punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer or the
Special Servicer, as the case may be, under this Agreement from and after the date of such agreement; (ii) each Rating Agency
has delivered to the Trustee a Rating Agency Confirmation; (iii) the Master Servicer or the Special Servicer shall not be
released from its obligations under this Agreement that arose prior to the effective date of such assignment and delegation under
this Section 6.04; (iv) the rate at which the Servicing Fee or Special Servicing Compensation, as applicable (or
any component thereof) is calculated shall not exceed the rate then in effect; (v) for so long as no Control Termination
Event has occurred and is continuing, the successor Special Servicer is acceptable to the Controlling Class Representative (and,
if a Serviced Outside Controlled Loan Combination is affected, the successor Special Servicer is acceptable to the related Outside
Controlling Note Holder); (vi) the resigning Master Servicer or Special Servicer, as applicable, shall be responsible for
the reasonable costs and expenses of each other party hereto, the Trust and the Rating Agencies in connection with such transfer;
and (vii) the Asset Representations Reviewer or any of its Affiliates shall in no event be appointed as successor Master Servicer
or Special Servicer. Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the successor Master
Servicer or Special Servicer, as applicable, hereunder.

 

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(b)           
Except as otherwise provided in this Section 6.04 and Section 6.08(j), the Master Servicer and the Special
Servicer shall not resign from their respective obligations and duties hereby imposed on them except upon determination that such
duties hereunder are no longer permissible under applicable law; provided that, on and after the time the Trustee receives
notice of resignation by the Master Servicer or the Special Servicer upon determination that such duties hereunder are no longer
permissible under applicable law, the Trustee (solely with respect to the Master Servicer or the Special Servicer) shall, subject
to the terms and provisions of Section 7.02 of this Agreement as if the resigning party was a Terminated Party, be
its successor in all respects in its capacity as Master Servicer or Special Servicer, as applicable, as though the Master Servicer
or the Special Servicer, as the case may be, had received a notice of termination. Any such determination permitting the resignation
of the Master Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s or Special Servicer’s expense) to such effect delivered to the Trustee and the Certificate Administrator.

 

Except as provided in
the immediately preceding paragraph, no resignation or removal of the Master Servicer, the Special Servicer as contemplated herein
shall become effective until the Trustee (solely with respect to the Master Servicer or the Special Servicer) or a successor Master
Servicer, Special Servicer shall have assumed the Master Servicer’s or the Special Servicer’s, as applicable, responsibilities,
duties, liabilities and obligations hereunder. Notwithstanding anything to the contrary herein, neither the Asset Representations
Reviewer nor any of its Affiliates may be appointed as successor Master Servicer or Special Servicer. If no successor Master Servicer
or Special Servicer can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer
or Special Servicer would have been entitled, additional amounts payable to such successor Master Servicer or Special Servicer
shall be payable out of the Trust; provided that, for so long as no Consultation Termination Event has occurred and is continuing,
the Trustee shall consult with the Controlling Class Representative prior to the appointment of a successor Master Servicer, Special
Servicer or Operating Advisor at a servicing or operating advisor compensation in excess of that permitted to the terminated Master
Servicer, Special Servicer or Operating Advisor, as applicable.

 

If the Trustee or an
Affiliate acts pursuant to this Section 6.04 as successor to the resigning Master Servicer, it may reduce the Excess
Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning Master
Servicer other than itself or an Affiliate pursuant to this Section 6.04, it may reduce the Excess Servicing Fee Rate
to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer that meets the requirements of this Section 6.04.

 

(c)          
The Operating Advisor may resign from its obligations and duties under this Agreement (a) upon thirty (30) days’
prior written notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Asset Representations Reviewer and the Controlling Class Representative and (b) upon the appointment of, and the acceptance
of such appointment by, a successor operating advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating
Agency Confirmation from each Rating Agency. Except as provided in Section 6.04(d), no such resignation by the

 

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Operating
Advisor shall become effective until a replacement Operating Advisor shall have assumed the resigning Operating Advisor’s
responsibilities and obligations under this Agreement. The successor entity assuming the obligations of the Operating Advisor
under this Agreement shall be entitled to the compensation to which the Operating Advisor would have been entitled hereunder after
the date of assumption of such obligations. If no successor Operating Advisor can be obtained to perform such obligations for
such compensation, additional amounts payable to such successor Operating Advisor shall be payable out of the Trust; provided that, for so long as no Consultation Termination Event has occurred and is continuing, the Trustee shall consult with the
Controlling Class Representative prior to the appointment of a successor Operating Advisor at an operating advisor compensation
in excess of that permitted to the terminated Operating Advisor. If no successor Operating Advisor has been appointed and accepted
such appointment within 60 days after the resigning Operating Advisor’s giving of notice of resignation, the resigning Operating
Advisor may petition any court of competent jurisdiction for appointment of a successor. The resigning Operating Advisor shall
pay all costs and expenses associated with its resignation and the transfer of its duties (including costs and expenses incurred
by each other party hereto, the Trust and the Rating Agencies) pursuant to this Section 6.04.

 

(d)           
Notwithstanding the foregoing, at any time after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5, Class A-AB, Class A-S, Class B, Class EC, Class C and Class D Certificates have been reduced to zero, the Operating
Advisor may resign from its obligations and duties hereunder, without payment of any penalty, cost or expense, and no replacement
Operating Advisor shall be required to be appointed in connection with, or as a condition to, such resignation.

 

Section 6.05          
Rights of the Depositor, the Trustee and the Certificate Administrator in Respect of the Master Servicer and Special
Servicer. The Master Servicer and the Special Servicer shall afford the Depositor, the Trustee, the Certificate Administrator
and, subject to Section 12.13 of this Agreement, each Rating Agency, upon reasonable notice, during normal business
hours access to all records maintained by it in respect of its rights and obligations hereunder and access to its officers responsible
for such obligations, if reasonably related to the performance of the obligations of such Person under this Agreement. Upon request,
if reasonably related to the performance of the obligations of such Person under this Agreement, the Master Servicer and the Special
Servicer shall furnish to the Depositor, each of the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer,
the Trustee and the Certificate Administrator its most recent publicly available annual financial statements or those of its public
parent. The Depositor is not obligated to monitor or supervise the performance of the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee under this Agreement. The Depositor
may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer hereunder which are in default
and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of such Person hereunder or
exercise its rights hereunder, provided that the Master Servicer and the Special Servicer shall not be relieved of any of
its obligations hereunder by virtue of such performance by the Depositor or its designee. In the event the Depositor or its designee
undertakes any such action it will be reimbursed by the Trust Fund from the Collection Account as provided in Section 3.06
and Section 6.03 of this Agreement to the extent not recoverable from the Master Servicer or the

 

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Special
Servicer, as applicable. None of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer (with respect
to the Special Servicer) or the Special Servicer (with respect to the Master Servicer) shall have any responsibility or liability
for any action or failure to act by the Master Servicer or the Special Servicer, and no such Person is obligated to monitor or
supervise the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither the Master
Servicer nor the Special Servicer shall have any responsibility or liability for any action or failure to act by the Depositor,
the Trustee or the Certificate Administrator and neither such Person is obligated to monitor or supervise the performance of the
Depositor, the Trustee or the Certificate Administrator under this Agreement or otherwise.

 

Each of the Trustee,
the Certificate Administrator, the Depositor, the Master Servicer, and the Special Servicer shall furnish such reports, certifications
and information as are reasonably requested by the Trustee, the Certificate Administrator, the Depositor, the Master Servicer or
the Special Servicer, as applicable, in order to enable such requesting party to perform its duties hereunder, provided
that for the avoidance of doubt, this shall not require any Person to prepare any reports, Certificates and information not required
to be prepared hereunder.

 

Neither the Master Servicer
nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to this Section.

 

Section 6.06          
Master Servicer, Special Servicer as Owner of a Certificate. The Master Servicer or an Affiliate of the Master Servicer
or the Special Servicer or an Affiliate of the Special Servicer may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof, except as otherwise expressly provided herein. If, at any time during which the Master Servicer or the
Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is the Holder or Certificate Owner of any Certificate,
the Master Servicer or the Special Servicer proposes to take action (including for this purpose, omitting to take action) that
(i) is not expressly prohibited by the terms hereof and would not, in the Master Servicer’s or the Special Servicer’s
good faith judgment, violate the Servicing Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s
or the Special Servicer’s good faith judgment, be considered by other Persons to violate the Servicing Standard, the Master
Servicer or the Special Servicer may seek the approval of the Certificateholders and any affected Serviced Companion Loan Holder
to such action by delivering to the Trustee and the Certificate Administrator a written notice that (i) states that it is
delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest in each Class of Certificates
beneficially owned by the Master Servicer or the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer,
and (iii) describes in reasonable detail the action that the Master Servicer or the Special Servicer proposes to take. The
Certificate Administrator, upon receipt of such notice, shall forward it to the Certificateholders (other than the Master Servicer
and its Affiliates or the Special Servicer and its Affiliates, as appropriate) together with such instructions for response as
the Certificate Administrator shall reasonably determine. If at any time Certificateholders holding greater than 50% of the Voting
Rights of all Certificateholders (calculated without regard to the Certificates beneficially owned by the Master Servicer or its
Affiliates or the Special Servicer or its Affiliates) and any affected Serviced Companion Loan Holder shall have

 

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consented
in writing to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed
in the written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall
be entitled to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the
Certificate Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the Master
Servicer or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters
arising hereunder, except in the case of unusual circumstances.

 

Section 6.07          
Rating Agency Fees. The Depositor shall pay (or cause to be paid) the annual fees of each Rating Agency including,
but not limited to, surveillance fees.

 

Section 6.08          
Termination of the Special Servicer Without Cause.

 

(a)          
At any time prior to the occurrence and continuance of a Control Termination Event (or if a Control Termination Event has
occurred but is no longer continuing), the Controlling Class Representative shall be entitled to terminate the rights (subject
to Section 3.12, Section 6.03 and Section 6.08(g) of this Agreement) and obligations
of the Special Servicer under this Agreement with respect to the Serviced Loans (exclusive of any Serviced Outside Controlled Loan
Combination and any Excluded Mortgage Loan), with or without cause, upon ten (10) Business Days’ notice to the Special Servicer,
the Master Servicer, the Certificate Administrator and the Trustee and, in the case of a termination of the Special Servicer with
respect to a Serviced Loan Combination, the related Companion Loan Holder(s).

 

With respect to any Serviced
Outside Controlled Loan Combination, the related Outside Controlling Note Holder shall be entitled, to the extent provided in the
related Co-Lender Agreement, at any time to terminate the rights (subject to Section 3.12, Section 6.03 and Section
6.08(g) of this Agreement) and obligations of the Special Servicer under this Agreement solely with respect to such Serviced
Outside Controlled Loan Combination, with or without cause, upon ten (10) Business Days’ notice to the Special Servicer,
the Master Servicer, the Certificate Administrator and the Trustee and any other related Companion Loan Holder(s).

 

Upon a termination (pursuant
to the first or the second paragraph of this Section 6.08(a)) or a resignation (pursuant to Section 6.04(b) of this
Agreement) of the Special Servicer with respect to the applicable Serviced Loan(s), the Controlling Class Representative (with
respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination) or the related Outside Controlling Note
Holder (with respect to a Serviced Outside Controlled Loan Combination), as applicable, shall appoint a successor Special Servicer
with respect to the Serviced Loans (exclusive of any Serviced Outside Controlled Loan Combination) or the related Serviced Outside
Controlled Loan Combination, as the case may be; provided, however, that (i) such successor shall meet the requirements set forth
in Section 7.02 of this Agreement, (ii) the Controlling Class Representative (with respect to the Serviced Loans other than
any Serviced Outside Controlled Loan Combination) or the related Outside Controlling Note Holder (with respect to a Serviced Outside
Controlled Loan Combination), as applicable, shall (at no expense to the Trust) obtain and deliver to the Certificate Administrator
and the Trustee a Rating Agency Confirmation with respect to such proposed successor acting as a Special Servicer and (iii) in
the case of the appointment of a successor Special Servicer with respect to a Serviced Loan

 

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Combination,
the Controlling Class Representative (with respect to the Serviced Loans other than any Serviced Outside Controlled Loan Combination)
or the related Outside Controlling Note Holder (with respect to a Serviced Outside Controlled Loan Combination), as applicable,
shall (at no expense to the Trust or any related Other Securitization Trust) obtain and deliver to the certificate administrator
(if any) and the trustee for each related Other Securitization Trust (with a copy to the Certificate Administrator and the Trustee)
a Companion Loan Rating Agency Confirmation with respect to such proposed successor acting as a Special Servicer for each related
Serviced Companion Loan.

 

Following the occurrence
and during the continuance of a Control Termination Event, upon (i) the written direction of Holders of Certificates evidencing
not less than 25% of the Voting Rights of the Certificates (other than the Class R Certificates) requesting a vote to terminate
and replace the Special Servicer (with respect to all of the Serviced Loans other than any Serviced Outside Controlled Loan Combination)
with a proposed successor Special Servicer, (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery
by such Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect to the termination
of the existing Special Servicer and the replacement thereof with the proposed successor (with the reasonable fees and out-of-pocket
costs and expenses associated with obtaining such Rating Agency Confirmation to be an expense of such Holders), the Certificate
Administrator shall promptly provide written notice thereof to all Certificateholders by posting such notice on its internet website
and by mailing at their addresses appearing in the Certificate Register. Upon the written direction of (a) Holders of Certificates
(other than the Class R Certificates) evidencing at least 75% of a Certificateholder Quorum or (b) Holders of Non-Reduced
Certificates evidencing more than 50% of the Voting Rights of each Class of Non-Reduced Certificates (considering each Class of
the Class A-S, Class B and Class C Certificates together with the Class EC Component with the same alphabetical designation as
a single “Class” for such purpose), the Trustee shall terminate all of the rights (subject to Section 3.12,
Section 6.03 and Section 6.08(g) of this Agreement) and obligations of the Special Servicer under this Agreement
with respect to the Serviced Loans (other than any Serviced Outside Controlled Loan Combination), and the proposed successor Special
Servicer shall succeed to the duties of the Special Servicer with respect to the Serviced Loans (other than any Serviced Outside
Controlled Loan Combination) all as if a removal and replacement were occurring pursuant to Section 7.01 and Section 7.02
of this Agreement; provided that if such written direction is not provided within 180 days of the initial request for
a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect. The provisions
set forth in the foregoing sentences of this paragraph shall be binding upon and inure to the benefit of solely the Certificateholders
and the Trustee as between each other. The Special Servicer shall not have any cause of action based upon or arising from any breach
or alleged breach of such provisions. As between the Special Servicer, on the one hand, and the Certificateholders, on the other,
the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of
the Special Servicer.

 

The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and Certificate Owner may access notices
on the Certificate Administrator’s Website and each Certificateholder and Certificate Owner may register to receive e-mail
notifications when such notices are posted on the Certificate Administrator’s

 

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Website;
provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for
the reasonable expenses of posting such notices.

 

(b)           
At any time after the occurrence and during the continuance of a Consultation Termination Event, if the Operating Advisor
determines that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance
with the Servicing Standard, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy
to the Special Servicer, a written recommendation in the form of Exhibit T attached hereto (which form may be modified
or supplemented from time to time to cure any ambiguity or error or to incorporate any additional information, subject to compliance
of such form with the terms and provisions of this Agreement; provided that in no event shall the information or any other
content included in such written recommendation contravene any provision of this Agreement) detailing the reasons supporting its
position (along with relevant information justifying its recommendation) and recommending a replacement special servicer with respect
to the Serviced Loans, meeting the applicable requirements of this Agreement, which recommended special servicer has agreed to
succeed the then-current Special Servicer if appointed in accordance herewith; provided, that the Operating Advisor may
recommend the replacement of the Special Servicer with respect to a Serviced Outside Controlled Loan Combination only if the related
Outside Controlling Note Holder so consents. In any such event, the Certificate Administrator shall promptly post a copy of such
recommendation on the Certificate Administrator’s Website and by mail send notice of such recommendation to all Certificateholders,
asking them to vote whether they wish to remove the Special Servicer with respect to the applicable Serviced Loan(s). Upon (i) the
written direction (as evidenced by votes cast) of Holders of each Class of Non-Reduced Certificates evidencing greater than 50%
of the aggregate Voting Rights of each Class of Non-Reduced Certificates (considering each Class of the Class A-S, Class B and
Class C Certificates together with the Class EC Component with the same alphabetical designation as a single “Class”
for such purpose) within 180 days of the initial request for a vote (which, for the avoidance of doubt, is the date on the
which the aforementioned notice was mailed to the Certificateholders) and (ii) receipt of Rating Agency Confirmation from
each Rating Agency by the Certificate Administrator following satisfaction of the foregoing clause (i), the Trustee shall
(x) terminate all of the rights (subject to Section 3.12, Section 6.03 and Section 6.08(g)
of this Agreement) and obligations of the Special Servicer under this Agreement with respect to the applicable Serviced Loan(s),
(y) appoint the recommended successor Special Servicer and (z) promptly notify such outgoing Special Servicer of the effective
date of such termination. The reasonable fees and out-of-pocket costs and expenses associated with obtaining such Rating Agency
Confirmation and administering such vote shall be an Additional Trust Fund Expense. If the Certificate Administrator does not receive
the required written direction contemplated by clause (i) of the second preceding sentence within 180 days of the initial
request for such vote (which, for the avoidance of doubt, is the date on the which the aforementioned notice was mailed to the
Certificateholders), then the Trustee shall have no obligation to remove the Special Servicer and such recommendation shall lapse
and have no force or effect. Prior to the appointment of any replacement special servicer, such replacement special servicer shall
have agreed to succeed to the obligations of the Special Servicer under this Agreement with respect to the applicable Serviced
Loan(s), and to act as the Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated Special
Servicer with respect to any termination pursuant to this Section 6.08(b). The Special

 

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Servicer
for a Serviced Outside Controlled Loan Combination may not be replaced pursuant to this paragraph unless the related Outside Controlling
Note Holder so consents.

 

(c)          
In no event may a successor Special Servicer be a current or former Operating Advisor or Asset Representations Reviewer
or any Affiliate of such current or former Operating Advisor or Asset Representations Reviewer. Further, such successor must be
a Person that (i) satisfies all of the eligibility requirements applicable to special servicers contained in this Agreement
and, in the case of a Serviced Loan Combination, in the related Co-Lender Agreement, (ii) is not obligated or allowed to pay
the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this
Agreement or (y) for the appointment of the successor Special Servicer or the recommendation by the Operating Advisor for
the replacement Special Servicer to become the Special Servicer, (iii) is not entitled to waive any compensation from the
Operating Advisor and (iv) is not entitled to receive any fee from the Operating Advisor for its appointment as successor
Special Servicer, in each case, unless expressly approved by 100% of the Certificateholders.

 

(d)          
The appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective
obligations to make Advances as set forth herein; provided, however, the initial Special Servicer specified in Section 3.21(a)
of this Agreement shall not be liable for any actions or any inaction of such successor Special Servicer. Any termination fee payable
to the terminated Special Servicer and any costs incurred by the Trust or the terminated Special Servicer in connection with the
replacement of a Special Servicer shall be paid by the Controlling Class Representative, the Certificateholders or the Serviced
Companion Loan Holder so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund.

 

(e)          
No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until (i) the
successor Special Servicer shall have executed and delivered to the Trustee and the Certificate Administrator an agreement which
contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed
or observed by the Special Servicer under this Agreement from and after the date of such agreement, (ii) the Depositor and, if
applicable, each related Other Depositor shall have received the written notice and information with respect to the successor Special
Servicer as set forth in Section 10.02(a) and (iii) subject to Section 12.13 of this Agreement, each Rating
Agency has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation and, if required pursuant to
Section 6.08(a), each Companion Loan Rating Agency has delivered to the Trustee and the Certificate Administrator and
their respective counterparts with respect to the Other Securitization Trust a Companion Loan Rating Agency Confirmation, in each
case with respect to such termination and appointment of a successor.

 

(f)          
Any successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.06(a)
of this Agreement mutatis mutandis as of the date of its succession.

 

(g)          
In the event that the Special Servicer is terminated pursuant to this Section 6.08, the Trustee shall, by notice
in writing to the Special Servicer, terminate all of its

 

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rights
and obligations under this Agreement and in and to the applicable Mortgage Loan(s) and/or Serviced Loan Combinations and the proceeds
thereof, other than any rights the Special Servicer may have hereunder as a Certificateholder and any rights or obligations that
accrued prior to the date of such termination (including, without limitation, the right to receive all amounts accrued or owing
to it under this Agreement, plus interest at the Advance Rate on such amounts until received to the extent such amounts bear interest
as provided in this Agreement, with respect to periods prior to the date of such termination and the right to the benefits of
Section 6.03 of this Agreement and the right to receive ongoing Workout Fees in accordance with the terms hereof).

 

(h)           
If (1) a replacement special servicer is appointed with respect to a Serviced Loan Combination or any related REO Property
in accordance with Article VII or this Section 6.08 or (2) an Excluded Mortgage Loan Special Servicer is appointed
with respect to an Excluded Special Servicer Mortgage Loan, such that there are multiple parties acting as Special Servicer hereunder,
then, unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special
Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean (A) the
applicable Loan Combination Special Servicer, insofar as such duties and obligations relate to the subject Serviced Loan Combination
or any related REO Property, (B) the applicable Excluded Mortgage Loan Special Servicer, insofar as such duties and obligations
relate to the subject Excluded Special Servicer Mortgage Loan or any related REO Property and (C) the General Special Servicer,
in all other cases (provided, that in Section 3.15 and Article VII of this Agreement, the term “Special Servicer”
shall mean each of the Loan Combination Special Servicers, the Excluded Mortgage Loan Special Servicers (if any) and the General
Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds, documents, instruments
and/or other items, the term “Special Servicer” shall mean (A) the applicable Loan Combination Special Servicer, insofar
as such information, funds, documents, instruments and/or other items relate to the subject Serviced Loan Combination or any related
REO Property, (B) the applicable Excluded Mortgage Loan Special Servicer, insofar as such information, funds, documents, instruments
and/or other items relate to the subject Excluded Special Servicer Mortgage Loan or any related REO Property and (C) the General
Special Servicer, in all other cases; (iii) when used in the context of granting the Special Servicer the right to purchase
all of the Mortgage Loans and all other property held by the Trust Fund pursuant to Section 9.01 of this Agreement,
the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used in the context of the
Special Servicer being replaced pursuant to this Section 6.08 by the Controlling Class Representative or the applicable
Certificateholders, the term “Special Servicer” shall mean the General Special Servicer, the applicable Loan Combination
Special Servicer or the applicable Excluded Mortgage Loan Special Servicer, if applicable; (v) when used in the context of granting
the Special Servicer any protections, limitations on liability, immunities and/or indemnities hereunder, the term “Special
Servicer” shall mean each of the Loan Combination Special Servicers, the Excluded Mortgage Loan Special Servicers (if any)
and the General Special Servicer; and (vi) when used in the context of requiring indemnification from, imposing liability on, or
exercising any remedies against, the Special Servicer for any breach of a representation, warranty or covenant hereunder or for
any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder or any negligent disregard
of such duties and obligations or otherwise holding the Special Servicer responsible for any of the foregoing, the term “Special
Servicer” shall mean the applicable Loan Combination Special

 

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Servicer,
the applicable Excluded Mortgage Loan Special Servicer or the General Special Servicer, as applicable.

 

(i)           
References in this Agreement to “General Special Servicer” mean the Person performing the duties and obligations
of special servicer with respect to the Mortgage Pool (exclusive of (A) any Serviced Loan Combination or related REO Property as
to which a different Loan Combination Special Servicer has been appointed with respect thereto and (B) any Excluded Special Servicer
Mortgage Loan or any related REO Property as to which an Excluded Mortgage Loan Special Servicer has been appointed with respect
thereto).

 

(j)           
Notwithstanding anything to the contrary contained in this Section 6.08, if the Special Servicer is, or becomes,
a Borrower Party with respect to any Mortgage Loan or Loan Combination, then the Special Servicer shall resign in such capacity
with respect to such Excluded Special Servicer Mortgage Loan. Prior to the occurrence and continuance of a Control Termination
Event, if the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan, the Controlling Class Representative
shall appoint (and replace with or without cause) the Excluded Mortgage Loan Special Servicer, as successor to the resigning Special
Servicer, for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If such Excluded Special Servicer
Mortgage Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder (by Certificate Balance) that
is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause) the Excluded Mortgage Loan Special
Servicer for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. If a Control Termination Event
has occurred and is continuing, neither the Controlling Class Representative nor any other Controlling Class Certificateholder
shall be entitled to remove or replace the Special Servicer with respect to any Excluded Special Servicer Mortgage Loan. If a Control
Termination Event has occurred and is continuing but prior to the occurrence and continuance of a Consultation Termination Event,
the largest Controlling Class Certificateholder that is not an Excluded Controlling Class Holder shall have the right to appoint
the Excluded Mortgage Loan Special Servicer. If (a) neither the Controlling Class Representative nor any Controlling Class Certificateholder
is entitled to appoint the Excluded Mortgage Loan Special Servicer for the related Excluded Special Servicer Mortgage Loan pursuant
to the foregoing or (b) a Consultation Termination Event has occurred and is continuing, an Excluded Mortgage Loan Special Servicer
shall be appointed with respect to such Excluded Special Servicer Mortgage Loan in accordance with the immediately succeeding paragraph
of this Section 6.08.

 

If (a) neither the Controlling
Class Representative nor any Controlling Class Certificateholder is entitled to appoint the Excluded Mortgage Loan Special Servicer
for the related Excluded Special Servicer Mortgage Loan pursuant to the first paragraph of this Section 6.08(j) or (b) a
Consultation Termination Event has occurred and is continuing, upon resignation of the Special Servicer with respect to an Excluded
Special Servicer Mortgage Loan, at the expense of the Trust Fund, the Certificate Administrator shall promptly provide written
notice of such resignation to all Certificateholders by posting such notice on the Certificate Administrator’s Website and
the Excluded Mortgage Loan Special Servicer shall be appointed upon the written direction of more than 50% of the Voting Rights
of the Certificates that exercise their right to vote (provided that holders of at least 20% of the Voting Rights of the Certificates
exercise their right to vote). If such Excluded Mortgage Loan Special Servicer has not been

 

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appointed
pursuant to the preceding sentence within 30 days after the Special Servicer has provided its written notice of resignation, the
Certificate Administrator shall provide written notice to the resigning Special Servicer that such Excluded Mortgage Loan Special
Servicer has not been appointed and such resigning Special Servicer shall appoint such Excluded Mortgage Loan Special Servicer.

 

If at any time the Person
that had acted as the Special Servicer for any Mortgage Loan or Loan Combination prior to such Mortgage Loan or Loan Combination,
as the case may be, becoming an Excluded Special Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation,
as a result of the related Mortgaged Property becoming REO Property or an assumption of the Excluded Special Servicer Mortgage
Loan) with respect to such Mortgage Loan or Loan Combination, as the case may be, (1) the related Excluded Mortgage Loan Special
Servicer shall resign, (2) such Mortgage Loan or Loan Combination, as the case may be, shall no longer be an Excluded Special Servicer
Mortgage Loan, (3) such original Special Servicer shall become the Special Servicer again for such Mortgage Loan or Loan Combination,
as the case may be, and (4) such original Special Servicer shall be entitled to all Special Servicing Compensation and Additional
Special Servicing Compensation with respect to such Mortgage Loan or Loan Combination, as the case may be, earned during such time
on and after such Mortgage Loan or Loan Combination, as the case may be, is no longer an Excluded Special Servicer Mortgage Loan.

 

The Excluded Mortgage
Loan Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage
Loan and will be entitled to all Special Servicing Compensation and Additional Special Servicing Compensation with respect to such
Excluded Special Servicer Mortgage Loan earned during such time as the related Mortgage Loan is an Excluded Special Servicer Mortgage
Loan.

 

(k)          
If a Servicing Officer of the Master Servicer, a related Excluded Mortgage Loan Special Servicer, or the Special Servicer,
as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class
Mortgage Loan or an Excluded Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Mortgage
Loan Special Servicer or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties
to this Agreement.

 

Section 6.09          
The Directing Holder and the Controlling Class Representative.

 

(a)          
The related Outside Controlling Note Holder (if a Serviced Outside Controlled Loan Combination is involved) or the Controlling
Class Representative (if any other Serviced Loan(s) (exclusive of any Excluded Mortgage Loan(s)) are involved and a Control Termination
Event does not exist), as applicable, shall be entitled: (1) with respect to the applicable Serviced Loan(s) that are Specially
Serviced Loan(s), to advise the Special Servicer as to all matters; (2) with respect to the applicable Serviced Loan(s) that are
Performing Serviced Loan(s), to advise the Special Servicer as to all matters for which the Master Servicer must obtain the consent
or deemed consent of the Special Servicer for a Major Decision; and (3) in the case of the Controlling Class Representative, with
respect to any Outside Serviced Mortgage Loan, to exercise consultation and consent rights (if any) and attend annual meetings
with the

 

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related
Outside Servicer and the related Outside Special Servicer, in each case, to the extent the holder of such Outside Serviced Mortgage
Loan is entitled to such rights pursuant to the related Co-Lender Agreement. In addition, notwithstanding anything herein to the
contrary, except as set forth in, and in any event subject to Section 6.09(b) and the second and third paragraphs
of this Section 6.09(a), (a) the Master Servicer shall not be permitted to take any of the actions constituting
a Major Decision unless it has obtained the consent of the Special Servicer, who shall have 15 Business Days (or 60 days
with respect to the determination of an Acceptable Insurance Default) (from the date that the Special Servicer receives the information
from the Master Servicer) to analyze and make a recommendation regarding such Major Decision (provided that if the Special
Servicer does not consent, or notify the Master Servicer that it will not consent, to such Major Decision within the required
15 Business Days or 60 days, as applicable, the Special Servicer shall be deemed to have consented to such Major Decision),
and (b) for so long as no Control Termination Event exists, the Special Servicer shall not be permitted to consent
to the Master Servicer’s taking any of the actions constituting a Major Decision nor will the Special Servicer itself be
permitted to take any of the actions constituting a Major Decision as to which the related Directing Holder has objected in writing
within ten (10) Business Days (or in the case of a determination of an Acceptable Insurance Default, twenty (20) days) after receipt
of the written recommendation and analysis from the Special Servicer (provided that (i) if such written objection
has not been received by the Special Servicer within such ten (10) Business Day period or twenty (20) day period, as applicable,
then the related Directing Holder will be deemed to have approved such action and (ii) the consent of the Controlling Class
Representative shall not be required in connection with a Major Decision with respect to an Excluded Mortgage Loan); and provided,
further, that, as to both clause (a) and clause (b) above, in the event that the Special Servicer or Master
Servicer (in the event the Master Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines
that immediate action, with respect to a Major Decision, or any other matter requiring consent of the related Directing Holder,
is necessary to protect the interests of the Certificateholders and, with respect to any Serviced Loan Combination, the related
Serviced Companion Loan Holder(s) (as a collective whole as if such Certificateholders and, with respect to any Serviced Loan
Combination, the related Serviced Companion Loan Holder(s) constituted a single lender (and, with respect to a Serviced AB Loan
Combination, taking into account the subordinate nature of the related Subordinate Companion Loan)), the Special Servicer or Master
Servicer, as applicable, may take any such action without waiting for the Directing Holder’s (or, if applicable, the Special
Servicer’s) response. Notwithstanding the foregoing, if the Controlling Class Representative is the related Directing Holder,
the Special Servicer is not required to obtain the consent of the Controlling Class Representative prior to taking, or consenting
to the Master Servicer’s taking of, any Major Decision following the occurrence and during the continuance of a Control
Termination Event; provided that, after the occurrence and during the continuance of a Control Termination Event, the Special
Servicer shall consult (on a non-binding basis) with the Controlling Class Representative (other than with respect to any Excluded
Mortgage Loan and only until the occurrence and continuance of a Consultation Termination Event) and the Operating Advisor in
connection with any Major Decision and consider alternative actions recommended by the Controlling Class Representative and the
Operating Advisor, but only to the extent such consultation with, or consent of, the Controlling Class Representative would have
been required prior to the occurrence and continuance of such Control Termination Event; and provided, further,
that the Controlling Class Representative (with respect to any Serviced Outside Controlled Loan Combination that does not include
an

 

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Excluded Mortgage Loan and for so long as no Consultation Termination Event exists) and the Operating Advisor (if a Control
Termination Event exists) may consult regarding a Serviced Outside Controlled Loan Combination only if and to the extent that
the holder of the related Split Mortgage Loan is granted consultation rights under the related Co-Lender Agreement. For the avoidance
of doubt, with respect to any Serviced Outside Controlled Loan Combination, the Special Servicer shall be responsible for obtaining
any consent or deemed consent of the related Outside Controlling Note Holder for “Major Decisions” (as such term or
any analogous term is defined in the related Co-Lender Agreement) to the extent such consent is required under this Agreement
or under the terms of the related Co-Lender Agreement. Notwithstanding the foregoing, the Controlling Class Representative shall
have no consent or consultation rights with respect to Major Decisions with respect to any Excluded Mortgage Loan.

 

In addition, each of
(x) the Controlling Class Representative (with respect to each Serviced Loan other than (i) a Serviced Outside Controlled
Loan Combination and (ii) an Excluded Mortgage Loan, provided that a Control Termination Event does not exist) and (y) the
related Outside Controlling Note Holder (with respect to a Serviced Outside Controlled Loan Combination) may direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to the applicable Serviced Loan(s) as such party may
reasonably deem advisable or as to which provision is otherwise made herein. Notwithstanding anything herein to the contrary, no
such direction, and no objection, advice or consultation contemplated by the preceding paragraph or this paragraph, may require
or cause the Master Servicer or the Special Servicer to violate any provision of any related Loan Documents, any related Co-Lender
Agreement, any intercreditor agreement, applicable law, this Agreement or the REMIC Provisions, including without limitation each
of the Master Servicer’s and the Special Servicer’s obligation to act in accordance with the Servicing Standard, or
expose the Master Servicer, the Special Servicer, the Certificate Administrator, the Trust Fund or the Trustee to liability, or
materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities under this Agreement
or any Co-Lender Agreement or cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner which in the
reasonable judgment of the Master Servicer or the Special Servicer is not in the best interests of the Certificateholders and/or
the Serviced Companion Loan Holders.

 

In the event the Special
Servicer or Master Servicer, as applicable, determines that a refusal to consent by a Directing Holder or any advice from a Directing
Holder would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of any Loan Documents,
any related Co-Lender Agreement or mezzanine intercreditor agreement, applicable law, the REMIC Provisions or this Agreement, including
without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal
to consent or advise and notify in writing such Directing Holder, the Trustee and, for posting to the Rule 17g-5 Information Provider’s
Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider of its determination, including
a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer
or Special Servicer in accordance with the direction of or approval of a Directing Holder that does not violate any law or the
Servicing Standard or any other provisions of this Agreement, will not result in any liability on the part of the Master Servicer
or the Special Servicer.

 

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For so long as no Control
Termination Event has occurred and is continuing, the Controlling Class Representative shall be entitled, with respect to each
Outside Serviced Mortgage Loan other than any Excluded Mortgage Loan, to exercise the consent or approval rights set forth in Section
3.01(i) of this Agreement; and for so long as no Consultation Termination Event has occurred and is continuing, the Controlling
Class Representative shall be entitled, with respect to each Outside Serviced Mortgage Loan other than any Excluded Mortgage Loan,
to exercise any consultation rights permitted under the related Co-Lender Agreement in respect of “Major Decisions”
(or any analogous concept) and the implementation of “Asset Status Reports” (or any analogous concept) under, and within
the meaning of, the applicable Outside Servicing Agreement and attend an annual meeting with the related Outside Servicer and the
related Outside Special Servicer, in each case, to the extent the holder of such Outside Serviced Mortgage Loan is entitled to
such rights pursuant to the related Co-Lender Agreement.

 

The Directing Holder
will have no liability to the Trust Fund or Certificateholders for any action taken, or for refraining from the taking of any action,
pursuant to this Agreement, or for error in judgment; provided, however, that the Controlling Class Representative
will not be protected against any liability to any Controlling Class Certificateholder that would otherwise be imposed by
reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations
or duties.

 

By its acceptance of
a Certificate, each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) a Directing
Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates;
(ii) a Directing Holder may act solely in its own interests (or, in the case of the Controlling Class Representative, in the
interests of the Holders of the Controlling Class); (iii) a Directing Holder does not have any liability or duties to the
Holders of any Class of Certificates (other than, in the case of the Controlling Class Representative, the Controlling Class);
(iv) a Directing Holder may take actions that favor its own interests (or in the case of the Controlling Class Representative,
the interests of the Holders of the Controlling Class) over the interests of the Holders of one or more other Classes of Certificates;
and (v) a Directing Holder shall have no liability whatsoever (other than, in the case of the Controlling Class Representative,
to a Controlling Class Certificateholder) for having so acted as set forth in clauses (i)-(iv) of this paragraph, and
that no Certificateholder may take any action whatsoever against any Directing Holder or any affiliate, director, officer, employee,
shareholder, member, partner, agent or principal thereof for having so acted; provided, however, that the rights
of a Directing Holder are subject to any related mezzanine intercreditor agreement.

 

(b)          
Notwithstanding anything to the contrary contained herein:

 

(i)           
after the occurrence and during the continuance of a Control Termination Event, the Controlling Class Representative shall
have no right to consent to any action taken or not taken by any party to this Agreement;

 

(ii)          
after the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance
of a Consultation Termination Event, the Controlling Class Representative shall remain entitled to receive any notices, reports

 

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or
information to which it is entitled pursuant to this Agreement with respect to the applicable Serviced Loan(s) (other than any
Excluded Mortgage Loan), and the Master Servicer, Special Servicer and any other applicable party shall consult with the Controlling
Class Representative in connection with any action to be taken or refrained from taking with respect to the applicable Serviced
Loan(s) (other than any Excluded Mortgage Loan), but only to the extent consultation with, or consent of, the Controlling Class
Representative would have been required under such circumstances prior to the occurrence and continuance of such Control Termination
Event; provided, however, that the Controlling Class Representative shall not be permitted to consult with respect to any
Serviced AB Loan Combination while any related Subordinate Companion Loan Holder is the related Outside Controlling Note Holder;

 

(iii)         
after the occurrence and during the continuance of a Consultation Termination Event, the Controlling Class Representative
shall have no consultation or consent rights hereunder and no right to receive any notices, reports or information (other than
notices, reports or information required to be delivered to all Certificateholders) or any other rights as a Directing Holder;
provided that the Controlling Class Certificateholder shall maintain the right to exercise Voting Rights for the same purposes
as any other Certificateholder under this Agreement (other than with respect to Excluded Mortgage Loans); and

 

(iv)         
no Person may exercise any of the rights and powers of the Controlling Class Representative with respect to an Excluded
Mortgage Loan.

 

(c)          
Notwithstanding anything to the contrary herein, neither the Master Servicer nor the Special Servicer shall take or refrain
from taking any action pursuant to instructions from a Serviced Companion Loan Holder (or its Companion Loan Holder Representative)
that would cause any one of them to violate applicable law, the related Mortgage Loan Documents, this Agreement, including the
Servicing Standard, the related Co-Lender Agreement, or the REMIC Provisions or that would (i) expose the Master Servicer,
the Special Servicer, the Depositor, a Mortgage Loan Seller, the Trust Fund, the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator or their respective Affiliates, officers, directors, employees or agents to any claim,
suit or liability, (ii) materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities,
or (iii) cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner that is not in the best interests
of the Certificateholders.

 

(d)           
Each Certificateholder and Certificate Owner of a Control Eligible Certificate is hereby deemed to have agreed by virtue
of its purchase of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the
Certificate Administrator and to notify the Certificate Administrator of the transfer of any Control Eligible Certificate (or the
beneficial ownership of any Control Eligible Certificate), the selection of a Controlling Class Representative or the resignation
or removal thereof. Any such Certificateholder (or Certificate Owner) or its designee at any time appointed Controlling Class Representative
is hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership interest
in a Control Eligible Certificate) to notify the Certificate Administrator when such Certificateholder (or Certificate Owner) or

 

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designee
is appointed Controlling Class Representative and when it is removed or resigns. Upon receipt of such notice, the Certificate
Administrator shall notify the Special Servicer, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Trustee of the identity of the Controlling Class Representative, any resignation or removal thereof and/or any new
Holder or Certificate Owner of a Control Eligible Certificate. In addition, upon the request of the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable, the Certificate Administrator
shall provide (on a reasonably prompt basis) the identity of the then-current Controlling Class and a list of the Certificateholders
(or Certificate Owners, if applicable, at the expense of the Trust if such expense arises in connection with an event as to which
the Controlling Class Representative or the Controlling Class has consent or consultation rights pursuant to this Agreement or
in connection with a request made by the Operating Advisor in connection with its obligation under Section 3.29(d)(ii) of
this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling Class Representative, and otherwise
at the expense of the requesting party) of the Controlling Class to such requesting party, and each of the Master Servicer, Special
Servicer, Operating Advisor, the Asset Representations Reviewer and the Trustee shall be entitled to rely on the information so
provided by the Certificate Administrator.

 

In the event of a change
in the Controlling Class, the Certificate Administrator shall promptly contact the current Holder(s) (or, in the case of book-entry
Certificates, Certificate Owners) of the Controlling Class (or any designee(s) thereof) or, if known to the Certificate Administrator,
one of its affiliates or, if applicable, any successor Controlling Class Representative or Controlling Class Certificateholder(s),
and determine whether any such entity is the Holder (or Certificate Owner) of at least a majority of the Controlling Class (in
effect after such change in Controlling Class) by Certificate Balance. If at any time that the current Holder of the Controlling
Class (or its designee) or, if known to the Certificate Administrator, one of its Affiliates, or any successor Controlling Class
Representative or Controlling Class Certificateholder(s) is no longer the Holder (or Certificate Owner) of at least a majority
of the Controlling Class by Certificate Balance and the Certificate Administrator has neither (i) received notice of the then-current
Controlling Class Certificateholders of at least a majority of the Controlling Class by Certificate Balance nor (ii) received
notice of a replacement Controlling Class Representative pursuant to this Agreement, then a Control Termination Event and a Consultation
Termination Event shall be deemed to have occurred and shall be deemed to continue until such time as the Certificate Administrator
receives either such notice.

 

Upon receipt of notice
of a change in Controlling Class Representative, the Certificate Administrator shall promptly forward notice thereof to each other
party to this Agreement.

 

On the Closing Date,
the initial Controlling Class Representative shall deliver (which delivery may be by electronic mail) to the Master Servicer, the
Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor a certification substantially in the form
of Exhibit M-1F to this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any
successor Controlling Class Representative shall also deliver to the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator Operating Advisor and the Asset Representations Reviewer a certification substantially in the

 

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form
of Exhibit M-1F to this Agreement prior to being recognized as the new Controlling Class Representative.

 

(e)          
Once a Controlling Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Depositor, the Certificate Administrator, the Asset Representations Reviewer, the Trustee and each other Certificateholder
(or Certificate Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Certificateholders
of the Controlling Class, by Certificate Balance, or such Controlling Class Representative shall have notified the Certificate
Administrator, the Master Servicer and each other Certificateholder of the Controlling Class, in writing, of the resignation of
such Controlling Class Representative or the selection of a new Controlling Class Representative. Upon receipt of written
notice of, or other knowledge of, the resignation of a Controlling Class Representative, the Certificate Administrator shall
request the Certificateholders of the Controlling Class to select a new Controlling Class Representative.

 

(f)          
If at any time a book-entry certificate belongs to the Controlling Class, the Certificate Administrator shall notify the
related Certificate Owner or Certificate Owners (through the Depository, unless the Certificate Administrator shall have been previously
provided with the name and address of such Certificate Owner or Certificate Owners) of such event and shall request that it be
informed of any change in the identity of the related Certificate Owner from time to time.

 

(g)           
Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the
Depositor and the Trustee and the Certificate Administrator shall be entitled to rely on the most recent notification with respect
to the identity of the Certificateholders of the Controlling Class and the Controlling Class Representative.

 

(h)          
Notwithstanding anything to the contrary contained herein, at any time when the Class E Certificates are the Controlling
Class Certificates, the Holder of more than 50% of the Controlling Class Certificates (by Certificate Balance) may waive its right
to act as or appoint a Controlling Class Representative and to exercise any of the rights of the Controlling Class Representative
or cause the exercise of any of the rights of the Controlling Class Representative set forth in this Agreement, by irrevocable
written notice delivered to the Depositor, Certificate Administrator, Trustee, Master Servicer, Special Servicer and Operating
Advisor (any such Holder or group of affiliated Holders that makes such an election, the “Opting-Out Party”).
Whenever such waiver by an Opting-Out Party is in effect, (1) a Control Termination Event and a Consultation Termination Event
shall be deemed to have occurred and be continuing; and (2) the rights of the holder of more than 50% of the Class E Certificates
(by Certificate Balance), if the Class E Certificates are the Controlling Class of Certificates, to act as or appoint a Controlling
Class Representative and the rights of a Controlling Class Representative will not be operative (notwithstanding whether a Control
Termination Event or a Consultation Termination Event is or would otherwise then be in effect). Any such waiver shall remain effective
with respect to such Holder and such Class until such time as either (x) the Class E Certificates are no longer the Controlling
Class of Certificates or (y) the Opting-Out Party has (i) sold a majority of the Class E Certificates (by Certificate Balance)
to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator, Trustee, Master Servicer, Special
Servicer and Operating Advisor that (a) the Opting-Out Party retains no direct or indirect

 

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voting
rights with respect to the Class E Certificates that it does not own, (b) there is no voting agreement between the Opting-Out
Party and the transferee and (c) the Opting-Out Party retains no direct or indirect economic interest in the Class E Certificates
(such sale and certification, a “Class E Transfer”). Following any such Class E Transfer, or if the Class E
Certificates are no longer the Controlling Class of Certificates, the successor holder of more than 50% of the Controlling Class
of Certificates (by Certificate Balance) shall again have the rights of a Controlling Class Representative as set forth herein
without regard to any prior waiver by the predecessor Certificateholder. Such successor Certificateholder shall also have the
right as provided in this Section 6.09(h) to irrevocably waive its right to act as or appoint a Controlling Class Representative
or to exercise any of the rights of the Controlling Class Representative or to cause the exercise of any of the rights of the
Controlling Class Representative as set forth in this Agreement. No successor Certificateholder described above in this paragraph
shall have any consent rights with respect to any Serviced Mortgage Loan that became a Specially Serviced Loan prior to the Class
E Transfer and had not also become a Corrected Loan prior to such Class E Transfer until such time as such Serviced Mortgage Loan
becomes a Corrected Loan.

 

Article
VII

DEFAULT

 

Section 7.01          
Servicer Termination Events. 

 

(a)          
“Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)           
(A) any failure by the Master Servicer to make any deposit or payment required to be made by the Master Servicer to
the Collection Account or Loan Combination Custodial Account or to any Serviced Companion Loan Holder on the day and by the time
such deposit or remittance is required to be made under the terms of this Agreement, which failure is not remedied within one
(1) Business Day or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for
deposit into, the Distribution Account, the Excess Interest Distribution Account or the Exchangeable Distribution Account any
amount required to be so deposited or remitted, which failure is not remedied by 11:00 a.m. (New York City time) on
the relevant Distribution Date; or

 

(ii)           
any failure by the Special Servicer to deposit into any REO Account, within two (2) Business Days after such deposit is
required to be made or to remit to the Master Servicer for deposit into the Collection Account or the Loan Combination Custodial
Account, as applicable, any amount required to be so deposited or remitted by the Special Servicer pursuant to, and within one
(1) Business Day after the time specified by, the terms of this Agreement; or

 

(iii)         
any failure on the part of the Master Servicer or the Special Servicer, as applicable, duly to observe or perform in any
material respect any of its other covenants or obligations contained in this Agreement which continues unremedied for a period
of 30 days (10 days in the case of the Master Servicer’s failure to make a Property Advance

 

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or
20 days in the case of a failure to pay the premium for any insurance policy required to be maintained under this Agreement
or such shorter period (not less than two (2) Business Days) as may be required to avoid the commencement of foreclosure
proceedings for unpaid real estate taxes or the lapse of insurance, as applicable) after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the Master Servicer or the Special Servicer, as the case
may be, by any other party hereto, or to the Master Servicer or the Special Servicer, as the case may be, with a copy to each
other party to this Agreement, by the Holders of Certificates of any Class evidencing, as to such Class, not less than 25% of
the Voting Rights allocable thereto (considering each Class of the Class A-S, Class B and Class C Certificates together with the
Class EC Component with the same alphabetical designation as a single “Class” for such purpose) or, if affected thereby,
by a Serviced Companion Loan Holder; provided, however, if any such failure with a 30-day cure period is capable
of being cured and the Master Servicer or Special Servicer, as applicable, is diligently pursuing such cure, such 30-day period
will be extended an additional 60 days (provided that the Master Servicer, or Special Servicer, as applicable, has
commenced to cure such failure within the initial 30-day period and has certified that it has diligently pursued, and is continuing
to pursue, a full cure); or

 

(iv)         
any breach on the part of the Master Servicer or the Special Servicer of any representation or warranty contained in this
Agreement, which materially and adversely affects the interests of any Class of Certificateholders or any Serviced Companion Loan
Holder and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the
same to be remedied, has been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor, the
Certificate Administrator or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee by the Holders of Certificates entitled to not less than 25% of the Voting Rights or, if affected thereby, by
a Serviced Companion Loan Holder; provided, however, if such breach is capable of being cured and the Master Servicer
or the Special Servicer, as applicable, is diligently pursuing such cure, such 30-day period will be extended an additional 60 days
(provided that the Master Servicer, or Special Servicer, as applicable, has commenced to cure such failure within the initial
30-day period and has certified that it has diligently pursued, and is continuing to pursue, a full cure); or

 

(v)           
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer
or the Special Servicer, as applicable, and such decree or order shall have remained in force undischarged, undismissed or unstayed
for a period of 60 days; or

 

(vi)          
the Master Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or

 

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similar
proceedings of or relating to the Master Servicer or the Special Servicer or of or relating to all or substantially all of its
property; or

 

(vii)        
the Master Servicer or the Special Servicer, as applicable, shall admit in writing its inability to pay its debts generally
as they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make
an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in
furtherance of the foregoing; or

 

(viii)       
either Moody’s or KBRA (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency)
has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes
of Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced
Companion Loan Securities on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of
either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer or the Special Servicer, as applicable,
as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status”
placement has not been withdrawn by such Rating Agency (or, in the case of Serviced Companion Loan Securities, any Companion Loan
Rating Agency), within 60 days of such event);

 

(ix)         
with respect to the Master Servicer, the Master Servicer ceases to have a commercial master servicer rating of at least
“CMS3” from Fitch and that rating is not reinstated within 60 days or, with respect to the Special Servicer, the Special
Servicer ceases to have a commercial special servicer rating of at least “CSS3” from Fitch and that rating is not
reinstated within 60 days, as the case may be; or

 

(x)          
the Master Servicer or the Special Servicer, as applicable, or any primary servicer or Sub-Servicer appointed by the Master
Servicer or the Special Servicer, as applicable, after the Closing Date (but excluding any Sub-Servicer set forth on Exhibit S),
shall (A) for so long as the Trust is subject to the reporting requirements of Regulation AB or the Exchange Act, fail to deliver
the items required to be delivered by this Agreement after any applicable notice and cure period to enable the Certificate Administrator
or Depositor to comply with the reporting obligations of the Trust under the Exchange Act or (B) for so long as any Other Securitization
Trust is subject to the reporting requirements of Regulation AB or the Exchange Act, fail to deliver any Exchange Act reporting
items required to be delivered by such servicer to the related Other Depositor or related Other Exchange Act Reporting Party pursuant
to Article X of this Agreement, in the case of each of clauses (A) and (B), within (a) with respect to the delivery of any item
relating to a Reportable Event, two (2) Business Days of such failure to comply with Article X or (b) with respect to the
delivery of any other item, five (5) Business Days of such failure to comply with Article X (any primary servicer or Sub-Servicer
that defaults in accordance with this Section 7.01(a)(x) shall be terminated at the direction of the Depositor);

 

then, and in each and every such case,
so long as a Servicer Termination Event shall not have been remedied, either (i) the Trustee may or (ii) upon the written
direction of the Holders of at

 

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least 25% of the aggregate Voting Rights of all Certificates (or, solely in the case of a Serviced
Loan Combination, upon the written direction of an affected Serviced Companion Loan Holder) to the Trustee, then the Trustee shall,
terminate the Master Servicer or the Special Servicer, as applicable. Notwithstanding anything to the contrary, it shall not be
a Servicer Termination Event with respect to the pool of Mortgage Loans under clauses (i), (ii), (iii), (iv), (viii) or (ix)
above if the failure, default or event only has an adverse effect on a Serviced Companion Loan, a Serviced Companion Loan Holder
or a rating on any Serviced Companion Loan Securities, but shall be a Servicer Termination Event with respect to the related Serviced
Companion Loan and any related Serviced Companion Loan Holder shall: (i) in the case of any such failure, default or event
on the part of the Master Servicer, have the remedies set forth in Section 7.01(d) with respect to the Servicer Termination
Event with respect to the related Serviced Companion Loan; and (ii) with respect to any such failure, default or event on the part
of the Special Servicer, be able to require termination of the Special Servicer with respect to, but only with respect to, the
related Serviced Loan Combination.

 

In the event that the
Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01,
the Master Servicer shall also be terminated as Special Servicer.

 

(b)          
If the Master Servicer receives notice of termination under Section 7.01(c) solely due to a Servicer Termination
Event under Section 7.01(a)(viii) or Section 7.01(a)(ix) and if the Master Servicer to be terminated pursuant to
Section 7.01(c) provides the Trustee with the appropriate “request for proposal” materials within five (5) Business
Days following such termination notice, then the Master Servicer shall continue to service as Master Servicer hereunder until a
successor Master Servicer is selected in accordance with this Section 7.01(b). Upon receipt of the “request for proposal”
materials, Trustee shall promptly thereafter (using such “request for proposal” materials provided by the Master Servicer
pursuant to Section 7.01(c)) solicit good faith bids for the rights to service the Mortgage Loans and the Serviced
Loan Combinations under this Agreement from at least three (3) Persons qualified to act as a successor Master Servicer hereunder
in accordance with Section 6.04 (any such Person so qualified, a “Qualified Bidder”) or, if three
(3) Qualified Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided
that, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids; and provided,
further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the
right to service the Mortgage Loans under this Agreement. The bid proposal shall require any Successful Bidder (as defined below),
as a condition of such bid, to enter into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof,
within 45 days after the notice of termination of the Master Servicer. The Trustee shall select the Qualified Bidder with the highest
cash bid (the “Successful Bidder”) to act as successor Master Servicer hereunder; provided, however,
that if the Trustee does not receive a Rating Agency Confirmation from each Rating Agency within 10 days after the selection
of such Successful Bidder, then the Trustee shall repeat the bid process described above (but subject to the above-described 45-day
time period) until such confirmation is obtained. The Trustee shall request the Successful Bidder to enter into this Agreement
as successor Master Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer.

 

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Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by
the Successful Bidder, the Trustee shall remit or cause to be remitted to the Master Servicer to be terminated pursuant to Section 7.01(c)
of this Agreement, the amount of such cash bid received from the Successful Bidder (net of “out-of-pocket” expenses
incurred in connection with obtaining such bid and transferring servicing).

 

The Master Servicer to
be terminated pursuant to Section 7.01(c) of this Agreement shall be responsible for all out-of-pocket expenses
incurred in connection with the attempt to sell its rights to service the Mortgage Loans and the Serviced Loan Combinations, which
expenses are not reimbursed to the party that incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above-described time period or no Successful Bidder
was identified within the above-described time period, the Master Servicer to be terminated pursuant to Section 7.01(c) shall
reimburse the Trustee for all reasonable “out-of-pocket” expenses incurred by the Trustee in connection with such bid
process and the Trustee shall have no further obligations under this Section 7.01(b). The Trustee thereafter may act or
may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.

 

(c)          
In the event that the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the
Trustee shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and Serviced
Loan Combination and the proceeds thereof, other than any rights the Master Servicer or Special Servicer may have hereunder as
a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including the right to receive
all amounts accrued or owing to it under this Agreement, plus interest at the Advance Rate on such amounts until received to the
extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination
and the right to the benefits of Section 6.03 and subsection (b) above notwithstanding any such termination).
On or after the receipt by the Terminated Party of such written notice, all of its authority and power under this Agreement, whether
with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder in the event
and to the extent that it is a Certificateholder) or the Mortgage Loans and Serviced Loan Combination or otherwise, shall pass
to and be vested in the Trustee pursuant to and under this Section and, without limitation, the Trustee is hereby authorized and
empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise, any
and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and
Serviced Loan Combination and related documents, or otherwise. The Master Servicer and the Special Servicer each agrees that, in
the event it is terminated pursuant to this Section 7.01, to promptly (and in any event no later than ten Business
Days subsequent to such notice) provide, at its own expense, the Trustee (or the successor Master Servicer selected by the
Trustee pursuant to Section 7.01(b) of this Agreement or the successor Master Servicer or Special Servicer, as applicable,
otherwise appointed pursuant to Section 7.02 of this Agreement) with all documents and records requested

 

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by
the Trustee (or the successor Master Servicer selected by the Trustee pursuant to Section 7.01(b) of this Agreement or
the successor Master Servicer or Special Servicer, as applicable, otherwise appointed pursuant to Section 7.02 of
this Agreement) to enable the Trustee or other successor to its responsibilities hereunder to assume its functions hereunder,
and to cooperate with the Trustee and the successor to its responsibilities hereunder in effecting the termination and transfer
of its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Master Servicer or
successor Special Servicer or the Trustee, as applicable, for administration by it of all cash amounts which shall at the time
be or should have been credited by the Master Servicer or the Special Servicer to the Collection Account, any Loan Combination
Custodial Account, any REO Account or Lock-Box Account shall thereafter be received with respect to the Mortgage Loans and Serviced
Loan Combination, and shall promptly provide the Trustee or such successor Master Servicer or Special Servicer (which may include
the Trustee), as applicable, all documents and records reasonably requested by it, such documents and records to be provided in
such form as the Trustee or such successor Master Servicer or Special Servicer shall reasonably request (including electromagnetic
form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable costs
and expenses actually incurred by the Trustee, the Certificate Administrator or the successor Master Servicer or successor Special
Servicer in connection with transferring Mortgage Files, Servicing Files and related information, records and reports to the successor
Master Servicer or Special Servicer and amending this Agreement to reflect (as well as providing appropriate notices to Mortgagors,
ground lessors, insurers and other applicable third parties regarding) such succession as successor Master Servicer or successor
Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or the Special Servicer,
as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or
Special Servicer (as the case may be) has not reimbursed the Trustee, the Certificate Administrator or the successor Master
Servicer or Special Servicer for such expenses within 90 days after the presentation of reasonable documentation, such expense
shall be reimbursed by the Trust Fund; provided that the Terminated Party shall not thereby be relieved of its liability
for such expenses.

 

(d)           
Notwithstanding Sections 7.01(a) and Section 7.01(c), if (1) any Servicer Termination Event on the
part of the Master Servicer affects a Serviced Companion Loan, the related Serviced Companion Loan Holder or the rating on a class
of the related Serviced Companion Loan Securities and the Master Servicer is not otherwise terminated in accordance with Section 7.01(c),
or (2) a Servicer Termination Event on the part of the Master Servicer occurs that affects only a Serviced Companion Loan, the
related Serviced Companion Loan Holder or the rating on a class of the related Serviced Companion Loan Securities, the Master Servicer
may not be terminated in accordance with Section 7.01(c), but, at the written direction of the related Serviced Companion
Loan Holder, the Master Servicer shall appoint, within 30 days of such direction, a sub-servicer (or, if the related Serviced Loan
Combination is currently being sub-serviced, to replace, within 30 days of such direction, the then current sub-servicer with a
new sub-servicer). In connection with the Master Servicer’s appointment of any sub-servicer at the direction of a Serviced
Companion Loan Holder in accordance with this Section 7.01(d), the Master Servicer shall obtain a Rating Agency Confirmation
from each Rating Agency. The related sub-servicing agreement shall provide that any sub-servicer appointed by the Master Servicer
at the direction of a Serviced Companion Loan Holder in accordance with this Section 7.01(d) shall be responsible for
all duties, and shall be entitled to all

 

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compensation,
of the Master Servicer under this Agreement with respect to the related Serviced Loan Combination, except that the Master Servicer
shall be entitled to retain a portion of the Servicing Fee for the Mortgage Loan that is part of the related Serviced Loan Combination
equal to any related Excess Servicing Fee with respect to such Mortgage Loan (and any related REO Mortgage Loan). Such sub-servicing
agreement (a) may be terminated without cause and without payment of any fee and (b) shall also provide that such sub-servicer
shall agree to become the master servicer under a separate servicing agreement for the applicable Serviced Loan Combination in
the event that such Serviced Loan Combination is no longer to be serviced and administered hereunder, which separate servicing
agreement shall contain servicing and administration, limitation of liability, indemnification and servicing compensation provisions
substantially similar to the corresponding provisions of this Agreement, except for the fact that the applicable Serviced Loan
Combination and the related Mortgaged Properties shall be the sole assets serviced and administered thereunder and the sole source
of funds thereunder. If any sub-servicer appointed by the Master Servicer at the direction of a Serviced Companion Loan Holder
in accordance with this Section 7.01(d) shall at any time resign or be terminated, the Master Servicer shall be required
to promptly appoint a substitute sub-servicer and obtain a Rating Agency Confirmation. In the event a successor Master Servicer
is acting hereunder and that successor Master Servicer desires to terminate the sub-servicer appointed under this Section 7.01(d),
the terminated Master Servicer that was responsible for the Servicer Termination Event that led to the appointment of such sub-servicer
shall be responsible for all costs incurred in connection with such termination, including the payment of any termination fee.

 

(e)          
If the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer has received written notice (which,
for the purposes of this clause (e), shall include any publications by Moody’s, Fitch or KBRA of which the Trustee,
the Certificate Administrator or any Servicing Officer of the Master Servicer, as the case may be, has actual knowledge) from Moody’s,
Fitch or KBRA that the Master Servicer or the Special Servicer no longer is an approved master servicer or approved special servicer,
as applicable, then such party shall promptly notify the others, and the Certificate Administrator shall notify the related Serviced
Companion Loan Holder, to the extent known to the Certificate Administrator, of the same.

 

Section 7.02          
Trustee to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer receives
a notice of termination pursuant to Section 7.01, the Trustee shall, subject to the following provisions of this Section
7.02, be its successor in all respects in its capacity as Master Servicer or Special Servicer under this Agreement and the
transactions set forth or provided for herein and, except as provided herein, shall be subject to all the responsibilities, duties,
limitations on liability and liabilities relating thereto and arising thereafter placed on the Master Servicer or Special Servicer
by the terms and provisions hereof; provided, however, that (i) the Trustee shall have no responsibilities,
duties, liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer and (ii) any
failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide,
or delay in providing, records, tapes, disks, information or moneys shall not be considered a default by such successor hereunder.
The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified to the full extent provided the Master
Servicer or Special Servicer, as applicable, under this Agreement

 

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prior
to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or
successor Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have
arisen prior to its termination as Master Servicer or Special Servicer. The Trustee shall not be liable for any of the representations,
liabilities or warranties of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts
or omissions of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted
Investment by the Master Servicer pursuant to Section 3.07 of this Agreement nor shall the Trustee be required to
purchase any Mortgage Loan or Serviced Loan Combination hereunder. As compensation therefor, the Trustee as successor Master Servicer
or successor Special Servicer shall be entitled to the Servicing Fee or Special Servicing Compensation, as applicable, and all
funds relating to the Mortgage Loans and Serviced Companion Loans that accrue after the date of the Trustee’s succession
to which the Master Servicer or Special Servicer would have been entitled if the Master Servicer or Special Servicer, as applicable,
had continued to act hereunder. In the event any Advances made by the Master Servicer and the Trustee shall at any time be outstanding,
or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder
shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon), until such Advances
and interest shall have been repaid in full. Notwithstanding the above and subject to Section 6.08, the Trustee may,
if it shall be unwilling to so act, or shall, if it is unable to so act, or if the Holders of Certificates entitled to at least
25% of the aggregate Voting Rights so request in writing to the Trustee, or if the Rating Agencies do not provide Rating Agency
Confirmations with respect to the Trustee so acting, promptly appoint, or petition a court of competent jurisdiction to appoint,
any established mortgage loan servicing institution for which a Rating Agency Confirmation from each Rating Agency has been obtained
(at the expense of the terminated Master Servicer or Special Servicer, as applicable, or, if the expense is not so recovered,
at the expense of the Trust Fund), as the successor to the Master Servicer or the Special Servicer, as applicable, hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder;
provided that, the related Outside Controlling Note Holder shall have the right to approve a successor Special Servicer
with respect to any Serviced Outside Controlled Loan Combination, and prior to the occurrence and continuance of a Control Termination
Event, the Controlling Class Representative shall have the right to approve a successor Special Servicer with respect to the other
Serviced Loans. No appointment of a successor to the Master Servicer or Special Servicer hereunder shall be effective until (i)
the assumption by such successor of all the Master Servicer’s or Special Servicer’s responsibilities, duties and liabilities
hereunder and (ii) in the case of the appointment of a successor Special Servicer, the Depositor and, if applicable, each related
Other Depositor shall have received the written notice and information with respect to such successor Special Servicer as set
forth in Section 10.02(a). Pending appointment of a successor to the Master Servicer (or the Special Servicer if the Special
Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee
shall act in such capacity as herein above provided. Pending the appointment of a successor to the Special Servicer, unless the
Master Servicer is also the Special Servicer, the Master Servicer shall act in such capacity. In connection with such appointment
and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments
on Mortgage Loans and Serviced Companion Loans as it and such successor shall agree; provided, however, that no
such compensation shall be in excess of that permitted the

 

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Terminated Party hereunder; provided, further, that if
no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional
amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party shall be treated as
Realized Losses; and provided, further that, for so long as no Consultation Termination Event has occurred and is
continuing, the Trustee shall consult with the Controlling Class Representative (and, if a Serviced Outside Controlled Loan Combination
is affected, the Trustee shall consult with the related Outside Controlling Note Holder) prior to the appointment of a successor
to the Terminated Party at such amounts in excess of that permitted the Terminated Party. The Depositor, the Trustee, the Master
Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary
to effectuate any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the terminated Master Servicer, it may reduce the Excess
Servicing Fee Rate to the extent that the Trustee’s or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the terminated Master
Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Excess Servicing Fee Rate
to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer that meets the requirements of this Section 7.02.

 

Section 7.03          
Notification to Certificateholders.

 

(a)          
Upon any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or
the Special Servicer, the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective
addresses appearing in the Certificate Register, to the Serviced Companion Loan Holders, and electronically, for posting to the
Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, to the Rule 17g-5 Information
Provider.

 

(b)          
Within 30 days after the occurrence of any Servicer Termination Event or Operating Advisor Termination Event of which
a Responsible Officer of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail
to all Holders of Certificates and any affected Serviced Companion Loan Holder (to the extent the Certificate Administrator has
received the notice information for such Serviced Companion Loan Holder after a request therefor) and electronically, for posting
to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, to the Rule 17g-5
Information Provider notice of such Servicer Termination Event or Operating Advisor Termination Event, unless such Servicer Termination
Event or Operating Advisor Termination Event shall have been cured or waived.

 

Section 7.04          
Other Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as such Servicer Termination
Event shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01, shall have the
right, in its own name as trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute
to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders
and the Serviced Companion Loan Holders

 

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(including
the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim and debt
in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the defaulting Master Servicer or Special Servicer, as applicable. If the Master Servicer
or Special Servicer, as applicable, fails to remedy, after the presentation of reasonable documentation, the Trustee shall be
entitled to be reimbursed for such expenses, costs and liability from the Collection Account or the Loan Combination Custodial
Account, as applicable, as provided in Section 3.06 and Section 3.06A of this Agreement; provided
that the Master Servicer or the Special Servicer, as applicable, shall not be relieved of such liability for such expenses, costs
and liabilities. Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive
of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy and no delay or omission
to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination
Event of the Master Servicer or the Special Servicer.

 

Section 7.05          
Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination. The Holders of
Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates (and, if such Servicer Termination
Event is on the part of a Special Servicer, with respect to the related Serviced Loan Combination only, by each affected Serviced
Companion Loan Holder) may, on behalf of all Holders of Certificates, waive any Servicer Termination Event on the part of the Master
Servicer, Special Servicer or any Operating Advisor Termination Event on the part of the Operating Advisor in the performance of
its obligations hereunder and its consequences, except a Servicer Termination Event in connection with making any required deposits
(including, with respect to the Master Servicer, P&I Advances) to or payments from the Collection Account, a Loan Combination
Custodial Account or the Lower-Tier REMIC Distribution Account or in remitting payments as received, in each case in accordance
with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event
or Operating Advisor Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement.
No such waiver shall extend to any subsequent or other default or impair any right consequent thereon. Any costs and expenses incurred
by the Certificate Administrator in connection with such default and prior to such waiver shall be reimbursed by the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, promptly upon demand therefor and if not reimbursed to the Certificate
Administrator within 90 days of such demand, from the Trust Fund; provided that the Trust Fund shall be reimbursed
by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, to the extent such amounts are reimbursed
to the Certificate Administrator from the Trust Fund. Notwithstanding the foregoing, (a) a Servicer Termination Event under
any of Section 7.01(a)(i) and Section 7.01(a)(ii) of this Agreement may be waived only by all of the Certificateholders
of the affected Classes (considering each Class of the Class A-S, Class B and Class C Certificates together with the Class EC Component
of the same alphabetical designation as a single “Class” for such purpose), and (b) a Servicer Termination Event
under Section 7.01(a)(x) of this Agreement may be waived only with the consent of the Depositor, together with (in
the case of each of clauses (a) and (b)) the consent of each Serviced Companion Loan Holder, if any, that is affected by such
Servicer Termination Event.

 

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The foregoing paragraph
notwithstanding, if the Holders representing at least the requisite percentage of the Voting Rights allocated to each affected
Class of Certificates desire to waive a Servicer Termination Event by the Master Servicer, but a Serviced Companion Loan Holder
related to a Serviced Loan Combination (if adversely affected thereby) does not wish to waive that Servicer Termination Event,
then those Certificateholders may still waive that Servicer Termination Event, and the applicable Serviced Companion Loan Holder
will be entitled to require that the Master Servicer appoint, within 60 days of the applicable Serviced Companion Loan Holder’s
request, a sub-servicer (or, if the applicable Serviced Loan Combination is currently being subserviced, to replace, within 60 days
of the applicable Serviced Companion Loan Holder’s request, the then current sub-servicer with a new sub-servicer) with respect
to the applicable Serviced Loan Combination. In connection with the Master Servicer’s appointment of a sub-servicer at the
request of a Serviced Companion Loan Holder in accordance with this Section 7.05, the Master Servicer shall obtain
a Rating Agency Confirmation from each Rating Agency at the expense of the Serviced Companion Loan Holder. The related sub-servicing
agreement shall provide that any sub-servicer appointed by the Master Servicer at the request of a Serviced Companion Loan Holder
in accordance with this Section 7.05 shall be responsible for all duties, and shall be entitled to all compensation, of the Master Servicer under this Agreement with respect to the applicable Serviced Loan Combination, except that the Master
Servicer shall be entitled to retain a portion of the Servicing Fee for the related Mortgage Loan equal to any related Excess Servicing
Fee. Such Sub-Servicing Agreement (a) may be terminated without cause and without the payment of any fee and (b) shall
also provide that such sub-servicer shall become the master servicer under a separate servicing agreement for the applicable Serviced
Loan Combination in the event that the Serviced Loan Combination is no longer to be serviced and administered hereunder, which
separate servicing agreement shall contain servicing and administration, limitation of liability, indemnification and servicing
compensation provisions substantially similar to the corresponding provisions of this Agreement, except for the fact that the applicable
Serviced Loan Combination and the related Mortgaged Properties shall be the sole assets serviced and administered thereunder and
the sole source of funds thereunder. Such sub-servicer (a) may be terminated without cause and without the payment of any
fee and (b) shall meet the requirements of Section 3.01 of this Agreement. If any sub-servicer appointed by the
Master Servicer at the request of a Serviced Companion Loan Holder in accordance with this Section 7.05 shall at any
time resign or be terminated, the Master Servicer shall be required to promptly appoint a substitute sub-servicer with respect
to which a Rating Agency Confirmation has been obtained at the expense of the applicable resigning or terminated sub-servicer (and
any applicable Sub-Servicing Agreement shall so provide), and if the resigning or terminated sub-servicer fails to cover such expense,
the Master Servicer shall do so. In the event a successor Master Servicer is acting hereunder and that successor Master Servicer
desires to terminate the sub-servicer appointed under this Section 7.05, the terminated Master Servicer that was responsible
for the Servicer Termination Event that led to the appointment of such sub-servicer shall be responsible for all costs incurred
in connection with such termination, including the payment of any termination fee.

 

Section 7.06          
Termination of the Operating Advisor.

 

(a)          
An “Operating Advisor Termination Event” means any one of the following events whether it shall be voluntary
or involuntary or be effected by operation of law

 

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or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body:

 

(i)            
any failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or
the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period
of 30 days after the date on which written notice of such failure shall have been given to the Operating Advisor by the Trustee
or to the Operating Advisor and the Trustee by the Holders of Certificates having greater than 25% of the aggregate Voting Rights
of all then outstanding Certificates; provided, however, that with respect to any such failure which is not curable
within such 30-day period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure
so long as it has commenced to cure such failure with the initial 30-day period and has provided the Trustee and the Certificate
Administrator with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such
cure;

 

(ii)           
any failure by the Operating Advisor to perform its obligations set forth in this Agreement in accordance with the Operating
Advisor Standard which failure shall continue unremedied for a period of 30 days after the date on which written notice of
such failure is given to the Operating Advisor by any party to this Agreement;

 

(iii)           
any failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a
period of 30 days;

 

(iv)           
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall
have remained in force undischarged or unstayed for a period of 60 days;

 

(v)            
the Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Operating Advisor or of or relating to all or substantially all of its property; or

 

(vi)          
the Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on its internet website, unless the Certificate Administrator
has received notice that it has been remedied. If an Operating Advisor Termination Event shall occur then, and in each and every
such case, so long as such Operating

 

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Advisor
Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon the written direction of holders
of Certificates evidencing not less than 25% of the Voting Rights of each Class of Non-Reduced Certificates, the Trustee shall,
terminate all of the rights and obligations of the Operating Advisor under this Agreement, other than rights and obligations accrued
prior to such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other
than indemnification rights (arising out of events occurring prior to such termination), by notice in writing to the Operating
Advisor. Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify
the Certificate Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor becomes aware.

 

(b)          
Upon (i) the written direction of holders of Certificates evidencing not less than 15% of the Voting Rights of the
Non-Reduced Certificates requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor
that is an Eligible Operating Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator
shall promptly provide written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice
on its internet website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in the Certificate
Register and to the Operating Advisor. Upon the written direction of holders of Certificates evidencing more than 50% of the Voting
Rights of the Non-Reduced Certificates that exercise their right to vote (provided that Holders of at least 50% of the Voting
Rights of the Non-Reduced Certificates exercise their right to vote), the Trustee shall terminate all of the rights and obligations
of the Operating Advisor under this Agreement by notice in writing to the Operating Advisor. The provisions set forth in the foregoing
sentences of this Section 7.06(b) shall be binding upon and inure to the benefit of solely the Certificateholders and
the Trustee as between each other. The Operating Advisor shall not have any cause of action based upon or arising from any breach
or alleged breach of such provisions. As between the Operating Advisor, on the one hand, and the Certificateholders, on the other,
the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of
the Operating Advisor. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder
and Certificate Owner may access notices on the Certificate Administrator’s Website and each Certificateholder and Certificate
Owner may register to receive e-mail notifications when such notices are posted on the Certificate Administrator’s Website;
provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for
the reasonable expenses of posting such notices.

 

(c)          
On or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of
its authority and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall
execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate
to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after
(1) the Operating Advisor resigns pursuant to Section 6.04 of this Agreement (excluding resignation under the circumstances
contemplated in Section 6.04(d) where no successor Operating Advisor is required to be appointed) or (2) the Trustee delivers
such written notice of termination to the Operating

 

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Advisor,
the Trustee shall appoint a successor Operating Advisor that is an Eligible Operating Advisor, which successor Operating Advisor
may be an Affiliate of the Trustee and shall be the proposed Operating Advisor in the case of a termination pursuant to Section 7.06(b)
of this Agreement; provided, however, that if the Trustee is the successor Master Servicer or successor Special
Servicer, neither the Trustee nor any of its Affiliates shall be the successor Operating Advisor. The Trustee shall provide written
notice of the appointment of an Operating Advisor to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Depositor, any related Outside Controlling Note Holder and, if a Consultation Termination Event does not exist,
the Controlling Class Representative within one Business Day of such appointment, and the Certificate Administrator shall provide
written notice of such appointment to each Certificateholder within one Business Day of the receipt of such notice of appointment
from the Trustee. Except as contemplated by Section 7.06(b) of this Agreement, the appointment of a successor Operating
Advisor shall not be subject to the vote, consent or approval of the holder of any Class of Certificates.

 

The Operating Advisor
shall not at any time be the Depositor, the Master Servicer, the Special Servicer, a Sponsor or an Affiliate of any of them. If
any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date hereof, the Operating
Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the Trustee shall
appoint a successor Operating Advisor subject to and in accordance with this Section 7.06(c), which successor Operating
Advisor may be an Affiliate of the Trustee. Notwithstanding the foregoing, if the Trustee is unable to find a successor Operating
Advisor within 30 days of the termination of the Operating Advisor, the Depositor shall be permitted to find a replacement.
Unless and until a replacement Operating Advisor is appointed, no party shall act as the Operating Advisor and the provisions in
this Agreement relating to consultation with respect to the Operating Advisor shall not be applicable until a replacement Operating
Advisor is appointed hereunder.

 

(d)           
Upon any resignation or termination of the Operating Advisor and, if applicable, appointment of a successor to the Operating
Advisor, the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the
Certificate Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Depositor,
any related Outside Controlling Note Holder, the Controlling Class Representative (if a Consultation Termination Event does not
exist) and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement,
the Rule 17g-5 Information Provider. In the event that the Operating Advisor resigns or is terminated, all of its rights and obligations
under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such resignation or
termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than any rights
to indemnification arising out of events occurring prior to such resignation or termination.

 

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Article
VIII

CONCERNING THE TRUSTEE and The Certificate Administrator

 

Section 8.01          
Duties of the Trustee and the Certificate Administrator.

 

(a)          
The Trustee, prior to the occurrence of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual
knowledge and after the curing or waiver of all Servicer Termination Events which may have occurred, undertakes to perform such
duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee shall be construed
as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has actual knowledge,
the Trustee, subject to the provisions of Section 7.02 and Section 7.04 of this Agreement, shall exercise
such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in its exercise, as a prudent
person would exercise or use under the circumstances in the conduct of such person’s own affairs. The Certificate Administrator
undertakes to perform at all times such duties and only such duties as are specifically set forth in this Agreement and no permissive
right of the Certificate Administrator shall be construed as a duty.

 

(b)           
Each of the Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as applicable, which
are specifically required to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review
of which is specifically governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information
delivered for posting to the Certificate Administrator’s Website or the Rule 17g-5 Information Provider’s Website),
shall examine them to determine whether they conform on their face to the requirements of this Agreement to the extent specifically
set forth herein; provided, however, that neither the Trustee nor the Certificate Administrator shall be responsible
for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order or other instrument
provided to it hereunder if accepted in good faith. If any such instrument is found not to conform on its face to the requirements
of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable, shall request a corrected
instrument, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s, as applicable,
reasonable satisfaction, the Certificate Administrator (if the Certificate Administrator requested the corrected instrument or
upon direction from the Trustee if the Trustee requested the corrected instrument) will provide notice thereof to the Certificateholders.

 

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(c)          
Neither the Trustee, the Certificate Administrator nor any of their respective officers, directors, employees, agents or
“control” persons within the meaning of the Act shall have any liability arising out of or in connection with this
Agreement, provided that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be
construed to relieve the Trustee or the Certificate Administrator, as applicable, or any such person, from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct or its own bad faith; and provided, further,
that:

 

(i)           
Prior to the occurrence of a Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer
of the Trustee has actual knowledge, and after the curing or waiver of all such Servicer Termination Events which may have occurred,
the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, neither the
Trustee nor the Certificate Administrator shall be liable except for the performance of such duties and obligations as are specifically
set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee or the
Certificate Administrator and, in the absence of bad faith on the part of the Trustee or the Certificate Administrator, the Trustee
or the Certificate Administrator, as applicable, may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any resolutions, certificates, statements, reports, opinions, documents, orders or other
instruments furnished to the Trustee or the Certificate Administrator, as applicable, that conform on their face to the requirements
of this Agreement without responsibility for investigating the contents thereof;

 

(ii)          
Neither the Trustee nor the Certificate Administrator shall be personally liable for an error of judgment made in good
faith by a Responsible Officer or Responsible Officers, unless it shall be proved that the Trustee or the Certificate Administrator,
as applicable, was negligent in ascertaining the pertinent facts;

 

(iii)         
Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than
25% of the Percentage Interests (or such other percentage as is specified herein for such action) of each affected Class, or of
the aggregate Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee or the Certificate Administrator, as applicable, or exercising any trust or power conferred upon the
Trustee or the Certificate Administrator, as applicable, under this Agreement;

 

(iv)         
Neither the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, agents or
control persons shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not
the same Person as, or an Affiliate of, the Trustee or the Certificate Administrator, as applicable, and that is selected other
than by the Trustee or the Certificate Administrator, as applicable, performed or omitted in compliance with any custodial or
other agreement, or any act or omission of the Master Servicer, Special Servicer, the Depositor, the Operating Advisor, any Serviced
Companion Loan Holder, the Directing Holder or the

 

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Controlling
Class Representative or any other third Person, including, without limitation, in connection with actions taken pursuant to this
Agreement;

 

(v)           
Neither the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any
legal action unless such action is incidental to its respective duties as Trustee or Certificate Administrator, as applicable,
in accordance with this Agreement (and, if it does, all reasonable legal expenses and costs of such action shall be expenses and
costs of the Trust Fund) and in its opinion does not expose it to any expense or liability for which reimbursement is not reasonably
assured, and the Trustee or the Certificate Administrator, as applicable, shall be entitled to be reimbursed therefor from the
Collection Account, unless such legal action arises (i) as a result of any willful misconduct, bad faith, fraud or negligence
in the performance of duties of the Trustee or the Certificate Administrator, as the case may be, or by reason of negligent disregard
of the Trustee’s or the Certificate Administrator’s, as the case may be, obligations or duties hereunder, or (ii) as
a result of the breach by the Trustee or the Certificate Administrator, as the case may be, of any of its representations or warranties
contained herein; provided, however, that the Trustee or the Certificate Administrator may in its discretion undertake
any such action related to its obligations hereunder which it may deem necessary or desirable with respect to this Agreement and
the rights and duties of the parties hereto and the interests of the Certificateholders hereunder;

 

(vi)         
Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach
of any Person unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, obtains actual knowledge
of such act, failure to act or breach or receives written notice of such act, failure to act or breach from any other party to
this Agreement, any Certificateholder or Certificate Owner, a Serviced Companion Loan Holder, the Directing Holder or the Controlling
Class Representative; and

 

(vii)        
Except in the event of the Trustee’s or Certificate Administrator’s, as applicable, willful misconduct, bad
faith or fraud, in no event shall the Trustee or the Certificate Administrator, as applicable, be liable for special, punitive,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee
or the Certificate Administrator, as applicable, has been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

None of the provisions
contained in this Agreement shall require the Trustee or the Certificate Administrator, in its capacity as Trustee or the Certificate
Administrator, as applicable, to expend or risk its own funds, or otherwise incur financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if the Trustee or the Certificate Administrator, as
applicable, has reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. None of the provisions contained in this Agreement shall in any event require the Trustee to perform,
or be responsible for the manner of performance of, any of the obligations of the Master Servicer (other than the obligations to
make Advances under Sections 3.20 and 4.06 of this Agreement), the Special Servicer, the Certificate Administrator,
the Operating Advisor or the Asset Representations Reviewer under this Agreement, except during such time, if any, as

 

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the
Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of, the Master Servicer, the Special
Servicer or the Certificate Administrator in accordance with the terms of this Agreement. None of the provisions contained in
this Agreement shall in any event require the Certificate Administrator to perform, or be responsible for the manner of performance
of, any of the obligations of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor or the Asset Representations
Reviewer under this Agreement. Neither the Trustee nor the Certificate Administrator shall be required to post any surety or bond
of any kind in connection with its performance of its obligations under this Agreement and neither the Trustee nor the Certificate
Administrator shall be liable for any loss on any investment of funds pursuant to this Agreement (other than any funds invested
with it in its commercial capacity or at its discretion).

 

(d)          
The Operating Advisor, the Master Servicer, the Special Servicer or the Trustee may at any time request from the Certificate
Administrator written confirmation of whether any Control Termination Event or Consultation Termination Event occurred during the
previous calendar year and the Certificate Administrator shall deliver such confirmation, based on information in its possession,
to the requesting party within ten (10) Business Days of such request. Further, the Certificate Administrator shall post a “special
notice” on the Certificate Administrator’s Website within ten (10) days of its determination (or its receipt of notice)
of the commencement or cessation of any Control Termination Event or Consultation Termination Event.

 

Section 8.02          
Certain Matters Affecting the Trustee and the Certificate Administrator.

 

(a)          
Except as otherwise provided in Section 8.01 of this Agreement:

 

(i)           
Each of the Trustee and the Certificate Administrator may request and/or rely upon and shall be protected in acting or
refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by
it to be genuine and to have been signed or presented by the proper party or parties and neither the Trustee nor the Certificate
Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

(ii)          
Each of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted
by it hereunder in good faith and in accordance with such the written advice of such counsel or Opinion of Counsel;

 

(iii)         
 (A)Neither the Trustee nor the Certificate Administrator shall be under any obligation to institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as applicable, security or indemnity reasonably

 

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satisfactory
to the Trustee or the Certificate Administrator, as applicable, against the costs, expenses and liabilities which may be incurred
therein or thereby; and

 

(B)         
the right of the Trustee or the Certificate Administrator, as applicable, to perform any discretionary act enumerated in
this Agreement shall not be construed as a duty, and neither the Trustee nor the Certificate Administrator shall be answerable
for other than its negligence or willful misconduct in the performance of any such act;

 

provided that subject
to the foregoing clause (A), nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of
a Servicer Termination Event (which has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge,
to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;

 

(iv)         
Neither the Trustee, the Certificate Administrator nor any of their respective directors, officers, employees, Affiliates,
agents or “control” persons within the meaning of the Act shall be personally liable for any action taken, suffered
or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as applicable, to be authorized
or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)         
Neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond
or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to at least 25% (or such
other percentage as is specified herein) of the Percentage Interests of any affected Class; provided, however, that
if the payment within a reasonable time to the Trustee or the Certificate Administrator, as applicable, of the costs, expenses
or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate
Administrator, as applicable, not reasonably assured to the Trustee or the Certificate Administrator, as applicable, by the security
afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as applicable, may require reasonable
indemnity against such expense or liability as a condition to taking any such action. The reasonable expense of every such investigation
shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination
Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master Servicer, the Special
Servicer or the Operating Advisor, respectively and if such investigation results from such Servicer Termination Event or Operating
Advisor Termination Event, and otherwise by the Certificateholders requesting the investigation;

 

(vi)           
Each of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys but shall not be relieved of its obligations hereunder;
and

 

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(vii)        
For purposes of this Agreement, the Trustee or the Certificate Administrator, as applicable, shall have notice of an event
only when a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice or
obtains actual knowledge of such event.

 

(viii)       
Except as otherwise expressly set forth in this Agreement, knowledge or information acquired by (i) Wells Fargo Bank, National
Association, as applicable, in any of its respective capacities hereunder or under any other document related to this transaction
shall not be imputed to Wells Fargo Bank, National Association in any of its other capacities hereunder or under such other documents,
and (ii) any Affiliate of Wells Fargo Bank, National Association shall not be imputed to Wells Fargo Bank, National Association
in any of its respective capacities hereunder and vice versa.

 

(b)          
Following the Startup Day, neither the Trustee nor the Certificate Administrator shall, except as expressly required by
any provision of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator,
as applicable, shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting
such contribution) to the effect that the inclusion of such assets in the Trust Fund will not cause either Trust REMIC to fail
to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust, at any time that any Certificates are outstanding
or subject a Trust REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or
ordinances.

 

(c)          
All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate
Administrator, as applicable, may be enforced by it without the possession of any of the Certificates, or the production thereof
at the trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought
in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

Neither the Trustee nor
the Certificate Administrator shall have any duty to conduct any affirmative investigation as to the occurrence of any condition
requiring the repurchase of any Mortgage Loan by the Depositor pursuant to this Agreement or the eligibility of any Mortgage Loan
for purposes of this Agreement.

 

(d)          
Neither the Trustee nor the Certificate Administrator shall be responsible for delays or failures in performance resulting
from acts beyond its control (such acts to include but are not limited to acts of God, strikes, lockouts, riots and acts of war).

 

(e)          
Each of the Custodian, Rule 17g-5 Information Provider, Authenticating Agent, Paying Agent and Certificate Registrar shall
be entitled to the same rights, indemnities, immunities, benefits (other than compensation), privileges and protections afforded
to the Certificate Administrator hereunder in the same manner as if such party were the named Certificate Administrator herein
mutatis mutandis.

 

(f)          
Notwithstanding anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from
the Trustee or the Certificate Administrator that the Trustee or the Certificate Administrator, as applicable, deems to contain

 

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confidential,
proprietary, and/or sensitive information may be encrypted. The recipient (the “E-mail Recipient”) of the encrypted
e-mail communication will be required to complete a registration process. Instructions on how to register and/or retrieve an encrypted
message will be included in the first secure e-mail sent by the Trustee or the Certificate Administrator, as applicable, to the
E-mail Recipient.

 

(g)           
No provision of this Agreement or any Loan Document shall be deemed to impose any duty or obligation on the Trustee or the
Certificate Administrator to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of
its duties or obligations under the Loan Documents, or to exercise any right or power thereunder, to the extent that taking or
omitting to take such action or suffering such action to be taken or omitted would violate applicable law binding upon it (which
determination may be based on Opinion of Counsel).

 

(h)           
In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering including
Section 326 of the USA PATRIOT Act (for purposes of this clause (h), “Applicable Law”), each of the Trustee and the
Certificate Administrator is required to obtain, verify, record and update certain information relating to individuals and entities
that maintain a business relationship with the Trustee or the Certificate Administrator, as applicable. Accordingly, each of the
parties hereto agrees to provide to the Trustee or the Certificate Administrator, as applicable, upon its request from time to
time, such identifying information and documentation as may be available for such party in order to enable the Trustee or the Certificate
Administrator, as applicable, to comply with Applicable Law.

 

Section 8.03          
Neither the Trustee Nor the Certificate Administrator Is Liable for Certificates or Mortgage Loans. The recitals
contained herein and in the Certificates (other than the signature and authentication of the Certificate Administrator on the Certificates)
shall not be taken as the statements of the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer or
the Operating Advisor, and the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating
Advisor assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer and the Operating Advisor make no representations or warranties as to the validity or sufficiency of this Agreement, of
the Certificates or any prospectus used to offer the Certificates for sale or the validity, enforceability or sufficiency of any
Mortgage Loan or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility
or liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection
and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without
limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: the existence,
condition and ownership of any Mortgaged Property; the existence of any hazard or other insurance thereon (other than if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement,
in the Trustee’s capacity as Master Servicer or Special Servicer) or the enforceability thereof; the existence of any
Mortgage Loan or the contents of the related Mortgage File on any computer or

 

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other
record thereof (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02
of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer); the validity of the assignment
of any Mortgage Loan to the Trust Fund or of any intervening assignment; the completeness of any Mortgage File (except for its
review thereof pursuant to Section 2.02); the performance or enforcement of any Mortgage Loan (other than if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement,
in the Trustee’s capacity as Master Servicer or Special Servicer); the compliance by the Depositor, the Master Servicer,
the Special Servicer or the Operating Advisor with any warranty or representation made under this Agreement or in any related
document or the accuracy of any such warranty or representation prior to the Trustee’s receipt of notice or other discovery
of any non-compliance therewith or any breach thereof; any investment of moneys by or at the direction of the Master Servicer
or any loss resulting therefrom (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer),
it being understood that the Trustee shall remain responsible for any Trust Fund property that it may hold in its individual capacity;
the acts or omissions of any of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor (other than
if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of
this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) or any Sub-Servicer or any Mortgagor;
any action of the Master Servicer, the Special Servicer or the Operating Advisor (other than if the Trustee shall assume the duties
of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement, in the Trustee’s
capacity as Master Servicer or Special Servicer) or any Sub-Servicer taken in the name of the Trustee except to the extent
such action is taken at the express written direction of the Trustee; the failure of the Master Servicer or the Special Servicer
or any Sub-Servicer to act or perform any duties required of it on behalf of the Trust Fund or the Trustee as applicable hereunder;
or any action by or omission of the Trustee taken at the instruction of the Master Servicer or the Special Servicer (other than
if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of
this Agreement, in the Trustee’s capacity as Master Servicer or Special Servicer) unless the taking of such action
is not permitted by the express terms of this Agreement; provided, however, that the foregoing shall not relieve
the Trustee or the Certificate Administrator, as applicable, of its obligation to perform its duties as specifically set forth
in this Agreement. Neither the Trustee nor the Certificate Administrator shall be accountable for the use or application by the
Depositor of any of the Certificates or of the proceeds of the sale of such Certificates, or for the use or application of any
funds paid to the Depositor, the Master Servicer or the Special Servicer in respect of the Mortgage Loans or deposited in or withdrawn
from the Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Lock Box
Account, the Escrow Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Excess Interest
Distribution Account or any other account maintained by or on behalf of the Master Servicer or the Special Servicer, other than
any funds held by the Trustee or the Certificate Administrator, as applicable. Neither the Trustee nor the Certificate Administrator
shall have responsibility for filing any financing or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless in the case of the Trustee,
the Trustee shall have become the successor Master Servicer) or to record this Agreement. In making any calculation hereunder
which includes as a component thereof the payment or distribution of interest for a stated period at a

 

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stated rate “to the
extent permitted by applicable law,” the Trustee or the Certificate Administrator, as applicable, shall assume that such
payment is so permitted unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual
knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting the impermissibility) to the effect that
such payment is not permitted by applicable law.

 

Section 8.04          
Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any
agent of the Trustee or the Certificate Administrator, each, in its individual capacity or any other capacity, may become the owner
or pledgee of Certificates, and may deal with the Depositor and the Master Servicer in banking transactions, with the same rights
it would have if it were not Trustee, the Certificate Administrator or such agent, as the case may be.

 

Section 8.05          
Payment of Trustee/Certificate Administrator Fees and Expenses; Indemnification.

 

(a)          
As compensation for the performance of its duties hereunder, the Trustee shall be paid its portion of the Trustee/Certificate
Administrator Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee. As compensation for
the performance of its duties hereunder, the Certificate Administrator shall be paid its portion of the Trustee/Certificate Administrator
Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Certificate Administrator. The Certificate
Administrator shall pay the Trustee the Trustee’s portion of the Trustee/Certificate Administrator Fee. The Trustee/Certificate
Administrator Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis. The Trustee/Certificate Administrator Fee (which
in each case shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) shall
constitute the Trustee’s and the Certificate Administrator’s sole form of compensation for all services rendered by
each of them in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties
of the Trustee or the Certificate Administrator, as applicable, hereunder. No Trustee/Certificate Administrator Fee shall be payable
with respect to any Companion Loan. In the event that the Trustee assumes the servicing responsibilities of the Master Servicer
or the Special Servicer hereunder pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the
Special Servicer, the Trustee shall be entitled to the compensation to which the Master Servicer or the Special Servicer, as the
case may be, would have been entitled.

 

(b)           
Each of the Trustee and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for
all reasonable expenses, disbursements and, except for Advances otherwise reimbursable hereunder, advances incurred or made by
the Trustee or the Certificate Administrator, as applicable, pursuant to and in accordance with any of the provisions of this Agreement
(including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its
employ) to the extent such payments are “unanticipated expenses” as described in clause (d) below, except
any such expense, disbursement or advance as may arise from its negligence, bad faith or willful misconduct; provided, however,
that, subject to Section 8.01 and Section 8.02 of this Agreement, neither the Trustee nor the Certificate
Administrator shall refuse to perform any of its duties

 

    	-387-

    	 

    

 

hereunder
solely as a result of the failure to be paid the Trustee/Certificate Administrator Fee or the Trustee’s expenses or the
Certificate Administrator’s expenses, as applicable.

 

The Master Servicer and
the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable out-of-pocket expenses incurred or made
by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the Special Servicer,
respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the Special
Servicer, in accordance with any of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements
of its counsel and all other persons not regularly in its employ), except any such expenses as may arise from the negligence or
bad faith of the Trustee.

 

(c)           Each
of the Paying Agent, the Authenticating Agent, the Certificate Administrator, the Certificate Registrar, the Custodian, the
Trustee, the Depositor, the Master Servicer and the Special Servicer (each, an “Indemnifying
Party”) shall indemnify the Trustee, the Paying Agent, the Authenticating Agent, the Certificate
Administrator, the Certificate Registrar, the Custodian and their respective Affiliates and each of the directors, officers,
employees and agents of the Paying Agent, the Authenticating Agent, the Trustee, the Certificate Administrator, the
Certificate Registrar, the Custodian and their respective Affiliates (each, an “Indemnified Party”), and
hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may
sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or
between the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s
respective willful misconduct, bad faith, fraud and/or negligence in the performance of each of its respective obligations or
duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder. Each of the Paying
Agent, the Authenticating Agent, the Trustee, the Certificate Registrar, the Custodian and the Certificate Administrator
shall indemnify each of the Master Servicer and the Special Servicer and its Affiliates and each of the directors, officers,
employees and agents of each of the Master Servicer and the Special Servicer and its Affiliates (each, a “Servicer
Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that
the Servicer Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees
and disbursements of counsel incurred by the Servicer Indemnified Party in any action or proceeding between the Trustee, the
Paying Agent, the Authenticating Agent, the Certificate Registrar, the Custodian or the Certificate Administrator, as
applicable, and the Servicer Indemnified Party or between the Servicer Indemnified Party and any third party or otherwise)
related to the Trustee’s, the Authenticating Agent’s, the Paying Agent’s, the Certificate
Registrar’s, the Custodian’s or the Certificate Administrator’s respective willful misconduct, bad faith,
fraud and/or negligence in the performance of each of its respective duties hereunder or by reason of negligent disregard of
its respective obligations and duties hereunder. Each of the Authenticating Agent, the Paying Agent, the Certificate
Registrar, the Custodian, the Certificate Administrator and the Trustee shall indemnify the Depositor, any employee, director
or officer of the
Depositor, and the Trust Fund and hold the Depositor, any employee, director or officer of

 

    	-388-

    	 

    

 

 the Depositor, and the Trust Fund harmless
against any loss, liability or reasonable expense (including, without limitation, reasonable attorneys’ fees and expenses)
incurred by such parties (i) as a result of any willful misconduct, bad faith, fraud or negligence in the performance of
the obligations or duties of the Authenticating Agent, the Paying Agent, the Certificate Registrar, the Custodian, the Certificate
Administrator or the Trustee, as the case may be, or by reason of negligent disregard of the Authenticating Agent, the Paying
Agent’s, the Certificate Registrar’s, the Custodian’s, the Certificate Administrator’s or the Trustee’s,
as the case may be, obligations or duties hereunder, or (ii) as a result of the breach by the Authenticating Agent, the Paying
Agent, the Certificate Registrar, the Custodian, the Certificate Administrator or the Trustee, as the case may be, of any of its
representations or warranties contained herein.

 

(d)           
The Trust Fund shall indemnify each Indemnified Party from, and hold it harmless against, any and all claims, losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and
expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation, reasonable fees
and disbursements of counsel and of all persons not regularly in its employ incurred by the Indemnified Party in any action or
proceeding between the Trust Fund and the Indemnified Party or between the Indemnified Party and any third party or otherwise) arising
in respect of this Agreement or the Certificates, in each case to the extent and only to the extent, such payments are expressly
reimbursable under this Agreement, or are unanticipated expenses (as defined below), other than (i) those resulting from the
negligence, fraud, bad faith or willful misconduct, or negligent disregard of obligations and duties hereunder, of the Indemnified
Party and (ii) except to the extent such amounts are not paid pursuant to this Section 8.05, those as to which
such Indemnified Party is entitled to indemnification pursuant to Section 8.05(c). The term “unanticipated expenses”
shall include any fees, expenses and disbursements of the Trustee or the Certificate Administrator or any separate trustee or co-trustee
or certificate administrator appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably
anticipated as of the Closing Date, and the losses, liabilities, damages, claims or incremental expenses (including reasonable
attorneys’ fees) incurred or, except in the case of an Advance otherwise reimbursable hereunder, advanced by an Indemnified
Party in connection with (i) a default under any Mortgage Loan and (ii) any litigation arising out of this Agreement,
including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11,
Section 4.05 and Section 7.01 of this Agreement. The right of reimbursement of the Indemnified Parties
under this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

(e)          
Notwithstanding anything herein to the contrary, this Section 8.05 shall survive the termination or maturity
of this Agreement or the resignation or removal of the Trustee or the Certificate Administrator, as applicable, as regards rights
accrued prior to such resignation or removal and (with respect to any acts or omissions during their respective tenures) the
resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Authenticating Agent, the
Certificate Registrar or the Custodian.

 

(f)          
This Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation,
expenses, disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law
or environmental matter.

 

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Section 8.06       
Eligibility Requirements for the Trustee and the Certificate Administrator. Each of the Trustee and the Certificate
Administrator hereunder shall at all times be a corporation or association organized and doing business under the laws of any state
or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred
under this Agreement, having a combined capital and surplus of at least $50,000,000, and subject to supervision or examination
by federal or state authority, and the Trustee shall not be an Affiliate of any other member of the Restricted Group (other than
an Underwriter and, during any period when the Trustee has assumed the duties of the Master Servicer pursuant to Section 7.02
, the Master Servicer). Further, (i) the Trustee is required to maintain a rating on its unsecured long term debt of at least
(A) “A” by Fitch and (B) “A1” by Moody’s (or “A2” by Moody’s if the Trustee
has a short term debt rating of at least “P-1” from Moody’s; provided, that the Trustee will not become
ineligible to serve based on a failure to satisfy such rating requirements as long as (a) it has a rating on its long-term unsecured
debt of at least “Baa2” by Moody’s and “A-” by Fitch, (b) it has a rating on its short-term debt
obligations of at least “P-2” by Moody’s and “F1” by Fitch, and (c) the Master Servicer has a rating
on its long-term senior unsecured debt of at least “A2” by Moody’s and “A+” by Fitch (or such other
rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation), and (ii) the Certificate Administrator
is required to maintain a rating on its unsecured long term debt of at least (A) “BBB+” by Fitch and (B) “Baa2”
by Moody’s (or such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation). In
addition, the Trustee shall satisfy the requirements for a trustee contemplated by clause (a)(4)(i) of Rule 3a-7 under the Investment
Company Act. If a corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. In the event that the place of business from which the Trustee or the Certificate Administrator, as applicable, administers
the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a Trust REMIC (other
than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee or the Certificate Administrator, as applicable,
shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay
such tax from its own funds and continue as Trustee or Certificate Administrator, as applicable, or (iii) administer the Trust
Fund from a state and local jurisdiction that does not impose such a tax. In case at any time the Trustee or the Certificate Administrator
shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Certificate Administrator, as
applicable, shall resign immediately in the manner and with the effect specified in Section 8.07.

 

Section 8.07          
Resignation and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate
Administrator may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the other
such party, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificateholders, the Serviced Companion Loan Holders and, for posting to the Rule 17g-5 Information Provider’s Website
pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information Provider. Upon such notice of resignation,
the Master Servicer shall promptly appoint a successor Trustee or the Certificate Administrator, as applicable, with respect to
which the Rating Agencies have provided a Rating Agency Confirmation to the resigning Trustee or Certificate Administrator, as
applicable, and the

 

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successor
Trustee or Certificate Administrator, as applicable. If no successor Trustee or Certificate Administrator, as applicable, shall
have been so appointed and have accepted appointment within 90 days after the giving of such notice of resignation, the resigning
Trustee or Certificate Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a
successor Trustee or Certificate Administrator, as applicable, and such petition will be an expense of the Trust Fund. Except
as set forth in the immediately preceding sentence, the Trustee or the Certificate Administrator, as applicable, shall bear all
reasonable out-of-pocket costs and expenses of each other party hereto and each Rating Agency in connection with its resignation
(including, but not limited to, the costs of assigning Mortgage Loans by reason of change in Trustee).

 

If at any time either
the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06
and shall fail to resign after written request therefor by the Depositor or Master Servicer, or if at any time either the Trustee
or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of
the Trustee or the Certificate Administrator, as applicable, or of its property shall be appointed, or any public officer shall
take charge or control of the Trustee or the Certificate Administrator, as applicable, or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee or the Certificate Administrator, as
applicable, and promptly appoint a successor Trustee or the Certificate Administrator, as applicable, by written instrument, which
shall be delivered to the Trustee or the Certificate Administrator, as applicable, so removed and to the successor Trustee or Certificate
Administrator, as applicable. The Holders of Certificates entitled to more than 50% of the Voting Rights of all of the Certificates
may at any time, with prior written notice, remove the Trustee or the Certificate Administrator and appoint a successor Trustee
or the Certificate Administrator, as applicable, by written instrument or instruments, in five originals, signed by such Holders
or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Depositor, one complete
set to the Master Servicer, one complete set to the Trustee (in connection with the removal of the Certificate Administrator),
one complete set to the Certificate Administrator (in connection with the removal of the Trustee), one complete set to the Trustee
or Certificate Administrator, as applicable, so removed and one complete set to the successor Trustee or Certificate Administrator,
as applicable, so appointed, and a copy thereof shall be delivered to the Serviced Companion Loan Holders.

 

In the event that the
Trustee or the Certificate Administrator is terminated or removed pursuant to this Section 8.07, all of its rights
and obligations under this Agreement and in and to the Mortgage Loans or Serviced Loan Combination shall be terminated, other than
any rights or obligations that accrued prior to the date of such termination or removal (including the right to receive all fees,
expenses and other amounts (including Advances and any accrued interest thereon) accrued or owing to it under this Agreement, with
respect to periods prior to the date of such termination or removal, and no termination without cause shall be effective until
the payment of such amounts to the Trustee or the Certificate Administrator, as applicable). The Trustee or the Certificate Administrator,
as applicable, will bear all reasonable costs and expenses of each other party hereto and each Rating Agency in connection with
its termination or removal; provided that if the Trustee or the Certificate Administrator, as applicable, is terminated
without cause by the Holders of Certificates evidencing more than 50% of the Voting Rights of all Certificates as provided in the
second preceding paragraph, then such Holders will

 

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be
required to pay all the reasonable costs and expenses of the Trustee or the Certificate Administrator, as applicable, necessary
to effect the transfer of the rights and obligations (including, if applicable, custody of any Mortgage Files in its possession)
of the Trustee or Certificate Administrator, as applicable, to a successor trustee or certificate administrator.

 

Any resignation or removal
of the Trustee or the Certificate Administrator and appointment of a successor Trustee or Certificate Administrator, as applicable,
pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance of appointment
by the successor Trustee or successor Certificate Administrator, as applicable, as provided in Section 8.08 and (ii)
the filing by or on behalf of the Trust of a Form 8-K with respect to such resignation, removal and/or appointment as contemplated
by the fifth paragraph of Section 10.07.

 

Upon the resignation
or upon the termination of the Trustee, the outgoing Trustee shall (subject to the terms of the third paragraph of this Section 8.07),
at its own expense, ensure that prior to its transfer of duties to any successor (to the extent such Loan Document was assigned
or endorsed to the Trustee), (A) the original executed Note for each Mortgage Loan, is endorsed (without recourse, representation
or warranty, express or implied) to the order of the successor, as trustee for the registered holders of Citigroup Commercial Mortgage
Trust 2016-GC36, Commercial Mortgage Pass Through Certificates, Series 2016-GC36” or in blank, and (B) in the case of
the other Loan Documents, are assigned (and, other than in connection with the removal of the Trustee without cause, recorded as
appropriate) to such successor, and such successor shall review the documents delivered to it or the Custodian with respect to
each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such endorsement and
assignment has been made. The outgoing Trustee shall provide copies of the documentation provided for in items (A) and (B) above
to the Master Servicer, in each case to the extent such copies are not already in the Master Servicer’s possession. If the
Trustee is removed without cause, the Loan Documents identified in clause (B) of the preceding sentence shall, if appropriate,
be recorded by the successor trustee if so required by the Master Servicer or the Special Servicer and at the expense of the Trust
(for so long as no Control Termination Event is continuing, with the consent of the Controlling Class Representative, and during
the continuance of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event,
after consultation with the Controlling Class Representative).

 

Section 8.08          
Successor Trustee or Successor Certificate Administrator.

 

(a)          
Any successor Trustee or Certificate Administrator appointed as provided in Section 8.07 of this Agreement shall
execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to the predecessor Trustee or
Certificate Administrator, as applicable, as the case may be, instruments accepting their appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee or Certificate Administrator, as applicable, shall become effective and such
successor Trustee or Certificate Administrator, as applicable, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally
named as Trustee or Certificate Administrator, as applicable, herein, provided that a Rating Agency Confirmation shall be
obtained from each Rating Agency with respect to the

 

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appointment
of such successor Trustee or Certificate Administrator. The predecessor Trustee (or a Custodian on its behalf) shall deliver to
the successor Trustee all Mortgage Files and related documents and statements held by it hereunder. The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor and the predecessor Trustee or Certificate Administrator, as applicable,
shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor Trustee or Certificate Administrator, as applicable, all such rights, powers, duties and
obligations. No successor Trustee or Certificate Administrator shall accept appointment as provided in this Section 8.08
unless at the time of such acceptance such successor Trustee or Certificate Administrator, as applicable, shall be eligible
under the provisions of Section 8.06. In no event may the Asset Representations Reviewer or any of its Affiliates
be appointed as successor Trustee or successor Certificate Administrator.

 

Upon acceptance of appointment
by a successor Trustee or Certificate Administrator, as applicable, as provided in this Section 8.08, the Depositor
shall mail notice of the succession of such Trustee or Certificate Administrator, as applicable, hereunder to all Holders of Certificates
at their addresses as shown in the Certificate Register and to the Companion Loan Holders. If the Depositor fails to mail such
notice within 10 days after acceptance of appointment by the successor Trustee or Certificate Administrator, the successor
Trustee or Certificate Administrator, as applicable, shall cause such notice to be mailed at the expense of the Depositor.

 

(b)           
Any successor Trustee or Certificate Administrator appointed pursuant to this Agreement shall satisfy the eligibility requirements
set forth in Section 8.06 hereof.

 

Section 8.09          
Merger or Consolidation of the Trustee or the Certificate Administrator. Any entity into which the Trustee or the
Certificate Administrator may be merged or converted, or with which the Trustee or the Certificate Administrator, as applicable,
may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee or the Certificate
Administrator, as applicable, shall be a party, or any entity succeeding to the corporate trust business of the Trustee or the
Certificate Administrator, as applicable, shall be the successor of the Trustee or the Certificate Administrator, as applicable,
hereunder, provided such entity shall be eligible under the provisions of Section 8.06 without the execution or filing
of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 

Section 8.10          
Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund, the assets thereof or any property
securing the same may at the time be located, the Depositor and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons to act (at the expense of (i) the Trustee, if the need to appoint such
co-trustee(s) arises from any change in the identity, organization, status, power, conflicts, internal policy or other development
with respect to the Trustee, and/or (ii) the Trust Fund, if the need to appoint such co-trustee(s) arises from a change in applicable
law or the identity, status or power of the Trust Fund; provided, however, that in the event the need to appoint
such co-trustee(s) arises from a combination of or none of the events described in clause (i) and clause (ii), the
expense shall be

 

    	-393-

    	 

    

 

split
evenly between the Trustee and the Trust Fund) as co-trustee or co-trustees, jointly with the Trustee, or separate trustee
or separate trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title
to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties,
obligations, rights and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not
be in existence or shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or
in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make such
appointment. Except as required by applicable law, the appointment of a co-trustee or separate trustee shall not relieve the Trustee
of its responsibilities, obligations and liabilities hereunder. No co-trustee or separate trustee hereunder shall be required
to meet the terms of eligibility as a successor Trustee under Section 8.06 hereunder and no notice to Holders of Certificates
of the appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08 hereof.

 

In the case of any appointment
of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee
or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate
trustee or co-trustee solely at the direction of the Trustee.

 

The Depositor and the
Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee, or if the separate
trustee or co-trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove any separate
trustee or co-trustee.

 

Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. In no event shall any such separate trustee or co-trustee be entitled to any provision relating
to the conduct of, affecting the liability of, or affording protection to, such separate trustee or co-trustee that imposes a standard
of conduct less stringent than that imposed on the Trustee hereunder, affording greater protection than that afforded to the Trustee
hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.

 

    	-394-

    	 

    

 

Any separate trustee
or co-trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee.

 

Section 8.11          
Access to Certain Information.

 

(a)          
The Certificate Administrator and the Custodian shall afford to any Privileged Person (including the Operating Advisor and
the related Directing Holder) access to any documentation (other than any Privileged Information) regarding the Mortgage Loans
or the other assets of the Trust Fund that are in its possession or within its control. Such access shall be afforded without charge
but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator
or the Custodian.

 

(b)          
The Certificate Administrator shall maintain at its offices (or, in the case of the Mortgage Files, the Trustee shall maintain
or cause to be maintained at its offices or the offices of a custodian appointed by it) (and, upon reasonable prior written request
and during normal business hours, shall make available or cause to be made available) for review by any Privileged Person originals
and/or copies of the following items (to the extent such items were prepared by or delivered to the Certificate Administrator (or
the Trustee or a Custodian appointed by it, as applicable)):

 

(i)           
the Prospectus;

 

(ii)          
this Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator since the Closing Date (if any),
the Loan Purchase Agreements and any amendments and exhibits hereto or thereto;

 

(iii)         
all Certificate Administrator reports made available to holders of each relevant class of Certificates since the Closing
Date;

 

(iv)         
all Distribution Date Statements and all CREFC® reports actually delivered or otherwise made available to
Certificateholders pursuant to Section 4.02 of this Agreement since the Closing Date;

 

(v)          
the annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the Officer’s
Certificates delivered by the Master Servicer and the Special Servicer to the Certificate Administrator since the Closing Date
pursuant to Section 10.10 of this Agreement;

 

(vi)         
the annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the
Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section 10.10 of this Agreement;

 

(vii)       
the most recent inspection report prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable,
and delivered to the Certificate

 

    	-395-

    	 

    

 

Administrator
in respect of each Mortgaged Property pursuant to Section 3.18 of this Agreement;

 

(viii)         any and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to
which the environmental testing contemplated by Section 3.10(e) of this Agreement revealed that neither of the conditions
set forth in clauses (i) and (ii) thereof was satisfied;

 

(ix)           the Mortgage Files, including any and all modifications, waivers and amendments of the terms of the Mortgage Loans (or
the Serviced Loan Combinations) entered into or consented to by the Master Servicer, the Special Servicer, any Outside Servicer
or any Outside Special Servicer and delivered to the Trustee (or a Custodian on its behalf) pursuant to Section 3.24
of this Agreement;

 

(x)           
the summary of each Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.21(b)
of this Agreement and the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Master
Servicer or the Special Servicer, as applicable, and delivered to the Certificate Administrator for each Mortgaged Property, together
with the other information specified in Section 4.02(b) of this Agreement;

 

(xi)           any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support
its or the Master Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable
Advance;

 

(xii)          notice of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Trustee, any Outside Servicer, any Outside Special Servicer or any Outside Trustee
(and appointments of successors thereto);

 

(xiii)         all Special Notices;

 

(xiv)         any Third Party Reports (or updates of Third Party Reports) delivered to the Certificate Administrator in electronic format;
and

 

(xv)          any other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A.

 

The Certificate Administrator
shall provide, or cause to be provided, copies of any and all of the foregoing items upon reasonable written request of any of
the parties set forth in the previous sentence.

 

The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

    	-396-

    	 

    

 

 

Article
IX

TERMINATION; OPTIONAL MORTGAGE LOAN PURCHASE

 

Section
9.01     Termination; Optional Mortgage Loan Purchase.

 

(a)          The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Asset Representation Reviewer, the Certificate Administrator and the Trustee created hereby with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as hereinafter set forth and to make any required remittances to the Serviced Companion Loan Holders in
the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate immediately following
the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master Servicer or Holders
of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund
pursuant to subsection (c), (ii) the exchange by the Remaining Certificateholder of its Certificates for all the Mortgage Loans
and REO Properties (or interests therein) then included in the Trust Fund pursuant to subsection (h) and (iii) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained
in the Trust Fund; provided, however, that in no event shall the trust created hereby continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date hereof. All such payments as contemplated by the preceding paragraph shall be
deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly following receipt thereof.

 

(b)          In
connection with a termination contemplated by Section 9.01(a) of this Agreement, the Trust REMICs outstanding shall be
terminated and the assets of the Lower-Tier REMIC shall be sold or otherwise disposed of in connection therewith, pursuant to
a “plan of complete liquidation” within the meaning of Code Section 860F(a)(4)(A) providing for the actions contemplated
by the provisions hereof pursuant to which the applicable Notice of Termination is given and requiring that the assets of the
Lower-Tier REMIC shall be sold for cash and that each such Trust REMIC shall terminate on a Distribution Date occurring not more
than 90 days following the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(b),
the Notice of Termination given pursuant to Section 9.01(c) shall constitute the adoption of the plan of complete liquidation
as of the date such notice is given, which date shall be specified by the Certificate Administrator in the final federal income
tax returns of each Trust REMIC. Notwithstanding the termination of the Trust REMICs, or the Trust Fund, the Certificate Administrator
shall be responsible for filing the final Tax Returns for the Trust REMICs and for the Grantor Trust for the period ending with
such termination, and shall maintain books and records with respect to the Trust REMICs and the Grantor Trust for the period for
which it maintains its own tax returns or other reasonable period.

 

(c)          The
Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if
such Holders do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if
none of

 

    	-397-

    	 

    

 

such
Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if applicable, the other parties) to this Agreement (whereupon the Master Servicer shall
notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan then
included in the Trust Fund, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price (excluding
the amount described in clause (f) of the definition of “Purchase Price”) of all the Mortgage Loans (exclusive
of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any,
included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special
Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee
and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase). Solely in the case where the Holders of the Controlling Class representing greater
than 50% of the Certificate Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify
and hold harmless the Trust from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other
than any liability, claims, expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud
or negligence in the performance of duties of any party to this Agreement or by reason of negligent disregard of the obligations
or duties hereunder of any party to this Agreement, or (ii) the breach by any party to this Agreement of any of its representations
or warranties contained herein) in connection with the purchase of such Mortgage Loans and property.

 

Any
Person(s) effecting an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling
Class Representative and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate,
notify the Certificate Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder)
of its intention to do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred
by any and all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other
assets of the Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder.
The Certificate Administrator shall be entitled to rely conclusively on any determination made by an Appraiser pursuant to this
subsection (c).

 

    	-398-

    	 

    

 

(d)        If
the Trust Fund has not been previously terminated pursuant to subsection (c) or subsection (h) of this Section 9.01, the
Certificate Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator
reasonably anticipates, based on information with respect to the Mortgage Loans previously provided to it, that the final distribution
will be made (i) to the Holders of outstanding Regular Certificates, and to the Trustee in respect of the Lower-Tier Regular Interests,
notwithstanding that such distribution may be insufficient to distribute in full an amount equal to the remaining Certificate
Balance or Lower-Tier Principal Balance, as applicable, of each such Class of Certificates and Lower Tier Regular Interest, together
with amounts required to be distributed on such Distribution Date pursuant to Section 4.01 of this Agreement (or, if no
such Regular Certificates or any Class EC Regular Interests are then outstanding, to the Holders of the Class R Certificates)
and (ii) to the Holders of the Grantor Trust Certificates, of any amount remaining in the Collection Account, the Lower-Tier REMIC
Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the Exchangeable Distribution
Account and/or the Excess Liquidation Proceeds Reserve Account, as applicable, in any case, following the later to occur of (a)
the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund or (b) the liquidation or disposition
pursuant to Section 3.17 of this Agreement of the last asset held by the Trust Fund.

 

(e)        Notice
of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to
affected Certificateholders at their addresses shown in the Certificate Register (with a copy to the Master Servicer, the Special
Servicer and, for posting to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement,
the Rule 17g-5 Information Provider) as soon as practicable after the Certificate Administrator shall have received, given or
been deemed to have received a Notice of Termination but in any event not more than thirty days, and not less than ten days, prior
to the Anticipated Termination Date. The notice mailed by the Certificate Administrator to affected Certificateholders shall:

 

(i)         specify
the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes
specified therein;

 

(ii)        specify
the amount of any such final distribution, if known; and

 

(iii)       state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.

 

If
the Trust Fund is not terminated on any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly
mail notice thereof to each affected Certificateholder.

 

(f)         Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall
be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall
terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to

 

    	-399-

    	 

    

 

the
remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation
in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the second notice
any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent,
take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and expenses
of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held. Subject to applicable
state law with respect to escheatment of funds, if within two years after the second notice any Certificates shall not have been
surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders
thereof. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 9.01.

 

(g)          For
purposes of this Section 9.01, the Remaining Certificateholder shall have the first option to terminate the Trust Fund
pursuant to subsection (h), and then the Holders of the Controlling Class representing more than 50% of the Certificate Balance
of the Controlling Class, and then the Special Servicer, and then the Master Servicer, and then the Holders of Class R Certificates
representing more than 50% of the Percentage Interests in such Class, in each of the last four cases, pursuant to subsection (c).

 

(h)          Following
the date on which the Class X-A Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class
A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class D Certificates and the Class EC Regular Interests are reduced
to zero, the Remaining Certificateholder shall have the right to exchange all of its Certificates (but excluding the Class R Certificates)
for all of the Mortgage Loans and each REO Property (and including the Trust Fund’s interest in any REO Property acquired
with respect to the Outside Serviced Mortgage Loans) remaining in the Trust Fund as contemplated by clause (ii) of Section
9.01(a) by giving written notice to all the parties hereto no later than 60 days prior to the anticipated date of exchange;
provided that such Remaining Certificateholder shall pay the Master Servicer an amount equal to (i) the product of (A)
the Prime Rate, (B) the aggregate Certificate Balance of the then-outstanding Sequential Pay Certificates as of the day of the
exchange and (C) three, divided by (ii) 360. In the event that the Remaining Certificateholder elects to exchange all of the Certificates
(other than the Class R Certificates) for all of the Mortgage Loans and each REO Property (and including the Trust Fund’s
interest in any REO Property acquired with respect to the Outside Serviced Mortgage Loans) remaining in the Trust Fund in accordance
with the preceding sentence, such Remaining Certificateholder, not later than the Termination Date, shall deposit in the Collection
Account an amount in immediately available funds equal to all amounts due and owing to the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee hereunder through the date of the liquidation
of the Trust Fund that may be withdrawn from the Collection Account, the Exchangeable Distribution Account or a Distribution Account,
but only to the extent that such amounts are not already on deposit in the Collection Account. Upon confirmation that such final
deposits have been made and following the surrender of all remaining Certificates (other than the Class R Certificates) by the
Remaining Certificateholder on the Termination Date, the Custodian shall, upon receipt of a Request for Release from the Master
Servicer, release or cause to be released to the Remaining

 

    	-400-

    	 

    

 

Certificateholder
or any designee thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and
other instruments furnished to it by the Remaining Certificateholder as shall be necessary to effectuate transfer of the Mortgage
Loans and REO Properties (and including the Trust Fund’s interest in any REO Property acquired with respect to the Outside
Serviced Mortgage Loans) remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Section
9.01. Thereafter, the Trust Fund and the respective obligations and responsibilities under this Agreement of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee (other than the
making of certain payments to Certificateholders and Serviced Companion Loan Holders, sending of certain notices, the maintenance
of books and records and the preparation and filing of final tax returns), shall terminate. Such transfers shall be subject to
any rights of any Sub-Servicers to service (or to perform select servicing functions with respect to) the Mortgage Loans. For
federal income tax purposes, the Remaining Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC
for an amount equal to the remaining Certificate Balance of its remaining Certificates (other than the Class R Certificates),
plus accrued and unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts
distributed in respect of the Lower-Tier Regular Interests and such Certificates. The remaining Mortgage Loans and REO Properties
(or the Trust’s interests therein) are deemed distributed to the Remaining Certificateholder in liquidation of the Trust
Fund pursuant to this Section 9.01.

 

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
10.01     Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that
the purpose of Article X of this Agreement is to facilitate compliance by the Depositor and any Other Depositor with the
provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall not, and no Other Depositor
may, exercise its rights to request delivery of information or other performance under these provisions other than in good faith,
or for purposes other than compliance with the Act, the Exchange Act and the Sarbanes-Oxley Act. The parties hereto acknowledge
that interpretations of the requirements of Regulation AB may change over time due to interpretive guidance provided by the Commission
or its staff, and agree to comply with reasonable requests made by the Depositor, or any Other Depositor, in good faith for delivery
of information under these provisions on the basis of such evolving interpretations of Regulation AB. In connection with the Citigroup
Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, and any Serviced Companion
Loan Securities, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator,
any Other Depositor and any Other Exchange Act Reporting Party, as applicable, to deliver to the Depositor or Other Depositor,
as applicable (including any of its assignees or designees), any and all statements, reports, certifications, records and any
other information in its possession or reasonably available to it and necessary in the reasonable good faith determination of
the Depositor, the Certificate Administrator, any Other Depositor or any Other Exchange Act Reporting Party, as applicable, to
permit the Depositor or any Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such
disclosures relating to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations

 

    	-401-

    	 

    

 

Reviewer,
the Custodian, the Certificate Administrator and the Trustee, as applicable, and any Sub-Servicer, or the servicing of the Mortgage
Loans, reasonably believed by the Depositor or any Other Depositor, as applicable, to be necessary in order to effect such compliance.

 

Section
10.02     Succession; Sub-Servicers; Subcontractors.

 

(a)          For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act (in addition
to any requirements contained in Section 10.07 of this Agreement), in connection with the succession to the Master Servicer,
the Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer is a “servicer”
as contemplated by Item 1108(a)(2) of Regulation AB) or succession to the Certificate Administrator under this Agreement by any
Person (i) into which the Master Servicer, the Special Servicer, such Sub-Servicer or Certificate Administrator may be merged
or consolidated, or (ii) which may be appointed as a successor to the Master Servicer, the Special Servicer, any such Sub-Servicer
or Certificate Administrator, the Master Servicer (other than if pursuant to an appointment under Section 7.01 or Section
7.02 of this Agreement) or the Special Servicer or the Certificate Administrator, as applicable, shall provide to the Depositor,
as well as any Other Depositor as to which the applicable Companion Loan is affected, at least five (5) Business Days prior to
the effective date of such succession or appointment as long as such disclosure prior to such effective date would not be violative
of any applicable law or confidentiality agreement, and otherwise no later than one (1) Business Day after such effective date
of succession, (x) written notice to the Depositor and each such Other Depositor of such succession or appointment and (y) in
writing and in form and substance reasonably satisfactory to the Depositor and each such Other Depositor, all information relating
to such successor reasonably requested by the Depositor or any such Other Depositor in order to comply with its reporting obligation
under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed under
the Exchange Act). In addition, with respect to each Serviced Companion Loan, the Certificate Administrator is required to comply
with its obligations under each Co-Lender Agreement (including with respect to the provision of any required notices) in connection
with any resignation, termination, replacement or appointment of the Master Servicer or the Special Servicer or any successor
thereto.

 

(b)          For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, if the Master
Servicer, the Special Servicer, any Sub-Servicer, the Custodian, the Trustee and the Certificate Administrator (each of the Master
Servicer, the Special Servicer, the Custodian, the Trustee and the Certificate Administrator and each Sub-Servicer, for purposes
of this Section 10.02(b), Section 10.02(c), Section 10.02(d) and Section 10.17, a “Servicer”)
utilizes one or more Subcontractors to perform certain of its obligations hereunder, such Servicer shall promptly upon request
provide to the Depositor, as well as any Other Depositor as to which the applicable Serviced Companion Loan is affected, a written
description (in form and substance satisfactory to the Depositor and each such Other Depositor) of the role and function of each
Subcontractor that is a Servicing Function Participant utilized by such Servicer during the preceding calendar year, specifying
(i) the identity of such Subcontractor, and (ii) which elements of the Servicing Criteria will be addressed in assessments of
compliance provided by each such Subcontractor. Each Servicer shall cause any Subcontractor determined to be a Servicing Function
Participant used by such Servicer for the benefit of the Depositor to comply with the provisions of Section 10.09 and Section
10.10 of this

 

    	-402-

    	 

    

 

Agreement
to the same extent as if such Subcontractor were such Servicer. Such Servicer shall obtain from each such Subcontractor (or, in
the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause such Sub-Servicer)
and deliver to the applicable Persons any assessment of compliance report and related accountant’s attestation required
to be delivered by such Subcontractor under Section 10.09 and Section 10.10 of this Agreement, in each case, as
and when required to be delivered.

 

(c)          For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing, if a Servicer engages a Subcontractor in connection with the performance of any of its duties under this Agreement,
such Servicer shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning of
Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB. If a Servicer determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within the
meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then the engagement
of such Subcontractor shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator,
as well as any Other Depositor as to which the applicable Companion Loan is affected, of any such Subcontractor and sub-servicing
agreement and, if such Subcontractor is engaged by the Master Servicer or the Special Servicer, such Subcontractor shall be deemed
to be a Sub-Servicer for purposes of this Agreement. Written notice of the engagement of such Subcontractor and the related Sub-Servicing
Agreement (other than such agreements set forth on Exhibit S hereto) (with respect to the Master Servicer or the Special
Servicer) or sub-servicing agreement (with respect to any other Servicer) shall be delivered to the Depositor, the Certificate
Administrator and each such Other Depositor at least five (5) Business Days prior to the effective date of such engagement. Such
notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable the Certificate Administrator,
as well as any Other Exchange Act Reporting Party as to which the applicable Serviced Companion Loan is affected, to accurately
and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement (if such reports under
the Exchange Act are required to be filed under the Exchange Act).

 

(d)          For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing and subject to Section 3.01(c) of this Agreement, if the Master Servicer or the Special Servicer engages
a Sub-Servicer or if any other Servicer engages a sub-servicer, in each case, in connection with the performance of any of the
duties of the Master Servicer, the Special Servicer or such other Servicer, as applicable, under this Agreement and the related
Sub-Servicing Agreement (with respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect
to any other Servicer) is either (i) assigned (other than, in the case of a Sub-Servicer engaged by the Master Servicer, an assignment
to the Master Servicer) or (ii) amended or modified and the Master Servicer, the Special Servicer or such other Servicer, as applicable,
determines that, as a result of such amendment or modification, the Sub-Servicer or sub-servicer, as applicable, would become
a “servicer” within the meaning of Item 1101 of Regulation AB that (1) meets the criteria in Item 1108(a)(2)(i), (ii)
or (iii) of Regulation AB or (2) meets the criteria in Item 1108(a)(2)(iii) of Regulation AB and services 20% or more of the pool
assets, then the Master Servicer, the Special Servicer or such other Servicer, as applicable, shall provide written notice of
such amendment, modification or assignment to the Depositor and the Certificate

 

    	-403-

    	 

    

 

Administrator,
as well as any Other Depositor as to which the applicable Companion Loan is affected at least five (5) Business Days prior to
the effective date of such amendment, modification or assignment (or if such prior notice would be violative of applicable law
or any applicable confidentiality agreement, no later than the time required under Section 10.07 of this Agreement). Such
notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable the Certificate Administrator,
as well as any Other Exchange Act Reporting Party as to which the applicable Serviced Companion Loan is affected, to accurately
and timely report the event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement (if such reports under
the Exchange Act are required to be filed under the Exchange Act).

 

(e)          For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection
with the succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee
or Certificate Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate
Administrator, the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at
least ten (10) Business Days prior to the effective date of such succession or appointment (or if such prior notice would be violative
of applicable law or any applicable confidentiality agreement, no later than the time required under Section 10.07 of this
Agreement) and shall furnish pursuant to Section 10.07 of this Agreement to the Depositor and each Other Depositor in writing
and in form and substance reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary
for the Certificate Administrator, the Trustee and each Other Exchange Act Reporting Party to accurately and timely report the
event under Item 6.02 of Form 8-K pursuant to Section 10.07 of this Agreement or otherwise (if such reports under the Exchange
Act are required to be filed under the Exchange Act).

 

Section
10.03     Filing Obligations.

 

(a)          The
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall (and shall cause (or, in the case of a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate
with the Depositor and each Other Depositor in connection with the satisfaction of the Trust’s and each Other Securitization
Trust’s reporting requirements under the Exchange Act. Pursuant to Section 10.04, Section 10.05 and Section
10.07, the Certificate Administrator shall prepare for execution by the Depositor any Forms 10-D, 10-K and 8-K required by
the Exchange Act with respect to the Trust, in order to permit the timely filing thereof, and the Certificate Administrator shall
file (via the Commission’s Electronic Data Gathering and Retrieval System) such Forms executed by the Depositor.

 

(b)          In
the event that the Certificate Administrator is unable to timely file with the Commission or deliver to any Other Depositor or
Other Exchange Act Reporting Party as to which the applicable Companion Loan is affected, all or any required portion of any Form
8-K, 10-D or 10-K required to be filed by this Agreement because required disclosure information was either not delivered to it
or delivered to it after the delivery deadlines set forth in this

 

    	-404-

    	 

    

 

Agreement,
the Certificate Administrator shall promptly as soon as practicable, but in no event later than twenty-four (24) hours after determination
(but if the next calendar day is not a Business Day, then in no event later than 10:00 a.m., New York time, on the next Business
Day), notify the Depositor, such Other Depositor or Other Exchange Act Reporting Party thereof. In the case of Forms 10-D and
10-K, the Depositor and the Certificate Administrator will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A
or Form 10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator
will, upon receipt of all required Form 8-K Disclosure Information, include such disclosure information on the next succeeding
Form 10-D to be filed for the Trust. In the event that any previously filed Form 8-K or Form 10-K needs to be amended, the Certificate
Administrator will notify the Depositor thereof, and such other parties as needed and the parties hereto will cooperate with the
Certificate Administrator to prepare any necessary Form 8-K/A or Form 10-K/A. In the event that any previously filed Form 10-D
needs to be amended, the Certificate Administrator shall notify the Depositor thereof, and such other parties as needed, and the
parties hereto shall cooperate to prepare any necessary Form 10-D/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D or
Form 10-K shall be signed by an officer of the Depositor. The parties to this Agreement acknowledge that the performance by the
Certificate Administrator of its duties under this Section 10.03 related to the timely preparation and filing of Form 12b-25 or
any amendment to Form 8-K, Form 10-D or Form 10-K is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this Article X. The Certificate Administrator shall have no liability for any loss, expense, damage,
or claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file any such
Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, where such failure results from the Certificate Administrator’s
inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for
execution or file such Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, not resulting from its own negligence,
bad faith or willful misconduct.

 

Section
10.04     Form 10-D Filings.

 

(a)          Within
15 calendar days after each Distribution Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator
shall prepare and file on behalf of the Trust any Form 10-D then required by the Exchange Act, in form and substance as then required
by the Exchange Act. The Certificate Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement
attached thereto; provided that the Certificate Administrator shall redact from such Distribution Date Statement any information
relating to the ratings of the Certificates and the identity of the Rating Agencies. Any disclosure in addition to the Distribution
Date Statement that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall, pursuant
to the following paragraph, be (i) reported by the parties set forth on Exhibit U to this Agreement to the Depositor, the
Certificate Administrator (sent by facsimile to (410) 884-2380, Attention: Core Services and/or by email to cts.sec.notifications@wellsfargo.com,
or such other number or address as the Certificate Administrator may provide) and each Other Depositor and Other Exchange Act
Reporting Party to which such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes and (ii) approved
by the Depositor and each such Other Depositor, and the Certificate Administrator will have no duty or liability for any failure
hereunder to determine or prepare any Additional Form 10-D Disclosure absent such reporting, direction and approval.

 

    	-405-

    	 

    

 

For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, within one
(1) Business Day after the related Distribution Date (using commercially reasonable efforts), but in no event later than noon
(New York City time) on the third Business Day after the related Distribution Date, (i) certain parties to this Agreement, as
set forth on Exhibit U to this Agreement, shall be required to provide to the Certificate Administrator, the Depositor,
and each Other Exchange Act Reporting Party and Other Depositor to which the particular Additional Form 10-D Disclosure is relevant
for Exchange Act reporting purposes, to the extent a Servicing Officer or Responsible Officer thereof has knowledge thereof (other
than information required by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing
Officer or Responsible Officer, as the case may be, or any lawyer in the in-house legal department of such party) in EDGAR-compatible
format (to the extent available to such party in such format), or in such other format as otherwise agreed upon by the Certificate
Administrator, the Depositor and each such Other Exchange Act Reporting Party, each such Other Depositor and such parties, the
form and substance of the Additional Form 10-D Disclosure, if applicable, (ii) the parties listed on Exhibit U to this
Agreement shall include with such Additional Form 10-D Disclosure application to such party and shall cause each Sub-Servicer
(or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to cause such Sub-Servicer)
and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include, an Additional
Disclosure Notification in the form attached as Exhibit W-1 to this Agreement (except with respect to the reporting of
balances of the Collection Account, the Loan Combination Custodial Account(s) and REO Account(s) which shall be delivered in the
form of Exhibit W-2 hereto) and (iii) the Depositor shall approve, as to form and substance, or disapprove, as the case
may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D with respect to the Trust; provided that any Depositor’s
approval pursuant to this clause (iii) shall not relieve any parties listed on Exhibit U of its obligations to provide
Additional Form 10-D Disclosure that is true and accurate in all material respects and in compliance with all applicable requirements
of the Securities Act and the Exchange Act, and the rules and regulations promulgated thereunder. The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit U to this Agreement
of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.
The Depositor will be responsible for any reasonable fees assessed or expenses incurred by the Certificate Administrator in connection
with including any Additional Form 10-D Disclosure on Form 10-D with respect to the Trust pursuant to this paragraph.

 

(b)          The
Certificate Administrator shall include in any Form 10-D filed by it with respect to the Trust (i) the information required by
Rule 15Ga-1(a) of the Exchange Act concerning all assets of the Trust that were subject of a demand for the repurchase of, or
the substitution of a Qualified Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(a) of this Agreement,
(ii) a reference to the most recent Form ABS-15G filed by the Depositor and the Commission’s assigned “Central Index
Key” for the Depositor, which information the Depositor shall deliver to the Certificate Administrator, (iii) a reference
to the most recent Form ABS-15G filed by each Mortgage Loan Seller and the Commission’s assigned “Central Index Key”
for each such filer, which information each Mortgage Loan Seller is required to deliver to the Certificate Administrator pursuant
to Section 6(i) of the applicable Loan Purchase Agreement, (iv) to the extent such information is provided to the Certificate

 

    	-406-

    	 

    

 

Administrator
by the Master Servicer in the form of Exhibit W-2 hereto for inclusion therein within the time period described in this
Section 10.04, the balances of the Collection Account, the Loan Combination Custodial Account(s) and REO Account(s) (to
the extent the related information has been received from the Special Servicer within the time period specified in this Section
10.04) and the Collection Account as of the related Distribution Date and as of the immediately preceding Distribution Date
and (v) the balances of the Distribution Accounts, the Interest Reserve Account, the Excess Interest Distribution Account, Excess
Liquidation Proceeds Reserve Account and the Exchangeable Distribution Account, in each case as of the related Distribution Date
and as of the immediately preceding Distribution Date.

 

(c)          With
respect to any Mortgage Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator shall
include as part of any applicable Form 10-D filed by it (to the extent it receives such information from the applicable Servicer)
the identity of such Mortgage Loan and, to the extent such information is received by the Certificate Administrator (by email
at cts.sec.notifications@wellsfargo.com) from the Master Servicer or the Special Servicer, as applicable, substantially
in the form of Exhibit W-3 (A) the amount of any such Additional Debt or mezzanine debt, as applicable, that is incurred
during the related Collection Period, (B) the total debt service coverage ratio calculated on the basis of such Mortgage Loan
and such Additional Debt or mezzanine debt, as applicable, and (C) the aggregate LTV Ratio calculated on the basis of such Mortgage
Loan and such Additional Debt or mezzanine debt, as applicable.

 

(d)          The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Form 10-D for each reporting period: Name: Richard Simpson, Telephone: (212) 816-5343. The Certificate Administrator
may rely without further investigation that this information remains correct unless and until the Depositor provides the Certificate
Administrator with a new individual’s name and phone number in writing.

 

(e)          Upon
receipt of the Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section
11.01(b), the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D relating
to the Collection Period in which such Asset Review Report Summary was delivered, and (ii) post such Asset Review Report Summary
to the Certificate Administrator’s Website not later than two (2) Business Days after receipt of such Asset Review Report
Summary from the Asset Representations Reviewer.

 

(f)          To
the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with
other Certificateholders or Certificate Owners pursuant to Section 5.07, the Certificate Administrator shall include on
the Form 10-D relating to the reporting period in which such request was received disclosure regarding the request to communicate,
and such disclosure is required to include the following and no more than the following: (a) the name of the Certificateholder
or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d)
a description

 

    	-407-

    	 

    

 

of
the method other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner.

 

(g)          After
preparing a Form 10-D with respect to the Trust, the Certificate Administrator shall forward electronically a copy of such Form
10-D to the Depositor for review. Within two (2) Business Days after receipt of such copy, but no later than the 9th
calendar day after the related Distribution Date or, if the 9th calendar day after the related Distribution Date is
not a Business Day, the immediately preceding Business Day, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form 10-D. Within two (2) Business Days after receipt
of such copy, but no later than two (2) Business Days prior to the 15th calendar day after the related Distribution
Date, an officer of the Depositor shall sign the Form 10-D with respect to the Trust and return an electronic or fax copy of such
signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Upon receipt
of such signed Form 10-D (in electronic form or by fax copy), the Certificate Administrator shall deem such report to be approved
by the Depositor and shall proceed with filing such report with the Commission. If a Form 10-D with respect to the Trust cannot
be filed on time or if a previously filed Form 10-D with respect to the Trust needs to be amended, the Certificate Administrator
will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly after filing with the Commission, the Certificate
Administrator will make available on its internet website a final executed copy of each Form 10-D with respect to the Trust prepared
and filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage
Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number:
(212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global Markets Inc., 390 Greenwich Street,
7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com,
and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan
M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com, or such other address as the Depositor
may direct. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 10.04 related to the timely preparation and filing of Form 10-D with respect to the Trust is contingent upon such
parties observing all applicable deadlines in the performance of their duties under this Section 10.04. The Certificate Administrator
shall have no liability for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file any Form 10-D with respect to the Trust, where such failure results because required
disclosure information was either not delivered to the Certificate Administrator or delivered to the Certificate Administrator
after the delivery deadlines set forth in this Agreement, not resulting from its own negligence, bad faith or willful misconduct.

 

(h)          Form
10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-D with respect to the Trust, to check
“yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished
electronically) from the Depositor that the

 

    	-408-

    	 

    

 

answer
should be “no” for an item which notice shall be delivered to the Certificate Administrator no later than the day
on which the Depositor provided its signature for such filing pursuant to Section 10.04(g) of this Agreement.

 

Section
10.05     Form 10-K Filings. (a) Within 90 days after the end of each fiscal year of the
Trust (it being understood that the fiscal year of the Trust ends on December 31 of each year) or such earlier date as may be
required by the Exchange Act (the “10-K Filing Deadline”), commencing within 90 days after December 31, 2016,
the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-K then required by the Exchange Act, in
form and substance as then required by the Exchange Act. Each such Form 10-K with respect to the Trust shall include the following
items, in each case to the extent they have been delivered to the Certificate Administrator (in the form required by this Agreement)
within the applicable time frames set forth in this Agreement:

 

(i)          an
annual compliance statement for each Certifying Servicer and each Additional Servicer engaged by each Certifying Servicer, as
described under Section 10.08; provided that the related signature pages may be delivered separately from such compliance
statement;

 

(ii)        (A)
the annual reports on assessment of compliance with Servicing Criteria for each Reporting Servicer, as described under Section
10.09; and

 

  (B)      if
any such report on assessment of compliance with Servicing Criteria described under Section 10.09 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance (including whether such instance of noncompliance
involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps taken to remedy
such instance of noncompliance), or if such report on assessment of compliance with Servicing Criteria described under Section
10.09 is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why
such report is not included;

 

(iii)       (A)
     the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.10;
and

 

  (B)      if
any registered public accounting firm attestation report described under Section 10.10 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such
report is not included; and

 

(iv)        a
certification in the form attached to this Agreement as Exhibit X, with such changes as may be necessary or appropriate
as a result of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except
as described below, be signed by the senior officer of the Depositor in charge of securitization; provided that the related signature
pages may be delivered separately.

 

    	-409-

    	 

    

 

Any
disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the second following paragraph, be (i) reported by the parties set forth on
Exhibit V to this Agreement to the Depositor, the Certificate Administrator and any Other Depositor and Other Exchange
Act Reporting Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes and (ii) approved
by the Depositor and such Other Depositor, and the Certificate Administrator will have no duty or liability for any failure hereunder
to determine or prepare any Additional Form 10-K Disclosure, absent such reporting, direction and approval.

 

Not
later than the end of each fiscal year for which the Trust is required to file a Form 10-K, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian, the Operating Advisor and the Trustee shall provide the other parties to this Agreement
and the Mortgage Loan Sellers with written notice of the name and address of each Servicing Function Participant retained by such
party, if any, during such fiscal year. Not later than the end of each fiscal year for which the Trust is required to file a Form
10-K, the Certificate Administrator shall, upon request (which can be in the form of electronic mail and which may be continually
effective), provide to each Mortgage Loan Seller written notice of any change in the identity of any party to this Agreement,
including the name and address of any new party to this Agreement.

 

For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, no later
than March 1, commencing in March 2017, (i) the parties listed on Exhibit V to this Agreement shall be required to provide
(and (i) with respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use
commercially reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any other Servicing
Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to
provide) to the Certificate Administrator, the Depositor and each Other Exchange Act Reporting Party and Other Depositor to which
the particular Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes, to the extent a Servicing Officer
or a Responsible Officer, as the case may be, thereof has actual knowledge (other than information required by Item 1117 of Regulation
AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may
be or any lawyer in the in-house legal department of such party), in EDGAR-compatible format (to the extent available to such
party in such format) or in such other format as otherwise agreed upon by the Certificate Administrator, the Depositor, each such
Other Exchange Act Reporting Party, each such Other Depositor and such providing parties, the form and substance of any Additional
Form 10-K Disclosure described on Exhibit V to this Agreement applicable to such party, (ii) the parties listed on Exhibit
V to this Agreement shall include with such Additional Form 10-K Disclosure applicable to such party and shall cause each
Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit S, shall use commercially reasonable efforts to
cause such Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide, and if received,
include, an Additional Disclosure Notification in the form attached as Exhibit W to this Agreement, and (iii) the Depositor
will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure
on Form 10-K with respect to the Trust; provided that any Depositor’s approval pursuant to this clause (iii) shall
not relieve any parties listed on Exhibit V of its obligations to provide Additional Form 10- K Disclosure

 

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that
is true and accurate in all material respects and in compliance with all applicable requirements of the Securities Act and the
Exchange Act, and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Exhibit V to this Agreement of their duties under this paragraph
or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information. The Depositor will be responsible
for any reasonable fees assessed and expenses incurred by the Certificate Administrator in connection with including any Additional
Form 10-K Disclosure on Form 10-K with respect to the Trust pursuant to this paragraph.

 

After
preparing a Form 10-K with respect to the Trust, the Certificate Administrator shall forward electronically a preliminary copy
of such Form 10-K to the Depositor for review no later than March 15 in the year immediately following the year as to which such
Form 10-K relates, or, if March 15 is not a Business Day, on the immediately following Business Day. Within three (3) Business
Days after receipt of such copy, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes or approval to such preliminary Form 10-K. The Certificate Administrator shall provide a complete Form 10-K with
respect to the Trust to the Depositor for review no later than March 21 in the year immediately following the year as to which
such Form 10-K relates, or if March 21 is not a Business Day, on the immediately following Business Day. Within three (3) Business
Days after receipt of such complete Form 10-K, the Depositor shall notify the Certificate Administrator in writing (which may
be furnished electronically) of any changes or approval to such complete Form 10-K. No later than 5:00 p.m. (New York City time)
on the third Business Day prior to the 10-K Filing Deadline, a senior officer of the Depositor shall sign the Form 10-K with respect
to the Trust and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight
mail) to the Certificate Administrator. Upon receipt of such signed Form 10-K (in electronic form or by fax copy), the Certificate
Administrator shall deem such report to be approved by the Depositor and shall proceed with filing such report with the Commission.
If a Form 10-K with respect to the Trust cannot be filed on time or if a previously filed Form 10-K with respect to the Trust
needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b). Promptly after
filing with the Commission, the Certificate Administrator will make available on the Certificate Administrator’s Website
a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The signing party at the Depositor
can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013,
Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup
Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, telecopy number: (646)
328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th
Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail: ryan.m.oconnor@citi.com,
or such other address as the Depositor may direct. The parties to this Agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 10.05 related to the timely preparation and filing of Form 10-K with respect
to the Trust is contingent upon the parties to this Agreement (and any Additional Servicer or Servicing Function Participant engaged
or utilized, as applicable, by any such parties) observing all applicable deadlines in the performance of their duties under this
Section 10.05. The Certificate

 

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Administrator
shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file any Form 10-K with respect to the Trust, where such failure results because required
disclosure information was either not delivered to the Certificate Administrator or delivered to the Certificate Administrator
after the delivery deadlines set forth in this Agreement, not resulting from its own negligence, bad faith or willful misconduct.

 

(b)          Form
10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor hereby instructs the Certificate Administrator, with respect to each Form 10-K with respect to the Trust, to check
“yes” for each item unless the Certificate Administrator has received prior written notice (which may be furnished
electronically) from the Depositor that the answer should be “no” for an item which notice shall be delivered to the
Certificate Administrator no later than the day on which the Depositor provided its signature for such filing pursuant to Section
10.05(a) of this Agreement.

 

Section
10.06     Sarbanes-Oxley Certification. Each Form 10-K with respect to the Trust shall
include a Sarbanes-Oxley Certification in the form attached to this Agreement as Exhibit X required to be included therewith
pursuant to the Sarbanes-Oxley Act. The Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Custodian and the Trustee shall provide (and (i) with respect to any Servicing Function
Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such
Servicing Function Participant to provide, and (ii) with respect to any other Servicing Function Participant of such party (other
than any party to this Agreement), shall cause such Servicing Function Participant to provide) to the Person who signs the Sarbanes-Oxley
Certification for the Trust or any Other Securitization Trust (the “Certifying Person”) no later than March
1 in the year immediately following the year as to which such Form 10-K relates or, if March 1 is not a Business Day, on the immediately
following Business Day, a certification in the form attached to this Agreement as Exhibit Y-1, Exhibit Y-2, Exhibit
Y-3, Exhibit Y-4, Exhibit Y-5, Exhibit Y-6 and Exhibit Y-7, as applicable, on which the Certifying
Person, the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates
(collectively with the Certifying Person, “Certification Parties”) can reasonably rely. With respect to each
Outside Serviced Mortgage Loan serviced under an Outside Servicing Agreement, the Master Servicer shall use commercially reasonable
efforts to procure, and upon receipt deliver to the Certifying Person, a Sarbanes-Oxley back-up certification similar in form
and substance to the certifications referenced in the preceding sentence, from the related Outside Servicer, the related Outside
Special Servicer, the related Outside Paying Agent and the related Outside Trustee. In the event any Reporting Servicer is terminated
or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement,
as the case may be, such Reporting Servicer shall provide a certification to the Certifying Person pursuant to this Section
10.06 with respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing
agreement, as the case may be.

 

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Section
10.07     Form 8-K Filings.  Within four (4) Business Days after the occurrence of an
event requiring disclosure on Form 8-K (each such event, a “Reportable Event”), and if requested by the Depositor,
the Certificate Administrator shall prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act, provided
that the Depositor shall file the initial Form 8-K with respect to the Trust in connection with the issuance of the Certificates.
Any disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form
8-K Disclosure Information”) that is approved by the Depositor shall, pursuant to the following paragraph, be reported
by the applicable parties set forth on Exhibit Z to this Agreement to the Depositor, the Certificate Administrator and
each Other Depositor and Other Exchange Act Reporting Party to which such Form 8-K Disclosure Information is relevant for Exchange
Act reporting purposes, and the Certificate Administrator will have no duty or liability for any failure hereunder to determine
or prepare any Form 8-K Disclosure Information or any Form 8-K with respect to the Trust, absent such reporting, direction and
approval.

 

For
so long as the Trust or any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, to the extent
a Servicing Officer or Responsible Officer thereof has actual knowledge of such event (other than Item 1117 of Regulation AB as
to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or
any lawyer in the in-house legal department of such party), within one (1) Business Day after the occurrence of a Reportable Event
(using commercially reasonable efforts), but in no event later than 1:00 p.m. (New York City time) on the second Business Day
after the occurrence of a Reportable Event, (i) the parties set forth on Exhibit Z to this Agreement shall be required
to provide (and (i) with respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer,
shall use commercially reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any
other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function
Participant to provide) to the Depositor, the Certificate Administrator and each Other Depositor and Other Exchange Act Reporting
Party to which the particular Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, in EDGAR-compatible
format (to the extent available to such party in such format) or in such other format as otherwise agreed upon by the Depositor,
the Certificate Administrator, each such Other Depositor, each such Other Exchange Act Reporting Party and such providing parties
any Form 8-K Disclosure Information described on Exhibit Z to this Agreement as applicable to such party, if applicable
(ii) the parties listed on Exhibit Z to this Agreement shall include with such Form 8-K Disclosure Information applicable
to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit S, shall use
commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under Regulation
AB to provide, and if received, include, an Additional Disclosure Notification in the form attached hereto as Exhibit W-1,
and (iii) the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K
Disclosure Information on Form 8-K with respect to the Trust; provided that any Depositor’s approval pursuant to
this clause (iii) shall not relieve any parties listed on Exhibit Z of its obligations to provide Form 8 K Disclosure
Information that is true and accurate in all material respects and in compliance with all applicable requirements of the Securities
Act and the Exchange Act and the rules and regulations promulgated thereunder. The Certificate Administrator has no duty under
this Agreement to monitor or enforce the performance by the

 

    	-413-

    	 

    

 

parties
listed on Exhibit Z of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K
Disclosure Information. The Depositor will be responsible for any reasonable fees assessed or expenses incurred by the Certificate
Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K with respect to the Trust pursuant
to this paragraph.

 

Upon
receipt of any notice of execution of an Outside Servicing Agreement with respect to an Outside Serviced Mortgage Loan or notice
of any Reportable Event with respect to any Outside Service Provider of an Outside Serviced Mortgage Loan, the Trustee or the
Certificate Administrator, as the case may be, shall promptly notify the Depositor of such notice and cooperate with the Depositor
to prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act.

 

After
preparing any Form 8-K with respect to the Trust, the Certificate Administrator shall forward electronically a copy of the Form
8-K to the Depositor for review no later than 1:00 p.m. (New York City time) on the third Business Day after the related Reportable
Event (but in no event earlier than 24 hours after having received approved Form 8-K Disclosure Information pursuant to the immediately
preceding paragraph). Promptly, but no later than the close of business on the third Business Day after the related Reportable
Event, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes
to or approval of such Form 8-K. No later than noon on the fourth Business Day after the related Reportable Event, a duly authorized
representative of the Depositor shall sign the Form 8-K with respect to the Trust and return an electronic or fax copy of such
signed Form 8-K (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. If a Form
8-K with respect to the Trust cannot be filed on time or if a previously filed Form 8-K with respect to the Trust needs to be
amended, the Certificate Administrator will follow the procedures set forth in Section 10.03(b) of this Agreement. Promptly
after filing with the Commission, the Certificate Administrator will, make available on its internet website a final executed
copy of each Form 8-K with respect to the Trust, to the extent such Form 8-K has been prepared and filed by the Certificate Administrator.
The signing party at the Depositor can be contacted at Citigroup Commercial Mortgage Securities Inc., 390 Greenwich Street, 5th
Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599, e-mail: paul.t.vanderslice@citi.com,
with a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson,
telecopy number: (646) 328-2943, e-mail: richard.simpson@citi.com, and with a copy to Citigroup Global Markets Inc., 388
Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, telecopy number: (646) 862-8988, e-mail:
ryan.m.oconnor@citi.com, or such other address as the Depositor may direct. The parties to this Agreement acknowledge that
the performance by the Certificate Administrator of its duties under this Section 10.07 related to the timely preparation
and filing of Form 8-K with respect to the Trust is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this Section 10.07. The Certificate Administrator shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare and/or timely file any Form 8-K with respect to
the Trust, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely
basis, any information from the parties to this Agreement needed to prepare, arrange for execution or file such Form 8-K, not
resulting from its own negligence, bad faith or willful misconduct.

 

    	-414-

    	 

    

 

In
the case of a Form 8-K that is filed by or on behalf of the Trust as a result of the termination, removal, resignation or any
other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement,
the proposed successor Master Servicer, Special Servicer, Trustee or Certificate Administrator, as applicable, shall, as a condition
to such succession and at the reasonable expense of the same party or parties required to pay the costs and expenses relating
to such termination, removal, resignation or other replacement pursuant to this Agreement, provide to the Certificate Administrator
and the Depositor on or before the date of such proposed succession the following: (i) any information (including, but not limited
to, disclosure information) required for the Trust to comply in a timely manner with applicable filing requirements under Items
1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect
to such information that are substantially similar to those delivered by the initial Master Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as the case may be, or their respective counsel, in connection with the information
concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.

 

Section
10.08     Annual Compliance Statements.  The Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian and, if it has made an Advance during the applicable calendar year, the Trustee shall
furnish (and each of the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator (i) with respect
to any Additional Servicer of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts
to cause such Additional Servicer to furnish, and (ii) with respect to any other Additional Servicer of such party (other than
any party to this Agreement), shall cause such Additional Servicer to furnish) (each such Additional Servicer and each of the
Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee (if applicable), a “Certifying
Servicer”) to the Certificate Administrator, the Serviced Companion Loan Holders (or, in the case of a Serviced Companion
Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), the
Operating Advisor (only in the case of an Officer’s Certificate furnished by the Special Servicer and after the occurrence
and during the continuance of a Control Termination Event) and the Depositor on or before March 1 of each year, commencing in
March 2017, an Officer’s Certificate (together with a copy thereof in EDGAR compatible format, or in such other format as
otherwise agreed upon by the Depositor, the Certificate Administrator, the applicable Other Depositor, the applicable Other Exchange
Act Reporting Party and the applicable Certifying Servicer) stating, as to the signer thereof, that (A) a review of such Certifying
Servicer’s activities during the preceding calendar year or portion thereof and of such Certifying Servicer’s performance
under this Agreement, or the applicable Sub-Servicing Agreement or primary servicing agreement in the case of an Additional Servicer,
has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review,
such Certifying Servicer has fulfilled all its obligations under this Agreement, or the applicable Sub-Servicing Agreement or
primary servicing agreement in the case of an Additional Servicer, in all material respects throughout such year or portion thereof,
or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to
such officer and the nature and status thereof. The Master Servicer and the Special Servicer shall, and the Master Servicer and
the Special Servicer shall cause (or, in the case of an Additional Servicer that is a Mortgage Loan Seller Sub-Servicer, shall
use its commercially reasonable efforts to cause) each Additional Servicer hired by it to, forward a copy of each such statement
to, prior to

 

    	-415-

    	 

    

 

the
occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative and, for posting to the Rule
17g-5 Information Provider’s Website pursuant to Section 12.13, the Rule 17g-5 Information Provider. Promptly after
receipt of each such Officer’s Certificate, the Depositor (and, in the case of a Serviced Companion Loan that is part of
an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) may review each such Officer’s
Certificate and, if applicable, consult with the Certifying Servicer, as applicable, as to the nature of any failures by such
Certifying Servicer, respectively, or any related Additional Servicer with which the Master Servicer or the Special Servicer,
as applicable, has entered into a servicing relationship with respect to the Mortgage Loans or the Companion Loans in the fulfillment
of any Certifying Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement.
The obligations of each Certifying Servicer under this Section apply to each Certifying Servicer that serviced a Mortgage Loan
or Companion Loan during the applicable period, whether or not the Certifying Servicer is acting in such capacity at the time
such Officer’s Certificate is required to be delivered.

 

With
respect to each Outside Serviced Mortgage Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator
shall request, and upon receipt deliver to the Depositor, from a “Servicing Officer” or “Responsible Officer”
(as such terms are defined in the applicable Outside Servicing Agreement), as applicable, of the related Outside Servicer, Outside
Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator an Officer’s
Certificate in form and substance similar to the Officer’s Certificate described in this Section or such other form as is
set forth in the Outside Servicing Agreement.

 

Section
10.09     Annual Reports on Assessment of Compliance With Servicing Criteria.

 

(a)          On
or before March 1 of each year commencing in March 2017, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year,
the Trustee, each at its own expense, shall furnish (and each of the preceding parties, as applicable, (i) with respect to any
Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts
to cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of
such party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, any Servicing Function Participant
and, if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee, as the case may be,
a “Reporting Servicer”) to the Certificate Administrator, the Trustee, the Serviced Companion Loan Holders
(or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and
Other Exchange Act Reporting Party), the Operating Advisor (only in the case of a report furnished by the Special Servicer and
only after the occurrence and during the continuance of a Control Termination Event) and the Depositor, a report on an assessment
of compliance with the Relevant Servicing Criteria (together with a copy thereof in EDGAR compatible format, or in such other
format as otherwise agreed upon by the Depositor, the Certificate Administrator, the applicable Other Depositor, the

 

    	-416-

    	 

    

 

applicable
Other Exchange Act Reporting Party and the applicable Certifying Servicer) that complies in all material respects with the requirements
of Item 1122 of Regulation AB and contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance
with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance
with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing
Criteria as of the end of and for the preceding calendar year, including, if there has been any material instance of noncompliance
with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof and (D) a statement
that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance
with the Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section
10.09 shall be provided to any Certificateholder, upon the written request thereof, by the Certificate Administrator.

 

Each
such report shall be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of
the applicable company, and shall address each of the Relevant Servicing Criteria specified on a certification substantially in
the form of Exhibit O to this Agreement delivered to the Depositor on the Closing Date. Promptly after receipt of each
such report, (i) the Depositor and each Other Depositor may review each such report and, if applicable, consult with the each
Reporting Servicer as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria, and (ii) the
Certificate Administrator shall confirm that the assessments, taken individually address the Relevant Servicing Criteria for each
party as set forth on Exhibit O to this Agreement and notify the Depositor of any exceptions. For the avoidance of doubt,
the Trustee shall have no obligation or duty to determine whether any such report (other than any such report furnished by the
Trustee or any Servicing Function Participant of the Trustee) is in form and substance in compliance with the requirements of
Regulation AB.

 

(b)          On
the Closing Date, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and the
Operating Advisor each acknowledge and agree that Exhibit O to this Agreement sets forth the Relevant Servicing Criteria
for such party.

 

(c)          No
later than the end of each fiscal year for the Trust, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during such fiscal year, the Trustee
shall notify the Certificate Administrator, the Depositor, each Other Exchange Act Reporting Party and each Other Depositor as
to the name of each Servicing Function Participant utilized by it, and the Certificate Administrator shall notify the Depositor
and each Other Depositor as to the name of each Servicing Function Participant utilized by it, during such fiscal year, and each
such notice will specify what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared
by such Servicing Function Participant. When the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Trustee (if applicable), the Operating Advisor and any Servicing Function Participant submit their assessments pursuant to
Section 10.09(a) of this Agreement, such parties will also at such time include the assessment (and related attestation
pursuant to Section 10.10 of this Agreement) of each Servicing Function

 

    	-417-

    	 

    

 

Participant
engaged by it. The fiscal year for the Trust shall be January 1 through and including December 31 of each calendar year.

 

(d)          In
the event the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if it has made,
or is required to make, an Advance during the applicable period) or the Operating Advisor is terminated or resigns pursuant to
the terms of this Agreement, such party shall provide, and each such party shall cause (or, if the Servicing Function Participant
is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause) any Servicing Function Participant
of such party to provide (and the Master Servicer, the Special Servicer and the Certificate Administrator shall, with respect
to any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement, cause such Servicing
Function Participant (or, in the case of each Servicing Function Participant that is a Mortgage Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause such Servicing Function Participant) to provide) an annual assessment of compliance
pursuant to this Section 10.09, coupled with an attestation as required in Section 10.10 of this Agreement with
respect to the period of time that the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the
Trustee (if it has made, or is required to make, an Advance during such period of time) or the Operating Advisor was subject to
this Agreement or the period of time that the applicable Servicing Function Participant was subject to such other servicing agreement.

 

With
respect to each Outside Serviced Mortgage Loan serviced under the applicable Outside Servicing Agreement, the Certificate Administrator
shall use commercially reasonable efforts to obtain, and upon receipt deliver to the Depositor, an annual report on assessment
of compliance as described in this Section and an attestation as described in Section 10.10 from the related Outside Servicer,
Outside Special Servicer, Outside Custodian, Outside Trustee and Outside Paying Agent or Outside Certificate Administrator and
in form and substance similar to the annual report on assessment of compliance described in this Section 10.09 and the attestation
described in Section 10.10.

 

Section
10.10     Annual Independent Public Accountants’ Servicing Report.  On or before
March 1 of each year, commencing in March 2017, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Custodian, the Operating Advisor and, if it has made (or is required to make) an Advance during the applicable calendar year,
the Trustee, each at its own expense, shall cause (and each of the preceding parties, as applicable, (i) with respect to any Servicing
Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause
such Servicing Function Participant to cause, and (ii) with respect to any other Servicing Function Participant of such party
(other than any party to this Agreement), shall cause such Servicing Function Participant to cause) a registered public accounting
firm (which may also render other services to the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Trustee, the Operating Advisor or the applicable Servicing Function Participant, as the case may be) and that is a member
of the American Institute of Certified Public Accountants to furnish a report (together with a copy thereof in EDGAR compatible
format, or in such other format as otherwise agreed upon by the Depositor, the Certificate Administrator, the applicable Other
Depositor, the applicable Other Exchange Act Reporting Party and the applicable party required to furnish, or cause to be furnished,
such report under this Section 10.10) to the Certificate Administrator, the Serviced 

 

    	-418-

    	 

    

 

Companion
Loan Holders (or, in the case of a Serviced Companion Loan that is part of an Other Securitization Trust, the applicable Other
Depositor and Other Exchange Act Reporting Party), the Operating Advisor (only in the case of a report furnished on behalf of
the Special Servicer and after the occurrence and during the continuance of a Control Termination Event) and the Depositor, and,
prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative and, for posting
to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information
Provider, to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting
Servicer, which includes an assertion that such Reporting Servicer has complied with the Relevant Servicing Criteria and (ii)
on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted
by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s compliance
with the Relevant Servicing Criteria was fairly stated in all material respects, or it is not expressing an overall opinion regarding
such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. In the event that an overall opinion
cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.
Each such related accountant’s attestation report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation
S-X under the Act and the Exchange Act. Such report must be available for general use and not contain restricted use language.
Copies of such statement will be provided to any Certificateholder, upon the written request thereof, by the Certificate Administrator.

 

Promptly
after receipt of such report from the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the
Trustee (if applicable), the Operating Advisor or any Servicing Function Participant, (i) the Depositor and each Other Depositor
may review the report and, if applicable, consult with the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Trustee (if applicable) or the Operating Advisor as to the nature of any defaults by the Master Servicer, the
Special Servicer, the Certificate Administrator, the Custodian, the Trustee (if applicable), the Operating Advisor or any Servicing
Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans or the Companion
Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s, the Certificate
Administrator’s, the Custodian’s, the Trustee’s (if applicable), the Operating Advisor’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub servicing or primary servicing agreement,
and (ii) the Certificate Administrator shall confirm that each accountants’ attestation report submitted pursuant to this
Section relates to an assessment of compliance meeting the requirements of Section 10.09 of this Agreement and notify the
Depositor of any exceptions.

 

Section
10.11     Significant Obligors

 

(a)          [Reserved].

 

(b)          With
respect to any Significant Obligor with respect to an Other Securitization Trust, to the extent that the Master Servicer is in
receipt of the updated financial statements of such Significant Obligor for any calendar quarter (other than the fourth calendar
quarter of any calendar year), beginning with the first calendar quarter following receipt of notice from the Other Depositor
that such Significant Obligor with respect to such Other

 

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Securitization
Trust exists, or the updated financial statements of such Significant Obligor for any calendar year, beginning for the calendar
year following such notice from the Other Depositor, as applicable, the Master Servicer shall deliver to the Other Depositor and
the Other Exchange Act Reporting Party of such Other Securitization Trust, on or prior to the day that occurs two (2) Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or four (4) Business Days prior to the related Significant
Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or fourteen (14) or more Business Days prior to the
related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such Significant Obligor,
together with the net operating income of such Significant Obligor for the applicable period as calculated by the Master Servicer
in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than fourteen (14) Business Days prior to
the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such Significant Obligor,
together with the net operating income of such Significant Obligor for the applicable period as reported by the related Mortgagor
in such financial statements.

 

If
the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, of any Significant Obligor with respect to an Other Securitization Trust by the date on which
such financial information is required to be delivered under the related Loan Documents, the Master Servicer (i) shall use efforts
consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of the related Other
Depositor under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the related Loan
Documents, (ii) shall (and shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to) retain
written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor to obtain the required
financial information, and (iii) if unsuccessful, shall, no later than five (5) Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or the related Significant Obligor NOI Yearly Filing Deadline, as applicable, forward an
Officer’s Certificate evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other
Depositor related to such Other Securitization Trust.

 

Section
10.12     Indemnification.  Each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Custodian and the Trustee (each an “Indemnifying
Party”) shall indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor, any employee,
director or officer of the Depositor or any Other Depositor, and each other person, if any, who controls the Depositor or any
Other Depositor within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against
any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs
and expenses (including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any
claim or litigation) incurred by such indemnified party arising out of: (i) the failure of any Indemnifying Party to perform its
obligations under this Article X; (ii) the failure of any Servicing Function Participant or Additional Servicer retained
by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations under this Article X; (iii)

 

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any
untrue statement of a material fact contained in any information (x) regarding the Indemnifying Party or any Servicing Function
Participant, Additional Servicer or Subcontractor engaged by it (other than any Mortgage Loan Seller Sub-Servicer), (y) prepared
by any such party described in clause (x) or any registered public accounting firm, attorney or other agent retained by such party
to prepare such information and (z) delivered by or on behalf of such Indemnifying Party in connection with the performance of
such Indemnifying Party’s obligations described in this Article X, or the omission to state in any such information
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided, that such Indemnifying Party shall be entitled to participate at its own expense in any action arising out of the foregoing
and the Depositor shall consult with such Indemnifying Party with respect to any litigation or audit strategy, as applicable,
in connection with the foregoing and any potential settlement terms related thereto (provided that any such consultation shall
be nonbinding); (iv) negligence, bad faith or willful misconduct on the part of the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Custodian or the Trustee, as applicable,
in the performance of such obligations; or (v) any Deficient Exchange Act Deliverable with respect to such Indemnifying Party.

 

In
addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator, the Custodian and the Trustee shall cooperate (and (i) with respect to each Servicing Function Participant and
Additional Servicer of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause
such Servicing Function Participant or Additional Servicer to cooperate, and (ii) with respect to any other Servicing Function
Participant or Additional Servicer of such party, shall cause such Servicing Function Participant or Additional Servicer to cooperate)
with the Depositor or any Other Depositor, as applicable, as necessary for the Depositor or any Other Depositor, as applicable,
to conduct any reasonable due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in
any of the deliverables required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley
Act and the rules and regulations promulgated thereunder (“Reporting Requirements”).

 

In
connection with comments provided to the Depositor or any Other Depositor from the Commission regarding (x) information delivered
by the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator,
the Custodian, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting
Party”), (y) information regarding such Affected Reporting Party, and/or (z) information prepared by such Affected Reporting
Party or any registered public accounting firm, attorney or other agent retained by such party to prepare such information, which
information is contained in a report filed by the Depositor or any Other Depositor under the Reporting Requirements and which
comments are received subsequent to the Depositor’s or any Other Depositor’s filing of such report, the Depositor
or any Other Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected
Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission
for inclusion in the Depositor’s or any Other Depositor’s response to the Commission, unless such Affected Reporting
Party elects, with the consent of the Depositor or any Other Depositor, as applicable (which consent shall not be

 

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unreasonably
denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution with the
Commission; provided, if an Affected Reporting Party is a Servicing Function Participant or Additional Servicer retained
by the Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to this paragraph. If
such election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or
resolution with the Commission in a timely manner; provided, that (i) such Affected Reporting Party shall use reasonable efforts
to keep the Depositor or any Other Depositor informed of its progress with the Commission and copy the Depositor or any Other
Depositor on all correspondence with the Commission and provide the Depositor or any Other Depositor with the opportunity to participate
(at the Depositor’s or Other Depositor’s expense) in any telephone conferences and meetings with the Commission and
(ii) the Depositor or any Other Depositor shall cooperate with such Affected Reporting Party in order to authorize such Affected
Reporting Party and its representatives to respond to and negotiate directly with the Commission with respect to any comments
from the Commission relating to such Affected Reporting Party and to notify the Commission of such authorization. The Depositor
(or any Other Depositor) and the applicable Affected Reporting Party shall cooperate and coordinate with one another with respect
to any requests made to the Commission for extension of time for submitting a response or compliance. All respective reasonable
out-of-pocket costs and expenses incurred by the Depositor or any Other Depositor (including reasonable legal fees and expenses
of outside counsel to the Depositor or any Other Depositor, as the case may be) in connection with the foregoing (other than those
costs and expenses required to be at the Depositor’s or any Other Depositor’s expense as set forth above) and any
amendments to any reports filed with the Commission related to the foregoing shall be promptly paid by the applicable Affected
Reporting Party upon receipt of an itemized invoice from the Depositor or any Other Depositor, as the case may be. Each of the
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian and the Trustee shall
use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained by it to comply
with the foregoing by inclusion of similar provisions (or by inclusion of a reference to, and an obligation to comply with, this
paragraph) in the related sub-servicing or similar agreement.

 

The
Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Trustee and the Certificate Administrator shall
cause each Servicing Function Participant of such party that is not a Mortgage Loan Seller Sub-Servicer (and with respect to any
Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially reasonable efforts
to cause such Servicing Function Participant) to indemnify and hold harmless each Certification Party, the Depositor, each Other
Depositor, any employee, director or officer of the Depositor or any Other Depositor, and each other person, if any, who controls
the Depositor or any Other Depositor within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and any other costs, fees and expenses (including without limitation the costs of investigation, legal defense and any
amounts paid in settlement of any claim or litigation) incurred by such indemnified party arising out of (i) a breach of its obligations
to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports pursuant
to the applicable sub-servicing or primary servicing agreement, (ii) negligence, bad faith or willful misconduct on its part in
the performance of such obligations, (iii) other than in

 

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the
case of the Operating Advisor, any failure by such Servicer (as defined in Section 10.02(b)) to identify a Servicing Function
Participant pursuant to Section 10.02(c), or (iv) any Deficient Exchange Act Deliverable with respect to such Servicing
Function Participant.

 

If
the indemnification provided for in, or contemplated by, any of the preceding paragraphs of this Section 10.12 is unavailable
or insufficient to hold harmless any Certification Party, the Depositor, any Other Depositor, any employee, director or officer
of the Depositor or any Other Depositor, or any other person who controls the Depositor or any Other Depositor within the meaning
of either Section 15 of the Securities Act or Section 20 of the Exchange Act, then the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Additional Servicer
or other Servicing Function Participant (the “Performing Party”) shall contribute to the amount paid or payable
to the indemnified party as a result of the losses, claims, damages or liabilities of the indemnified party in such proportion
as is appropriate to reflect the relative fault of the indemnified party on the one hand and the Performing Party on the other
in connection with a breach of the Performing Party’s obligations pursuant to this Article X (or breach of its obligations
under the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance statements or annual
servicing criteria compliance reports or attestation reports) or the Performing Party’s negligence, bad faith or willful
misconduct in connection therewith. The Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate
Administrator shall cause each Servicing Function Participant of such party that is not a Mortgage Loan Seller Sub-Servicer (and
with respect to any Servicing Function Participant of such party that is a Mortgage Loan Seller Sub-Servicer, shall use commercially
reasonable efforts to cause such Servicing Function Participant) to agree to the foregoing indemnification and contribution obligations.
This Section 10.12 shall survive the termination of this Agreement or the earlier resignation or removal of the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee or the Certificate Administrator.

 

Section
10.13     Amendments. This Article X may be amended by the parties hereto pursuant to Section
12.07 of this Agreement for purposes of complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards
developed within the commercial mortgage-backed securities market and the Sarbanes-Oxley Act or for purposes of designating the
Certifying Person without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of
any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

 

Section
10.14     Regulation AB Notices. With respect to any notice required to be delivered by the Certificate
Administrator to the Depositor pursuant to this Article X, the Certificate Administrator may deliver such notice, notwithstanding
any contrary provision in this Agreement, via facsimile and electronic mail to Citigroup Commercial Mortgage Securities Inc.,
390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, telecopy number: (212) 723-8599,
e-mail: paul.t.vanderslice@citi.com, with a copy to Citigroup Global Markets Inc., 390 Greenwich Street, 7th Floor, New
York, New York 10013, Attention: Richard Simpson, telecopy number: (646) 328-2943 e-mail: richard.simpson@citi.com, and
with a copy to Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor,
telecopy number: (646) 862-8988, e-mail:

 

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ryan.m.oconnor@citi.com,
or to such other address(es), facsimile numbers and/or electronic mail addresses as may be designated by the Depositor.

 

Section
10.15     Termination of the Certificate Administrator. Notwithstanding anything to the contrary
contained in this Agreement, the Depositor may terminate the Certificate Administrator upon five (5) Business Days’ notice
if the Certificate Administrator fails to comply with any of its obligations under this Article X; provided that
(a) such termination shall not be effective until a successor Certificate Administrator shall have accepted the appointment, (b)
the Certificate Administrator may not be terminated if (i) it cannot perform its obligations due to its failure to properly prepare
or file on a timely basis, on behalf of the Trust, any Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any
Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure to receive, within the
exact time frames set forth in this Agreement any information, approval, direction or signature from any other party hereto needed
to prepare, arrange for execution or file any such Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any Form
12b-25 not resulting from its own negligence, bad faith or willful misconduct, or (ii) following the Certificate Administrator’s
failure to comply with any of such obligations under this Article X on or prior to the dates by which such obligations
are to be performed pursuant to, and as set forth in, such Sections, the Certificate Administrator subsequently complies with
such obligations before the Depositor gives written notice to it that it is terminated in accordance with this Section 10.15,
and (c) if the Certificate Administrator’s failure to comply does not cause it to fail in its obligations to timely file,
on behalf of the Trust, the related Form 8-K, Form 10-D or Form 10-K, as the case may be, by the related deadline for filing such
Form 8-K, Form 10-D or Form 10-K, then the Depositor shall cease to have the right to terminate the Certificate Administrator
under this Section 10.15 on the date on which such Form 8-K, Form 10-D or Form 10-K is so filed.

 

Section
10.16     Termination of the Master Servicer or the Special Servicer. Notwithstanding anything
to the contrary contained in this Agreement, the Depositor may terminate the Master Servicer or the Special Servicer upon five
(5) Business Days’ notice if the Master Servicer or the Special Servicer, as applicable, fails to comply with any of its
respective obligations under this Article X; provided that such termination shall not be effective until a successor
master servicer or special servicer, as applicable, shall have accepted the appointment.

 

Section
10.17     Termination of Sub-Servicing Agreements. For so long as the Trust or any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master Servicer, the Special Servicer,
the Custodian, the Certificate Administrator and the Trustee, as applicable, shall (i) cause each Sub-Servicing Agreement (with
respect to the Master Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer) to which
it is a party to entitle the Depositor to terminate such agreement (without compensation, termination fee or the consent of any
other Person) at any time following any failure of the applicable Sub-Servicer or sub-servicer, as applicable, to deliver any
Exchange Act reporting items that such Sub-Servicer or sub-servicer, as applicable, is required to deliver under Regulation AB
or as otherwise contemplated by this Article X and (ii) promptly notify the Depositor following any failure of the applicable
Sub-Servicer or sub-servicer, as applicable, to deliver any Exchange Act reporting items that such Sub-Servicer or sub-servicer,
as applicable, is required to deliver under Regulation AB or as otherwise contemplated by this Article X. The

 

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Depositor
is hereby authorized to exercise the rights described in clause (i) of the preceding sentence in its sole discretion. The
rights of the Depositor to terminate a Sub-Servicing Agreement (with respect to the Master Servicer or the Special Servicer) or
sub-servicing agreement (with respect to any other Servicer) as aforesaid shall not limit any right Master Servicer, the Special
Servicer, the Custodian, the Certificate Administrator or the Trustee, as applicable, may have to terminate such Sub-Servicing
Agreement or sub-servicing agreement, as applicable.

 

Section
10.18     Notification Requirements and Deliveries in Connection With Securitization of a Serviced
Companion Loan.

 

(a)          Any
other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines for delivery
set forth in this Article X, in connection with the requirements contained in this Article X that provide for the
delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting Party
of any Other Securitization Trust that includes a Serviced Companion Loan, no party hereunder shall be obligated to provide any
such items to or cooperate with such Other Depositor or Other Exchange Act Reporting Party until the Other Depositor or Other
Exchange Act Reporting Party of such Other Securitization Trust has provided each party hereto with not less than 30 days written
notice (or, in each case, such shorter period as required for such Other Depositor or Other Exchange Act Reporting Party to comply
with related filing obligations, provided that (i) such Other Depositor or Other Exchange Act Reporting Party, as applicable,
has provided written notice as soon as reasonably practicable and, concurrently with such written notice, obtained verbal confirmation
of receipt of such written notice, in each case, in accordance with Section 12.04 of this Agreement and (ii) such period shall
not be less than 3 Business Days) (which shall only be required to be delivered once), (i) setting forth the contact information
for such Person(s) and, except as regards the deliveries and cooperation contemplated by Section 10.08, Section 10.09
and Section 10.10 of this Agreement, stating that such Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, and (ii) specifying in reasonable detail the information and other items not otherwise specified in this
Agreement that are requested to be delivered; provided that if Exchange Act reporting is being requested, such Other Depositor
or Other Exchange Act Reporting Party is only required to provide a single written notice to such effect; provided further,
that this notice requirement does not apply to any Serviced Companion Loan that is included in any Other Securitization as of
the Closing Date. Any reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset Representations
Reviewer, Custodian, Trustee and Certificate Administrator in cooperating with such Other Depositor or Other Exchange Act Reporting
Party of such Other Securitization Trust (above and beyond their expressed duties hereunder) shall be the responsibility of such
Other Depositor or Other Securitization Trust. The parties hereto shall have the right to confirm in good faith with the Other
Depositor of such Other Securitization Trust as to whether applicable law requires the delivery of the items identified in this
Article X to such Other Depositor and Other Exchange Act Reporting Party of such Other Securitization Trust prior to providing
any of the reports or other information required to be delivered under this Article X in connection therewith and (i) upon
such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article X with respect to
such Other Securitization Trust or (ii) in the absence of such confirmation, the parties shall not be required to deliver such
items; provided that no such confirmation will be required in connection with any

 

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delivery
of the items contemplated by Section 10.08, Section 10.09 and Section 10.10 of this Agreement. Such confirmation
shall be deemed given if the Other Depositor or Other Exchange Act Reporting Party for the Other Securitization Trust provides
a written statement to the effect that the Other Securitization Trust is subject to the reporting requirements of the Exchange
Act and the appropriate party hereto receives such written statement. The parties hereunder shall also have the right to require
that such Other Depositor provide them with the contact details of such Other Depositor, Other Exchange Act Reporting Party and
any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization Trust.

 

(b)          Each
of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written
request given in accordance with the terms of Section 10.18(a) above, and subject to a right of the Master Servicer, Special
Servicer, the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit
a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus (updated as appropriate
by the Master Servicer, the Special Servicer, Certificate Administrator or Trustee, as applicable, at the reasonable cost of the
holder of such Serviced Companion Loan) for inclusion in the disclosure materials relating to any securitization of a Serviced
Companion Loan.

 

(c)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request
given in accordance with the terms of Section 10.18(a) above, shall each timely provide (to the extent the reasonable
cost thereof is paid or caused to be paid by the holder of the related Serviced Companion Loan) to the Other Depositor and
any underwriters with respect to any securitization transaction that includes a Serviced Companion Loan such opinion(s) of
counsel, certifications and/or indemnification agreement(s) with respect to the updated description referred to in Section
10.18(b) with respect to such party, substantially identical to those, if any, delivered by the Master Servicer, the
Special Servicer, the Trustee or the Certificate Administrator, as the case may be, or their respective counsel, in
connection with the information concerning such party in the Prospectus and/or any other disclosure materials relating to
this Trust (updated as deemed appropriate by the Master Servicer, the Special Servicer, the Trustee or the Certificate
Administrator, or their respective legal counsel, as the case may be). None of the Master Servicer, the Special Servicer, the
Trustee or the Certificate Administrator shall be obligated to deliver any such item with respect to the securitization of a
Serviced Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)          Each
of the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator, upon reasonable prior written request
given in accordance with the terms of Section 10.18(a) above, shall provide (to the extent the reasonable cost thereof
is paid or caused to be paid by the applicable party set forth below in this Section 10.18(d)) to the Other Depositor and
the trustee under the Other Pooling and Servicing Agreement related to any Other Securitization Trust the following: (i) any information
(including, but not limited to, disclosure information) required for such Other Securitization Trust to comply in a timely manner
with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications
and/or indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the
Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, or their respective counsel,
in

 

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connection
with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.

 

In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization Trust in connection with the closing of this Series
2016-GC36 securitization transaction, the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification
agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, pursuant to this Section 10.18(d) shall be paid or caused to be paid by the applicable Serviced Companion
Loan Holder that transferred the related Serviced Companion Loan to the related Other Depositor for inclusion in such Other Securitization
Trust.

 

In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization Trust as a result of the termination, removal,
resignation or any other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator
under this Agreement, the reasonable cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s)
provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case
may be, pursuant to this Section 10.18(d) shall be paid or caused to be paid by the same party or parties required to pay
the costs and expenses relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section
10.19     Termination of Exchange Act Filings With Respect to the Trust. On or prior to January
30th of the first year in which the Depositor shall provide notice to the Certificate Administrator of its ability under applicable
law, to suspend its Exchange Act filings with respect to the Trust, the Certificate Administrator shall prepare and file a Form
15 Suspension Notification relating to the automatic suspension of reporting in respect of the Trust under the Exchange Act or
any other form necessary to be filed with the Commission to suspend such reporting obligations. With respect to any reporting
period occurring after the filing of such form, the obligations of the parties to this Agreement under Section 10.04, Section
10.05, Section 10.06 and Section 10.07, solely insofar as they relate to the Trust, shall be suspended. The
Certificate Administrator shall provide prompt notice to the Mortgage Loan Sellers and all other parties hereto that such form
has been filed. If, after the filing of a Form 15 Suspension Notification or other applicable form, the Depositor shall provide
notice to the Certificate Administrator that it is required to resume its Exchange Act filings with respect to the Trust, the
Certificate Administrator shall recommence preparing and filing reports on Forms 10-K, 10-D and 8-K with respect to the Trust
as required pursuant to Section 10.04, Section 10.05, Section 10.06 and Section 10.07, and all parties’
obligations under this Article X shall recommence.

 

Article
XI

ASSET REVIEW PROVISIONS

 

Section
11.01     Asset Review.

 

(a)          On
or prior to each Distribution Date, based on the CREFC® Delinquent Loan Status Report and/or the CREFC®
Loan Periodic Update File delivered by the Master

 

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Servicer
for such Distribution Date, the Certificate Administrator shall determine if an Asset Review Trigger has occurred during the related
Collection Period. If an Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide
notice to all Certificateholders and each other party to this Agreement. Any notice required to be delivered to the Certificateholders
pursuant to this Article XI shall be delivered by the Certificate Administrator by (i) posting such notice on the Certificate
Administrator’s Website and (ii) including in the Form 10-D relating to the Collection Period in which the Asset Review
Trigger occurred, notice of its determination together with the following statement describing the events that caused the Asset
Review Trigger to occur: “As of the [Date of Distribution], the following Mortgage Loans identified below are 60 or more
days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.” On each Distribution
Date occurring after providing such notice to Certificateholders, the Certificate Administrator, based on information provided
to it by the Master Servicer and/or the Special Servicer, as applicable, shall determine whether (1) any additional Mortgage Loan
has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) whether an Asset Review Trigger
has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1), (2)
and/or (3), deliver such information in a written notice (which may be via email) in the form of Exhibit SS
within two (2) Business Days of such determination to the Master Servicer, the Special Servicer, the Operating Advisor and the
Asset Representations Reviewer.

 

If
Certificateholders evidencing not less than 5% of the aggregate Voting Rights of the Certificates deliver to the Certificate Administrator,
within 90 days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting
a vote to commence an Asset Review (an “Asset Review Vote Election”), then the Certificate Administrator shall
promptly provide written notice thereof to all Certificateholders and conduct a solicitation of votes in accordance with Section
5.13 regarding whether to authorize an Asset Review. In the event there is an affirmative vote to authorize an Asset Review
by Holders of Certificates evidencing at least a majority of an Asset Review Quorum within 150 days of receipt of the Asset Review
Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall promptly provide written
notice thereof (the “Asset Review Notice”) to all parties to this Agreement, the Underwriters, the Mortgage
Loan Sellers, the Directing Holder and the other Certificateholders (such notice to Certificateholders to be effected by posting
such notice on the Certificate Administrator’s Website). Upon receipt of an Asset Review Notice, the Asset Representations
Reviewer shall request access to the Secure Data Room by providing the Certificate Administrator with a certification substantially
in the form attached hereto as Exhibit RR (which shall be sent via email to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s Website). Upon receipt of such certification, the Certificate
Administrator shall grant the Asset Representations Reviewer access to the Secure Data Room. In the event an Affirmative Asset
Review Vote has not occurred within such 150-day period following the receipt of the Asset Review Vote Election, no Certificateholder
may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer will not be required to review any
Delinquent Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan after the expiration of such 150-day
period, (B) a new Asset Review Trigger has occurred as a result or an Asset Review Trigger is otherwise in effect, (C) the Certificate
Administrator has received an Asset Review Vote Election within 90 days after the filing of a Form 10-D reporting the occurrence
of the

 

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events
described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote has occurred within 150 days after
the Asset Review Vote Election described in clause (C) in this sentence. After the occurrence of any Asset Review Vote Election
or an Affirmative Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election except as described
in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator in connection
with administering such vote will be paid as an expense of the Trust from the Collection Account. The Certificate Administrator
shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)          (i)
Upon receipt from the Certificate Administrator of an Asset Review Notice with respect to a Delinquent Mortgage Loan, the Custodian
(with respect to clauses (1) – (5) below for Performing Serviced Loans), the Master Servicer (with respect
to clause (6) below for Performing Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans)
shall promptly (but (except with respect to clause (6)) in no event later than ten (10) Business Days after receipt of such notice
from the Certificate Administrator) provide the following materials for such Delinquent Loan, in each case to the extent in such
party’s possession, to the Asset Representations Reviewer (collectively, with the Diligence Files posted on the Secure Data
Room by the Certificate Administrator pursuant to Section 4.09, copies of all Asset Status Reports and Final Asset Status
Reports related to each such Delinquent Loan, a copy of the Prospectus, a copy of each related Loan Purchase Agreement and a copy
of this Agreement, the “Review Materials”):

 

(1)          a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(2)          a
copy of an assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)          a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)          a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;

 

(5)          a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review; and

 

(6)          any
other related documents or information that are reasonably required to be delivered by the Master Servicer (with respect to Performing
Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans) 

 

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to
the Asset Representations Reviewer pursuant to clause (vii) below of this Section 11.01(b).

 

(ii)         Notwithstanding
the forgoing, the Mortgage Loan Seller will not be required to deliver any information that is proprietary to the Mortgage Loan
Seller or any draft documents, privileged or internal communications, credit underwriting or due diligence analysis.

 

(iii)        The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information can be
independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the
Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant to
this Section 11.01 (any such information, “Unsolicited Information”).

 

(iv)        Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence Files posted to the Secure
Data Room with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence
a review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan (such
review, the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with respect
to each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Loan in accordance
with the procedures set forth on Exhibit QQ (each such procedure, a “Test”). Once an Asset Review of
a Mortgage Loan is completed, no further Asset Review shall be required in respect of, or performed on, such Mortgage Loan notwithstanding
that such Mortgage Loan may continue to be a Delinquent Loan or again become a Delinquent Loan at a time when a new Asset Review
Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)          No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)        The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)       In
connection with an Asset Review, the Asset Representations Reviewer shall comply with the following procedures with respect to
each Delinquent Loan:

 

(A)          Within
10 business days after the date on which the Review Materials identified in clauses (i) through (v) of the definition have been
received by the Asset Representations Reviewer with respect to such Delinquent Loan or in

 

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any
event within 15 days after the date on which access to the Secure Data Room is provided to the Asset Representations Reviewer
by the Certificate Administrator, in the event that the Asset Representations Reviewer reasonably determines that any Review Materials
made available or delivered to the Asset Representations Reviewer are missing any documents or information required to complete
any Test for such Delinquent Loan, the Asset Representations Reviewer shall promptly notify the Master Servicer (with respect
to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, of such missing documents
or information, and request that the Master Servicer or the Special Servicer, as applicable, promptly (but in no event later than
10 Business Days after receipt of notification from the Asset Representations Reviewer) deliver to the Asset Representations Reviewer
such missing documents or information in its possession. In the event any missing documents or information are not provided by
the Master Servicer or the Special Servicer, as applicable, within such 10-Business Day period, the Asset Representations Reviewer
shall request such documents or information from the related Mortgage Loan Seller; provided that the Mortgage Loan Seller
will be required under the related Loan Purchase Agreement to deliver any such missing documents or information only to the extent
such document or information is in the possession of the Mortgage Loan Seller.

 

(B)          Following
the events in clause (A) above, and within 45 days after the date on which access to the Secure Data Room is provided to the Asset
Representations Reviewer by the Certificate Administrator, the Asset Representations Reviewer shall prepare a preliminary report
with respect to such Delinquent Loan setting forth (i) the preliminary results of the application of the Tests, (ii) if applicable,
whether the Review Materials for such Delinquent Loan are insufficient to complete any Test, (iii) a list of any applicable missing
documents or information together with the reasons why such missing documents or information are necessary to complete any Test,
and (iv) (if the Asset Representations Reviewer has so concluded) whether the absence of such documents or information will be
deemed to be a failure of such Test (collectively, the “Preliminary Asset Review Report“). The Asset Representations
Reviewer shall provide each Preliminary Asset Review Report to the Master Servicer (with respect to Performing Serviced Loans)
or the Special Servicer (with respect to Specially Serviced Loans), who shall promptly, but in no event later than 10 Business
Days of receipt thereof, provide the Preliminary Asset Review Report to the applicable Mortgage Loan Seller. The Asset Representations
Reviewer shall include the following statement in the related correspondence when providing each Preliminary Asset Review Report
to the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect to Specially Serviced
Loans): “This is a Preliminary Asset Review Report regarding an Asset Review under Section 11.01 of the Pooling and Servicing
Agreement relating to the Citigroup Commercial Mortgage Trust 2016-GC36 Commercial Mortgage Pass Through Certificates, Series
2016-GC36, requiring action by you as the recipient of such Preliminary Asset Review Report. You are required to deliver the Preliminary
Asset Review Report to the applicable

 

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Mortgage
Loan Seller no later than 10 Business Days of receipt of the Preliminary Asset Review Report”. If the Preliminary Asset
Review Report indicates that any of the representations and warranties fails or is deemed to fail any Test, the applicable Mortgage
Loan Seller shall have 90 days from receipt of the Preliminary Asset Review Report (the “Cure/Contest Period”)
to remedy or otherwise refute the failure. The Mortgage Loan Seller will be required under the related Loan Purchase Agreement
to provide any information and documents or any explanations to support a conclusion that (i) a subject representation and warranty
has not failed a Test or (ii) a claim that any missing information or documents in the Review Materials are not required to complete
a Test, in any such case to the Master Servicer (with respect to Performing Serviced Loans) or the Special Servicer (with respect
to Specially Serviced Loans), and the Master Servicer and the Special Servicer, as applicable, shall promptly, but in no event
later than ten (10) Business Days after receipt from the related Mortgage Loan Seller, deliver to the Asset Representations Reviewer
any such information or documents or explanations given to support a claim that the representation and warranty has not failed
a Test or a claim that any missing information or documents in the Review Materials are not required to complete a Test.

 

(C)          Within
the later of (x) 60 days after the date on which access to the Secure Data Room is provided to the Asset Representations Reviewer
by the Certificate Administrator, and (y) 10 Business Days after the expiration of the Cure/Contest Period, the Asset Representations
Reviewer shall complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report, substantially in the form
attached hereto as Exhibit OO, setting forth the Asset Representations Reviewer’s findings and conclusions as to
whether or not it has determined there is any evidence of a failure of any Test based on the Asset Review, together with a statement
that the Asset Representations Reviewer’s findings and conclusions set forth in such report were not influenced by any third
party (an “Asset Review Report”), to each party to this Agreement, the related Mortgage Loan Seller and the
Controlling Class Representative (if such Delinquent Loan is not an Excluded Mortgage Loan), and (ii) a summary of the Asset Representations
Reviewer’s conclusions included in such Asset Review Report (an “Asset Review Report Summary”) to the
Trustee and Certificate Administrator (who shall include such Asset Review Report Summary in the Form 10-D relating to the Collection
Period in which such Asset Review Report Summary is received and post such Asset Review Report Summary on the Certificate Administrator’s
Website in accordance with Section 10.04(e)). The period of time by which the Asset Review Report must be completed and
delivered may be extended by up to an additional 30 days, upon written notice to the parties to this Agreement and the applicable
Mortgage Loan Seller(s), if the Asset Representations Reviewer determines pursuant to the Asset Review Standard that such additional
time is required due to the characteristics of the Delinquent Loan(s) and/or the Mortgaged Property or Mortgaged Properties. In
addition, in the event that the Asset Representations Reviewer does not receive any information or documentation that it requested
from the Master Servicer (with respect to Performing Serviced Loans), the Special Servicer (with respect to

 

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Specially
Serviced Loans) or the applicable Mortgage Loan Seller in sufficient time to allow the Asset Representations Reviewer to complete
its Asset Review and deliver an Asset Review Report, the Asset Representations Reviewer shall prepare the Asset Review Report
solely based on the information received by the Asset Representations Reviewer with respect to the related Delinquent Loan, and
the Asset Representations Reviewer shall have no responsibility to independently obtain any such information from any party to
this or otherwise.

 

(viii)      Within
thirty (30) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Enforcing Servicer shall determine,
based on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If the Enforcing Servicer
determines that a Material Defect exists, the Enforcing Servicer shall enforce the obligations of the related Mortgage Loan Seller
with respect to such Material Defect in accordance with Section 2.03(a).

 

(ix)        In
no event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material Defect, or whether the
Trust should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in each case, shall be the responsibility
of the Special Servicer or the Master Servicer, as applicable, pursuant to Section 2.03(a) or Section 11.01(b)(viii)
of this Agreement.

 

(c)          The
Asset Representations Reviewer and its Affiliates shall keep confidential any Privileged Information received from any party to
this Agreement or any Sponsor (including, without limitation, in connection with the review of the Mortgage Loans) and not disclose
such Privileged Information to any Person (including Certificateholders), other than (1) to the extent expressly required by this
Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement with a notice indicating that such information
is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged
Information from the Asset Representations Reviewer with a notice stating that such information is Privileged Information shall
not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer other than pursuant
to a Privileged Information Exception. In addition, the Asset Representations Reviewer shall keep all documents and information
received by the Asset Representations Reviewer in connection with an Asset Review that are provided by the applicable Mortgage
Loan Seller, the Master Servicer and the Special Servicer confidential and shall not disclose such documents or information except
for purposes of complying with its duties and obligations hereunder.

 

(d)          The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided that no agent
or subcontractor may (i) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Controlling Class Representative or any of their respective Affiliates or (ii) have been paid
any fees, compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Controlling Class Representative or any of their respective Affiliates in connection with due
diligence or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence,
the Asset

 

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Representations
Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions
of this Agreement without diminution of such obligation or liability or related obligation or liability by virtue of such delegation
or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under
the same terms and conditions as if the Asset Representations Reviewer alone were performing its obligations under this Agreement.
The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent or subcontractor providing for
indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing contained in this Agreement
shall be deemed to limit or modify such indemnification.

 

(e)          With
respect to any Delinquent Loan that is an Outside Serviced Mortgage Loan, to the extent any documents required by the Asset Representations
Reviewer to complete a Test are missing or have not been received from the related Mortgage Loan Seller, the Master Servicer (with
respect to any such Outside Serviced Mortgage Loan that is being serviced by an Outside Servicer) and the Special Servicer (with
respect to any such Outside Serviced Mortgage Loan that is being serviced by an Outside Special Servicer) shall, upon reasonable
request from the Asset Representations Reviewer, request such document(s) from such Outside Servicer or Outside Special Servicer,
as the case may be (or, in each case, such other party as contemplated under the related Outside Servicing Agreement).

 

Section
11.02     Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)          The
Asset Representations Reviewer shall be paid a fee of $5,000 (the “Asset Representations Reviewer Upfront Fee”)
on the Closing Date. As compensation for the performance of its routine duties, the Asset Representations Reviewer shall be paid
a fee (the “Asset Representations Reviewer Fee”), payable monthly from amounts received in respect of each
Mortgage Loan (including any Outside Serviced Mortgage Loan), and for any Distribution Date is an amount accrued during the related
Interest Accrual Period at 0.000691% per annum (the “Asset Representations Reviewer Fee Rate”) on, in
the case of the initial Distribution Date, the Cut-Off Date Balance of such Mortgage Loan and, in the case of any subsequent Distribution
Date, the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in such Interest
Accrual Period, and shall be calculated on the same interest accrual basis as the related Mortgage Loan and prorated for any partial
periods. The Asset Representations Reviewer Fee shall be payable from amounts on deposit in the Collection Account as set forth
in Section 3.06(a).

 

(b)          Upon
the commencement of an Asset Review with respect to a Delinquent Loan, the Asset Representations Reviewer shall be paid a fee
of (i) $15,000 plus $1,000 per additional Mortgaged Property with respect to a Delinquent Loan with a Cut-off Date Balance less
than $15,000,000, (ii) $20,000 plus $1,000 per additional Mortgaged Property with respect to a Delinquent Loan with a Cut-off
Date Balance greater than or equal to $15,000,000, but less than $30,000,000 or (iii) $25,000 plus $1,000 per additional Mortgaged
Property with respect to a Delinquent Loan with a Cut-off Date Balance greater than or equal to $30,000,000 (the “Asset
Representations Reviewer Asset Review Fee”), which shall cover recurring and otherwise reasonably anticipated expenses
of the Asset Representations Reviewer. The Asset

 

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Representations
Reviewer Asset Review Fee with respect to each Delinquent Loan shall be paid by the related Mortgage Loan Seller; provided,
however, that if the related Mortgage Loan Seller is insolvent or fails to pay such amount within ninety (90) days of written
request by the Asset Representations Reviewer, such fee shall be paid by the Trust Fund following delivery by the Asset Representations
Reviewer of evidence reasonably satisfactory to the Master Servicer or the Special Servicer, as applicable, of such insolvency
or failure to pay such amount; provided, however, that a statement of non-payment by the Asset Representations Reviewer
ninety (90) days after an itemized invoice is delivered by registered mail to the address listed in this Agreement for the related
Mortgage Loan Seller, or to such other address as shall be provided by such Mortgage Loan Seller for delivery of notice in accordance
with this Agreement, together with evidence of delivery or attempted delivery of such invoice and reasonable follow up by phone
or email, shall constitute satisfactory evidence delivered by the Asset Representations Reviewer of such failure to pay such amount;
and provided, further, that notwithstanding any payment of such fee by the Trust to the Asset Representations Reviewer,
such fee will remain an obligation of the related Mortgage Loan Seller and the Special Servicer shall pursue remedies against
such Mortgage Loan Seller to recover any such amounts to the extent paid by the Trust. If paid by the Trust Fund as described
in the immediately preceding sentence, the Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Loan
shall be payable from funds on deposit in the Collection Account as set forth in Section 3.06(a).

 

(c)          Notwithstanding
the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be included in the
Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review that is repurchased by a Mortgage Loan Seller,
and such portion of the Purchase Price received shall be used to reimburse the Asset Representations Reviewer or the Trust, as
the case may be, for such fees pursuant to Section 11.02(b).

 

(d)          The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

Section
11.03     Resignation of the Asset Representations Reviewer.  The Asset Representations
Reviewer may resign and be discharged from its obligations hereunder by giving written notice thereof to the other parties to
this Agreement and each Rating Agency. In addition, the Asset Representations Reviewer shall at all times be an Eligible Asset
Representations Reviewer, and shall resign if it fails to be an Eligible Asset Representations Reviewer (and such failure results
in an Asset Representations Reviewer Termination Event) by giving written notice to the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing Holder. Upon such notice of resignation,
the Depositor shall promptly appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer.
No resignation of the Asset Representations Reviewer will be effective until a successor Asset Representations Reviewer that is
an Eligible Asset Representations Reviewer has been appointed and accepted the appointment. If no successor Asset Representations
Reviewer shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Asset Representations Reviewer may petition any court of competent jurisdiction for the appointment of a successor
asset representations reviewer that is an Eligible Asset Representations Reviewer.

 

    	-435-

    	 

    

 

The
Asset Representations Reviewer shall bear all costs and expenses of each party hereto and each Rating Agency in connection with
its resignation and the transfer of its duties.

 

Section
11.04     Restrictions of the Asset Representations Reviewer. Neither the Asset Representations
Reviewer nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however, that
such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the Asset Representations
Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such
Affiliate maintain policies and procedures that (A) segregate personnel involved in the activities of the Asset Representations
Reviewer under this Agreement from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate
and its personnel from gaining access to information regarding the Trust and the Asset Representations Reviewer and its personnel
from gaining access to such Affiliate’s information regarding its investment activities.

 

Section
11.05     Termination of the Asset Representations Reviewer.

 

(a)          An
“Asset Representations Reviewer Termination Event” means any one of the following events whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body:

 

(i)          any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of any of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of thirty (30) days after the date on which written notice of such failure is given to the Asset Representations
Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the Holders of Certificates having greater
than 25% of the aggregate Voting Rights;

 

(ii)         any
failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written notice
of such failure is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)        any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of thirty (30) days;

 

(iv)        a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree
or order shall have remained in force undischarged or unstayed for a period of sixty (60) days;

 

    	-436-

    	 

    

 

(v)          the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)         the
Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon
receipt by the Certificate Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination
Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders in accordance with the notice
distribution procedures described in Section 11.01(a), unless the Certificate Administrator has received written notice
that such Asset Representations Reviewer Termination Event has been remedied. If an Asset Representations Reviewer Termination
Event shall occur then, and in each and every such case, so long as such Asset Representations Reviewer Termination Event shall
not have been remedied, either the Trustee (i) may or (ii) upon the written direction of holders of Certificates evidencing not
less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction Amounts), shall, terminate all
of the rights and obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations accrued
prior to such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other
than indemnification rights (arising out of events occurring prior to such termination), by notice in writing to the Asset Representations
Reviewer. The Asset Representations Reviewer is required to bear all reasonable costs and expenses of itself and of each other
party to this Agreement in connection with its termination due to an Asset Representations Reviewer Termination Event. Notwithstanding
anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall have the right, but not the obligation, to
notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes
aware.

 

(b)          Upon
(i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the
application of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer
with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by
such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator
in connection with administering such vote, the Certificate Administrator shall promptly provide written notice of such request
to the Asset Representations Reviewer and to all Certificateholders by (i) posting such notice on the Certificate Administrator’s
Website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in the Certificate Register and to
the Asset Representations Reviewer. Upon the written direction of holders of Certificates evidencing at least 75% of a Certificateholder
Quorum, the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement
(other than any rights or obligations that accrued prior to the date of such termination and other than indemnification rights
arising out of events occurring prior to such termination) by notice in writing to the Asset

 

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Representations
Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Asset Representations Reviewer. In the event that holders of the Certificates entitled to at least 75% of a
Certificateholder Quorum elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor
asset representations reviewer shall be responsible for all expenses necessary to effect the transfer of responsibilities from
its predecessor.

 

(c)          On
or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2) the Trustee delivers
such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an
Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Holder and each Certificateholder within one Business Day of such appointment.

 

The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer. If the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and
the Directing Holder of such disqualification and, if an Asset Representations Reviewer Termination Event occurs as a result,
immediately resign under Section 11.03 of this Agreement, and a successor asset representations reviewer shall be appointed
in accordance with Section 11.03.

 

(d)          Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor,
the Mortgage Loan Sellers, the Depositor, each Rating Agency and, prior to the occurrence and continuance of a Consultation Termination
Event, the Controlling Class Representative. In the event that the Asset Representations Reviewer is terminated, all of its rights
and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such
termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification
rights (arising out of events occurring prior to such termination).

 

    	-438-

    	 

    

 

Article
XII

MISCELLANEOUS PROVISIONS

 

Section
12.01     Counterparts. This Agreement may be executed simultaneously in any number of counterparts,
each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.
Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission
shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

Section
12.02     Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder
shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representatives
or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund,
nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth, or
contained in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners
or members of an association; nor shall any Certificateholder be under any liability to any third person by reason of any action
taken by the parties to this Agreement pursuant to any provision hereof.

 

No
Certificateholder shall have any right to institute any suit, action or proceeding in equity or at law upon or under or with respect
to this Agreement, any Mortgage Loan or Serviced Loan Combination, unless such Holder previously shall have given to the Trustee
a written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of at least
25% of the Voting Rights of any Class of Certificates affected thereby (considering each Class of the Class A-S, Class B and Class
C Certificates together with the Class EC Component of the same alphabetical designation as a single “Class” for such
purpose) shall have made written request upon the Trustee (with a copy to the Certificate Administrator) to institute such action,
suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it
may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after
its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit
or proceeding. It is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder
and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue
of any provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of such Certificates,
or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement,
except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Certificates of such Class.
For the protection and enforcement of the provisions of this Section, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

 

    	-439-

    	 

    

 

Section
12.03     Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF
THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

Section
12.04     Notices. Unless otherwise specifically provided in this Agreement, any communications
provided for or permitted hereunder shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have
been duly given if (a) personally delivered, (b) mailed by registered mail, postage prepaid (except for notices to the Trustee
or the Certificate Administrator which shall be deemed to have been duly given only when received), (c) sent by nationally recognized
express courier delivery service and received by the addressee, (d) transmitted by facsimile transmission (or any other type of
electronic transmission agreed upon by the parties) and received by the addressee or (e) only with respect to any addressee of
any party for which an electronic mail address is set forth below, sent by electronic mail (provided, however, any notice
provided by electronic mail shall not be considered delivered until receipt of such electronic mail is confirmed by the addressee),
to the applicable party at the following address(es), to: (i) in the case of the Depositor, Citigroup Commercial Mortgage Securities
Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number (212) 723-8599,
and 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number (646) 328-2943,
and 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Ryan M. O’Connor, fax number (646) 862-8988,
and with an electronic copy e-mailed to Richard Simpson at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com;
(ii) in the case of the Master Servicer, KeyBank National Association, 11501 Outlook Street, Suite 300, Overland Park, Kansas
66211, Attention: Diane Haislip, fax number: (877) 379-1625, E-mail: diane_c_haislip@keybank.com, with a copy to: Polsinelli
PC, 900 W. 48th Place, Suite 900, Kansas City, Missouri 64112, Attention: Kraig Kohring, facsimile number: (816) 753-1536, e-mail:
kkohring@polsinelli.com; (iii) in the case of the Special Servicer, Wells Fargo Bank, National Association, Commercial Mortgage
Servicing, MAC D1086, 550 South Tryon Street, Charlotte, North Carolina 28202, Attention: CGCMT 015-GC36 Special Servicing - Daniel
Marthinsen, fax number: (704) 715-0036, with a copy to Wells Fargo Bank, National Association, Legal Department, 301 South College
Street, TW-30, D1053-300, Charlotte, North Carolina 28202-6000, Attention: Commercial Mortgage Servicing Legal Support, fax number:
(704) 383-3663, with a copy to K&L Gates LLP, Hearst Tower, 214 North Tryon Street, Charlotte, North Carolina 28202, Attention:
Stacy G. Ackermann, fax number: (704) 353-3190, and with respect to e-mail pursuant to Section 12.06 and Section 12.13 of this
Agreement, at RAInvRequest@wellsfargo.com and with respect to notices and emails relating to Section 4.02 of this Agreement,
at REAM_InvestorRelations@wellsfargo.com ; (iv) in the case of the Certificate Administrator, Wells Fargo Bank, National
Association, 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Administration Group – CGCMT
2016 GC36, e-mail: cts.cmbs.bond.admin@wellsfargo.com with a copy to trustadministratorgroup@wellsfargo.com; (v)
in the case of the Trustee, Wilmington Trust,

 

    	-440-

    	 

    

 

National
Association, 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – CGCMT 2016-GC36, fax number
(302) 636-4140, Email: cmbstrustee@wilmingtontrust.com; (vi) in the case of the Asset Representations Reviewer and the
Operating Advisor, Pentalpha Surveillance LLC, 375 N. French Road, Suite 100, Amherst, New York, 14228, Attention: Attention:
Don Simon, Chief Operating Officer, with copies sent contemporaneously via e-mail to don.simon@pentalphasurveillance.com and notices@pentalphasurveillance.com,
with a copy to Bass, Berry & Sims PLC, 150 Third Avenue South, Nashville, Tennessee 37201, Attention: Jay H. Knight, email:
jknight@bassberry.com; (vii) in the case of the Rating Agencies: (a) Moody’s Investors Service, Inc., 7 World Trade
Center, New York, New York 10007, Attention: Commercial Mortgage Surveillance Group, fax number: (212) 553 0300, email: CMBSSurveillance@Moodys.com,
(b) Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004, Attention: Commercial Mortgage Surveillance Group, fax
number: (212) 635 0295, e-mail: Info.cmbs@fitchratings.com, and (c) Kroll Bond Rating Agency, Inc., 845 Third Avenue, 4th
Floor, New York, New York 10022, Attention: CMBS Surveillance, fax number: (646) 731 2395; (viii) in the case of the Mortgage
Loan Sellers, (a) Citigroup Global Markets Realty Corp., 390 Greenwich Street, 5th Floor, New York, New York 10013, to the attention
of Paul Vanderslice, fax number (212) 723-8599, and 390 Greenwich Street, 7th Floor, New York, New York 10013, to the attention
of Richard Simpson, fax number (646) 328-2943, with copies by electronic mail to Richard Simpson at richard.simpson@citi.com,
Ryan M. O’Connor at ryan.m.oconnor@citi.com and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com,
(b) Goldman Sachs Mortgage Company, 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number: (212) 428-1439,
e-mail: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, e-mail: peter.morreale@gs.com
and Joe Osborne, fax number: 212-291-5318, e-mail: joe.osborne@gs.com, (c) Cantor Commercial Real Estate Lending, L.P.,
110 East 59th Street, 6th Floor, New York, NY 10022, Attention: Anthony Orso, fax number: (212) 610-3623, with a copy to: General
Counsel, and (d) Starwood Mortgage Funding I LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Leslie
K. Fairbanks, Executive Vice President, fax number: (305) 695-5449, e-mail: lfairbanks@starwood.com, with a copy to: LNR Property
LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Vincent Kallaher, Senior Vice President, fax number:
(305) 695-5449, email: vkallaher@lnrproperty.com, with a copy to: LNR Property LLC, 1601 Washington Ave., Suite 800, Miami Beach,
Florida 33139, Attention: General Counsel, fax number: (305) 695-5449, email: srivers@lnrproperty.com; (ix) in the case of the
Underwriters, (a) Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attention: Leah Nivison, fax number:
(212) 428-1439, e-mail: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, e-mail: peter.morreale@gs.com
and Joe Osborne, fax number: 212-291-5318, e-mail: joe.osborne@gs.com; (b) Citigroup Global Markets Inc., 390 Greenwich
Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number: (212) 723-8599, and 390 Greenwich Street,
7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number: (646) 328-2943, with copies by electronic mail to
Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com; (c) Cantor Fitzgerald
& Co., 499 Park Avenue, New York, New York 10022, Attention: Stephen Merkel and Shawn Matthews, email: smerkel@cantor.com,
fax number: (212) 829-4708; and (d) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin,
Director of Debt Syndicate, fax number: (646) 412-1500; (x) in the case of the Initial Purchasers, (a) Goldman, Sachs & Co.,
200 West Street, New York, New York 10282, Attention: Leah 

 

    	-441-

    	 

    

 

Nivison, fax number: (212) 428-1439,
e-mail: leah.nivison@gs.com, with copies to: Peter Morreale, fax number: (212) 902-3000, e-mail: peter.morreale@gs.com
and Joe Osborne, fax number: 212-291-5318, e-mail: joe.osborne@gs.com; (b) Citigroup Global Markets Inc., 390 Greenwich
Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, fax number: (212) 723-8599, and 390 Greenwich Street,
7th Floor, New York, New York 10013, Attention: Richard Simpson, fax number: (646) 328-2943, with copies by electronic mail to
Richard Simpson at richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com; (c) Cantor Fitzgerald
& Co., 499 Park Avenue, New York, New York 10022, Attention: Stephen Merkel and Shawn Matthews, email: smerkel@cantor.com,
fax number: (212) 829-4708; and (d) Drexel Hamilton, LLC, 77 Water Street, New York, New York 10005, Attention: John D. Kerin,
Director of Debt Syndicate, fax number: (646) 412-1500; and (xi) in the case of the initial Controlling Class Representative,
Eightfold Real Estate Capital, L.P, 1111 Lincoln Road, Suite 802, Miami Beach, Florida 33139, Attention: Brian Tageson, email:
btageson@eightfold.com; or as to each such Person such other address or e-mail address as may hereafter be furnished by such Person
to the parties hereto in writing. Any communication required or permitted to be delivered to a Certificateholder shall be deemed
to have been duly given when mailed first class, postage prepaid, to the address of such Holder as shown in the Certificate Register.
Any communication required or permitted to be delivered to a Certificate Owner shall be deemed to have been duly given to the
extent delivered through the Depository. Any notice so mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives such notice. Notwithstanding anything contained
in this Section 12.04 to the contrary, nothing in this Section 12.04 shall constitute consent by any party hereto
to service of process upon such party by facsimile transmission, electronic mail or any other type of electronic transmission.

 

The
obligation of any party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer,
Other Special Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such
party to this Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other
Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the
name and contact information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or
Other 17g-5 Information Provider, as applicable, and shall be entitled to assume that the identity and contact information for
such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable,
has not changed, absent receipt of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee
or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a
change with respect to the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement,
as applicable.

 

Section
12.05     Severability of Provisions. If any one or more of the covenants, agreements, provisions
or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or

 

    	-442-

    	 

    

 

terms
of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

 

Section
12.06     Notice to the Rule 17g-5 Information Provider, Depositor and Each Rating Agency.

 

(a)          The
Certificate Administrator shall use its best efforts to promptly prepare a written notice, and provide such notice by e-mail to
the Rule 17g-5 Information Provider (if the Certificate Administrator is for any reason not the Rule 17g-5 Information Provider)
and the Depositor, with respect to each of the following items of which a Responsible Officer of the Certificate Administrator
has actual knowledge, and the Rule 17g-5 Information Provider shall upload such notice to the Rule 17g-5 Information Provider’s
Website on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day
by 12:00 p.m. and shall, promptly following the posting of such notice to the Rule 17g-5 Information Provider’s Website,
notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating Agency that has indicated
to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic mail of the posting of
such notice, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s Website:

 

(i)          any
material change or amendment to this Agreement;

 

(ii)         the
occurrence of any Servicer Termination Event that has not been cured;

 

(iii)        the
merger, consolidation, resignation or termination of the Master Servicer, Special Servicer, the Trustee or the Certificate Administrator
or any Outside Servicer, Outside Special Servicer or Outside Trustee;

 

(iv)        the
repurchase of, or substitution of, Mortgage Loans pursuant to Section 2.03;

 

(v)          the
final payment to any Class of Certificateholders;

 

(vi)         any
change in the location of the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable Distribution
Account, the Excess Interest Distribution Account or any Distribution Account;

 

(vii)       any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer; and

 

(viii)      any
change in the lien priority of a Mortgage Loan.

 

(b)          The
Master Servicer or the Special Servicer shall promptly furnish by e-mail (or any other form of electronic delivery reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable, and the Rule 17g-5 Information Provider) to the Rule
17g-5 Information Provider and the Depositor copies of the following (to the extent not already delivered or made available pursuant
to the terms of this Agreement), and the Rule 17g-5 Information Provider shall upload such documents to the Rule 17g-5 Information
Provider’s

 

    	-443-

    	 

    

 

Website
on the same Business Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00
p.m., and the Rule 17g-5 Information Provider shall, promptly following the posting of such documents to the Rule 17g-5 Information
Provider’s Website, notify, or cause the notification of, each Registered Rating Agency (other than any Registered Rating
Agency that has indicated to the Rule 17g-5 Information Provider of its election to not receive such notification) by electronic
mail of the posting of such documents, which electronic mail may be automatically generated by the Rule 17g-5 Information Provider’s
Website:

 

(i)          each
of its annual statements as to compliance described in Section 10.08 of this Agreement;

 

(ii)        each
of its annual reports on assessment of compliance with servicing criteria described in Section 10.09 of this Agreement;

 

(iii)       each
of its annual independent public accountants’ servicing reports described in Section 10.10 of this Agreement;

 

(iv)        a
copy of each operating and other financial statements, rent rolls, occupancy reports, and sales reports to the extent such information
is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 4.02; and

 

(v)         upon
request, each inspection report prepared in connection with any inspection conducted pursuant to Section 3.18 of this Agreement.

 

(c)         The
Certificate Administrator shall promptly furnish by e-mail (or any other form of electronic delivery reasonably acceptable to
the Certificate Administrator and the Rule 17g-5 Information Provider) to the Rule 17g-5 Information Provider (if the Certificate
Administrator is for any reason not the Rule 17g-5 Information Provider) and the Depositor copies of the items set forth in Section
8.11(b) of this Agreement (to the extent not already delivered or made available pursuant to the terms of this Agreement and
to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format), and the Rule 17g-5
Information Provider shall upload such documents to the Rule 17g-5 Information Provider’s Website on the same Business Day
of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m..

 

(d)         After
any notice, document or item has been posted by the Rule 17g-5 Information Provider to the Rule 17g-5 Information Provider’s
Website pursuant to Sections 11.06(a), 11.06(b) or 11.06(c), the Rule 17g-5 Information Provider may send
such posted notice, document or item to a Registered Rating Agency.

 

Section
12.07     Amendment. This Agreement or any Custodial Agreement may be amended from time to
time by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the
Custodian (if the Certificate Administrator is then acting as Custodian), the Certificate Administrator and the Trustee, without
the consent of any of the Certificateholders or, as applicable, any Companion Loan Holder:

 

    	-444-

    	 

    

 

(i)          to
cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

(ii)         to
correct or supplement any of its provisions which may be inconsistent with any other provisions of this Agreement or with the
description thereof in the Prospectus or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation Proceeds Reserve Account, the Exchangeable
Distribution Account, any Excess Interest Distribution Account, the Distribution Account or any REO Account, provided that
(A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date
and (B) the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by
an opinion of counsel (at the expense of the party requesting the amendment);

 

(iv)        to
modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC
as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund,
provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at the expense of the
party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification or
to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests of any holder
of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates,
provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer
of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company
Act, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations;

 

(v)          to
make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided
that the amendment will not adversely affect in any material respect the interests of any Certificateholder, as evidenced by an
opinion of counsel;

 

(vi)        to
modify the procedures herein relating to Rule 17g-5; provided that such modification does not increase the obligations
of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer
or the Special Servicer without such party’s consent (which consent may not be withheld unless such modification would materially
adversely affect such party or materially increase such party’s obligations under this Agreement); provided, further
that notice of such modification is provided to all parties to this Agreement; and

 

(vii)       to
amend or supplement any provision of this Agreement to the extent necessary to maintain the ratings assigned to each Class of
Certificates by any of the Rating Agencies, provided that the amendment will not adversely affect in any material respect
the interests of any Certificateholder;

 

    	-445-

    	 

    

 

provided,
further that no amendment pursuant to any of clauses (i)-(vii) above may be made that would: (i) reduce the consent or
consultation rights or the right to receive information under this Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
this Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under this Agreement or the applicable Loan Purchase Agreement without the consent of the
affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter or Initial Purchaser,
without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced Companion Loan Holder
in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne by the party requesting
such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment for the benefit of
the Certificateholders, then in which case such expense will be borne by the Trust.

 

This
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner
the rights of the Certificateholders; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Serviced Loans which are required to be distributed
on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without the consent of the Holder of that
Certificate or that Serviced Companion Loan Holder, as applicable;

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to the amendment without the
consent of the Holders of all Certificates of that Class then outstanding;

 

(iii)       change
in any manner the obligations or rights of any Mortgage Loan Seller under this Agreement or the related Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller;

 

(iv)        change
the definition of “Servicing Standard” without either (1) consent of 100% of the holders of the Certificates or (2)
Rating Agency Confirmation;

 

(v)         without
the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely affected thereby, change (a) the
percentages of Voting Rights of Certificateholders which are required to consent to any action or inaction under this Agreement,
(b) the right of the Certificateholders to remove the Special Servicer pursuant to this Agreement or (c) the right of the Certificateholders
to terminate the Operating Advisor pursuant to this Agreement;

 

    	-446-

    	 

    

 

(vi)        adversely
affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;

 

(vii)       adversely
affect a Serviced Companion Loan Holder in its capacity as such without its consent; or

 

(viii)      change
in any manner the obligations or rights of any Underwriter or Initial Purchaser without the consent of the affected Underwriter
or Initial Purchaser.

 

In
the event that neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 12.07
shall be effective with the consent of the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator, the Custodian (if the Certificate Administrator is then acting as Custodian), the Special Servicer, the Master
Servicer, in writing, and to the extent required by this Section, the Certificateholders, the Serviced Companion Loan Holders,
the Mortgage Loan Sellers, the Underwriters and/or the Initial Purchasers, as applicable. Promptly after the execution of any
amendment, the Master Servicer shall forward a copy thereof to the Trustee, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator, the Custodian (if the Certificate Administrator is then acting as Custodian), the Special Servicer,
each Serviced Companion Loan Holder, each Mortgage Loan Seller, each Underwriter, each Initial Purchaser and the Certificate Administrator
and shall furnish written notification of the substance of such amendment to each Certificateholder, as applicable, and, for posting
to the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of this Agreement, the Rule 17g-5 Information
Provider. It shall not be necessary for the consent of Certificateholders or the Serviced Companion Loan Holders, the Mortgage
Loan Sellers, Underwriters or the Initial Purchasers, as applicable, under this Section 12.07 to approve the particular
form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The method of
obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders or the Serviced Companion
Loan Holders, the Mortgage Loan Sellers, Underwriters or the Initial Purchasers, as applicable, shall be subject to such reasonable
regulations as the Trustee may prescribe; provided, however, that such method shall always be by affirmation and
in writing.

 

Notwithstanding
any contrary provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless, if requested
by the Master Servicer, the Special Servicer, the Trustee, the Custodian (if the Certificate Administrator is then acting as Custodian),
and/or the Certificate Administrator, such party shall have received an Opinion of Counsel, at the expense of the party requesting
such amendment (or, if such amendment is required by any Rating Agency to maintain the rating issued by it or requested by the
Trustee or the Certificate Administrator for any purpose described in clause (i) or (ii) of the first sentence of this Section,
then at the expense of the Trust Fund), to the effect that such amendment will not cause either Trust REMIC to fail to qualify
as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust for federal income tax purposes at any time that any
Certificates are outstanding, and will not cause a tax to be imposed on the Trust Fund (other than a tax at the highest marginal
corporate tax rate on net income from foreclosure property pursuant to Code Section 860G(c)). Prior to the execution of any amendment
to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Custodian (if the

 

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Certificate
Administrator is then acting as Custodian), the Special Servicer and the Master Servicer may request and shall be entitled to
rely conclusively upon an Opinion of Counsel, at the expense of the party requesting such amendment (or, if such amendment is
required by any Rating Agency to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator
for any purpose described in clause (i), (ii), (iii) or (v) (which does not modify or otherwise relate solely to the obligations,
duties or rights of the Trustee or the Certificate Administrator, as applicable) of the first sentence of this Section, then at
the expense of the Trust Fund) stating that the execution of such amendment is authorized or permitted by this Agreement, and
that all conditions precedent to such amendment are satisfied. Each of the Trustee, the Custodian (if the Certificate Administrator
is then acting as Custodian) and the Certificate Administrator may, but shall not be obligated to, enter into any such amendment
which affects the Trustee’s, the Custodian’s (if the Certificate Administrator is then acting as Custodian) or the
Certificate Administrator’s, as applicable, own rights, duties or immunities under this Agreement.

 

Any
party hereto requesting an amendment to this Agreement shall provide (x) notice of such amendment no later than 3 Business
Days prior to the anticipated date of execution, and (y) a copy of the executed amendment no later than the date of
execution, to each Other Depositor (and counsel thereto) and Other Exchange Act Reporting Party under each Other Pooling and
Servicing Agreement (which may be by email) in order for each Companion Loan Holder to timely comply with its obligations
under the Exchange Act. In addition, the party requesting an amendment to this Agreement shall provide to the Rule 17g-5
Information Provider, for posting on the Rule 17g-5 Information Provider’s Website pursuant to Section 12.13 of
this Agreement, prior written notice of such proposed amendment.

 

Section
12.08     Confirmation of Intent. The Depositor intends that the conveyance of the Depositor’s
right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a sale and not a pledge of
security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the Depositor intends that the
rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement. The Depositor
also intends and agrees that, in such event, (i) the Depositor shall be deemed to have granted to the Trustee (in such capacity)
a first priority security interest in the Depositor’s entire right, title and interest in and to the assets comprising the
Trust Fund, including without limitation, the Mortgage Loans, all principal and interest received or receivable with respect to
the Mortgage Loans (other than principal and interest payments due and payable prior to the Cut-Off Date and Principal Prepayments
received prior to the Cut-Off Date), all amounts held from time to time in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account and, if established,
the Excess Liquidation Proceeds Reserve Account and the REO Account, and all reinvestment earnings on such amounts, and all of
the Depositor’s right, title and interest in and to any Insurance Proceeds related to such Mortgage Loans and (ii) this
Agreement shall constitute a security agreement under applicable law. This Section 12.08 shall constitute notice to the
Trustee pursuant to any of the requirements of the applicable UCC.

 

Section
12.09     Third-Party Beneficiaries. Except as provided in the next sentence, no Persons
other than a party to this Agreement, any Serviced Companion Loan Holder (unless it is the Mortgagor under the applicable Serviced
Companion Loan or an Affiliate

 

    	-448-

    	 

    

 

thereof)
and any Certificateholder, shall have any rights with respect to the enforcement of any of the rights or obligations hereunder.
Any Underwriter or Initial Purchaser (with respect to its rights to receive any documents, certifications, information and/or
indemnification hereunder and its rights under Section 2.02, Section 5.03 and Section 12.07 of this Agreement),
any Serviced Companion Loan Holder, any Mortgage Loan Seller (with respect to its rights under Section 2.03(a), Section
2.03(b), Section 2.03(c), Section 3.09(d)(i), Section 12.07 and Section 12.16 of this Agreement
and its rights as a Privileged Person), any Other Depositor and Other Exchange Act Reporting Party (with respect to its rights
under Article X of this Agreement) and, subject to Section 12.02 of this Agreement, any Certificateholder (which
are intended third-party beneficiaries of this Agreement) shall have the right to enforce their respective rights and obligations
hereunder (in the case of any Serviced Companion Loan Holder, to the extent they affect the related Serviced Companion Loan and
provided that such Serviced Companion Loan Holder is not the Mortgagor under the related Companion Loan or an Affiliate thereof)
as if each such Person was a party hereto.

 

Without
limiting the foregoing, the parties to this Agreement specifically state that no Mortgagor, property manager or other party to
a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section
12.10     Request by Certificateholders or the Serviced Companion Loan Holder. Where information
or reports are required to be delivered to a Certificateholder or a Serviced Companion Loan Holder, as applicable, upon request
pursuant to the terms of this Agreement, such request can be in the form of a single blanket request by a Certificateholder or
a Serviced Companion Loan Holder, as applicable, to the Certificate Administrator, the Master Servicer or the Special Servicer,
as applicable, and, with respect to such Certificateholder or a Serviced Companion Loan Holder, as applicable, such request shall
be deemed to relate to each date such report or information may be requested. The notice shall set forth the applicable Sections
where such reports and information are requested.

 

Section
12.11     Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING
DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
12.12     Submission to Jurisdiction. EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS
TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN
DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER
JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY
MAILING A COPY THEREOF BY CERTIFIED MAIL

 

    	-449-

    	 

    

 

ADDRESSED
TO IT AS PROVIDED FOR NOTICES HEREUNDER AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN
ANY MANNER PERMITTED BY LAW.

 

Section
12.13     Exchange Act Rule 17g-5 Procedures.

 

(a)          Except
as otherwise provided in Section 12.06 of this Agreement or this Section 12.13 or otherwise in this Agreement or
as required by law, none of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian shall provide any information directly to, or communicate with, either orally or in writing, any Rating
Agency regarding the Certificates or the Mortgage Loans relevant to the Rating Agencies’ surveillance of the Certificates
or the Mortgage Loans, including, but not limited to, providing responses to inquiries from a Rating Agency regarding the Certificates
or the Mortgage Loans relevant to such Rating Agency’s surveillance of the Certificates. To the extent that a Rating Agency
makes an inquiry or initiates communications with the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor or the Custodian regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s
surveillance of the Certificates, all responses to such inquiries or communications from such Rating Agency shall be made in writing
by the responding party and shall be provided to the Rule 17g-5 Information Provider as provided in Section 12.13(h), whereupon
the Rule 17g-5 Information Provider shall post such written response to the Rule 17g-5 Information Provider’s Website on
the same Business Day of receipt of such response if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business
Day by 12:00 p.m. (or, if the responding party is the Rule 17g-5 Information Provider, on the same Business Day of preparation
of such response if prepared by 2:00 p.m. or, if prepared after 2:00 p.m., on the next Business Day by 12:00 p.m.), and the Rule
17g-5 Information Provider shall, promptly after such response has been posted to the Rule 17g-5 Information Provider’s
Website, notify, or cause the notification of, each Registered Rating Agency by electronic mail of the posting of such response.

 

(b)          To
the extent that any of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
or the Custodian is required to provide any information to, or communicate with, any Rating Agency in accordance with its obligations
under this Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
or the Custodian, as applicable, shall do so in writing and shall provide such written information or communication to the Rule
17g-5 Information Provider electronically as provided in Section 12.13(h), whereupon the Rule 17g-5 Information Provider
shall upload such information or communication to the Rule 17g-5 Information Provider’s Website on the same Business Day
of receipt of such response if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. (or,
if the applicable party is the Rule 17g-5 Information Provider, on the same Business Day of preparation of such response if prepared
by 2:00 p.m. or, if prepared after 2 p.m., on the next Business Day by 12:00 p.m.), and the Rule 17g-5 Information Provider shall,
promptly after such written information or communication has been uploaded to the Rule 17g-5 Information Provider’s Website,
notify, or cause the notification of, each Registered Rating Agency by electronic mail of the posting of such written information
or communication. The foregoing shall include any Rating Agency Confirmation request made pursuant to this Agreement, which shall
be in writing, with a cover letter indicating the nature of the request and shall include all

 

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information
the requesting party believes is reasonably necessary for the applicable Rating Agency to make its decision.

 

(c)          Notwithstanding
the provisions of Section 12.13(a) or Section 12.13(b) of this Agreement, any of the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian shall be permitted (but are not required)
to orally communicate with the Rating Agencies in accordance with their respective obligations under this Agreement, under the
following circumstances: (i) such party provides a written summary of the information provided to the Rating Agencies during such
communication to the 17g-5 Information Provider electronically as provided in Section 12.13(h) on the same day such oral
communication takes place (provided that the summary of such oral communications shall not be attributed to the Rating
Agency the communication was with); or (ii) the Depositor, in its sole discretion, provides a written authorization (which may
be by electronic email) from the Depositor to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor or the Custodian, as applicable, to orally communicate with such Rating Agency (including, but not limited
to, providing responses to inquiries from such Rating Agency); provided, that any such authorization shall set forth the
procedures that such party shall follow if it elects (in its sole discretion) to orally communicate with the applicable Rating
Agency, which procedures shall be reasonable and customary as is necessary to allow compliance with Rule 17g-5. The 17g-5 Information
Provider shall post any summary, communication or other information provided to it in accordance with this paragraph on the 17g-5
Information Provider’s Website in accordance with the procedures set forth in Section 12.13(h).

 

(d)          Each
of the Rule 17g-5 Information Provider, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor and the Custodian (each, an “Indemnifying Party”) hereby expressly agrees to indemnify
and hold harmless the Depositor and its respective officers, directors, shareholders, members, managers, employees, agents, Affiliates
and controlling persons, and the Trust Fund (each, an “Indemnified Party”), from and against any and all losses,
liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal
fees and expenses), joint or several, to which any such Indemnified Party may become subject, under the Act, the Exchange Act
or otherwise, pursuant to a third-party claim, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties,
fines, forfeitures or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such Indemnifying
Party’s breach of Section 12.06, Section 12.13(a), Section 12.13(b), Section 12.13(c), Section 12.13(g)
or Section 12.13(h) of this Agreement or (ii) a determination by any Rating Agency that it cannot reasonably rely on
representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused
by any such breach referred to in clause (i) above by the applicable Indemnifying Party, and will reimburse such Indemnified Party
for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any
such action or claim, as such expenses are incurred. The Depositor shall notify each of the Master Servicer and the Special Servicer
in writing of any change in the identity or contact information of the Rule 17g-5 Information Provider (if it is not also the
Certificate Administrator).

 

    	-451-

    	 

    

 

(e)          None
of the Master Servicer, the Special Servicer, the Certificate Administrator (unless the Certificate Administrator is acting in
the capacity of the Rule 17g-5 Information Provider), the Trustee, the Operating Advisor or the Custodian shall have any liability
for (i) the Rule 17g-5 Information Provider’s failure to post information provided by the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor or the Custodian in accordance with the terms of this Agreement,
(ii) any malfunction or disabling of the Rule 17g-5 Information Provider’s Website or (iii) such party’s failure to
perform any of its obligations under this Agreement regarding providing information or communication to the Rating Agencies that
are required to be performed after the Rule 17g-5 Information Provider posts the related information or communication if the Rule
17g-5 Information Provider fails to notify such party that it has posted such information or communication on the Rule 17g-5 Information
Provider’s Website.

 

(f)          None
of the foregoing restrictions in this Section 12.13 prohibit or restrict oral or written communications, or providing information,
between the Master Servicer or the Special Servicer, on the one hand, and any Rating Agency, on the other hand, with regard to
(i) such Rating Agency’s review of the ratings it assigns to the Master Servicer or the Special Servicer, as applicable,
(ii) such Rating Agency’s approval of the Master Servicer or the Special Servicer, as applicable, as a commercial mortgage
master, special or primary servicer or (iii) such Rating Agency’s evaluation of the Master Servicer’s or the Special
Servicer’s, as applicable, servicing operations in general; provided, however, that the Master Servicer or
the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to such
Rating Agency in connection with such review and evaluation by such Rating Agency unless: (x) borrower, property or deal specific
identifiers are redacted; (y) the Master Servicer or the Special Servicer, as applicable, has in fact previously provided such
information to the Rule 17g-5 Information Provider and does not provide such information to such Rating Agency until the earlier
of (i) receipt of notification from the Rule 17g-5 Information Provider that such information has been posted to the Rule 17g-5
Information Provider’s Website and (ii) after 12:00 p.m. on the first Business Day following the date it has provided such
information to the Rule 17g-5 Information Provider; or (z) such Rating Agency has confirmed in writing to the Master Servicer
or the Special Servicer, as applicable, that it does not intend to use such information in undertaking credit rating surveillance
for any Class of Certificates (and the party providing such information to a Rating Agency shall, upon written request, certify
to the Depositor that it received the confirmation described in this clause (z)).

 

(g)          The
Rule 17g-5 Information Provider shall establish and maintain the Rule 17g-5 Information Provider’s Website in the form of
a password-protected Internet Website in accordance with this Section 12.13 and Section 12.06 of this Agreement.

 

(h)          The
Rule 17g-5 Information Provider shall post on the Rule 17g-5 Information Provider’s Website and make available solely to
the Rating Agencies and other NRSROs, the following items, to the extent such items are delivered to it in an electronic document
format suitable for website posting (and the parties required to deliver the following information to the Rule 17g-5 Information
Provider agree to do so in such format) via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject
reference of “CGCMT 2016-GC36” and an identification of the type of information being provided in the body of such
electronic mail (or via any alternative electronic mail address following notice to

 

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the
parties hereto or any other delivery method established or approved by the Rule 17g-5 Information Provider if or as may be necessary
or beneficial):

 

(A)          all
items delivered to the Rule 17g-5 Information Provider pursuant to Section 12.06;

 

(B)          all
information and communications delivered to the Rule 17g-5 Information Provider pursuant to Sections 11.13(a), 11.13(b)
and 11.13(c);

 

(C)          any
Form ABS Due Diligence-15E delivered to the Rule 17g-5 Information Provider pursuant to Section 12.13(l) or by the Depositor;
and

 

(D)          any
other information delivered to the Rule 17g-5 Information Provider pursuant to this Agreement.

 

The
17g-5 Information Provider shall post the foregoing items on the 17g-5 Information Provider’s Website on the same Business
Day of receipt if received by 2:00 p.m. or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m., and shall, promptly
following the posting of such item to the 17g-5 Information Provider’s Website, notify, or cause the notification of, (i)
each Registered Rating Agency and (ii) upon request, the party that delivered such item to the 17g-5 Information Provider for
posting on the 17g-5 Information Provider’s Website, in each case by electronic mail, of the posting of such item on the
17g-5 Information Provider’s Website (provided that if the Master Servicer or Special Servicer has registered for access
to the 17g-5 Information Provider’s Website, such party will automatically receive notification when such item has been
posted and no request shall be required).

 

The
Rule 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information
being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports
to be. If any information is delivered or posted in error, the Rule 17g-5 Information Provider may remove it from the Rue 17g-5
Information Provider’s Website. The Certificate Administrator and the Rule 17g-5 Information Provider have not obtained
and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to Certificate Administrator’s
Website or the Rule 17g-5 Information Provider’s Website, as applicable. Access will be provided by the Rule 17g-5 Information
Provider to (i) the Rating Agencies upon registration at the Rule 17g-5 Information Provider’s Website as a user thereof
and (ii) other NRSROs upon registration at the Rule 17g-5 Information Provider’s Website as a user thereof and receipt by
the Rule 17g-5 Information Provider of an NRSRO Certification (which certification may be submitted via e-mail to the Rule 17g-5
Information Provider). If a NRSRO (including any Rating Agency) requests access to the 17g-5 Information Provider’s Website,
access will be granted by the 17g-5 Information Provider on the same Business Day provided such request is made (and, in the case
of a NRSRO that is not a Rating Agency, a NRSRO Certification is submitted to the Rule 17g-5 Information Provider) prior to 2:00
p.m., New York time on such Business Day, or if received after 2:00 p.m., New York City time, on the following Business Day. The
17g-5 Information Provider shall permit each Rating Agency to submit multiple email addresses for receipt of notices, including
a general email address; provided, that each email address so provided shall be associated with a registered user of the
Rule 17g-5 Information Provider’s Website. Questions regarding delivery of information to the Rule 17g-5

 

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Information
Provider may be directed to (866) 846-4526 or 17g5informationprovider@wellsfargo.com (specifically referencing “CGCMT
2016-GC36” in the subject line) (or to such other telephone number or e-mail address as the Rule 17g-5 Information Provider
may designate).

 

The
17g-5 Information Provider shall provide a mechanism to promptly notify each Person that has signed up for access to the 17g-5
Information Provider’s Website in respect of the transaction governed by this Agreement each time an additional document
is posted thereto. In connection with providing access to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5
Information Provider may require registration and the acceptance of a disclaimer. The Rule 17g-5 Information Provider shall not
be liable for the dissemination of information in accordance with the terms of this Agreement, makes no representations or warranties
as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information.
The Rule 17g-5 Information Provider shall not be liable for its failure to make any information available to the Rating Agencies
or other NRSROs unless such information was delivered to the Rule 17g-5 Information Provider at the e-mail address set forth herein
(or by any other form of electronic delivery reasonably acceptable to Rule 17g-5 Information Provider pursuant to the terms of
this Agreement), with a subject heading of “CGCMT 2016-GC36” and sufficient detail to indicate that such information
is required to be posted on the Rule 17g-5 Information Provider’s Website. In connection with notifying a Registered Rating
Agency of any information posted to the Rule 17g-5 Information Provider’s Website, the Rule 17g-5 Information Provider shall
only be responsible for sending such notices to the electronic mail address(es) of such Registered Rating Agency as provided by
such Registered Rating Agency upon its registration as user of the Rule 17g-5 Information Provider’s Website or upon any
subsequent update of such electronic mail address(es) made by such Registered Rating Agency through the Rule 17g-5 Information
Provider’s Website, and the Rule 17g-5 Information Provider shall not be responsible for sending any notices to any electronic
mail address(es) of any Registered Rating Agency that is not provided to the Rule 17g-5 Information in the manner described in
this sentence.

 

(i)          In
connection with the delivery by the Master Servicer, Special Servicer, Certificate Administrator, Operating Advisor or Trustee,
as applicable, to the Rule 17g-5 Information Provider of any information, report, notice or document for posting to the Rule 17g-5
Information Provider’s Website, the Rule 17g-5 Information Provider shall notify the Master Servicer, Special Servicer,
Certificate Administrator, Operating Advisor or Trustee, as applicable, of when such information, report, notice or other document
has been posted to the Rule 17g-5 Information Provider’s Website, and the Master Servicer, Special Servicer, Certificate
Administrator, Operating Advisor or Trustee, as applicable, may (but is not obligated to unless otherwise provided herein) send
such information, report, notice or other document to the applicable Rating Agency promptly following the earlier of (a) receipt
of notification from the Rule 17g-5 Information Provider that such information, report, notice or other document has been posted
to the Rule 17g-5 Information Provider’s Website and (b) after 12:00 p.m. on the first Business Day following the date it
has provided such information, report, notice or other document to the Rule 17g-5 Information Provider.

 

(j)          With
respect to each Outside Serviced Mortgage Loan, each of the Master Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information

 

    	-454-

    	 

    

 

Provider
for posting on the 17g-5 Information Provider’s Website, promptly upon receipt from an Outside Service Provider, all reports,
statements, documents, notices and other information it receives in respect of such Outside Serviced Mortgage Loan that would
otherwise have been required to be submitted to the 17g-5 Information Provider under this Agreement for posting had such Outside
Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website all such information it receives in accordance with this Agreement.

 

(k)          The
Master Servicer or the Special Servicer may, but shall not be obligated to, provide information to the 17g-5 Information Provider
that is neither specifically required hereunder nor requested by any Rating Agency. Any such information shall be posted by the
17g-5 Information Provider in accordance with the timeframe provided in Section 12.13(b).

 

(l)          If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any Person in connection with any third-party
“due diligence services” (as defined in Rule 17g-10 under the Exchange Act) provided by such Person with respect to
the Mortgage Loans (“Due Diligence Service Provider”), such receiving party shall promptly forward such Form
ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in accordance
with Section 12.13(h). The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any
Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this Agreement,
in accordance with the timeframe provided in Section 12.13(h).

 

(m)          Neither
the Master Servicer nor the Special Servicer shall be required to make any determination as to whether any service provided by
a third party requires obtaining a Form ABS Due Diligence-15E.

 

Section
12.14     Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements.

 

It
is expressly agreed and understood that, notwithstanding the assignment of the Loan Documents, it is expressly intended that the
Mortgage Loan Sellers are entitled to the benefit of any securitization indemnification provisions that specifically run to the
benefit of the lenders in the Loan Documents. Therefore, the Depositor, Master Servicer, Special Servicer and Trustee hereby agree
to reasonably cooperate with any Mortgage Loan Seller, at the sole expense of such Mortgage Loan Seller, with respect to obtaining
the benefits of the provisions of any section of a Loan Agreement or securitization cooperation agreement providing for indemnification
of the lender and/or its loan seller affiliates with respect to the current securitization of the related Mortgage Loan, including,
without limitation, reassignment to the related Mortgage Loan Seller of such sections, but no other portion, of the Loan Documents,
to permit the related Mortgage Loan Seller to enforce such provisions for its benefit; provided, that none of the Depositor, Master
Servicer, Special Servicer or Trustee shall be required to take any action that is inconsistent with the Servicing Standard, would
violate applicable law, the terms and provisions of this Agreement or the Loan Documents, would adversely affect any Certificateholder,
would cause either Trust REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal
income tax purposes, or would result in the

 

    	-455-

    	 

    

 

imposition
of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions. To the extent
that the Trustee is required to execute any document facilitating an assignment under this Section 12.14, such document
shall be in form and substance reasonably acceptable to the Trustee.

 

[Signature
Pages Follow]

 

    	-456-

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the day and year first above written.

	 	 	 
	 	CITIGROUP
    COMMERCIAL MORTGAGE SECURITIES INC., as Depositor
	 	 	 
	 	By:	       /s/
    Paul T. Vanderslice
	 	 	Name: Paul T. Vanderslice
	 	 	Title: President
	 	 	 
	 	KEYBANK
    NATIONAL ASSOCIATION, as Master Servicer
	 	 	 
	 	By:	       /s/
    Diane Haislip
	 	 	Name: Diane Haislip
	 	 	Title: Senior Vice President
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as Special Servicer
	 	 	 
	 	By:	       /s/
    Cynthia L. Schwartz
	 	 	Name: Cynthia L. Schwartz
	 	 	Title: Director

 

CGCMT
2016-GC36 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	 	 	 
	 	PENTALPHA
    SURVEILLANCE LLC, as Operating Advisor
	 	 	 
	 	By:	       /s/
    James Callahan
	 	 	Name: James Callahan
	 	 	Title: Executive Director and Solely as an Authorized Signatory
    for Pentalpha Surveillance LLC
	 	 	 
	 	PENTALPHA
    SURVEILLANCE LLC, as Asset Representations Reviewer
	 	 	 
	 	By:	       /s/
    James Callahan
	 	 	Name: James Callahan
	 	 	Title: Executive Director and Solely as an Authorized Signatory
    for Pentalpha Surveillance LLC
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator
	 	 	 
	 	By:	       /s/
    Michael Baker
	 	 	Name: Michael Baker
	 	 	Title: Assistant Vice President
	 	 	 
	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	       /s/
    Beverly D. Capers
	 	 	Name: Beverly D. Capers
	 	 	Title: Assistant Vice President

 

CGCMT
2016-GC36 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NEW YORK	)
	 	)   ss:
	COUNTY OF NEW YORK	)

 

On
this 9th day of February 2016, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned
and sworn, personally appeared Paul T. Vanderslice, to me known who, by me duly sworn, did depose and acknowledge before me and
say that s/he is the President of CCMSI, a New York LLC, the entity described in and that executed the foregoing instrument; and
that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

	 	 	 
	 	/s/ Rachel Andrews	 
	 	Notary Public in and for the
	 	State of New York

 

	My Commission expires: 8/24/19	RACHEL ANDREWS
	 	Notary Public, State of New York
	 	No. 01AN6329584
	 	Qualified in New York County
	 	Commission Expires Aug. 24, 2019

 

[NOTARIAL
SEAL]

 

CGCMT
2016-GC36 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF KANSAS 

	)
	 	)    ss.:
	COUNTY OF JOHNSON 

	)

 

On
this 4 day of February 2016, before me, the undersigned, a Notary Public in and for the State of Kansas, duly commissioned and
sworn, personally appeared Diane Haislip, to me known who, by me duly sworn, did depose and acknowledge before me and say that
s/he is the Sr. Vice President of KeyBank NA, a Ohio Corp., the entity described in and that executed the foregoing instrument;
and that s/he signed her/his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Jane Burton
	 	Notary Public in and for the
	 	State of Kansas

 

	My Commission
    expires:
	 
	[NOTARIAL SEAL]
	 
	Jane Burton
	NOTARY PUBLIC
	STATE OF KANSAS
	My Commission Expires
	03/08/2016

 

CGCMT
2016-GC36 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF NORTH CAROLINA	)
	 	): ss.
	COUNTY OF MECKLENBURG	)

 

On
this 5 day of February, 2016, personally appeared before me Cynthia L. Schwartz, to me known (or proved to me on the basis of
satisfactory evidence) to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed
the within and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity,
for the uses and purposes therein mentioned, and on oath stated that she was authorized to execute said instrument, and that by
her signature on the instrument the entity upon behalf of which she acted, executed the instrument.

 

	 	            /s/
    Erica L. Smith
	 	Notary
	 	Name:

 

	My Commission expires:	ERICA L. SMITH
	 	NOTARY PUBLIC
	 	Gaston County
	 	North Carolina
	 	My Commission Expires 7/15/2017

 

CGCMT
2016-GC36 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF CONNECTICUT	)
	 	)      ss:
	COUNTY OF FAIRFIELD	)

 

On
this 5th day of February 2016, before me, the undersigned, a Notary Public in and for the State of Connecticut, duly commissioned
and sworn, personally appeared James Callahan, to me known who, by me duly sworn, did depose and acknowledge before me and say
that he is the Executive of Pentalpha Surveillance LLC, a Delaware limited liability company, the entity described in and that
executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on behalf of such
entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Melonie S. Williams
	 	Notary Public in and for the
	 	State of Connecticut

 

My Commission expires:
7-31-2019

 

[NOTARIAL SEAL]

 

	 	MELONIE S. WILLIAMS
	 	Notary Public
	 	Connecticut
	 	My Commission Expires July 31, 2019

 

CGCMT
2016-GC36 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF: MARYLAND	)
	 	)      ss:
	COUNTY OF: HOWARD	)

  

On
the 4th day of February, 2016, before me, a notary public in and for said State, personally appeared Michael Baker, known to me
to be a Vice President of Wells Fargo Bank, N.A., one of the corporations that executed the within instrument, and also know to
me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within
instrument.

 

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
    Colin A Castro
	 	Notary Public

 

	COLIN A CASTRO
	NOTARY PUBLIC
	FREDERICK COUNTY, MD
	MY COMMISSION EXPIRES MARCH 24, 2019

 

CGCMT
2016-GC36 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF DELAWARE	)
	 	)      ss:
	COUNTY OF NEW CASTLE	)

  

On
this 17th day of February 2016, before me, the undersigned, a Notary Public in and for the State of Delaware, duly commissioned
and sworn, personally appeared Beverly D. Capers, to me known who, by me duly sworn, did depose and acknowledge before me and
say that she is the Assistant Vice President of Wilmington Trust, National Association, a national association, the entity described
in and that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of said entity and on
behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Christina M. Bader
	 	Notary Public in and for the
	 	State of Delaware

 

	My Commission expires	CHRISTINA M BADER
	 	NOTARY PUBLIC
	 	STATE OF DELAWARE
	 	My Commission Expires: 4-15-2016

 

[NOTARIAL SEAL]

 

CGCMT
2016-GC36 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

EXHIBIT A-1

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-1

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

		1	Legend required as long as
DTC is the Depository under the Pooling and Servicing Agreement.

		2	Global Certificate legend.

 

    	A-1-1

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-1

 

	Pass-Through Rate: 1.613% per annum	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-1 Certificates: $42,973,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2021

 

	
        CUSIP: 17324T AA7

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN: US17324TAA79

         

        

        Common Code: 136699636

        

        
	 	 
	No.: [1]	 	 

 

This certifies that [          
] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-1 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class A-1 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-1-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-1 Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-1 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive

 

    	A-1-3

    	 

    

 

of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

    	A-1-4

    	 

    

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to 

 

    	A-1-5

    	 

    

 

	 	 	any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred

 

    	A-1-6

    	 

    

 

or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-1-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-1-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
_________________ ________________ (please print or typewrite name(s) and address(es),
including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by
the within Class A-1 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the
Certificate Register of the Trust Fund. 

I
(we) further direct the Certificate Registrar to issue a new Class A-1 Certificate of the entire Percentage Interest represented
by the within Class A-1 Certificates to the above-named Assignee(s) and to deliver such Class A-1 Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-1-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-1-10

    	 

    

 

EXHIBIT A-2

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-2

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

		3	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

		4	Global
                                         Certificate legend.

 

    	A-2-1

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-2

 

	Pass-Through Rate: 2.292% per annum	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-2 Certificates: $22,079,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2021

 

	
        CUSIP: 17324T AB5

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN: US17324TAB52

         

        Common Code: 136699652

         
	 	 
	No.: [1]	 	 

 

This certifies that [          
] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-2 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class A-2 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-2-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-2 Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-2 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive

 

    	A-2-3

    	 

    

 

of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

    	A-2-4

    	 

    

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to 

 

    	A-2-5

    	 

    

 

	 	 	any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred

 

    	A-2-6

    	 

    

 

or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-2-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-2-8

    	 

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
_________________ ________________ (please print or typewrite name(s) and address(es),
including postal zip code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by
the within Class A-2 Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the
Certificate Register of the Trust Fund. 

I
(we) further direct the Certificate Registrar to issue a new Class A-2 Certificate of the entire Percentage Interest represented
by the within Class A-2 Certificates to the above-named Assignee(s) and to deliver such Class A-2 Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-2-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-2-10

    	 

    

 

EXHIBIT A-3

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-3

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]5

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]6

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

		5	Legend required as long as
DTC is the Depository under the Pooling and Servicing Agreement.

		6	Global Certificate legend.

 

    	A-3-1

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-3

 

	Pass-Through Rate: 3.524% per annum	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-3 Certificates: $33,518,000	 	Scheduled Final Distribution Date: the Distribution Date in December 2022
	 	 	 

	
        CUSIP: 17324T AC3

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:     US17324TAC36

         

        Common Code: 136699644

        

        
	 	 
	No.: [1]	 	 

 

This certifies that [          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class A-3 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-3-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-3 Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-3 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive

 

    	A-3-3

    	 

    

 

of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

    	A-3-4

    	 

    

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to 

 

    	A-3-5

    	 

    

 

	 	 	any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred

 

    	A-3-6

    	 

    

 

or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-3-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-3 Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class A-3 Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-3-8

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________ ________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class A-3 Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class A-3 Certificate of the entire Percentage Interest represented
by the within Class A-3 Certificates to the above-named Assignee(s) and to deliver such Class A-3 Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-3-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-3-10

    	 

    

 

EXHIBIT A-4

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-4

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]7

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]8

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

		7	Legend required as long as
DTC is the Depository under the Pooling and Servicing Agreement.

		8	Global Certificate legend.

 

    	A-4-1

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-4

 

	Pass-Through Rate: 3.349% per annum	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-4 Certificates: $225,000,000	 	Scheduled Final Distribution Date: the Distribution Date in November 2025
	 	 	 

	
        CUSIP: 17324T AD1

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:     US17324TAD19

         

        Common Code: 136699679

        

        
	 	 
	
        No.: [1]

        
	 	 

 

This certifies that [          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class A-4 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	A-4-2

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-4 Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-4 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive

 

    	A-4-3

    	 

    

 

of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

    	A-4-4

    	 

    

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to 

 

    	A-4-5

    	 

    

 

	 	 	any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred

 

    	A-4-6

    	 

    

 

or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-4-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-4 Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class A-4 Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-4-8

    	 

    

 

ASSIGNMENT

 

	FOR VALUE RECEIVED, the undersigned
                                                                                                                                                (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
                                                                                                                                                _________________ ________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of
                                                                                                                                                assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class A-4
                                                                                                                                                Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
                                                                                                                                                of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class A-4 Certificate of the entire Percentage Interest represented
by the within Class A-4 Certificates to the above-named Assignee(s) and to deliver such Class A-4 Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-4-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-4-10

    	 

    

 

EXHIBIT A-5

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-5

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]9

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]10

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

		9	Legend required as long as
DTC is the Depository under the Pooling and Servicing Agreement.

		 	 

		10	Global Certificate legend.

 

    	 	A-5-1 	 

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-5

	Pass-Through Rate: 3.616% per annum	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-5 

Certificates: $415,175,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 

 

	
        CUSIP: 17324T AE9

         

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN: US17324TAE91

         

        Common Code: 136672690

        

        
	 	 
	
        No.: [1]

	 	 

 

This certifies that [          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-5 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class A-5 Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	 	A-5-2 	 

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-5 Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-5 Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive

 

    	 	A-5-3 	 

    	 

    

 

of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

    	 	A-5-4 	 

    	 

    

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to 

 

    	 	A-5-5 	 

    	 

    

 

		 	 any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred

 

    	 	A-5-6 	 

    	 

    

 

or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	 	A-5-7 	 

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-5 Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class A-5 Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	 	A-5-8 	 

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class A-5 Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class A-5 Certificate of the entire Percentage Interest represented
by the within Class A-5 Certificates to the above-named Assignee(s) and to deliver such Class A-5 Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	 	A-5-9 	 

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _____________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	 	A-5-10 	 

    	 

    

 

EXHIBIT A-6

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-AB

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]11

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]12

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

		11	Legend required as long as
DTC is the Depository under the Pooling and Servicing Agreement.

		 	 

		12	Global Certificate legend.

 

    	 	A-6-1 	 

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-AB

	 	 	 
	Pass-Through Rate: 3.368% per annum	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the 

Class A-AB Certificates: $70,409,000	 	Scheduled Final Distribution Date: the Distribution Date in October 2025
	 	 	 

 

	
        CUSIP: 17324T AF6

         

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN: US17324TAF66

         

        Common Code: 136699687

        

        
	 	 
	No.: [1]	 	 

 

This certifies that [          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-AB Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class X-A, Class A-S, Class B, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class A-AB Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

    	 	A-6-2 	 

    	 

    

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-AB Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-AB Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive

 

    	 	A-6-3 	 

    	 

    

 

of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

    	 	A-6-4 	 

    	 

    

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to 

 

    	 	A-6-5 	 

    	 

    

 

		 	any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred

 

    	 	A-6-6 	 

    	 

    

 

or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	 	A-6-7 	 

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-AB Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class A-AB Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	 	A-6-8 	 

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class A-AB Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class A-AB Certificate of the entire Percentage Interest represented
by the within Class A-AB Certificates to the above-named Assignee(s) and to deliver such Class A-AB Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	 	A-6-9 	 

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _____________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

 

    	 	A-6-10 	 

    	 

    

 

EXHIBIT A-7

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS X-A

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL
BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS
A-5 AND CLASS A-AB CERTIFICATES AND THE CLASS A-S REGULAR INTEREST. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY
TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS CLASS X-A CERTIFICATE WILL NOT BE ENTITLED
TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

2
     Global Certificate legend.

 

    	A-7-1

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS X-A

 

	Pass-Through Rate: Variable IO3	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-A Certificates: $861,171,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 

 

	
        CUSIP:   17324T AG4

         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:       US17324TAG40

         
	 	 
	Common Code: 136699695	 	 
	
         

        No.: [1]
	 	 

 

This certifies that [
         ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class X-A Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

 

3
The initial approximate Pass-Through Rate as of the Closing Date is 1.356% per annum.

 

    	A-7-2

    	 

    

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-A Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be
entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-A Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

    	A-7-3

    	 

    

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the 

 

    	A-7-4

    	 

    

 

	 	 	Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and

 

    	A-7-5

    	 

    

 

Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such

 

    	A-7-6

    	 

    

 

Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-7-7

    	 

    

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-A Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class X-A Certificates referred to in the Pooling and Servicing Agreement.

Dated:
February 17, 2016 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-7-8

    	 

    

 

ASSIGNMENT

 

	FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________ ________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class X-A Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

 

I
(we) further direct the Certificate Registrar to issue a new Class X-A Certificate of the entire Percentage Interest represented
by the within Class X-A Certificates to the above-named Assignee(s) and to deliver such Class X-A Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-7-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-7-10

    	 

    

 

EXHIBIT A-8

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-S

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS EC CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL OWNERSHIP
OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

2
     Global Certificate legend.

 

    	A-8-1

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS A-S

 

	Pass-Through Rate: 3.849% per annum	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class A-S Certificates: $52,017,000. The Aggregate Initial Certificate Balance of the Class A-S Certificates represents the maximum aggregate Certificate Balance of the Class A-S Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class EC Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 

	
        CUSIP:   17324T AJ8

         
	 	Initial Certificate Balance of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:       US17324TAJ88

         

        Common Code: 136699709

         
	 	 
	No.: [1]	 	 

 

This certifies that [         
] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-S Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class B, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class A-S Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the

 

    	A-8-2

    	 

    

 

extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
beneficial ownership of a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class A-S Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class A-S Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

    	A-8-3

    	 

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth
in the Pooling and Servicing Agreement, may be exchanged for the Class EC Certificates, pursuant to the procedures set forth in
the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-8-4

    	 

    

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master

 

    	A-8-5

    	 

    

 

Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum

 

    	A-8-6

    	 

    

 

of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-8-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-S Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class A-S Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-8-8

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________ ________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class A-S Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class A-S Certificate of the entire Percentage Interest represented
by the within Class A-S Certificates to the above-named Assignee(s) and to deliver such Class A-S Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-8-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-8-10

    	 

    

 

EXHIBIT A-9

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS B

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS EC CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

1
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

2
     Global Certificate legend.

    	A-9-1

    	 

    

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS B 

	 	 	 
	Pass-Through Rate: The WAC Rate3	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class B Certificates: $75,136,000. The Aggregate Initial Certificate Balance of the Class B Certificates represents the maximum aggregate Certificate Balance of the Class B Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class EC Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 
	CUSIP: 17324T AK5	 	Initial Certificate Balance of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)
	
        ISIN: US17324TAK51

        

        

        
	 	 
	 	 	 
	Common Code: 136699725	 	 
	 	 	 
	No.: [1]	 	 

This certifies
that [          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event
that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement,
such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class EC, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class B Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

This Certificate
is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the
“Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank
National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator,
Pentalpha Surveillance LLC, as Operating 

 

3 
The initial approximate Pass-Through Rate as of the Closing Date is 4.759% per annum.

 

    	A-9-2

    	 

    

Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

This Certificate
represents beneficial ownership of a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under
the Pooling and Servicing Agreement.

Pursuant to the
terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class B Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

Interest accrued
on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class B Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the
account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept
such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

    	A-9-3

    	 

    

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as
more specifically set forth herein and in the Pooling and Servicing Agreement.

As provided in
the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of
the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all
Interest Deposit Amounts.

This Certificate
does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement
for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties
and immunities of the Certificate Administrator and Trustee.

As provided in
the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

Subject to the
conditions set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates
set forth in the Pooling and Servicing Agreement, may be exchanged for the Class EC Certificates, pursuant to the procedures set
forth in the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

The Pooling and
Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-9-4

    	 

    

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

provided that
no amendment pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master

 

    	A-9-5

    	 

    

 Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and
Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

The Holders of
the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a
purchase price, payable in cash, equal to (i) the sum

 

    	A-9-6

    	 

    

of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive
of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any,
included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special
Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase). Solely in the case where the Holders of the Controlling Class representing greater
than 50% of the Certificate Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify
and hold harmless the Trust from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other
than any liability, claims, expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud
or negligence in the performance of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard
of the obligations or duties thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to
the Pooling and Servicing Agreement of any of its representations or warranties contained therein) in connection with the purchase
of such Mortgage Loans and property.

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset
Representation Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect
to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and
to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances
to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations)
shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special
Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange
by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then
included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy,
the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

    	A-9-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class B  Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class B  Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-9-8

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________ ________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class B Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 	 	 

I
(we) further direct the Certificate Registrar to issue a new Class B Certificate of the entire Percentage Interest represented
by the within Class B Certificates to the above-named Assignee(s) and to deliver such Class B Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-9-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-9-10

    	 

    

 

EXHIBIT A-10

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS EC

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

SUBJECT TO THE CONDITIONS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR OTHER EXCHANGEABLE CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE
FEE).

DISTRIBUTIONS OF PRINCIPAL AND INTEREST
ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

THIS CERTIFICATE REPRESENTS BENEFICIAL
OWNERSHIP OF MULTIPLE “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1
    Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

2
     Global Certificate legend.

 

    	A-10-1

    	 

    

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS EC

	 	 	 
	Pass-Through Rate: The Class EC Certificates will be entitled to receive the sum of the interest distributable on the percentage interests of the Class A-S, Class B and Class C Regular Interests represented by the Class EC Certificates.	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class EC Certificates: $182,060,000. The Aggregate Initial Certificate Balance of the Class EC Certificates is equal to the aggregate of the maximum initial Certificate Balances of the Class A-S, Class B and Class C Certificates (without giving effect to any exchanges for other Exchangeable Certificates), representing the maximum Certificate Balance of the Class EC Certificates that could be issued in an exchange.	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 

 

	
        CUSIP: 17324T AL3

         
	Initial Certificate Balance of this Certificate: $[_____] (subject to exchanges for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:    US17324TAL35

        

        

        
	 
	 	 
	Common Code: 136699741	 
	 	 
	No.: [1]	 

This certifies
that [          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class EC Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event
that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement,
such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class EC Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

    	A-10-2

    	 

    

This Certificate
is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the
“Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank
National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator,
Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

This Certificate
represents beneficial ownership of multiple “regular interests” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under
the Pooling and Servicing Agreement.

Pursuant to the
terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class EC Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

Interest accrued
on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class EC Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the
account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept
such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any

 

    	A-10-3

    	 

    

 Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as
more specifically set forth herein and in the Pooling and Servicing Agreement.

As provided in
the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of
the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all
Interest Deposit Amounts.

This Certificate
does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement
for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties
and immunities of the Certificate Administrator and Trustee.

As provided in
the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

Subject to the
conditions set forth in the Pooling and Servicing Agreement, this Certificate may be exchanged for other Exchangeable Certificates,
pursuant to the procedures set forth in the Pooling and Servicing Agreement (including, without limitation, payment of the applicable
exchange fee).

The Pooling and
Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

    	A-10-4

    	 

    

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

provided that
no amendment pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or

 

    	A-10-5

    	 

    

(v) adversely
affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment
shall be borne by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting
an amendment for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

The Pooling and
Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

The Holders of
the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such
Holders, the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50%
Percentage Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’
prior notice given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the
Master Servicer shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying
the Anticipated Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case
of the Serviced Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the
related Co-Lender Agreement) then included in the Trust Fund, and all property acquired by or on behalf of

 

    	A-10-6

    	 

    

the Trust Fund (including
the Trust Fund’s interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of
any Mortgage Loan, at a purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage
Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO
Property, if any, included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained
by the Special Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the
purchaser of such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans),
the Trustee and the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case
where the Master Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if
any, made by the Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master
Servicer or the Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing
Fees, as applicable, remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer
or the Special Servicer, as applicable, in connection with such purchase). Solely in the case where the Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class are effecting such purchase, the purchasing
party shall indemnify and hold harmless the Trust from and against any liability, claims, expenses or costs incurred or suffered
by the Trust (other than any liability, claims, expenses or costs incurred or suffered as a result of (i) any willful misconduct,
bad faith, fraud or negligence in the performance of duties of any party to the Pooling and Servicing Agreement or by reason of
negligent disregard of the obligations or duties thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach
by any party to the Pooling and Servicing Agreement of any of its representations or warranties contained therein) in connection
with the purchase of such Mortgage Loans and property.

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset
Representation Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect
to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and
to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances
to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations)
shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special
Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange
by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then
included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy,
the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

    	A-10-7

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class EC  Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class EC  Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-10-8

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________ ________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class EC Certificate and hereby authorize(s) the registration of
transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class EC Certificate of the entire Percentage Interest
represented by the within Class EC  Certificates to the above-named Assignee(s) and to deliver such Class  EC Certificate to
the following address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-10-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-10-10

    	 

    

 

EXHIBIT A-11

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS C

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE UNDERWRITERS OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

SUBJECT TO THE CONDITIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES SET FORTH
IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS EC CERTIFICATES, PURSUANT TO THE PROCEDURES SET FORTH IN
THE POOLING AND SERVICING AGREEMENT (INCLUDING, WITHOUT LIMITATION, PAYMENT OF THE APPLICABLE EXCHANGE FEE).

 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON
THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES.

 

THIS CERTIFICATE REPRESENTS BENEFICIAL OWNERSHIP
OF A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 

 

 

1
    Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

2
    Global Certificate legend.

    	A-11-1

    	 

    

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS C

 

	Pass-Through Rate: The WAC Rate3	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class C Certificates: $54,907,000. The Aggregate Initial Certificate Balance of the Class C Certificates represents the maximum aggregate Certificate Balance of the Class C Certificates (without giving effect to any exchanges for other Exchangeable Certificates or any issuance of the Class EC Certificates).	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 
	CUSIP:  17324T AM1	 	Initial Certificate Balance of this Certificate: $[_____] (subject to exchange for Exchangeable Certificates on or after the Closing Date)
	
        ISIN:      US17324TAM18 

         

        Common Code: 136699733
	 	 
	 	 	 
	No.: [1]	 	 
	 	 	 

This certifies that [         
] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class
D, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class C Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating

 

 

3
The initial approximate Pass-Through Rate as of the Closing Date is 4.759% per annum.

 

    	A-11-2

    	 

    

 

Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
beneficial ownership of a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class C Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class C Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

    	A-11-3

    	 

    

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

Subject to the conditions
set forth in the Pooling and Servicing Agreement, this Certificate, together with certain other Exchangeable Certificates set forth
in the Pooling and Servicing Agreement, may be exchanged for the Class EC Certificates, pursuant to the procedures set forth in
the Pooling and Servicing Agreement (including, without limitation, payment of the applicable exchange fee).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-11-4

    	 

    

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master

 

    	A-11-5

    	 

    

 

Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum

 

    	A-11-6

    	 

    

 

of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-11-7

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class C Certificate to be duly executed.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

  

Dated: February 17, 2016 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the Class
C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 17, 2016

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-11-8

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class C Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 	 	 

I
(we) further direct the Certificate Registrar to issue a new Class C Certificate of the entire Percentage Interest represented
by the within Class C Certificates to the above-named Assignee(s) and to deliver such Class C Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-11-9

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

	The Assignee(s)
should include the following for purposes of distribution:
	 	 	 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _____________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-11-10

    	 

    

 

EXHIBIT A-12

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS D

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS OR
ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES
OF THE SAME SERIES. 

 

 

1
    Temporary Regulation S Global Certificate legend.

2
    Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

3
    Global Certificate legend.

 

    	A-12-1

    	 

    

  

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-12-2

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS D

	 	 	 
	Pass-Through Rate: 2.850% per annum	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class D Certificates: $65,021,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 

 

	
        CUSIP:   17324T
AN94

U1743Y AA05

17324T AP46 

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:      US17324TAN907

USU1743YAA028

US17324TAP499
	 	 
	 	 	 
	Common Code: 136700103	 	 
	 	 	 
	No.: [1]	 	 
	 	 	 

This certifies that [          
] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, 

 

 

4    For Rule 144A Certificates

5    For Regulation S Certificates

6    For IAI Certificates

7    For Rule 144A Certificates

8    For Regulation S Certificates

9    For IAI Certificates

 

    	A-12-3

    	 

    

 

Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class
C, Class X-D, Class E, Class F, Class G, Class H and Class R Certificates (together with the Class D Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class D Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may
be entitled to a share of Yield Maintenance Charges, as provided in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class D Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps

 

    	A-12-4

    	 

    

 

to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the
Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution
Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account,
any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights
in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan
Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; (xi) the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

    	A-12-5

    	 

    

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or

 

    	A-12-6

    	 

    

 

(v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of

 

    	A-12-7

    	 

    

 

the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-12-8

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Administrator has caused this Class D Certificate to be duly executed.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the Class
D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: February 17, 2016

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-12-9

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class D Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class D Certificate of the entire Percentage Interest
represented by the within Class D Certificates to the above-named Assignee(s) and to deliver such Class D  Certificate to
the following address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-12-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _____________________________________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-12-11

    	 

    

 

EXHIBIT A-13

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS X-D

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE INITIAL
PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY
ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS D CERTIFICATES. ACCORDINGLY, THE NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

THIS CLASS X-D CERTIFICATE WILL NOT
BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN

 

 

		1	Temporary Regulation S Global
Certificate legend.

		2	Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

		3	Global Certificate legend.

		 	 

    	A-13-1

    	 

    

 

SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-13-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS X-D

	Pass-Through Rate: Variable IO4	 	
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Notional Amount of the Class X-D Certificates: $65,021,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2026

 

	
        CUSIP:   17324T AY55

                        U1743Y AF96

                        17324T AZ27

         
	 	Initial Notional Amount of this Certificate: $[_____]
	
        ISIN:      US17324TAY558 

                        USU1743YAF989

US17324TAZ2110

         
	 	 
	Common Code: 136700154	 	 
	
         

        No.: [1]
	 	 

This certifies
that [            ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event
that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement,
such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class
C, Class D, Class E, Class F, Class G, Class H and

 

 

4
  The initial approximate Pass-Through Rate as of the Closing Date is 1.909%
per annum.

5  
For Rule 144A Certificates

6  
For Regulation S Certificates

7  
For IAI Certificates

8
  For Rule 144A Certificates

9  
For Regulation S Certificates

10
For IAI S Certificates

 

    	A-13-3

    	 

    

 

Class R Certificates (together with the Class X-D Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

This Certificate
is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the
“Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank
National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator,
Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under
the Pooling and Servicing Agreement.

Pursuant to the
terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of interest then distributable, if any, with respect to the Class X-D Certificates for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

Interest accrued
on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class X-D Certificates is the calendar
month preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the
account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept
such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held.

 

    	A-13-4

    	 

    

 Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as
more specifically set forth herein and in the Pooling and Servicing Agreement.

As provided in
the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of
the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all
Interest Deposit Amounts.

This Certificate
does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement
for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties
and immunities of the Certificate Administrator and Trustee.

As provided in
the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

The Pooling and
Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-13-5

    	 

    

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

provided
that no amendment pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation
rights or the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative
without the consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive
information under the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor;
(iii) change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or
the applicable Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner
the obligations or rights of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial
Purchaser; or (v) adversely affect any Serviced Companion Loan Holder in its capacity as such without its consent. Expenses
incurred with respect to any amendment shall be borne by the party requesting such amendment, unless the Master

 

    	A-13-6

    	 

    

Servicer, the Special Servicer
or the Trustee is requesting an amendment for the benefit of the Certificateholders, then in which case such expense will be borne
by the Trust.

The Pooling and
Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

The Holders of
the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a
purchase price, payable in cash, equal to (i) the sum

 

    	A-13-7

    	 

    

 of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive
of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any,
included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special
Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase). Solely in the case where the Holders of the Controlling Class representing greater
than 50% of the Certificate Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify
and hold harmless the Trust from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other
than any liability, claims, expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud
or negligence in the performance of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard
of the obligations or duties thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to
the Pooling and Servicing Agreement of any of its representations or warranties contained therein) in connection with the purchase
of such Mortgage Loans and property.

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset
Representation Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect
to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and
to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances
to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations)
shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special
Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange
by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then
included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy,
the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

    	A-13-8

    	 

    

IN WITNESS
WHEREOF, the Certificate Administrator has caused this Class X-D Certificate to be duly executed.

	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Certificate 

Administrator
	 	 	 
	 	 	By:	 
	 	 	 	Authorized Signatory

Dated: February 17, 2016

 

CERTIFICATE
OF AUTHENTICATION

This is one of
the Class X-D Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016 

	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Authenticating Agent
	 	 	 
	 	 	By:	 
	 	 	 	Authorized Signatory

 

    	A-13-9

    	 

    

 

ASSIGNMENT

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class X-D Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

I (we) further
direct the Certificate Registrar to issue a new Class X-D Certificate of the entire Percentage Interest represented by the within
Class X-D Certificates to the above-named Assignee(s) and to deliver such Class X-D Certificate to the following address:

Date: _________________

 

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-13-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-13-11

    	 

    

EXHIBIT A-14

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS E

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE INITIAL
PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY
ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

1
     Temporary Regulation S Global Certificate legend.

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

3
     Global Certificate legend.

    	A-14-1

    	 

    

THIS CERTIFICATE
HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION”
TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE
904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF, OR IN WHICH ALL THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS
SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

    	A-14-2

    	 

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS E

 

	Pass-Through Rate: The WAC Rate4	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class E Certificates: $28,898,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 

 

	CUSIP:   17324T AQ25

U1743Y AB86

17324T AR07

	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	
        ISIN:      US17324TAQ228

USU1743YAB849

US17324TAR0510
	 	 
	 	 	 
	Common Code: 136700111	 	 
	 	 	 
	No.: [1]	 	 

This certifies
that [           ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced,
pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event
that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement,
such provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,

 

4
  The initial approximate Pass-Through Rate as of the Closing Date is 4.759%
per annum.

5  
For Rule 144A Certificates

6  
For Regulation S Certificates

7  
For IAI Certificates

8
  For Rule 144A Certificates

9  
For Regulation S Certificates

10
For IAI Certificates

 

    	A-14-3

    	 

    

 Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class
C, Class D, Class X-D, Class F, Class G, Class H and Class R Certificates (together with the Class E Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

This Certificate
is issued pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the
“Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank
National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator,
Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association,
as Trustee. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling
and Servicing Agreement.

This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under
the Pooling and Servicing Agreement.

Pursuant to the
terms of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution
on any Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such
date, a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class E Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

Interest accrued
on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class E Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

All distributions
(other than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names
the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day
of the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the
immediately preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the
account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept
such funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of

 

    	A-14-4

    	 

    

maintaining such funds and of
contacting Certificateholders shall be paid out of the assets which remain held. Subject to applicable state law with respect
to escheatment of funds, if within two years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Class R Certificateholders all amounts distributable to the Holders thereof. No interest shall
accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with Section 9.01 of the Pooling and Servicing Agreement.

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as
more specifically set forth herein and in the Pooling and Servicing Agreement.

As provided in
the Pooling and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date
in the month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO
Property (but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest
in the related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property
relating to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master
Servicer’s and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be
maintained pursuant to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments
of Leases, Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties
given as additional security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s
rights in the Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account,
each Distribution Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Reserve Account, any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the
Trustee’s rights in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s
rights under the Loan Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of
the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all
Interest Deposit Amounts.

This Certificate
does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement
for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties
and immunities of the Certificate Administrator and Trustee.

As provided in
the Pooling and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration
of transfer of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same
Class.

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

The Pooling and
Servicing Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

    	A-14-5

    	 

    

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

provided that
no amendment pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or
the right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the
consent of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under
the Pooling and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any
manner the obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase
Agreement without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights
of any Underwriter or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or

 

    	A-14-6

    	 

    

 (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

The Pooling and
Servicing Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate
Administrator is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing
Agreement or of modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment
shall:

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

The Holders of
the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders
do not, the Special Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders,
the Special Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage
Interest in such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice
given to the parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer
shall notify the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated
Termination Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced
Loan Combinations, subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender
Agreement) then included in the Trust Fund, and all property acquired by or on behalf of

 

    	A-14-7

    	 

    

 the Trust Fund (including the Trust Fund’s
interest in any REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a
purchase price, payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive
of REO Mortgage Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any,
included in the Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special
Servicer) and (C) the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of
such Mortgage Loans), the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and
the Certificate Administrator, as applicable, with respect to such termination, minus (ii) solely in the case where the Master
Servicer or the Special Servicer is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the
Master Servicer or Special Servicer, as applicable, together with any interest accrued and payable to the Master Servicer or the
Special Servicer, as applicable, in respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable,
remaining outstanding (which items will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer,
as applicable, in connection with such purchase). Solely in the case where the Holders of the Controlling Class representing greater
than 50% of the Certificate Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify
and hold harmless the Trust from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other
than any liability, claims, expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud
or negligence in the performance of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard
of the obligations or duties thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to
the Pooling and Servicing Agreement of any of its representations or warranties contained therein) in connection with the purchase
of such Mortgage Loans and property.

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset
Representation Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect
to the Certificates, the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and
to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances
to the Serviced Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations)
shall terminate immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special
Servicer, the Master Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests
therein) then included in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange
by the Remaining Certificateholder of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then
included in the Trust Fund pursuant to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in
the Trust Fund; provided, however, that in no event shall the trust created by the Pooling and Servicing Agreement
continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy,
the late ambassador of the United States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All
such payments as contemplated by the preceding paragraph shall be deposited into the Collection Account by the Master Servicer
or Special Servicer, as applicable, promptly following receipt thereof.

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

    	A-14-8

    	 

    

IN WITNESS
WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

 

CERTIFICATE
OF AUTHENTICATION

This is one of
the Class E Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-14-9

    	 

    

 

ASSIGNMENT

FOR VALUE RECEIVED,
the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto ____________________________________________________
______________________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire Percentage Interest represented by the within Class E Certificate and hereby authorize(s)
the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust Fund.

I (we) further
direct the Certificate Registrar to issue a new Class E Certificate of the entire Percentage Interest represented by the within
Class E Certificates to the above-named Assignee(s) and to deliver such Class E Certificate to the following address:

Date: _________________

 

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-14-10

    	 

    

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-14-11

    	 

    

 

EXHIBIT A-15

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS F

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS OR
ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

 

1
     Temporary Regulation S Global Certificate legend.

2
     Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

3
     Global Certificate legend.

 

    	A-15-1

    	 

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR
PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-15-2

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS F

 

	Pass-Through Rate: The WAC Rate4	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class F Certificates: $11,560,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 

	
        CUSIP:   17324T AS85

        U1743Y AC66

        17324T AT67

        

         

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:       US17324TAS878

USU1743YAC679

US17324TAT6010
	 	 
	 	 	 
	Common Code: 136700120	 	 
	 	 	 
	No.: [1]	 	 

 

This certifies that [          
] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 4.759% per annum.

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10
For IAI Certificates

 

    	A-15-3

    	 

    

 

Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class
C, Class D, Class X-D, Class E, Class G, Class H and Class R Certificates (together with the Class F Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class F Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class F Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of

 

    	A-15-4

    	 

    

 

maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

    	A-15-5

    	 

    

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or

 

    	A-15-6

    	 

    

 

(v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of

 

    	A-15-7

    	 

    

 

the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-15-8

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class F Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class F Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-15-9

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________
_______________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class F Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class F Certificate of the entire Percentage Interest represented
by the within Class F Certificates to the above-named Assignee(s) and to deliver such Class F Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-15-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: ________________________________ _____________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-15-11

    	 

    

 

EXHIBIT A-16

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS G

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS OR
ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

 

1
     Temporary Regulation S Global Certificate legend.

2
     Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

3
     Global Certificate legend.

 

    	A-16-1

    	 

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL THE EQUITY OWNERS COME
WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QIB, AND (B) IN EACH
CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR
PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-16-2

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS G

 

	Pass-Through Rate: The WAC Rate4	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class G Certificates: $15,894,000	 	Scheduled Final Distribution Date: the Distribution Date in January 2026
	 	 	 

	
        CUSIP:   17324T AU35

        U1743Y AD46

        17324T AV17

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:       US17324TAU348

USU1743YAD419

US17324TAV1710
	 	 
	 	 	 
	Common Code: 136700138	 	 
	 	 	 
	No.: [1]	 	 

 

This certifies that [
          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class
C, Class D, Class X-D, Class E, Class F, Class H and

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 4.759% per annum.

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10
For IAI Certificates

 

    	A-16-3

    	 

    

 

Class R Certificates (together with the Class G Certificates, the “Certificates”;
the Holders of Certificates are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class G Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class G Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held.

 

    	A-16-4

    	 

    

 

Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental
indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements
and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi)
the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-16-5

    	 

    

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no amendment
pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the right to
receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent of the
Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling and
Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the obligations
or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement without
the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master

 

    	A-16-6

    	 

    

 

Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum

 

    	A-16-7

    	 

    

 

of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate
Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust
from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other than any liability, claims,
expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance
of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations or duties
thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement
of any of its representations or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-16-8

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class G Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class G Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-16-9

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________
_______________ (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class G Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class G Certificate of the entire Percentage Interest represented
by the within Class G Certificates to the above-named Assignee(s) and to deliver such Class G Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-16-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: ____________________________ _________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-16-11

    	 

    

 

EXHIBIT A-17

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS H

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION
S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE
BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS OR
ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE
ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

DISTRIBUTIONS OF PRINCIPAL
AND INTEREST ON THIS CERTIFICATE ARE SUBORDINATED TO DISTRIBUTIONS OF PRINCIPAL AND INTEREST ON OTHER CLASSES OF CERTIFICATES OF
THE SAME SERIES.

 

 

1
     Temporary Regulation S Global Certificate legend.

2
     Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

3
     Global Certificate legend.

 

    	A-17-1

    	 

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN “OFFSHORE TRANSACTION” TO AN INSTITUTION
THAT IS NOT A “U.S. PERSON”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF, OR IN WHICH ALL
THE EQUITY OWNERS COME WITHIN THE MEANING OF, RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR
PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH,
A “PLAN”), OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER
U.S. DEPARTMENT OF LABOR REG. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA, OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY
GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS
I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS
CERTIFICATE BY ANY GOVERNMENTAL PLAN OR OTHER PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL
PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-17-2

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS H

 

	Pass-Through Rate: The WAC Rate4	 	 
	 	 	 
	First Distribution Date: March 11, 2016	 	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).
	 	 	 
	Aggregate Initial Certificate Balance of the Class H Certificates: $43,347,829	 	Scheduled Final Distribution Date: the Distribution Date in February 2026

 

	
        CUSIP:   17324T AW95

         U1743Y AE26

         17324T AX77

         

         
	 	Initial Certificate Balance of this Certificate: $[_____]
	
        ISIN:       US17324TAW998

         USU1743YAE249

         US17324TAX7210

	 	 
	 	 	 
	Common Code: 136700146	 	 
	 	 	 
	No.: [1]	 	 

 

This certifies that [
          ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class H Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant
to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby. In the event that
there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such
provision of this Certificate shall be superseded to the extent of such inconsistency. Also issued under the Pooling and Servicing
Agreement are the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class
C, Class D, Class X-D, Class E, Class F, Class G and

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 4.759% per annum.

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10
For IAI Certificates

 

    	A-17-3

    	 

    

 

Class
R Certificates (together with the Class H Certificates, the “Certificates”; the Holders of Certificates are
collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of that portion of the aggregate amount of principal and interest then distributable, if any, with respect to the Class H Certificates
for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” with respect to any Distribution Date and with respect to the Class H Certificates is the calendar month
preceding the month in which such Distribution Date occurs and is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held.

 

    	A-17-4

    	 

    

 

Subject
to applicable state law with respect to escheatment of funds, if within two years after the second notice any Certificates shall
not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders all amounts distributable
to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such
Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 9.01 of
the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the
Escrow Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution
Account, the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account,
any REO Account and any Excess Interest Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights
in any environmental indemnity agreements relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan
Purchase Agreements and the SMC Guaranty to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
Agreement; (xi) the Lower-Tier Regular Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

    	A-17-5

    	 

    

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the
qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the
Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect
to the transfer of the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no
amendment pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the
right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling
and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the
obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master

 

    	A-17-6

    	 

    

 

Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum

 

    	A-17-7

    	 

    

 

of (A)
the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) included in the Trust, (B) the Appraised
Value of the Trust’s portion of each REO Property, if any, included in the Trust, as determined by the Special Servicer
(such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C) the reasonable out-of-pocket expenses of
the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans), the Special Servicer (unless the Special
Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator, as applicable, with respect
to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer is effecting such purchase,
the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer, as applicable, together
with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in respect of such Advances
and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items will be deemed to have
been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with such purchase). Solely
in the case where the Holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling
Class are effecting such purchase, the purchasing party shall indemnify and hold harmless the Trust from and against any liability,
claims, expenses or costs incurred or suffered by the Trust (other than any liability, claims, expenses or costs incurred or suffered
as a result of (i) any willful misconduct, bad faith, fraud or negligence in the performance of duties of any party to the Pooling
and Servicing Agreement or by reason of negligent disregard of the obligations or duties thereunder of any party to the Pooling
and Servicing Agreement, or (ii) the breach by any party to the Pooling and Servicing Agreement of any of its representations
or warranties contained therein) in connection with the purchase of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-17-8

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class H Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class H Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-17-9

    	 

    

 

ASSIGNMENT

 

	FOR VALUE
RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto _________________ ________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Class H Certificate and hereby authorize(s) the registration of transfer
of such interest to Assignee(s) on the Certificate Register of the Trust Fund.
	 

I
(we) further direct the Certificate Registrar to issue a new Class H Certificate of the entire Percentage Interest represented
by the within Class H Certificates to the above-named Assignee(s) and to deliver such Class H Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-17-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-17-11

    	 

    

 

EXHIBIT A-18

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS R

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE CONTROLLING CLASS REPRESENTATIVE, ANY COMPANION LOAN HOLDER, THE INITIAL PURCHASERS OR
ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY ONLY
BE TRANSFERRED TO AND OWNED BY A QIB.

 

THIS CERTIFICATE MAY NOT
BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES (I) AN EMPLOYEE BENEFIT PLAN OR OTHER
PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
(“SIMILAR LAW”) THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (II) AN ENTITY OR COLLECTIVE INVESTMENT FUND THE ASSETS OF WHICH ARE CONSIDERED PLAN ASSETS UNDER U.S. DEPARTMENT OF LABOR REG.
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (INCLUDING AN INSURANCE COMPANY THAT IS USING THE ASSETS OF SEPARATE
ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR SIMILAR LAW TO INCLUDE ASSETS
OF PLANS)), OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS
A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTIONS 5.02 AND 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL
BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS,
(A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS

 

    	A-18-1

    	 

    

 

TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY
INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES
ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE
ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH
PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR
AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE
IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS
CERTIFICATE REPRESENTS MULTIPLE “NONECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c),
AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY
SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE
AS SPECIFIED IN TREASURY REGULATIONS.

 

TRANSFERS OF THIS CERTIFICATE
AND/OR INTERESTS HEREIN ARE SUBJECT TO THE DELIVERY OF SUCH CERTIFICATIONS, OPINIONS, AND OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE
TRANSFER RESTRICTIONS, AND ARE FURTHER SUBJECT TO SUCH DEEMED REPRESENTATIONS AND WARRANTIES ON THE PART OF THE TRANSFEROR AND/OR
TRANSFEREE, AS ARE SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    	A-18-2

    	 

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2016-GC36

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2016-GC36, CLASS R

 

	Percentage Interest: [      ]%	 
	 	 
	Cut-Off Date: With respect to each Mortgage Loan, the Due Date in February 2016 for that Mortgage Loan (or, in the case of any Mortgage Loan that has its first due date in March 2016, the date that would have been its due date in February 2016 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).	 
	 	 

	
        CUSIP:17324T BA6

         
	 
	
        ISIN:    US17324TBA60

	 
	 	 
	No.: [1]	 

 

This certifies that [
          ] is the registered owner of an interest in a Trust Fund, including the distributions to be made with respect to the Class R Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial,
multifamily and manufactured housing community properties and held in trust by the Trustee and, other than in the case of the Outside
Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created, and the Mortgage
Loans (other than the Outside Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling and Servicing Agreement (as
defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Pooling and Servicing Agreement and is bound thereby. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency. Also issued under the Pooling and Servicing Agreement are the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class EC, Class C, Class D, Class X-D, Class E, Class F, Class
G and Class H Certificates (together with the Class R Certificates, the “Certificates”; the Holders of Certificates
are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Pooling and Servicing Agreement dated as of February 1, 2016 (the “Pooling
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. To the
extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This Certificate represents
the “residual interest” in two “real estate mortgage investment conduits,” as those terms are defined,
respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement.

 

    	A-18-3

    	 

    

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator will distribute (other than the final distribution on any
Certificate), on the 4th Business Day following the Determination Date in each month, commencing in March 2016 (each such date,
a “Distribution Date”), to the Person in whose name this Certificate is registered as of the related Record
Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
of the aggregate amount, if any, with respect to the Class R Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Certificate Administrator to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which will be the close of business on the last day of
the month immediately preceding the month in which such Distribution Date occurs, or if such day is not a Business Day, the immediately
preceding Business Day. Distributions are required to be made by wire transfer of immediately available funds to the account of
such Certificateholder at a bank or other entity located in the United States and having appropriate facilities to accept such
funds, if such Certificateholder has provided the Certificate Administrator with written wiring instructions no less than five
Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions), or otherwise by check mailed to such Certificateholder. The final distribution on each Certificate
shall be made in like manner, but only upon presentation and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in a notice to
Certificateholders of the pendency of the final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any
Certificates as to which notice of the Termination Date has been given pursuant to Section 9.01 of the Pooling and Servicing Agreement
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. Subject to applicable state law with respect to escheatment of funds, if within two years after the second notice
any Certificates shall not have been surrendered for cancellation, the Paying Agent shall pay to the Class R Certificateholders
all amounts distributable to the Holders thereof. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes: (i) such Mortgage Loans as from time to time are subject to the Pooling and Servicing
Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-Off Date or, with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution (exclusive of interest relating to periods prior to, but due after, the Cut-Off Date); (iii) any REO Property
(but, with respect to any REO Property relating to a Loan Combination, only to the extent of the Trust’s interest in the
related Loan Combination); (iv) all revenues received in respect of any REO Property (but, with respect to any REO Property relating
to a Loan Combination, only to the extent of the Trust’s interest in the related Loan Combination); (v) the Master Servicer’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to the Pooling and Servicing Agreement and any proceeds thereof; (vi) the Trustee’s rights in any Assignments of Leases,
Rents and Profits and any security agreements; (vii) the Trustee’s rights under any indemnities or guaranties given as additional
security for any Mortgage Loans; (viii) all of the Trustee’s and the Certificate Administrator’s rights in the Escrow
Accounts and Lock-Box Accounts and all proceeds of the Mortgage Loans deposited in the Collection Account, each Distribution Account,
the Exchangeable Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account, any REO Account
and any Excess

 

    	A-18-4

    	 

    

 

Interest
Distribution Account, including reinvestment income thereon; (ix) the Trustee’s rights in any environmental indemnity agreements
relating to the Mortgaged Properties; (x) the Depositor’s rights under the Loan Purchase Agreements and the SMC Guaranty
to the extent assigned to the Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement; (xi) the Lower-Tier Regular
Interests; (xii) the Loss of Value Reserve Fund; and (xiii) all Interest Deposit Amounts.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator and Trustee.

 

As provided in the Pooling
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Administrator shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Pooling and Servicing
Agreement and for all other purposes whatsoever, and neither the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, the Certificate Registrar, nor any agent of the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee, without the consent of any of the Certificateholders
or, as applicable, any Companion Loan Holder:

 

		(i)	to cure any ambiguity to the extent that it does not adversely affect any holders of Certificates;

 

		(ii)	to correct or supplement any of its provisions which may be inconsistent with any other provisions
of the Pooling and Servicing Agreement or with the description thereof in the Prospectus or to correct any error;

 

		(iii)	to change the timing and/or nature of deposits in the Collection Account, the Excess Liquidation
Proceeds Reserve Account, the Exchangeable Distribution Account, any Excess Interest Distribution Account, the Distribution Account
or any REO Account, provided that (A) the Master Servicer Remittance Date shall in no event be later than the Business Day prior
to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder,
as evidenced by an opinion of counsel (at the expense of the party requesting the amendment);

 

		(iv)	to modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust or to avoid or minimize the risk of imposition of any tax on the Trust Fund, provided that the Trustee and the Certificate Administrator have received an opinion of counsel (at the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates, (B) to restrict (or to remove any existing restrictions with respect to) the transfer of the Class R Certificates, provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of

 

    	A-18-5

    	 

    

 

	 	 	the Class R Certificates to a non-Permitted Transferee or (C) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB and/or any regulatory actions and/or interpretations;

 

		(v)	to make any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change, provided that the amendment will not adversely affect in any material respect the
interests of any Certificateholder, as evidenced by an opinion of counsel;

 

		(vi)	to modify the procedures in the Pooling and Servicing Agreement relating to Exchange Act Rule 17g-5;
provided that such modification does not increase the obligations of the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer without such party’s consent (which
consent may not be withheld unless such modification would materially adversely affect such party or materially increase such party’s
obligations under the Pooling and Servicing Agreement); provided, further that notice of such modification is provided
to all parties to the Pooling and Servicing Agreement; and

 

		(vii)	to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary
to maintain the ratings assigned to each Class of Certificates by any of the Rating Agencies, provided that the amendment will
not adversely affect in any material respect the interests of any Certificateholder;

 

provided that no
amendment pursuant to any of clauses (i)-(vii) above may be made that would (i) reduce the consent or consultation rights or the
right to receive information under the Pooling and Servicing Agreement of the Controlling Class Representative without the consent
of the Controlling Class Representative; (ii) reduce the consultation rights or the right to receive information under the Pooling
and Servicing Agreement of the Operating Advisor without the consent of the Operating Advisor; (iii) change in any manner the
obligations or rights of any Mortgage Loan Seller under the Pooling and Servicing Agreement or the applicable Loan Purchase Agreement
without the consent of the affected Mortgage Loan Seller; (iv) change in any manner the obligations or rights of any Underwriter
or Initial Purchaser, without the consent of the affected Underwriter or Initial Purchaser; or (v) adversely affect any Serviced
Companion Loan Holder in its capacity as such without its consent. Expenses incurred with respect to any amendment shall be borne
by the party requesting such amendment, unless the Master Servicer, the Special Servicer or the Trustee is requesting an amendment
for the benefit of the Certificateholders, then in which case such expense will be borne by the Trust.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by a writing signed by each of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian (if the Certificate Administrator
is then acting as Custodian), the Certificate Administrator and the Trustee with the consent of the Holders of Certificates representing
not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected by the amendment for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Certificateholders; provided, however, that no such amendment shall:

 

    	A-18-6

    	 

    

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Serviced Loans
which are required to be distributed on a Certificate of any Class or to any Serviced Companion Loan Holder, as applicable, without
the consent of the Holder of that Certificate or that Serviced Companion Loan Holder, as applicable,

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to the amendment without the consent of the Holders of all Certificates of that Class then outstanding,

 

		(iii)	change in any manner the obligations or rights of any Mortgage Loan Seller under the Pooling and
Servicing Agreement or the related Loan Purchase Agreement without the consent of the affected Mortgage Loan Seller,

 

		(iv)	change the definition of “Servicing Standard” without either (1) consent of 100% of
the holders of the Certificates or (2) Rating Agency Confirmation,

 

		(v)	without the consent of 100% of the Certificateholders of the Class or Classes of Certificates adversely
affected thereby, change (a) the percentages of Voting Rights of Certificateholders which are required to consent to any action
or inaction under the Pooling and Servicing Agreement, (b) the right of the Certificateholders to remove the Special Servicer pursuant
to the Pooling and Servicing Agreement or (c) the right of the Certificateholders to terminate the Operating Advisor pursuant to
the Pooling and Servicing Agreement,

 

		(vi)	adversely affect the Controlling Class Representative without the consent of 100% of the Controlling
Class Certificateholders,

 

		(vii)	adversely affect a Serviced Companion Loan Holder in its capacity as such without its consent,
or

 

		(viii)	change in any manner the obligations or rights of any Underwriter or Initial Purchaser without
the consent of the affected Underwriter or Initial Purchaser.

 

The Holders of the Controlling
Class representing greater than 50% of the Certificate Balance of the Controlling Class may (or, if such Holders do not, the Special
Servicer, or if neither such Holders nor the Special Servicer do, the Master Servicer or, if none of such Holders, the Special
Servicer or the Master Servicer does, any Holders of Class R Certificates representing greater than a 50% Percentage Interest in
such Class, may also) effect an early termination of the Trust Fund, upon not less than 30 days’ prior notice given to the
parties (or, if applicable, the other parties) to the Pooling and Servicing Agreement (whereupon the Master Servicer shall notify
the Serviced Companion Loan Holders) any time on or after the Early Termination Notice Date specifying the Anticipated Termination
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans (and in the case of the Serviced Loan Combinations,
subject to certain rights of the related Serviced Companion Loan Holder provided for in the related Co-Lender Agreement) then included
in the Trust Fund, and all property acquired by or on behalf of the Trust Fund (including the Trust Fund’s interest in any
REO Property acquired with respect to any Outside Serviced Mortgage Loan) in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to (i) the sum of (A) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage
Loans) included in the Trust, (B) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the
Trust, as determined by the Special Servicer (such Appraisals in clause (i)(B) shall be obtained by the Special Servicer) and (C)
the reasonable out-of-pocket expenses of the Master Servicer (unless the Master Servicer is the purchaser of such Mortgage Loans),
the Special Servicer (unless the Special Servicer is the purchaser of such Mortgage Loans), the Trustee and the Certificate Administrator,
as applicable, with respect to such termination, minus (ii) solely in the case where the Master Servicer or the Special Servicer
is effecting such purchase, the aggregate amount of unreimbursed Advances, if any, made by the Master Servicer or Special Servicer,
as applicable, together with any interest accrued and payable to the Master Servicer or the Special Servicer, as applicable, in
respect of such Advances and any unpaid Servicing Fees or Special Servicing Fees, as applicable, remaining outstanding (which items
will be deemed to have been paid or reimbursed to the Master Servicer or the Special Servicer, as applicable, in connection with
such purchase). Solely in the case where the Holders of the Controlling Class representing

 

    	A-18-7

    	 

    

 

greater
than 50% of the Certificate Balance of the Controlling Class are effecting such purchase, the purchasing party shall indemnify
and hold harmless the Trust from and against any liability, claims, expenses or costs incurred or suffered by the Trust (other
than any liability, claims, expenses or costs incurred or suffered as a result of (i) any willful misconduct, bad faith, fraud
or negligence in the performance of duties of any party to the Pooling and Servicing Agreement or by reason of negligent disregard
of the obligations or duties thereunder of any party to the Pooling and Servicing Agreement, or (ii) the breach by any party to
the Pooling and Servicing Agreement of any of its representations or warranties contained therein) in connection with the purchase
of such Mortgage Loans and property.

 

Any Person(s) effecting
an early termination of the Trust Fund as provided in the prior paragraph shall first notify the Controlling Class Representative
and each Certifying Certificateholder, or, in the case of a termination by the Holder of a Class R Certificate, notify the Certificate
Administrator (who shall notify the Controlling Class Representative and each Certifying Certificateholder) of its intention to
do so in writing at least 30 days prior to the Anticipated Termination Date. All costs and expenses incurred by any and all parties
to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne by the party exercising its
purchase rights thereunder. The Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representation
Reviewer, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates,
the Mortgage Loans and the Serviced Companion Loans (other than the obligation to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement and to make any required remittances to the Serviced
Companion Loan Holders in the month in which the final Distribution Date occurs and certain tax-related obligations) shall terminate
immediately following the earlier to occur of (i) the purchase by Holders of the Controlling Class, the Special Servicer, the Master
Servicer or Holders of the Class R Certificates of all the Mortgage Loans and REO Properties (or interests therein) then included
in the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement, (ii) the exchange by the Remaining Certificateholder
of its Certificates for all the Mortgage Loans and REO Properties (or interests therein) then included in the Trust Fund pursuant
to Section 9.01(h) of the Pooling and Servicing Agreement and (iii) the final payment or other liquidation (or any advance with
respect thereto) of the last Mortgage Loan or REO Property (or interest therein) contained in the Trust Fund; provided,
however, that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date of the Pooling and Servicing Agreement. All such payments as contemplated by the
preceding paragraph shall be deposited into the Collection Account by the Master Servicer or Special Servicer, as applicable, promptly
following receipt thereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or
be valid for any purpose.

 

    	A-18-8

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

Dated: February 17, 2016

CERTIFICATE OF AUTHENTICATION

This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

Dated: February 17, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:
                                         

	 
	 	 	Authorized
                                         Signatory

 

    	A-18-9

    	 

    

 

ASSIGNMENT

 

	FOR VALUE RECEIVED, the undersigned
                                                                                                                                          (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
                                                                                                                                          _________________ ________________ (please print or typewrite name(s) and address(es), including postal zip code(s) of
                                                                                                                                          assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within Class R Certificate
                                                                                                                                          and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register of the Trust
                                                                                                                                          Fund.
	 	 	 

I
(we) further direct the Certificate Registrar to issue a new Class R Certificate of the entire Percentage Interest represented
by the within Class R Certificates to the above-named Assignee(s) and to deliver such Class R Certificate to the following
address: 

Date:
_________________

	 	 
	 	Signature by or on behalf of Assignor(s)

	 	 
	 	Taxpayer Identification Number

 

    	A-18-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

The
Assignee(s) should include the following for purposes of distribution: 

Address
of the Assignee(s) for the purpose of receiving notices and
distributions: _________________________ ____________________________
Distributions, if being made by wire transfer in immediately available funds to __________________________ for the account
of __________________________ account number ____________________________. This information is provided by
______________________________, the Assignee(s) named above or ____________________________________ as its (their)
agent.

	 	 	 
	 	By:

	 
	 	 	[Please print or type name(s)]

	 	 	 
	 	 	Title

	 	 	 
	 	 	Taxpayer
                                         Identification Number

 

    	A-18-11

    	 

    

  

EXHIBIT B

MORTGAGE LOAN SCHEDULE

  

    	B-1

    	 

    

  

CGCMT 2016-GC36 Mortgage Loan
Schedule 

		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	Remaining	 	 	 	 	 	 	 	Crossed With
	Control	 	 	 	Loan	 	 	 	 	 	 	 	 	 	 	 	Cut-Off Date	 	Mortgage	 	Term To	 	 	 	Amortization Term	 	Servicing	 	Subservicing	 	Mortgage 	 	Other Loans
	Number	 	Footnotes	 	Number	 	Property Name	 	Address	 	City	 	State	 	Zip Code	 	Balance ($)	 	Rate	 	Maturity Date	 	Maturity Date	 	(Mos.)	 	Fee Rate (%)	 	Fee Rate (%)	 	Loan Seller	 	(Crossed Group)
	1	 	(1)	 	8970	 	5 Penn Plaza	 	5 Penn Plaza	 	New York	 	New York	 	10001	 	115,000,000.00	 	4.86153%	 	119	 	1/6/2026	 	0	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	2	 	(2)	 	8998	 	Sheraton Denver Downtown Fee	 	1550 Court Place 	 	Denver	 	Colorado	 	80202	 	110,000,000.00	 	4.50000%	 	119	 	1/6/2026	 	0	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	3	 	(3)	 	107323	 	Austin Block 21	 	200 and 212 Lavaca Street	 	Austin	 	Texas	 	78701	 	109,898,449.69	 	5.58000%	 	119	 	1/6/2026	 	359	 	0.00500%	 	0.005%	 	GSMC	 	NAP
	4	 	(4)	 	114883b	 	Glenbrook Square	 	4201 Coldwater Road	 	Fort Wayne	 	Indiana	 	46805	 	102,000,000.00	 	4.27150%	 	117	 	11/6/2025	 	360	 	0.00250%	 	0.003%	 	GSMC	 	NAP
	5	 	(5)	 	118685c	 	Westin Boston Waterfront	 	425 Summer Street	 	Boston	 	Massachusetts	 	02210	 	54,789,561.34	 	4.35800%	 	117	 	11/6/2025	 	357	 	0.00250%	 	0.003%	 	GSMC	 	NAP
	6	 	(6)	 	9070	 	Park Place	 	1255, 1260, 1333, 1340, 1445 and 1450 South Spectrum Boulevard	 	Chandler	 	Arizona	 	85286	 	50,000,000.00	 	4.92000%	 	119	 	1/6/2026	 	360	 	0.00250%	 	0.020%	 	CGMRC	 	NAP
	7	 	(7)	 	1	 	215 West 34th Street & 218 West 35th Street	 	215 West 34th Street and 218 West 35th Street	 	New York	 	New York	 	10001	 	45,000,000.00	 	4.22100%	 	119	 	1/6/2026	 	0	 	0.00250%	 	0.0025%	 	CCRE	 	NAP
	8	 	 	 	9069	 	King of Prussia Hotel Portfolio	 	 	 	 	 	 	 	 	 	38,200,000.00	 	5.02000%	 	82	 	12/6/2022	 	300	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	8.01	 	 	 	9069-1	 	Crowne Plaza - King of Prussia	 	260 Mall Boulevard	 	King of Prussia	 	Pennsylvania	 	19406	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	9069-2	 	Fairfield Inn & Suites - King of Prussia	 	258 Mall Boulevard	 	King of Prussia	 	Pennsylvania	 	19406	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	 	 	2	 	Stafford Park 	 	215 Stafford Park Boulevard	 	Manahawkin	 	New Jersey	 	08050	 	31,166,265.05	 	4.92600%	 	119	 	1/6/2026	 	359	 	0.00500%	 	0.0200%	 	CCRE	 	NAP
	10	 	(8)	 	114104c	 	South Plains Mall	 	5702 and 6002 Slide Road	 	Lubbock	 	Texas	 	79414	 	30,000,000.00	 	4.22050%	 	117	 	11/6/2025	 	0	 	0.00250%	 	0.003%	 	GSMC	 	NAP
	11	 	(9)	 	108124b	 	GSA Portfolio	 	 	 	 	 	 	 	 	 	27,384,375.00	 	4.90600%	 	117	 	11/6/2025	 	360	 	0.00250%	 	0.020%	 	GSMC	 	NAP
	11.01	 	 	 	108124b-1	 	Mobile	 	550 Government Street	 	Mobile	 	Alabama	 	36602	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	 	 	108124b-2	 	Savannah	 	8 Southern Oaks Court	 	Savannah	 	Georgia	 	31405	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	 	 	108124b-3	 	Covington	 	10155 Eagle Drive	 	Covington	 	Georgia	 	30014	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	 	 	108124b-4	 	Nashville	 	120 Athens Way	 	Nashville	 	Tennessee	 	37228	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	 	 	108124b-5	 	Memphis - Midtown	 	1330 Monroe Avenue	 	Memphis	 	Tennessee	 	38104	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.06	 	 	 	108124b-6	 	Atlanta	 	1699 Phoenix Parkway	 	College Park	 	Georgia	 	30349	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.07	 	 	 	108124b-7	 	Tallahassee	 	1961 Quail Grove Lane	 	Tallahassee	 	Florida	 	32311	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.08	 	 	 	108124b-8	 	Elizabethtown	 	591 Westport Road	 	Elizabethtown	 	Kentucky	 	42701	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.09	 	 	 	108124b-9	 	Greenville	 	2805 South Charles Boulevard	 	Greenville	 	North Carolina	 	27858	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.10	 	 	 	108124b-10	 	Birmingham	 	1972 Gadsden Highway	 	Birmingham	 	Alabama	 	35235	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.11	 	 	 	108124b-11	 	Paducah	 	4730 Village Square Drive	 	Paducah	 	Kentucky	 	42001	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.12	 	 	 	108124b-12	 	Little Rock	 	1520 Riverfront Drive	 	Little Rock	 	Arkansas	 	72202	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.13	 	 	 	108124b-13	 	Huntsville	 	4970 Research Drive Northwest	 	Huntsville	 	Alabama	 	35805	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.14	 	 	 	108124b-14	 	Columbus	 	3577 Bluecutt Road	 	Columbus	 	Mississippi	 	39705	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.15	 	 	 	108124b-15	 	Memphis - North	 	3602 Austin Peay Highway	 	Memphis	 	Tennessee	 	38128	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.16	 	 	 	108124b-16	 	Frankfort	 	140 Flynn Avenue	 	Frankfort	 	Kentucky	 	40601	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.17	 	 	 	108124b-17	 	Henderson	 	858 South Beckford Drive	 	Henderson	 	North Carolina	 	27536	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.18	 	 	 	108124b-18	 	Gadsden	 	204 Enterprise Drive	 	Gadsden	 	Alabama	 	35904	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.19	 	 	 	108124b-19	 	Bessemer	 	5475 Academy Way	 	Bessemer	 	Alabama	 	35022	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.20	 	 	 	108124b-20	 	Richmond	 	1060 Gibson Bay Drive	 	Richmond	 	Kentucky	 	40475	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.21	 	 	 	108124b-21	 	Tullahoma	 	717 Kings Lane	 	Tullahoma	 	Tennessee	 	37388	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.22	 	 	 	108124b-22	 	Fairhope	 	101 Courthouse Drive	 	Fairhope	 	Alabama	 	36532	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.23	 	 	 	108124b-23	 	Lawrenceburg	 	109 East Taylor Street	 	Lawrenceburg	 	Tennessee	 	38464	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.24	 	 	 	108124b-24	 	Moss Point	 	6000 Highway 63	 	Moss Point	 	Mississippi	 	39563	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	(10)	 	1524.00	 	Heinz 57 Center	 	339 6th Avenue	 	Pittsburgh	 	Pennsylvania	 	15222	 	25,944,492.59	 	4.99000%	 	118	 	12/6/2025	 	358	 	0.00250%	 	0.043%	 	SMC	 	NAP
	13	 	 	 	1518.00	 	Northeast Corporate Center	 	2350, 2500 & 2600 Green Road	 	Ann Arbor	 	Michigan	 	48105	 	25,000,000.00	 	4.88600%	 	118	 	12/6/2025	 	360	 	0.00250%	 	0.050%	 	SMC	 	NAP
	14	 	 	 	9180	 	Embassy Corporate Park	 	 	 	 	 	 	 	 	 	23,000,000.00	 	4.98000%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	14.01	 	 	 	9180-1	 	3875 Embassy Parkway	 	3875 Embassy Parkway	 	Fairlawn	 	Ohio	 	44333	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	9180-2	 	3700 Embassy Parkway	 	3700 Embassy Parkway	 	Fairlawn	 	Ohio	 	44333	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	9180-3	 	4040 Embassy Parkway	 	4040 Embassy Parkway	 	Fairlawn	 	Ohio	 	44333	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.04	 	 	 	9180-4	 	4000 Embassy Parkway	 	4000 Embassy Parkway	 	Fairlawn	 	Ohio	 	44333	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.05	 	 	 	9180-5	 	3737 Embassy Parkway	 	3737 Embassy Parkway	 	Fairlawn	 	Ohio	 	44333	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.06	 	 	 	9180-6	 	3560 West Market Street	 	3560 West Market Street	 	Fairlawn	 	Ohio	 	44333	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.07	 	 	 	9180-7	 	5399 Lauby Road	 	5399 Lauby Road	 	Canton	 	Ohio	 	44720	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	 	 	3	 	6725 Sunset Office	 	6725 West Sunset Boulevard 	 	Los Angeles	 	California	 	90028	 	21,000,000.00	 	4.99400%	 	59	 	1/6/2021	 	0	 	0.00500%	 	0.0200%	 	CCRE	 	NAP

 

     

    	 

    

 

CGCMT 2016-GC36 Mortgage Loan Schedule

		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	Remaining	 	 	 	 	 	 	 	Crossed With
	Control	 	 	 	Loan	 	 	 	 	 	 	 	 	 	 	 	Cut-Off Date	 	Mortgage	 	Term To	 	 	 	Amortization Term	 	Servicing	 	Subservicing	 	Mortgage 	 	Other Loans
	Number	 	Footnotes	 	Number	 	Property Name	 	Address	 	City	 	State	 	Zip Code	 	Balance ($)	 	Rate	 	Maturity Date	 	Maturity Date	 	(Mos.)	 	Fee Rate (%)	 	Fee Rate (%)	 	Loan Seller	 	(Crossed Group)
	16	 	 	 	122563	 	Rivercrest Portfolio B	 	 	 	 	 	 	 	 	 	20,200,000.00	 	4.62600%	 	118	 	12/6/2025	 	360	 	0.00500%	 	0.000%	 	GSMC	 	NAP
	16.01	 	 	 	122563-2	 	Shoppes at Woodruff	 	1451 Woodruff Road	 	Greenville	 	South Carolina	 	29607	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.02	 	 	 	122563-1	 	Riverbend Shopping Center	 	315 West Thacker Avenue	 	Covington	 	Virginia	 	24426	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.03	 	 	 	122563-3	 	Sussex Plaza	 	22877-22895 Sussex Highway	 	Seaford	 	Delaware	 	19973	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.04	 	 	 	122563-4	 	East Town Plaza	 	2146 Old Snow Hill Road	 	Pocomoke City	 	Maryland	 	21851	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17	 	 	 	122534	 	Rivercrest Portfolio A	 	 	 	 	 	 	 	 	 	19,800,000.00	 	4.62600%	 	118	 	12/6/2025	 	360	 	0.00500%	 	0.000%	 	GSMC	 	NAP
	17.01	 	 	 	122534-3	 	Surfside Commons	 	2695 Beaver Run Boulevard	 	Surfside Beach	 	South Carolina	 	29575	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.02	 	 	 	122534-4	 	East Towne Centre	 	5570 Sunset Boulevard	 	Lexington	 	South Carolina	 	29072	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.03	 	 	 	122534-1	 	Plantation Plaza	 	1310 North Fraser Street	 	Georgetown	 	South Carolina	 	29440	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.04	 	 	 	122534-2	 	Smithfield Plaza	 	1285 North Brightleaf Boulevard	 	Smithfield	 	North Carolina	 	27577	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18	 	 	 	4	 	Lancaster Plaza	 	44405-44417, 44443-44551 & 44599 Valley Central Way and 2343 West Avenue J	 	Lancaster	 	California	 	93536	 	17,062,370.46	 	4.86000%	 	118	 	12/6/2025	 	358	 	0.00500%	 	0.0200%	 	CCRE	 	NAP
	19	 	(11)	 	112083b	 	Element LA	 	1861-1933 South Bundy Drive and 12333 West Olympic Boulevard	 	Los Angeles	 	California	 	90025; 90064	 	14,000,000.00	 	4.59300%	 	117	 	11/6/2025	 	0	 	0.00250%	 	0.003%	 	GSMC	 	NAP
	20	 	 	 	117243	 	Residence Inn Andover	 	500 Minuteman Road	 	Andover	 	Massachusetts	 	01810	 	13,457,641.04	 	4.83400%	 	118	 	12/6/2025	 	358	 	0.00500%	 	0.000%	 	GSMC	 	NAP
	21	 	 	 	9090	 	900 Seward Street	 	900 Seward Street	 	Los Angeles	 	California	 	90038	 	13,100,000.00	 	4.86000%	 	118	 	12/6/2025	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	22	 	(12)	 	111484c	 	DoubleTree Hotel Universal	 	5780 Major Boulevard	 	Orlando	 	Florida	 	32819	 	12,941,291.70	 	4.90000%	 	116	 	10/6/2025	 	356	 	0.00250%	 	0.003%	 	GSMC	 	NAP
	23	 	 	 	113324	 	Seaford Village	 	22916-23010 Sussex Highway	 	Seaford	 	Delaware	 	19973	 	12,925,000.00	 	4.65900%	 	118	 	12/6/2025	 	360	 	0.00250%	 	0.050%	 	GSMC	 	NAP
	24	 	 	 	1539.00	 	6221 Wilshire Boulevard	 	6221 Wilshire Boulevard	 	Los Angeles	 	California	 	90048	 	12,650,000.00	 	4.95400%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	SMC	 	NAP
	25	 	 	 	9235	 	Net Lease Retail Portfolio	 	 	 	 	 	 	 	 	 	12,450,000.00	 	4.83000%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	25.01	 	 	 	9235-1	 	Walgreens - Sterling Heights	 	13901 Metropolitan Parkway	 	Sterling Heights	 	Michigan	 	48312	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.02	 	 	 	9235-2	 	Rite Aid - Hogansville	 	101 South US 29 Highway	 	Hogansville	 	Georgia	 	30230	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.03	 	 	 	9235-3	 	Jo-Ann Fabrics - Portage	 	6151 South Westnedge Avenue	 	Portage	 	Michigan	 	49002	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.04	 	 	 	9235-4	 	Fred’s - Dunn	 	988 Erwin Road	 	Dunn	 	North Carolina	 	28334	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.05	 	 	 	9235-5	 	Dollar General - Sandersville	 	588 South Front Street	 	Sandersville	 	Mississippi	 	39477	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.06	 	 	 	9235-6	 	CVS - Hillsboro	 	1452 North High Street	 	Hillsboro	 	Ohio	 	45133	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26	 	 	 	124710	 	Guardian Self Storage Centre Avenue and South Millvale	 	 	 	 	 	 	 	 	 	11,200,000.00	 	4.46600%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.040%	 	GSMC	 	NAP
	26.01	 	 	 	124710-1	 	Guardian Self Storage Centre Avenue	 	5873 Centre Avenue	 	Pittsburgh	 	Pennsylvania	 	15206	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.02	 	 	 	124710-2	 	Guardian Self Storage South Millvale	 	750 South Millvale Avenue	 	Pittsburgh	 	Pennsylvania	 	15213	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	109423	 	Arapaho Village	 	801-819 West Arapaho Road	 	Richardson	 	Texas	 	75080	 	10,046,000.00	 	5.19550%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	GSMC	 	NAP
	28	 	 	 	TBD	 	Abilene Hotel Portfolio	 	 	 	 	 	 	 	 	 	9,500,000.00	 	5.00300%	 	120	 	2/6/2026	 	360	 	0.00500%	 	0.000%	 	SMC	 	NAP
	28.01	 	 	 	TBD	 	Holiday Inn Express & Suites - Abilene 	 	1802 East Overland Trail	 	Abilene	 	Texas	 	79601	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28.02	 	 	 	TBD	 	La Quinta Inn & Suites - Abilene 	 	3018 Catclaw Drive	 	Abilene	 	Texas	 	79606	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29	 	 	 	118983	 	Southwood Tower	 	19221 Interstate 45 South	 	Shenandoah	 	Texas	 	77385	 	9,190,145.16	 	4.96600%	 	119	 	1/6/2026	 	359	 	0.00500%	 	0.000%	 	GSMC	 	NAP
	30	 	 	 	111444	 	Two Metro Place	 	565 Metro Place South	 	Dublin	 	Ohio	 	43017	 	9,000,000.00	 	4.86100%	 	120	 	2/6/2026	 	360	 	0.00500%	 	0.040%	 	GSMC	 	NAP
	31	 	 	 	107263	 	Golden Mile Marketplace	 	1300-1312 West Patrick Street	 	Frederick	 	Maryland	 	21703	 	8,750,000.00	 	4.24000%	 	117	 	11/6/2025	 	360	 	0.00500%	 	0.050%	 	GSMC	 	NAP
	32	 	 	 	8886	 	Bank of America Oceanside Fee	 	2756 Long Beach Road	 	Oceanside	 	New York	 	11572	 	8,450,000.00	 	4.88000%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	33	 	 	 	112903	 	Five Points Medical	 	2251 North Squirrel Road	 	Auburn Hills	 	Michigan	 	48326	 	7,326,453.67	 	5.19400%	 	117	 	11/6/2025	 	357	 	0.00250%	 	0.050%	 	GSMC	 	NAP
	34	 	 	 	124723	 	Guardian Self Storage Old Haymaker Road	 	350 Old Haymaker Road	 	Monroeville	 	Pennsylvania	 	15146	 	7,200,000.00	 	4.46600%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.040%	 	GSMC	 	NAP
	35	 	 	 	1540.00	 	17525 Ventura Boulevard	 	17525 Ventura Boulevard	 	Encino	 	California	 	91316	 	7,200,000.00	 	4.95400%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	SMC	 	NAP
	36	 	 	 	124724	 	Guardian Self Storage Waterfront Drive	 	1002 East Waterfront Drive	 	Munhall	 	Pennsylvania	 	15120	 	6,600,000.00	 	4.46600%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.040%	 	GSMC	 	NAP
	37	 	 	 	101763	 	AAAA Self Storage	 	 	 	 	 	 	 	 	 	6,392,802.26	 	4.75600%	 	119	 	1/6/2026	 	359	 	0.00500%	 	0.000%	 	GSMC	 	NAP
	37.01	 	 	 	101763-1	 	AAAA Self Storage Buford	 	4365 Commerce Drive	 	Buford	 	Georgia	 	30518	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.02	 	 	 	101763-2	 	AAAA Self Storage Lawrenceville	 	282 East Crogan Street	 	Lawrenceville	 	Georgia	 	30046	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	121124	 	Paseo Real	 	2100 Ruben Torres Senior Boulevard	 	Brownsville	 	Texas	 	78526	 	6,300,000.00	 	4.60500%	 	119	 	1/6/2026	 	360	 	0.00250%	 	0.070%	 	GSMC	 	NAP
	39	 	 	 	9110	 	Indian Creek Commons	 	1055 Pendleton Pike	 	Indianapolis	 	Indiana	 	46236	 	5,950,000.00	 	4.95000%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	40	 	 	 	7941-2	 	Kensington Square Apartments	 	700 Keswick Circle	 	Trotwood	 	Ohio	 	45426	 	5,840,000.00	 	4.84000%	 	117	 	11/6/2025	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	41	 	 	 	8946	 	Olympia Plaza	 	91-175 Joe Orr Road	 	Chicago Heights	 	Illinois	 	60411	 	5,800,000.00	 	5.12000%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	42	 	 	 	7941-3	 	Flagstone Creek Apartments	 	5101 Southwest Villa Street	 	Bentonville	 	Arkansas	 	72712	 	5,728,000.00	 	4.97000%	 	117	 	11/6/2025	 	360	 	0.00250%	 	0.070%	 	CGMRC	 	NAP
	43	 	 	 	TBD	 	Wickiup & Ambassador MHP’s	 	 	 	 	 	 	 	 	 	5,665,000.00	 	4.90000%	 	120	 	2/6/2026	 	360	 	0.00500%	 	0.050%	 	SMC	 	NAP
	43.01	 	 	 	TBD	 	Wickiup Manufactured Housing Community	 	2015 East Old West Highway	 	Apache Junction	 	Arizona	 	85119	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43.02	 	 	 	TBD	 	Ambassador Down Manufactured Housing Community	 	2345 East Main Street	 	Mesa	 	Arizona	 	85213	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	44	 	 	 	7941	 	Empire Mini Storage Forestville	 	6320 Forestville Street	 	Forestville	 	California	 	95436	 	5,500,000.00	 	4.89000%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	45	 	 	 	6	 	Draper Industrial	 	12577 South 265 West	 	Draper	 	Utah	 	84020	 	5,500,000.00	 	5.05200%	 	118	 	12/6/2025	 	360	 	0.00500%	 	0.0200%	 	CCRE	 	NAP
	46	 	 	 	1528.00	 	Springhill Suites Altamonte	 	205 West State Route 436	 	Altamonte Springs	 	Florida	 	32714	 	5,194,526.02	 	5.04000%	 	119	 	1/6/2026	 	359	 	0.00500%	 	0.000%	 	SMC	 	NAP
	47	 	 	 	1538.00	 	Sleep Inn - Manchester 	 	84 Relco Drive 	 	Manchester	 	Tennessee	 	37355	 	5,192,276.76	 	5.20000%	 	119	 	1/6/2026	 	299	 	0.00500%	 	0.000%	 	SMC	 	NAP
	48	 	 	 	1498.00	 	Freehome Village	 	12424 Cumming Highway	 	Canton	 	Georgia	 	30115	 	5,000,000.00	 	4.61000%	 	116	 	10/6/2025	 	360	 	0.00500%	 	0.000%	 	SMC	 	NAP
	49	 	 	 	120563	 	81 Page Drive	 	81 Page Drive	 	Franklin	 	Kentucky	 	42134	 	4,925,000.00	 	4.52800%	 	118	 	12/6/2025	 	360	 	0.00500%	 	0.040%	 	GSMC	 	NAP
	50	 	 	 	7	 	Gulf Place	 	45 Town Center Loop	 	Santa Rosa Beach	 	Florida	 	32459	 	4,899,951.34	 	5.16850%	 	118	 	12/6/2025	 	358	 	0.00500%	 	0.0200%	 	CCRE	 	NAP
	51	 	 	 	113345	 	Union Landing	 	30970-31000 Courthouse Drive	 	Union City	 	California	 	94587	 	4,050,000.00	 	4.69350%	 	118	 	12/6/2025	 	0	 	0.00500%	 	0.000%	 	GSMC	 	NAP
	52	 	 	 	9126	 	National Self Storage Southfield	 	21940 West 8 Mile Road	 	Southfield	 	Michigan	 	48075	 	4,000,000.00	 	4.67000%	 	118	 	12/6/2025	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	53	 	 	 	8	 	Shops at South Mountain	 	2020 & 2030 W Baseline Road	 	Phoenix	 	Arizona	 	85041	 	3,546,423.38	 	5.22400%	 	119	 	1/6/2026	 	359	 	0.00500%	 	0.0200%	 	CCRE	 	NAP
	54	 	 	 	9012	 	Food Lion Southampton	 	1328 Armory Drive	 	Franklin	 	Virginia	 	23851	 	3,193,803.94	 	4.78000%	 	119	 	1/6/2026	 	269	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	55	 	 	 	9115	 	Budget Self Storage	 	5061 Beech Place	 	Temple Hills	 	Maryland	 	20748	 	3,150,000.00	 	4.99000%	 	118	 	12/6/2025	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	56	 	 	 	9125	 	National Self Storage Redford	 	9125 Telegraph Road	 	Redford	 	Michigan	 	48239	 	3,100,000.00	 	4.67000%	 	118	 	12/6/2025	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	57	 	 	 	9219	 	Horn Lake and Princeton Self Storage	 	 	 	 	 	 	 	 	 	3,075,000.00	 	5.08000%	 	119	 	1/6/2026	 	360	 	0.00500%	 	0.000%	 	CGMRC	 	NAP
	57.01	 	 	 	9219-1	 	Horn Lake Self Storage	 	5880 Tulane Road	 	Horn Lake	 	Mississippi	 	38637	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	57.02	 	 	 	9219-2	 	Princeton Self Storage	 	515 Princeton Road	 	Johnson City	 	Tennessee	 	37601	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	58	 	 	 	9	 	El Dorado Apartments	 	2440 East Glenn Street	 	Tucson 	 	Arizona	 	85719	 	2,500,000.00	 	4.86000%	 	117	 	11/6/2025	 	0	 	0.00500%	 	0.0200%	 	CCRE	 	NAP

 

     

    	 

    

 

 

CGCMT 2016-GC36 Mortgage Loan Schedule

 

		 	 	 	 	 	Serviced Companion Loan	 	 	 	Serviced Companion Loan	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining	 	Serviced Companion Loan	 	Remaining	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	 	 	ARD	 	Final	 	ARD	 	Serviced Companion Loan	 	Serviced Companion Loan	 	Serviced Companion Loan	 	Term To	 	Maturity	 	Amortization Term	 	Servicing
	Number	 	Footnotes	 	Number	 	Property Name	 	(Yes/No)	 	Maturity Date	 	Revised Rate	 	Flag	 	Cut-off Balance	 	Interest Rate	 	Maturity	 	Date	 	(Mos.)	 	Fees
	1	 	(1)	 	8970	 	5 Penn Plaza	 	No	 	1/6/2026	 	 	 	Yes	 	145,000,000.00	 	4.86153%	 	119	 	1/6/2026	 	0	 	0.0025%
	2	 	(2)	 	8998	 	Sheraton Denver Downtown Fee	 	No	 	1/6/2026	 	 	 	Yes	 	70,000,000.00	 	4.50000%	 	119	 	1/6/2026	 	0	 	0.0025%
	3	 	(3)	 	107323	 	Austin Block 21	 	No	 	1/6/2026	 	 	 	Yes	 	39,963,072.62	 	5.58000%	 	119	 	1/6/2026	 	359	 	0.0075%
	4	 	(4)	 	114883b	 	Glenbrook Square	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	(5)	 	118685c	 	Westin Boston Waterfront	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	(6)	 	9070	 	Park Place	 	No	 	1/6/2026	 	 	 	Yes	 	43,000,000.00	 	4.92000%	 	119	 	1/6/2026	 	360	 	0.0200%
	7	 	(7)	 	1	 	215 West 34th Street & 218 West 35th Street	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	 	 	9069	 	King of Prussia Hotel Portfolio	 	No	 	12/6/2022	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.01	 	 	 	9069-1	 	Crowne Plaza - King of Prussia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	9069-2	 	Fairfield Inn & Suites - King of Prussia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	 	 	2	 	Stafford Park 	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	(8)	 	114104c	 	South Plains Mall	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	(9)	 	108124b	 	GSA Portfolio	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.01	 	 	 	108124b-1	 	Mobile	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	 	 	108124b-2	 	Savannah	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	 	 	108124b-3	 	Covington	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	 	 	108124b-4	 	Nashville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	 	 	108124b-5	 	Memphis - Midtown	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.06	 	 	 	108124b-6	 	Atlanta	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.07	 	 	 	108124b-7	 	Tallahassee	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.08	 	 	 	108124b-8	 	Elizabethtown	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.09	 	 	 	108124b-9	 	Greenville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.10	 	 	 	108124b-10	 	Birmingham	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.11	 	 	 	108124b-11	 	Paducah	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.12	 	 	 	108124b-12	 	Little Rock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.13	 	 	 	108124b-13	 	Huntsville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.14	 	 	 	108124b-14	 	Columbus	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.15	 	 	 	108124b-15	 	Memphis - North	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.16	 	 	 	108124b-16	 	Frankfort	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.17	 	 	 	108124b-17	 	Henderson	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.18	 	 	 	108124b-18	 	Gadsden	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.19	 	 	 	108124b-19	 	Bessemer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.20	 	 	 	108124b-20	 	Richmond	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.21	 	 	 	108124b-21	 	Tullahoma	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.22	 	 	 	108124b-22	 	Fairhope	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.23	 	 	 	108124b-23	 	Lawrenceburg	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.24	 	 	 	108124b-24	 	Moss Point	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	(10)	 	1524.00	 	Heinz 57 Center	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	1518.00	 	Northeast Corporate Center	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14	 	 	 	9180	 	Embassy Corporate Park	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.01	 	 	 	9180-1	 	3875 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	9180-2	 	3700 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	9180-3	 	4040 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.04	 	 	 	9180-4	 	4000 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.05	 	 	 	9180-5	 	3737 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.06	 	 	 	9180-6	 	3560 West Market Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.07	 	 	 	9180-7	 	5399 Lauby Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	 	 	3	 	6725 Sunset Office	 	No	 	1/6/2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     

    	 

    

 

CGCMT 2016-GC36 Mortgage Loan Schedule

 

		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	 	 	Serviced Companion Loan	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining	 	Serviced Companion Loan	 	Remaining	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	 	 	ARD	 	Final	 	ARD	 	Serviced Companion Loan	 	Serviced Companion Loan	 	Serviced Companion Loan	 	Term To	 	Maturity	 	Amortization Term	 	Servicing
	Number	 	Footnotes	 	Number	 	Property Name	 	(Yes/No)	 	Maturity Date	 	Revised Rate	 	Flag	 	Cut-off Balance	 	Interest Rate	 	Maturity	 	Date	 	(Mos.)	 	Fees
	16	 	 	 	122563	 	Rivercrest Portfolio B	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.01	 	 	 	122563-2	 	Shoppes at Woodruff	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.02	 	 	 	122563-1	 	Riverbend Shopping Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.03	 	 	 	122563-3	 	Sussex Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.04	 	 	 	122563-4	 	East Town Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17	 	 	 	122534	 	Rivercrest Portfolio A	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.01	 	 	 	122534-3	 	Surfside Commons	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.02	 	 	 	122534-4	 	East Towne Centre	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.03	 	 	 	122534-1	 	Plantation Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.04	 	 	 	122534-2	 	Smithfield Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18	 	 	 	4	 	Lancaster Plaza	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19	 	(11)	 	112083b	 	Element LA	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20	 	 	 	117243	 	Residence Inn Andover	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21	 	 	 	9090	 	900 Seward Street	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22	 	(12)	 	111484c	 	DoubleTree Hotel Universal	 	No	 	10/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	23	 	 	 	113324	 	Seaford Village	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24	 	 	 	1539.00	 	6221 Wilshire Boulevard	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25	 	 	 	9235	 	Net Lease Retail Portfolio	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.01	 	 	 	9235-1	 	Walgreens - Sterling Heights	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.02	 	 	 	9235-2	 	Rite Aid - Hogansville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.03	 	 	 	9235-3	 	Jo-Ann Fabrics - Portage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.04	 	 	 	9235-4	 	Fred’s - Dunn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.05	 	 	 	9235-5	 	Dollar General - Sandersville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.06	 	 	 	9235-6	 	CVS - Hillsboro	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26	 	 	 	124710	 	Guardian Self Storage Centre Avenue and South Millvale	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.01	 	 	 	124710-1	 	Guardian Self Storage Centre Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.02	 	 	 	124710-2	 	Guardian Self Storage South Millvale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	109423	 	Arapaho Village	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28	 	 	 	TBD	 	Abilene Hotel Portfolio	 	No	 	2/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28.01	 	 	 	TBD	 	Holiday Inn Express & Suites - Abilene 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28.02	 	 	 	TBD	 	La Quinta Inn & Suites - Abilene 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29	 	 	 	118983	 	Southwood Tower	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30	 	 	 	111444	 	Two Metro Place	 	No	 	2/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	31	 	 	 	107263	 	Golden Mile Marketplace	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32	 	 	 	8886	 	Bank of America Oceanside Fee	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	112903	 	Five Points Medical	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34	 	 	 	124723	 	Guardian Self Storage Old Haymaker Road	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	35	 	 	 	1540.00	 	17525 Ventura Boulevard	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	36	 	 	 	124724	 	Guardian Self Storage Waterfront Drive	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	101763	 	AAAA Self Storage	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.01	 	 	 	101763-1	 	AAAA Self Storage Buford	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.02	 	 	 	101763-2	 	AAAA Self Storage Lawrenceville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	121124	 	Paseo Real	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	39	 	 	 	9110	 	Indian Creek Commons	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	40	 	 	 	7941-2	 	Kensington Square Apartments	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	41	 	 	 	8946	 	Olympia Plaza	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	42	 	 	 	7941-3	 	Flagstone Creek Apartments	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43	 	 	 	TBD	 	Wickiup & Ambassador MHP’s	 	No	 	2/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43.01	 	 	 	TBD	 	Wickiup Manufactured Housing Community	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43.02	 	 	 	TBD	 	Ambassador Down Manufactured Housing Community	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	44	 	 	 	7941	 	Empire Mini Storage Forestville	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	45	 	 	 	6	 	Draper Industrial	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	46	 	 	 	1528.00	 	Springhill Suites Altamonte	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	47	 	 	 	1538.00	 	Sleep Inn - Manchester 	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	48	 	 	 	1498.00	 	Freehome Village	 	No	 	10/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	49	 	 	 	120563	 	81 Page Drive	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	50	 	 	 	7	 	Gulf Place	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	51	 	 	 	113345	 	Union Landing	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	52	 	 	 	9126	 	National Self Storage Southfield	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	53	 	 	 	8	 	Shops at South Mountain	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	54	 	 	 	9012	 	Food Lion Southampton	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	55	 	 	 	9115	 	Budget Self Storage	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	56	 	 	 	9125	 	National Self Storage Redford	 	No	 	12/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	57	 	 	 	9219	 	Horn Lake and Princeton Self Storage	 	No	 	1/6/2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	57.01	 	 	 	9219-1	 	Horn Lake Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	57.02	 	 	 	9219-2	 	Princeton Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	58	 	 	 	9	 	El Dorado Apartments	 	No	 	11/6/2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    	 

    	 

    

 

	(1)	The
    Cut-off Date Balance of $115,000,000 represents the controlling note A-1 of a $260,000,000 loan combination evidenced by three
    pari passu notes. The companion loans, evidenced by notes A-2 and A-3, have an aggregate principal balance of $145,000,000.
    The non-controlling A-2 note ($67,000,000) and non-controlling A-3 note ($78,000,000) are expected to be contributed to one
    or more future securitization transactions. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield
    on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on
    the aggregate Cut-off Date Balance of $260,000,000.
	(2)	The
    Cut-off Date Balance of $110,000,000 represents the controlling note A-1 of a $180,000,000 loan combination evidenced by two
    pari passu notes. The companion loan, evidenced by the non-controlling note A-2 has an outstanding principal balance of $70,000,000
    as of the Cut-off Date and is expected to be contributed to one or more future securitization transactions. Cut-off Date LTV
    Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten
    Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $180,000,000.
	(3)	The
    Cut-off Date Principal Balance of $109,898,450 represents the controlling note A-1 of a $150,000,000 loan combination evidenced
    by two pari passu notes.  The non-controlling note A-2, with an outstanding principal balance as of the Cut-off
    Date of $39,963,073 is expected to be contributed to one or more future securitization transactions.
	(4)	The
    Cut-off Date Principal Balance of $102,000,000 represents the non-controlling note A-2 of a $162,000,000 loan combination
    evidenced by two pari passu notes.  The companion loan, evidenced by controlling note A-1, with an outstanding principal
    balance as of the Cut-off Date of $60,000,000 was contributed to the GSMS 2015-GS1 transaction.  Cut-off Date LTV
    Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten
    Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $162,000,000.
	(5)	The
    Cut-off Date Principal Balance of $54,789,561 represents the non-controlling note A-3 of a $205,000,000 loan combination evidenced
    by three pari passu notes. The controlling note A-1, with an aggregate principal balance as of the Cut-off Date of $69,732,169
    was contributed to the GSMS 2015-GS1 securitization transaction, and the non-controlling note A-2, with an aggregate principal
    balance as of the Cut-off Date of $79,693,907 was contributed to Citigroup Commercial Mortgage Trust 2015-GC35, Commercial
    Mortgage Pass-Through Certificates, Series 2015-GC35 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity,
    Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan
    Per Unit calculations are based on the aggregate Cut-off Date Balance of $204,215,638.
	(6)	The
    Cut-off Date Balance of $50,000,000 represents the controlling note A-1 of a $93,000,000 loan combination evidenced by two
    pari passu notes. The companion loan, evidenced by the non-controlling note A-2 has an outstanding principal balance of $43,000,000
    as of the Cut-off Date and is expected to be contributed to one or more future securitization transaction. Cut-off Date LTV
    Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten
    Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $93,000,000.
	(7)	The
    Cut-off Date Principal Balance of $45,000,000 represents the non-controlling note A-2 of a $130,000,000 loan combination evidenced
    by three pari passu notes.  The controlling note A-1 with an outstanding principal balance as of the Cut-off Date
    of $45,000,000 is currently held by CCRE and is expected to be contributed to one or more future securitization transactions,
    and the non-controlling note A-3, with an outstanding principal balance  as of the Cut-off Date of $40,000,000,
    is currently held by CCRE and is expected to be contributed to the CFCRE 2016-C3 securitization transaction. Cut-off Date
    LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten
    Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $45,000,000.
	(8)	The
    Cut-off Date Principal Balance of $30,000,000 represents the non-controlling note A-3 of a $200,000,000 loan combination evidenced
    by three pari passu notes.  The controlling note A-1 with an outstanding principal balance as of the Cut-off Date
    of $70,000,000 was contributed to the GSMS 2015-GS1 securitization transaction.  The non-controlling note A-2 with
    an outstanding principal balance  as of the Cut-off Date of $100,000,000 was contributed to the CGCMT 2015-GC35
    securitization transaction.  Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on
    Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the
    aggregate Cut-off Date Balance of $200,000,000.
	(9)	The
    Cut-off Date Principal Balance of $27,384,375 represents the non-controlling note A-2 of a $54,768,750 loan combination evidenced
    by two pari passu notes.  The companion loan, evidenced by the controlling note A-1, with an outstanding principal
    balance as of the Cut-off Date of $27,384,375 was contributed to the GSMS 2015-GS1 securitization transaction.  Cut-off
    Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield
    on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $54,768,750.
	(10)	The
    Cut-off Date Balance of $25,944,493 represents the note A-2 of a $76,000,000 loan combination evidenced by two pari passu
    notes. The companion loan, note A-1, has a principal balance of $49,893,255 as of the Cut-off Date and was contributed to
    the JPMCC 2015-JP1 securitization. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten
    Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the whole loan
    Cut-off Date Balance of $76,000,000.
	(11)	The
    Cut-off Date Principal Balance of $14,000,000 represents the non-controlling note A-2B of a $168,000,000 loan combination
    evidenced by four pari passu notes.  The controlling note A-1A, with a principal balance as of the Cut-off Date of $55,500,000,
    was contributed to the CFCRE 2016-C3 commercial mortgage securitization transaction. The non-controlling note A-1B, with a
    principal balance as of the Cut-off Date of $28,500,000, is currently held by Cantor Commercial Real Estate Lending, L.P.
    and is expected to be contributed to the COMM 2016-CCRE28 securitization transaction. The non-controlling note A-2A, with
    a principal balance as of the Cut-off Date of $70,000,000, was contributed to the GSMS 2015-GS1 securitization transaction.  Cut-off
    Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield
    on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $168,000,000.
	(12)	The
    Cut-off Date Principal Balance of $12,941,292 represents the non-controlling note A-3 of a $51,000,000 loan combination evidenced
    by three pari passu notes.  The companion loans are evidenced by note A-1 with a principal balance as of the Cut-off
    Date of $18,416,454, which was contributed to the GSMS 2015-GC34 securitization transaction and note A-2 with a principal
    balance as of the Cut-off Date of $19,411,938, which was contributed to the GSMS 2015-GS1 securitization transaction .  Cut-off
    Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield
    on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $50,769,683.

 

     

    	 

    

  

EXHIBIT C

 

FORM OF REQUEST FOR RELEASE

(for Custodian/Trustee)

 

Loan Information:

Name of Mortgagor: __________________

Master Servicer Loan No.: __________________

Custodian

Name: __________________

	Address: 	__________________

__________________

__________________

Custodian Mortgage File No.: __________________

[Seller]

Name: __________________

Address: __________________

 

__________________

 

		Certificates:	Citigroup Commercial Mortgage Trust
                                         2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [__]

 

The undersigned [Master Servicer][Special
Servicer][Outside Servicer][Outside Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as
Custodian, for the Holders of Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series
2016-GC36, the documents referred to below (the “Documents”). All capitalized terms not otherwise defined in
this Request for Release shall have the meanings given them in the Pooling and Servicing Agreement, dated as of February 1, 2016
(the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
KeyBank National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate
Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National
Association, as Trustee.

 

( )            Note dated _________,
_____, in the original principal sum of $_____, made by _______, payable to, or endorsed to the order of, the Trustee.

 

( )           Mortgage recorded on ____________
as instrument no. ________ in the County Recorder’s Office of the County of _______________, State of _________________ in
book/reel/docket ___________ of official records at page/image ________.

 

( )            Deed of trust recorded
on __________ as instrument no. ________ in the County Recorder’s Office of the County of ____________, State of _______
in book/reel/docket ____________ of official records at page/image.

 

    	C-1

    	 

    

 

( )           Assignment of Mortgage
or deed of trust to the Trustee, recorded on _____________ as instrument no. _______ in the County Recorder’s Office of the
County of _________, State of _______ in book/reel/docket __________ of official records at page/image _____________.

 

( )            Other documents, including
any amendments, assignments or other assumptions of the Note or Mortgage.

 

( )            ___________________________

 

( )            ___________________________

 

( )            ___________________________

 

( )            ___________________________

 

The undersigned [Master Servicer][Special
Servicer][Outside Servicer][Outside Special Servicer] hereby acknowledges and agrees as follows:

 

(i)           The [Master Servicer][Special
Servicer][Outside Servicer][Outside Special Servicer] shall hold and retain possession of the Documents in trust for the benefit
of the Trustee, solely for the purposes provided in the Agreement.

 

(ii)           The [Master Servicer][Special
Servicer][Outside Servicer][Outside Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered
by, any claim, liens, security interest, charges, writs of attachment or other impositions nor shall the [Master Servicer][Special
Servicer][Outside Servicer][Outside Special Servicer] assert or seek to assert any claims or rights of set-off to or against the
Documents or any proceeds thereof.

 

(iii)          The [Master Servicer][Special
Servicer][Outside Servicer][Outside Special Servicer] shall return the Documents to the Custodian when the need therefor no longer
exists, unless the Mortgage Loan relating to the Documents has been liquidated and the proceeds thereof have been remitted to the
Collection Account and except as expressly provided in the Agreement.

 

(iv)          The Documents and any
proceeds thereof, including any proceeds of proceeds, coming into the possession or control of the [Master Servicer][Special Servicer][Outside
Servicer][Outside Special Servicer] shall at all times be earmarked for the account of the Trustee, and the [Master Servicer][Special
Servicer][Outside Servicer][Outside Special Servicer] shall keep the Documents and any proceeds separate and distinct from all
other property in the [Master Servicer][Special Servicer][Outside Servicer][Outside Special Servicer]’s possession, custody
or control.

 

    	C-2

    	 

    

 

	 	 	 
	 	[MASTER SERVICER/SPECIAL SERVICER] [OUTSIDE SERVICER/ OUTSIDE SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	cc: Wells Fargo Bank, National Association	 	 
	 	 	 
	Dated:	 	 

 

    	C-3

    	 

    

   

EXHIBIT D

FORM OF DISTRIBUTION DATE STATEMENT

 

    	D-1

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 
	DISTRIBUTION DATE STATEMENT
	Table of Contents
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Exchangeable Class Detail	4	 	 	 
	 	 	 	 	Reconciliation Detail	5	 	 	 
	 	 	 	 	Other Required Information	6	 	 	 
	 	 	 	 	Cash Reconciliation Detail	7	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	8-10	 	 	 
	 	 	 	 	Mortgage Loan Detail	11	 	 	 
	 	 	 	 	NOI Detail	12	 	 	 
	 	 	 	 	Principal Prepayment Detail	13	 	 	 
	 	 	 	 	Historical Detail	14	 	 	 
	 	 	 	 	Delinquency Loan Detail	15	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	16-17	 	 	 
	 	 	 	 	Advance Summary	18	 	 	 
	 	 	 	 	Modified Loan Detail	19	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	20	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	21	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	22-23	 	 	 
	 	 	 	 	Defeased Loan Detail	24	 	 	 
	 	 	 	 	Supplemental Reporting	25	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master Servicer	 	 	 	Special Servicer	 	 	 	Operating Advisor/
Asset Representations Reviewer	 	 	 	Trustee	 	 
	 	 	Citigroup Commercial Mortgage 

Securities Inc.	 	 	 	KeyBank National Association	 	 	 	Wells Fargo Bank, National Association 
550 S. Tryon Street, 14th Floor	 	 	 	Pentalpha Surveillance LLC
375 North French Road	 	 	 	Wilmington Trust, National Association
1100 North Market St.	 	 
	 	 	390 Greenwich Street, 7th Floor	 	 	 	11501 Outlook Street	 	 	 	Charlotte, NC 28202	 	 	 	Suite 100	 	 	 	Wilmington, DE 19890	 	 
	 	 	New York, NY 10013	 	 	 	Suite 300	 	 	 		 	 	 	Amherst, NY 14228	 	 	 	 	 	 
	 	 		 	 	 	Overland Park, KS 66211	 	 	 		 	 	 		 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Contact:	 	 	 	 	 	 	 	 	 	 
	 	 	Contact:     Richard Simpson	 	 	 	Contact:              Diane Haislip	 	 	 	REAM_InvestorRelations@wellsfargo.com	 	 	 	Contact:                  Don Simon	 	 	 	Contact:                 General Contact	 	 
	 	 	Phone Number:  (212) 816-5343	 	 	 	Phone Number:  (913) 317-4372	 	 	 	Phone Number:   (866) 898-1615	 	 	 	Phone Number:      (203) 660-6100	 	 	 	Phone Number:     (302) 636-4140	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    	Page 1 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Please visit www.ctslink.com for additional information and special notices. In addition, certificateholders may register online for email notification when special notices are posted. For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 2 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	 	Pass-Through
 Rate	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

    Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-5	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-AB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	 	Pass-Through
 Rate	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	 	 
	 	 	

        (1)
        Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

         

        (2)
                     Class A-S, Class B, Class C all represent the “Regular Interest” of these respective classes.  For details on how the balances and payments of these “Regular Interests” are split between their respective certificates and the Exchangable Class EC, please refer to page 4.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 3 of 26

    	 

    

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-5	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-AB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	EC	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 4 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exchangeable
    Class Detail
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class\

    Component	CUSIP	Pass-Through

    Rate	Original

    Balance	Beginning

    Balance	Principal

    Distribution	Interest

    Distribution	Prepayment

    Premium	Realized
    Loss /

    Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A-S Regular Interest Breakdown	 	 	 	 	 	 	 	 
	 	 	A-S
    (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	A-S (EC)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	B Regular Interest Breakdown	 	 
	 	 	B (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	B (EC)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	C Regular Interest Breakdown	 	 
	 	 	C
    (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	C
    (EC)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class EC Detail 	 	 
	 	 	 	 	 
	 	 	Class\

    Component	CUSIP	Pass-Through

    Rate	Original

    Balance	Beginning

    Balance	Principal

    Distribution	Interest

    Distribution	Prepayment

    Premium	Realized
    Loss /

    Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	 	 
	 	 	EC	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 5 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining

Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-2	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-3	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-4	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-5	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-AB	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-B	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-S	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-D	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	G	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	H	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 6 of 26

    	 

    

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class:  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	    Effective as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class Representative: 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	    Effective as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The Available Distribution
        Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 7 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or advanced	0.00	 	 	Master Servicing Fee - KeyBank, N.A.	0.00	 	 
	 	Interest reductions due to Non-Recoverability
    Determinations	0.00	 	 	Trustee Fee - Wilmington Trust, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administration Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Royalty License Fee	0.00	 	 
	 	Net Prepayment Interest Shortfall	0.00	 	 	Operating Advsior Fee - Pentalpha Surveillance LLC	0.00	 	 
	 	Net Prepayment Interest Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 	Additional Trust Fund Expenses:	 	 	 
	 	Interest Reserve Withdrawal	0.00	 	 	 	 	 	 
	 	Total Interest Collected	 	0.00	 	Reimbursement for Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Rating Agency Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees & Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal after Maturity
    Date	0.00	 	 	Taxes Imposed on Trust Fund	0.00	 	 
	 	Recoveries from Liquidation and Insurance
    Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	Interest Reserve Deposit	 	0.00	 
	 	Total Principal Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders &
    Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield Maintenance	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield Maintenance	0.00	 	 
	 	Borrower Option Extension Fees	0.00	 	 	Borrower Option Extension Fees	0.00	 	 
	 	Equity Payments Received	0.00	 	 	Equity Payments Paid	0.00	 	 
	 	Net Swap Counterparty Payments Received	0.00	 	 	Net Swap Counterparty Payments Paid	0.00	 	 
	 	Total Other Collected	 	0.00	 	Total Payments to Certificateholders
    & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    	Page 8 of 26

    	 

    

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

    Balance	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 9 of 26

    	 

    
 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 10 of 26

    	 

    

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated Remaining Term (ARD and Balloon Loans)	 	Remaining Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization
    Term (ARD and Balloon Loans)	 	Age of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases, the most recent DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering document is used. The debt service coverage ratio information was provided to the Certificate Administrator by the Master Servicer and the Certificate Administrator has not independently confirmed the accuracy of such information.	 	 
	 	 	 	 
	 	(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the maturity date.	 	 
	 	 	 	 
	 	(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-off Date balance of each property as disclosed in the offering document.	 	 
	 	 	 	 	 

 

    	Page 11 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3) Modification Code	 	 
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	 	 	 	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	2	-	Amortization Change	 	 	 	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	 	 	 	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Combination	 	 	 	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 		 	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 12 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 13 of 26

    	 

    

 

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Premium	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 14 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	 	 
	 	Date	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	Coupon	Remit	WAM	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 15 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Mortgage

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	-  Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	 But Still in Grace Period	1	-  One Month Delinquent	 	 	  (Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	 Or Not Yet Due	2	-  Two Months Delinquent	5	-	Non Performing Matured Balloon 	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	-  Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	 Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 16 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-   Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	-	 Multi-Family	OF	-	Office	 
	 	2	-   Foreclosure	7	-	REO	 	 	Foreclosure	RT	-	 Retail	MU	-	Mixed use	 
	 	3	-   Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	 Health Care	LO	-	Lodging	 
	 	4	-   Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	 Industrial	SS	-	Self Storage	 
	 	5	-   Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	-	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	-	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 17 of 26

    	 

    

 

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
REO

  Property Revenue  	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 18 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	Page 19 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 20 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 21 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 22 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	Liquidation	 	Work Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 23 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 24 of 26

    	 

    

 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Defeased
    Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document

    Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    	Page 25 of 26

    	 

    
 

	 	 	 	 
		Citigroup Commercial Mortgage Trust 2016-GC36

    Commercial Mortgage Pass-Through Certificates

    Series 2016-GC36	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	3/11/16
	8480 Stagecoach Circle	Record Date:	2/29/16
	Frederick, MD 21701-4747	Determination Date:	3/7/16

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	Page 26 of 26

        	 

    

  

EXHIBIT E

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36,
                                         Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [__]	

 

Reference is hereby made to the
Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank,
National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and
as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US $[______]
aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”) which
are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) with the Depository
in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No.
[______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

 

In connection with such request
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), and
accordingly the Transferor does hereby certify that:

 

(1)          the offer of the Certificates
was not made to a person in the “United States” (as defined in Regulation S);

 

 

 

		*	Select
appropriate depository.

 

    	E-1

    	 

    

 

 

[(2)         at the time the buy order
was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed
and believes that the transferee was outside the United States;]**

 

[(2)         the transaction was executed
in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation S) and neither
the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)          no “directed selling
efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation
S, as applicable;

 

(4)          the transaction is not
part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)          the transferee is an institution.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer,
Special Servicer and the Underwriters. 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Citigroup Commercial Mortgage Securities Inc.	 	 

 

 

 

**      Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

 

 

    	E-2

    	 

    

 

 EXHIBIT F

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE 

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36,
                                         Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [__]	

 

Reference is hereby made to the
Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank,
National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and
as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US $[______]
aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”) which
are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) with the Depository
in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such Class (CINS No. [______],
ISIN No. [______], and Common Code No. [______]).

 

In connection with such request
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
the Transferor does hereby certify that:

 

(1)          the offer of the Certificates
was not made to a person in the “United States” (as defined in Regulation S),

 

    	F-1

    	 

    

 

[(2)        at the time the buy order
was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed
and believes that the transferee was outside the United States,]*

 

[(2)        the transaction was executed
in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation S) and neither
the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]
*

 

(3)          no “directed selling
efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation
S, as applicable,

 

(4)         
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)          the transferee is an institution.

 

or (ii) with respect to transfers made in reliance
on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred in a transaction
permitted by Rule 144 under the Securities Act.**

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer,
Special Servicer and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Citigroup Commercial Mortgage Securities Inc.	 	 

 

 

 

*         Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

**       Select (i) or (ii), as applicable.

  

    	F-2

    	 

    

 

EXHIBIT G

 

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE 

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36,
                                         Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [__]	

 

Reference is hereby made to the
Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank,
National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and
as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US $[______]
aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”) which
are held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______]
and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through
the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested an
exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP
No. [______]).

 

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or transferred
in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

 

 

 

		*	Select
appropriate depository.

  

    	G-1

    	 

    

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer,
Special Servicer and the Underwriters. 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 
	 	 	 
	cc: Citigroup Commercial Mortgage Securities Inc.	 	 

 

    	G-2

    	 

    

  

EXHIBIT H

 

FORM OF CERTIFICATION TO BE GIVEN BY

CERTIFICATE OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

 

(Exchanges pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36,
                                         Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [__]	

 

Reference is hereby made to the
Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank,
National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and
as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

[For purposes of acquiring a
beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted Period,]
[For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above issued
under the Pooling and Servicing Agreement certifies that it is an institution that is not a “U.S. person” as defined
by Regulation S under the Securities Act of 1933, as amended.

 

We undertake to advise you promptly
by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the Certificates
of the Class specified above held by you for our account if any applicable statement herein is not correct on such date, and in
the absence of any such notification it may be assumed that this certification applies as of such date.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we

 

 

 

*
     Select, as applicable.

 

    	H-1

    	 

    

 

irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters. 

	 	 	 
	 	Dated:______________
	 	By:	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    	H-2

    	 

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE 

FOR NON-BOOK ENTRY CERTIFICATE 

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,
           as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36,
                                         Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [__]	

 

Reference is hereby made to the
Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank,
National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and
as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US $[______]
aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”) which
are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), and
accordingly the Transferor does hereby certify that:

 

(1)          the offer of the Certificates
was not made to a person in the “United States” (as defined in Regulation S);

 

 

 

		*	Select appropriate depository.

 

    	I-1

    	 

    

 

[(2)        at the time the buy order
was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed
and believes that the transferee was outside the United States;]**

 

[(2)        the transaction was executed
in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation S) and neither
the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]
**

 

(3)         no “directed selling
efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation
S, as applicable;

 

(4)         the transaction is not
part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)         the transferee is an institution.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer,
Special Servicer and the Underwriters. 

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:

Title:
	 	 	 
	Dated: ________	 	 
	 	 	 
	cc: Citigroup Commercial Mortgage Securities Inc.	 	 

  

 

 

**      Insert one of these two provisions, which
come from the definition of “offshore transaction” in Regulation S.

 

    	I-2

    	 

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE 

FOR NON-BOOK ENTRY CERTIFICATE 

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36,
                                         Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [__]	

 

Reference is hereby made to the
Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank,
National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and
as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US $[______]
aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”) which
are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), and
accordingly the Transferor does hereby certify that:

 

(1)          the offer of the Certificates
was not made to a person in the “United States” (as defined in Regulation S);

 

    	J-1

    	 

    

 

[(2)        at the time the buy order
was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed
and believes that the transferee was outside the United States;]*

 

[(2)        the transaction was executed
in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation S) and neither
the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]
*

 

(3)          no “directed selling
efforts” (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation
S, as applicable;

 

(4)          the transaction is not
part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)          the transferee is an institution.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master Servicer,
Special Servicer and the Underwriters. 

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:

Title:
	 	 	 
	Dated: ________	 	 
	 	 	 
	cc: Citigroup Commercial Mortgage Securities Inc.	 	 

 

 

 

*     Insert one
of these two provisions, which come from the definition of “offshore transaction” in Regulation S. 

 

    	J-2

    	 

    

 

EXHIBIT K

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE 

TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,
           as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36,
                                         Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [__]	

 

Reference is hereby made to the
Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank,
National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and
as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US $[______]
aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”) which
are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

 

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or transferred
in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or other
applicable jurisdiction.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we

 

    	K-1

    	 

    

 

irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, Trustee, Operating Advisor, Certificate Administrator, Master
Servicer, Special Servicer and the Underwriters.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:

Title:
	 	 	 
	Dated: ________	 	 
	 	 	 
	cc: Citigroup Commercial Mortgage Securities Inc.	 	 

 

    	K-2

    	 

    

 

EXHIBIT L-1

 

FORM OF AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

 

Wells Fargo Bank, National Association,
           as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36
                                         (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
                                         (the “Pooling and Servicing Agreement”), between Citigroup Commercial
                                         Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer,
                                         Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator,
                                         Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer,
                                         and Wilmington Trust, National Association, as Trustee.	

 

	STATE OF	)
	 	)          ss.:
	COUNTY OF	)

 

Capitalized terms not defined
herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

 

I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:

 

1.           I am a [______] of [______]
(the “Purchaser”), on behalf of which I have the authority
to make this affidavit.

 

2.           The Purchaser is acquiring
Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment conduits (each,
a “REMIC”) designated as the “Lower-Tier
REMIC” and “Upper-Tier REMIC,” respectively,
relating to the Certificates for which an election is to be or has been made under Section 860D of the Internal Revenue Code of
1986 (the “Code”).

 

3.           The Purchaser is not a
“Disqualified Organization” (as defined below), and that
the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer
of direct or indirect record or beneficial ownership

 

    	L-1-1

    	 

    

 

thereof,
to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is any of the following: (i) the United States,
a State or any political subdivision of a State, any possession of the United States or any agency or instrumentality of any of
the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except for
the Federal Home Loan Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit),
(ii) a foreign government, International Organization or agency or instrumentality of either of the foregoing, (iii) an organization
that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section 511 on unrelated business
taxable income) on any excess inclusions (as defined in Code Section 860E(c)(1)) with respect to the Class R Certificates (except
certain farmers’ cooperatives described in Code Section 521), (iv) rural electric and telephone cooperatives described in
Code Section 1381(a)(2) or (v) any other Person so designated by the Certificate Registrar based upon an opinion of counsel to
the effect that any transfer to such Person may cause either Trust REMIC to be subject to tax or to fail to qualify as a REMIC
at any time that the Certificates are outstanding. The terms “United States”,
“State” and “international organization”
shall have the meanings set forth in Section 7701 of the Code.

 

4.           The Purchaser acknowledges
that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances, on an agent for
the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.           The Purchaser is a Permitted
Transferee. For the purpose hereof, a “Permitted Transferee” is any Person or agent of such Person other than
(a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion
of Counsel (provided at the expense of such Person or the Person requesting the transfer) to the effect that the transfer of an
ownership interest in any Class R Certificate to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at
any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Tax Person, (d) an entity treated as a U.S. partnership
if any of its partners, directly or indirectly (other than through a U.S. corporation) is (or is permitted to be under the partnership
agreement) a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to which income from a Class R Certificate
is attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the
transferee or any other U.S. Tax Person.

 

6.           No purpose of the acquisition
of the Class R Certificates is to impede the assessment or collection of tax.

 

7.           The Purchaser will not
cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base, within the meaning
of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

8.           Check the applicable paragraph:

 

☐          The present value
of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed the sum of:

 

    	L-1-2

    	 

    

 

(i)          the present value of any
consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)         the present value of
the expected future distributions on such Class R Certificate; and

 

(iii)        the present value of
the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the Code (but the tax rate
in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b) of the Code if the Purchaser
has been subject to the alternative minimum tax under Section 55 of the Code in the preceding two years and will compute its taxable
income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount
rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the month of the transfer and the compounding
period used by the Purchaser.

 

☐          The transfer of the
Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)          the
Purchaser is an “eligible corporation”, as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

(ii)         at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a Person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)        the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations
Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Treasury Regulations Sections 1.860E-1(c)(4)(i),
(ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)        the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐          None
of the above.

 

9.           The Purchaser historically
has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser intends
to pay taxes associated with holding the Class R Certificates as they become due.

 

    	L-1-3

    	 

    

 

10.         The Purchaser understands
that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated by such Certificate.

 

11.         The Purchaser is aware
that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless the Purchaser,
or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement in substantially
the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not consummate any such transfer to
any Person that does not provide an affidavit and agreement in substantially the same form as this affidavit and agreement or as
to which the Purchaser has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including
a broker, nominee or other middleman) for a Person that is not a Permitted Transferee.

 

12.         The Purchaser represents
that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any Person that is not a Permitted Transferee
and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a Permitted Transferee.

 

13.         The Purchaser consents
to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.         The Purchaser has reviewed
the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions is set forth in the Class
R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.         The Purchaser consents
to the designation of the Certificate Administrator as the agent of the tax matters person of the Lower-Tier REMIC and Upper-Tier
REMIC pursuant to Section 4.04 of the Pooling and Servicing Agreement.

 

Capitalized terms used but not
defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

    	L-1-4

    	 

    

 

IN WITNESS WHEREOF, the Purchaser
has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________, 20__. 

	 	 	 
	 	By:	 
	 	 	Name:

Title:

	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

On this ____ day of _______20__,
before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared
______________________ and ________________________, known or proved to me to be the same persons who executed the foregoing instrument
and to be _____________________________ and ___________________________, respectively, of the Purchaser, and acknowledged to me
that they executed the same as their respective free acts and deeds and as the free act and deed of the Purchaser.

 

	 	NOTARY PUBLIC in and for the 

State of _______________
	 	 
	[SEAL]	 
	 	 
	My Commission expires:	 
	 	 
	 	 	 

 

    	L-1-5

    	 

    

 

EXHIBIT L-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Wells Fargo Bank, National Association,
           as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class R	

 

Ladies and Gentlemen:

 

This letter is delivered to you
in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of Class R Certificates evidencing
a [__]% Percentage Interest in such Class (the “Residual Certificates”).
The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated as of
February 1, 2016 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc.,
as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and
as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington
Trust, National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, as
Certificate Registrar, that:

 

(1)          No purpose of the Transferor
relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will be to impede the assessment
or collection of any tax.

 

(2)         The Transferor understands
that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to the Pooling and Servicing Agreement
as Exhibit L-1. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee (as defined in such Transfer
Affidavit and Agreement) and has no actual knowledge or reason to know that the Transferee’s representations in clause (9)
of such Transfer Affidavit and Agreement are false.

 

(3)         The Transferor has at
the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as contemplated by
Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined that the Transferee
has historically paid its debts as they became due and has found no significant evidence to indicate that the Transferee will not
continue to pay its debts as they become due in

 

    	L-2-1

    	 

    

 

the
future. The Transferor understands that the transfer of the Residual Certificates may not be respected for United States income
tax purposes (and the Transferor may continue to be liable for United States income taxes associated therewith) unless the Transferor
has conducted such an investigation. 

	 	 	 
	 	Very truly yours,
	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

    	L-2-2

    	 

    

 

EXHIBIT L-3

 

FORM OF TRANSFEREE LETTER

 

[Date]

 

Wells Fargo Bank, National Association,
           as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

Wells Fargo Bank, National Association,

          as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

 

Wilmington Trust, National Association, as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

[Transferor]

[______] 

[______]

Attention: [______]

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36	

 

Ladies and Gentlemen:

 

The undersigned (the “Purchaser”)
proposes to purchase [$_____________ initial aggregate [principal amount] [notional amount]] [_____% Percentage Interest] of Citigroup
Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36, Class [_], CUSIP No. [____],
in certificated fully registered form (such registered interest, the “Certificate”), issued pursuant to that
certain Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as

 

    	L-3-1

    	 

    

 

Master
Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee. Capitalized
terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

[FOR TRANSFERS OF [CLASS E, CLASS
F, CLASS G OR CLASS H] CERTIFICATES: In connection with such transfer, the Purchaser hereby represents and warrants to you that
the Purchaser (A) either (i) is not and will not be an employee benefit plan or other plan subject to the fiduciary responsibility
or prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
or section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”, and any such employee benefit
plan or other plan, a “Plan”) or an entity or collective investment fund the assets of which are considered
Plan assets under U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA, or other person acting
on behalf of any such Plan or using assets of any such Plan, or (ii) (1) is an insurance company, (2) the source of funds used
to acquire or hold the Certificate or an interest therein is an “insurance company general account,” as such term is
defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60 and (3) the conditions in Sections I and III of PTCE
95-60 have been satisfied and (B) is not and will not be a governmental plan (as defined in Section 3(32) of ERISA) subject to
any federal, state or local law that is, to a material extent, similar to the fiduciary responsibility or prohibited transaction
provisions of ERISA or Code Section 4975 (“Similar Law”) or any Person acting on behalf of any such governmental
plan or using the assets of such governmental plan to acquire the Certificate unless its acquisition, holding and disposition of
the Certificate would not constitute or otherwise result in a non-exempt violation of Similar Law.]

 

[FOR TRANSFERS OF CLASS R CERTIFICATES:
In connection with such transfer, the Purchaser hereby represents and warrants to you that the Purchaser (A) is not and will not
be an employee benefit plan or other plan subject to the fiduciary responsibility or prohibited transaction provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) or section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”, and any such employee benefit plan or other plan, a “Plan”)
or an entity or collective investment fund the assets of which are considered Plan assets under U.S. Department of Labor Reg. Section
2510.3-101, as modified by Section 3(42) of ERISA, or other person acting on behalf of any such Plan or using assets of any such
Plan and (B) is not and will not be a governmental plan subject to any federal, state or local law that is, to a material extent,
similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Code Section 4975 (“Similar Law”)
or any Person acting on behalf of any such governmental plan or using the assets of such governmental plan to acquire the Certificate.]

 

[FOR TRANSFERS OF CLASS R CERTIFICATES:
The Purchaser hereby represents and warrants to you that the Purchaser is a “qualified institutional buyer” within
the meaning of Rule 144A under the Securities Act of 1933, as amended.]

 

    	L-3-2

    	 

    

 

IN WITNESS WHEREOF, the Purchaser
hereby executes this Representation Letter on the ___ day of _____, ____.

	 	 	 
	 	Very truly yours,
	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

    	L-3-3

    	 

    

   

 

EXHIBIT L-4

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group
– CGCMT 2016-GC36

 

Wilmington Trust, National Association, as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36,
                                         Class [__] (the “Class [__] Certificates”)	 	 

 

Ladies and Gentlemen:

 

This letter is delivered pursuant
to Section 5.03 of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer, Wells Fargo
Bank, National Association, as special servicer and as certificate administrator, Pentalpha Surveillance LLC, as operating advisor
and as asset representations reviewer, and Wilmington Trust, National Association, as trustee, on behalf of the holders of Commercial
Mortgage Pass-Through Certificates, Series 2016-GC36 (the “Certificates”), in connection with the transfer by
[ ] (the “Seller”) to the undersigned (the “Purchaser”) of $______ aggregate [Certificate
Principal Amount] [Notional Amount] of Class [ ] Certificates [representing a ___% Percentage Interest in the related Class], in
certificated fully registered

 

     L-4-1

    	 

    

 

form (such registered interest, the “Transferred Certificate”). Capitalized terms
used but not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.

 

In connection with such transfer,
the undersigned hereby represents and warrants to you as follows:

 

1.          The Purchaser is an “institutional
accredited investor” (an “Institutional Accredited Investor”), (i.e. an entity meeting, or in which all of the
equity owners meet, the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of
1933, as amended (the “Securities Act”)) and has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of the investment in the Transferred Certificate, and the Purchaser and any
accounts for which the Purchaser is acting are each able to bear the economic risk of our or its investment. The Purchaser is acquiring
the Transferred Certificate for its own account or for one or more accounts (each of which is an Institutional Accredited Investor)
as to each of which the Purchaser exercises sole investment discretion. [FOR TRANSFERS OF CLASS R CERTIFICATES: Furthermore, the
Purchaser and any such account are each a “qualified institutional buyer” (within the meaning of Rule 144A under the
Securities Act).]The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

2.          The Purchaser’s intention
is to acquire the Transferred Certificate (a) for investment for the Purchaser’s own account or (b) for resale to (i) “qualified
institutional buyers” in transactions complying with Rule 144A[,FOR TRANSFERS OF ANY CERTIFICATES OTHER THAN CLASS R: or
(ii) Institutional Accredited Investors under the Securities Act, pursuant to any other exemption from the registration requirements
of the Securities Act, subject in the case of this clause (ii) to (a) the receipt by the Certificate Registrar of a letter substantially
in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to the Certificate Registrar
that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt by the Certificate Registrar
of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with
the Securities Act and other applicable laws (including applicable state and foreign securities laws), and (d) a written undertaking
to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.] It understands that the Transferred
Certificate (and any subsequent Non-Book Entry Certificate) has not been registered under the Securities Act, by reason of a specified
exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of
the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted transactions) as expressed
herein.

 

3.          The Purchaser acknowledges
that the Transferred Certificate (and any Certificate issued on transfer or exchange thereof) has not been registered or qualified
under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Transferred Certificate cannot
be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption from
such registration or qualification is available.

 

     L-4-2

    	 

    

 

4.          The Purchaser has reviewed
the applicable Offering Circular dated February 3, 2016, relating to the Private Certificates (the “Offering Circular”)
and the agreements and other materials referred to therein and has had the opportunity to ask questions and receive answers concerning
the terms and conditions of the transactions contemplated by the Offering Circular.

 

5.          The Purchaser hereby undertakes
to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as an owner of a Non-Book Entry
Certificate or Certificates, as the case may be (each, a “Certificateholder”), in all respects as if it were
a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders
present and future.

 

6.          The Purchaser will not
sell or otherwise transfer any portion of the Transferred Certificate, except in compliance with Section 5.03 of the Pooling and
Servicing Agreement.

 

7.          Check one of the following:

 

☐         The
Purchaser is a “U.S. Tax Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).

 

☐         The
Purchaser is not a “U.S. Tax Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Administrator (or its agent) with respect to Distributions to be made on the Transferred Certificate(s).
The Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or W-8 BEN-E, as applicable (or successor form), which identifies
such Purchaser as the beneficial owner of the Transferred Certificate(s) and states that such Purchaser is not a U.S. Person, (ii)
two duly executed copies of IRS Form W-8IMY (and all appropriate attachment) or (iii) two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Transferred Certificate(s) and state that interest
and original issue discount on the Transferred Certificate(s) is, or is expected to be, effectively connected with a U.S. trade
or business. The Purchaser agrees to provide to the Certificate Administrator an updated IRS Form W-8BEN, IRS Form W-8 BEN-E, IRS
Form W-8IMY or IRS Form W-8ECI, as the case may be, any applicable successor IRS forms, or such other certifications as the Certificate
Administrator may reasonably request, on or before the date that any such IRS form or certification expires or becomes obsolete,
or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification furnished by it to
the Certificate Administrator.

 

For the purposes of this paragraph
7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership (except to the extent
provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United States, any
state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax
purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court
within the United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S.
Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury
Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

     L-4-3

    	 

    

 

Please make all payments due
on the Transferred Certificates:**

 

(a)       by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

	 	 	 	 
	 	Account number: 	 	 

	 	 	 	 
	 	Institution:	 	 

 

(b)        by mailing
a check or draft to the following address:

	 	 	 
	 	 	 
	 	 	 

	 	 	 
	 	Very truly yours,
	 	 	 
	 	[Insert Name of Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

 

 

 

**  Please
select (a) or (b).

 

     L-4-4

    	 

    

 

EXHIBIT M-1A

FORM OF INVESTOR CERTIFICATION FOR OBTAINING

INFORMATION AND NOTICES

(FOR PERSONS OTHER THAN THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

	
        KeyBank National Association

        11501 Outlook Street, Suite
300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

         
	 	
        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36

         

	
        Wells Fargo Bank, National Association

9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Administration Group – CGCMT
2016-GC36

        (With a copy to cts.cmbs.bond.admin@wellsfargo.com and trustadministrationgroup@wellsfargo.com)

         
	 	
        Wells Fargo Bank, National Association Commercial Mortgage
Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

        Fax number: (704) 715-0036

	
        Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York, 14228

Attention: Don Simon, Chief Operating Officer
	 	 

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36	 

 

In accordance with the requirements
for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo
Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned is a
[[Certificateholder][Certificate Owner][prospective purchaser] of the Class ___ Certificates][Serviced Companion Loan Holder][Companion
Loan Holder Representative], and is neither the Controlling Class Representative nor a Controlling Class Certificateholder.

 

     M-1A-1

    	 

    

 

2.          The undersigned has received
a copy of the Prospectus.1

 

3.          The undersigned is
not a Mortgagor, a Manager of a Mortgaged Property, an Affiliate of any of the foregoing or an agent, principal, partner, member,
joint venturer, limited partner, employee, representative, director, trustee, advisor or investor in or of any of the foregoing.

 

4.          The undersigned is requesting
access pursuant to the Agreement to certain information (the “Information”) on the [Master Servicer’s
website][Certificate Administrator’s Website] and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Agreement.

 

In consideration of the disclosure
to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from
such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the related Certificates
or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver a certification substantially
similar to this, except from holders, beneficial owners and prospective purchasers of any related Companion Loan Securities (if
applicable)), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned will not use
or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as
amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The undersigned shall
be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the
Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for
any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          The undersigned agrees
that each time it accesses the [Master Servicer’s website][Certificate Administrator’s Website], the undersigned is
deemed to have recertified that the representations and covenants contained herein remain true and correct.

 

7.          Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed
hereto by its duly authorized signatory, as of the day and year written above.

 

 

 

1
Only required for a Certificateholder or a Certificate Owner.

 

     M-1A-2

    	 

    

 

	 	 	 
	 	Certificateholder][Certificate

Owner][Prospective Purchaser][Serviced

Companion Loan Holder][Companion Loan

Holder Representative]
	 	 	 
	 	By:	 

 

	 	Name:	 

 

	 	Title:	 

 

	 	Company:	 

 

	 	Phone:	 

 

     M-1A-3

    	 

    

 

EXHIBIT M-1B

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

	
        KeyBank National Association

        11501 Outlook Street, Suite
300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

         
	 	
        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36 

         

	
        Wells Fargo Bank, National Association

9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Administration Group – CGCMT
2016-GC36

        (With a copy to cts.cmbs.bond.admin@wellsfargo.com and trustadministrationgroup@wellsfargo.com)
	 	
        Wells Fargo Bank, National Association Commercial Mortgage
Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

        Fax number: (704) 715-0036

         

	
        Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York, 14228

Attention: Don Simon, Chief Operating Officer
	 	 

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36	 

 

In accordance with the requirements
for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo
Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned is [the
Controlling Class Representative][a Controlling Class Certificateholder].

 

2.          The undersigned is
not a Borrower Party.

 

     M-1B-1

    	 

    

 

3.          The undersigned is requesting
access pursuant to the Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website.

 

In consideration of the disclosure
to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from
such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned will not use
or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as
amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The undersigned shall
be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the
Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for
any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          At any time the undersigned becomes a Borrower
Party with respect to any Mortgage Loan, the undersigned shall deliver the certification attached as Exhibit M-1C to the Agreement
and shall deliver to the applicable parties the notices attached as Exhibit M-1D and Exhibit M-1E to the Agreement.

 

7.          To the extent the undersigned receives access
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
the undersigned hereby agrees that it (i) will not directly or indirectly provide such Excluded Information to (A) the related
Mortgagor, (B) any Excluded Controlling Class Holder, (C) any employees or personnel of the undersigned, (D) any Affiliate involved
in the management of any investment in the related Mortgagor or the related Mortgaged Property or (E) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Mortgagor, and (ii) will maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

8.          The undersigned agrees
that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified that the
representations and covenants contained herein remain true and correct.

 

9.          The undersigned hereby
certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

     M-1B-2

    	 

    

 

10.        Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed
hereto by its duly authorized signatory, as of the day and year written above.

	 	 	 
	 	[The Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 

 

	 	Name:	 

 

	 	Title:	 

 

	 	Company:	 

 

     M-1B-3

    	 

    

 

EXHIBIT M-1C

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

	
        KeyBank National Association

        11501 Outlook Street, Suite
300

        Overland Park, Kansas 66211

        Attention: Diane Haislip 
	 	
        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36

         

	
        Wells Fargo Bank, National Association

9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Administration Group – CGCMT
2016-GC36

        (With a copy to cts.cmbs.bond.admin@wellsfargo.com and trustadministrationgroup@wellsfargo.com)

         
	 	
        Wells Fargo Bank, National Association Commercial Mortgage
Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

        Fax number: (704) 715-0036 

	
        Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York, 14228

Attention: Don Simon, Chief Operating Officer
	 	 

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36	 

 

In accordance with the requirements
for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo
Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned is [the
Controlling Class Representative][a Controlling Class Certificateholder].

 

2.          The undersigned is
a Borrower Party with respect to the following Mortgage Loans (the “Excluded Controlling Class Mortgage Loans”):

 

     M-1C-1

    	 

    

 

	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

 

3.          Except with respect to
the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Agreement to certain information
(the “Information”) on the Certificate Administrator’s Website.

 

In consideration of the disclosure
to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from
such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned will not use
or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as
amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The undersigned hereby
acknowledges and agrees that it is prohibited from accessing, reviewing and using, and shall not access, review or use, Excluded
Information (as defined in the Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such
Excluded Information in connection with its duties, or exercise of its rights pursuant to the Agreement.

 

5.          The undersigned shall
be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the
Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for
any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          To the extent the undersigned
receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such
Excluded Information, the undersigned hereby agrees that it (i) will not directly or indirectly provide such Excluded Information
to (A) the related Mortgagor, (B) any Excluded Controlling Class Holder, (C) any employees or personnel of the undersigned, (D)
any Affiliate involved in the management of any investment in the related Mortgagor or the related Mortgaged Property or (E) to
its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related

 

     M-1C-2

    	 

    

 

Mortgagor, and (ii) will
maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations
described in clause (i) above.

 

7.          The undersigned agrees
that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified that the
representations and covenants contained herein remain true and correct.

 

8.          The undersigned hereby
certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

9.          Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed
hereto by its duly authorized signatory, as of the day and year written above.

	 	 	 
	 	[The Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 

 

	 	Name:	 

 

	 	Title:	 

 

	 	Company:	 

 

     M-1C-3

    	 

    

 

EXHIBIT M-1C-II

 

FORM OF INVESTOR CERTIFICATION for
Borrower PartY

(for Persons other than the CONTROLLING CLASS REPRESENTATIVE and/or a Controlling Class
Certificateholder)

 

[Date]

 

	
        KeyBank National Association

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

        
	 	
        Wilmington Trust, National Association

        110 North Market Street

        Wilmington, Delaware

        Attention: CMBS Trustee – CGCMT 2016-GC36 

	 	 	 
	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Administration

        Group – CGCMT 2016-GC36

        trustadministrationgroup@wellsfargo.com

        cts.cmbs.bond.admin@wellsfargo.com
	 	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special

        Servicing – Daniel

        Fax number: (704) 715-0036 

	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: Don Simon, Chief Operating Officer
	 	 

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36, Commercial
Mortgage Pass-Through Certificates, Series 2016-GC36

 

In accordance with the requirements
for obtaining certain information under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo
Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned is a
[[Certificateholder][Certificate Owner][prospective purchaser] of the Class ___ Certificates][Serviced Companion Loan Holder][Companion
Loan Holder Representative].

 

2.          The undersigned is neither
the Controlling Class Representative nor a Controlling Class Certificateholder.

 

     M-1C-II-1

    	 

    

 

3.          The undersigned has received
a copy of the Prospectus.2.

 

4.          The undersigned is
a Borrower Party.

 

5.          The undersigned is requesting
access pursuant to the Agreement to the Distribution Date Statement (the “Information”) on the Certificate Administrator’s
Website.

 

In consideration of the disclosure
to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from
such outside persons as are assisting it in making an evaluation in connection with its holding or purchasing the related Certificates
or the related Companion Loan (as and if applicable), from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject and, if they execute and deliver a certification substantially
similar to this, except from holders, beneficial owners and prospective purchasers of any related Companion Loan Securities (if
applicable)), and such Information will not, without the prior written consent of the Trustee, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law.

 

The undersigned will not use
or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as
amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

6.          The undersigned shall
be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the
Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for
any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          The undersigned agrees
that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified that the
representations and covenants contained herein remain true and correct.

 

8.          The undersigned hereby
certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

9.          Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

 

 

2
Only required for a Certificateholder or a Certificate Owner.

 

     M-1C-II-2

    	 

    

 

BY ITS CERTIFICATION HEREOF, the undersigned has
made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the day and year written above.

	 	 	 
	 	[Certificateholder][Certificate Owner][Prospective
Purchaser][Serviced Companion Loan Holder][Companion Loan Holder Representative]

	 	 	 
	 	By:	 

 

	 	Name:	 

 

	 	Title:	 

 

	 	Company:	 

 

	 	Phone:	 

 

     M-1C-II-3

    	 

    

 

EXHIBIT M-1D

 

FORM OF NOTICE OF EXCLUDED CONTROLLING CLASS
HOLDER

 

[Date]

 

	
        KeyBank National Association

        11501 Outlook Street, Suite
300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

        

         
	 	
        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36

         

	
        Wells Fargo Bank, National Association

9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Administration Group – CGCMT
2016-GC36

        (With a copy to cts.cmbs.bond.admin@wellsfargo.com and trustadministrationgroup@wellsfargo.com)
	 	
        Wells Fargo Bank, National Association Commercial Mortgage
Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

        Fax number: (704) 715-0036

         

	
        Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York, 14228

Attention: Don Simon, Chief Operating Officer
	 	 

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series
                                         2016-GC36	 

 

THIS NOTICE IDENTIFIES AN “EXCLUDED CONTROLLING
CLASS MORTGAGE LOAN” RELATING TO THE CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-GC36, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2016-GC36, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 4.02(A) OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section 4.02(a) of the Pooling
and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”), between Citigroup Commercial Mortgage
Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special
Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer,
and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.          The undersigned is [the Controlling Class Representative]
[a Controlling Class Certificateholder] as of the date hereof.

 

     M-1D-1

    	 

    

 

2.          The undersigned has become an Excluded Controlling
Class Holder with respect to the following Mortgage Loan(s) (“Excluded Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

 

3.          As of the date above, the undersigned is the
beneficial owner of the following Certificates, and is providing the below information to the addressees hereto for purposes of
their compliance with the Pooling and Servicing Agreement, including, among other things, the Certificate Administrator’s
determination as to whether a Consultation Termination Event is in effect with respect to the Excluded Controlling Class Mortgage
Loans listed in paragraph 2 if any such Mortgage Loan is an Excluded Mortgage Loan:

 

	CUSIP	Class	Outstanding

Certificate Balance	Initial Certificate

Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.          The undersigned is simultaneously providing
notice to the Certificate Administrator in the form of Exhibit M-1E to the Pooling and Servicing Agreement, requesting termination
of access to any Excluded Information. The undersigned acknowledges that it is not permitted to access and shall not access any
Excluded Information related to the Excluded Controlling Class Mortgage Loans and made available on the Certificate Administrator’s
Website or otherwise pursuant to the Agreement unless and until it (i) is no longer an Excluded Controlling Class Holder with respect
to such Excluded Controlling Class Mortgage Loans, (ii) has delivered notice of the termination of the related Excluded Controlling
Class Holder status and (iii) has submitted a new Investor Certification in accordance with Section 4.02(a) of the Agreement.

 

5.          The undersigned agrees to indemnify and hold
harmless each party to the Agreement, the Underwriters, the Initial Purchasers and the Trust Fund from any damage, loss, cost or
liability (including legal fees and expenses and the cost of enforcing this indemnity) arising out of or resulting from any unauthorized
access by the undersigned or any agent, employee, representative or person acting on its behalf of any Excluded Information relating
to the Excluded Controlling Class Mortgage Loans listed in Paragraph 2 above.

 

     M-1D-2

    	 

    

 

6.          The undersigned agrees that each time it accesses
the Certificate Administrator’s Website, the undersigned is deemed to have recertified that the representations and covenants
contained herein remain true and correct.

 

7.          To the extent the undersigned receives access
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
the undersigned hereby agrees that it (i) will not directly or indirectly provide such Excluded Information to (A) the related
Mortgagor, (B) any Excluded Controlling Class Holder, (C) any employees or personnel of the undersigned, (D) any Affiliate involved
in the management of any investment in the related Mortgagor or the related Mortgaged Property or (E) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Mortgagor, and (ii) will maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

8.          The undersigned hereby certifies that an executed
copy of this certification in paper form has been delivered in accordance with the notice provisions of the Agreement to each of
the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

Capitalized terms used but not defined herein have
the respective meanings given to them in the Agreement.

 

IN WITNESS WHEREOF, the undersigned has made the representations
above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its duly authorized signatory,
as of the day and year written above.

	 	 	 	 
	 	[Controlling Class Representative] [a Controlling Class Certificateholder]
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	Phone:
	 	 	 	Email:
	 	 	 	Address:

 

     M-1D-3

    	 

    

 

EXHIBIT M-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING CLASS
HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

cts.cmbs.bond.admin@wellsfargo.com

        trustadministrationgroup@wellsfargo.com
	 

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36	 

 

In accordance with Section 4.02(a) of the Pooling
and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”), between Citigroup Commercial Mortgage
Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special
Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer,
and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.          The undersigned is [the Controlling Class Representative]
[a Controlling Class Certificateholder] as of the date hereof

 

2.          The undersigned has become an Excluded Controlling
Class Holder with respect to the following Mortgage Loan(s) (“Excluded Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	Loan Name	Borrower Name
	 	 	 
	 	 	 
	 	 	 

 

3.          The following USER IDs for CTSLink are affiliated
with the undersigned and access to any information on the Certificate Administrator’s Website with respect to the

 

     M-1E-1

    	 

    

 

Citigroup
Commercial Mortgage Trust 2016-GC36 securitization should be revoked as to such users:

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.          The undersigned acknowledges that it is not
permitted to access and shall not access any Excluded Information with respect to such Excluded Controlling Class Mortgage Loan(s)
on the Certificate Administrator’s Website unless and until it (i) is no longer an Excluded Controlling Class Holder with
respect to such Excluded Controlling Class Mortgage Loan(s), (ii) has delivered notice of the termination of the related Excluded
Controlling Class Holder status and (iii) has submitted an investor certification in the form of Exhibit M-1B to the Pooling and
Servicing Agreement.

 

Capitalized terms used but not defined herein have
the respective meanings given to them in the Agreement.

 

IN WITNESS WHEREOF, the undersigned has made the representations
above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its duly authorized signatory,
as of the day and year written above.

	 	 	 	 
	 	[Controlling Class Representative] [a Controlling Class Certificateholder]
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	Phone:
	 	 	 	Email:
	 	 	 	Address:

 

Dated: _______

 

	cc:	Wells Fargo Commercial Mortgage Securities, Inc.

 

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

     M-1E-2

    	 

    

 

	 	 
	Name:	 
	Title:	 

 

     M-1E-3

    	 

    

 

EXHIBIT M-1F

 

Form
of Certification of the Controlling Class Representative

 

	
        KeyBank National Association

        11501 Outlook Street, Suite
300

        Overland Park, Kansas 66211

        Attention: Diane Haislip 
	 	
        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36

         

	
        Wells Fargo Bank, National Association

9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Administration Group – CGCMT
2016-GC36

        (With a copy to cts.cmbs.bond.admin@wellsfargo.com and trustadministrationgroup@wellsfargo.com)

         
	 	
        Wells Fargo Bank, National Association Commercial Mortgage
Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

        Fax number: (704) 715-0036

         

	
        Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York, 14228

Attention: Don Simon, Chief Operating Officer
	 	 

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36	 

 

In accordance with Section
6.09(d) of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”), between
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank,
National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and
as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned has been
appointed to act as the Controlling Class Representative.

 

2.          The undersigned is not
a Borrower Party.

 

3.          If the undersigned becomes
a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification attached as Exhibit
M-1C to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached as Exhibit M-1D and
Exhibit M-1E to the Pooling and Servicing Agreement.

 

     M-1F-1

    	 

    

 

4.          The undersigned hereby
certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

5.          Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION HEREOF,
the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified.]

	 	 	 
	 	[The Controlling
    Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

     M-1F-2

    	 

    

 

EXHIBIT M-2A

 

FORM OF INVESTOR CERTIFICATION FOR EXERCISING
VOTING RIGHTS FOR NON-BORROWER PARTY

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

 

	Attention:	Citigroup Commercial Mortgage Trust 2016-GC36, Commercial
Mortgage Pass-Through Certificates, Series 2016-GC36

 

In accordance with the requirements
for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo
Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned is a
[Certificateholder][Certificate Owner] of the Class ___ Certificates.

 

2.             The undersigned has received
a copy of the Prospectus.

 

3.             The undersigned is
not a Borrower Party or an agent of any Mortgagor.

 

4.             The undersigned intends
to exercise Voting Rights under the Agreement and certifies that (please check one of the following):

 

		___	The undersigned is the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or a Mortgage Loan Seller.

 

		___	The undersigned is an Affiliate of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Operating Advisor or a Mortgage Loan Seller.

 

     M-2B-1

    	 

    

 

		___	The undersigned is not the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor, a Mortgage Loan Seller or an Affiliate of any of the foregoing.

 

5.             The undersigned shall
be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees, agents or representatives
(collectively, the “Representatives”) and shall indemnify the Depositor, the Operating Advisor, the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred
thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.             Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the day and year written above.

	 	 	 
	 	[Certificateholder] [Certificate Owner]
	 	 	 
	 	By:	 

 

	 	Name:	 

 

	 	Title:	 

 

	 	Company:	 

 

	 	Phone:	 

 

     M-2B-2

    	 

    

 

EXHIBIT M-2B

 

FORM OF INVESTOR CERTIFICATION FOR EXERCISING
VOTING RIGHTS FOR BORROWER PARTY

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

 

	Attention:	Citigroup Commercial Mortgage Trust 2016-GC36, Commercial
Mortgage Pass-Through Certificates, Series 2016-GC36

 

In accordance with the requirements
for the exercise of Voting Rights pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo
Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned is a
[Certificateholder][Certificate Owner] of the Class ___ Certificates.

 

2.             The undersigned has received
a copy of the Prospectus.

 

3.             The undersigned is
a Borrower Party.

 

4.             The undersigned intends
to exercise Voting Rights under the Agreement and certifies that (please check one of the following):

 

		___	The undersigned is an Excluded Controlling Class Holder. The undersigned is an Excluded Controlling
Class Holder with respect to the following Mortgage Loan(s):

 

     M-2B-1

    	 

    

 

	 	Mortgage Loan

Number	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

		___	The undersigned is the Special Servicer and is a Borrower Party with respect to the following Excluded
Special Servicer Mortgage Loans:

 

	 	Mortgage Loan

Number	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

		5.	The undersigned shall be fully liable for any breach of this agreement by itself or any of its
officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) and
shall indemnify the Depositor, the Operating Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.

 

		6.	Capitalized terms used but not defined herein shall
have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the day and year written above.

	 	 	 
	 	[Certificateholder] [Certificate Owner]
	 	 	 
	 	By:	 

 

	 	Name:	 

 

	 	Title:	 

 

     M-2B-2

    	 

    

 

	 	Company:	 

 

	 	Phone:	 

 

     M-2B-3

    	 

    

 

EXHIBIT M-3

 

FORM OF ONLINE VENDOR CERTIFICATION

 

This Certification has been
prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the
Depositor. If you represent a Vendor Provider not listed herein and would like access to the information, please contact [the Certificate
Administrator’s customer service desk at 866-252-4360]

 

In connection with the Citigroup
Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates Series 2016-GC36 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned is an
employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc., Markit Group Limited
or a market data provider that has been given access to the Distribution Date Statements, CREFC reports and supplemental notices
on www.ctslink.com (“CTSLink”) by request of the Depositor.

 

2.             The undersigned agrees
that each time it accesses CTSLink, the undersigned is deemed to have recertified that the representation above remains true and
correct.

 

3.             The undersigned acknowledges
and agrees that the provision to it of information and/or reports on CTSLink is for its own use only, and agrees that it will not
disseminate or otherwise make such information available to any other person without the written consent of the Depositor, and
any confidentiality agreement applicable to the undersigned with respect to information obtained from the Rule 17g-5 Information
Provider’s Website shall also be applicable to information obtained from CTSLink.

 

4.             Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement, dated as of
February 1, 2016, between Citigroup Commercial Mortgage Securities Inc., as depositor (the “Depositor”), KeyBank
National Association, as master servicer, Wells Fargo Bank, National Association, as special servicer and as certificate administrator,
Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, and Wilmington Trust, National Association,
as trustee.

 

     M-3-1

    	 

    

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

	 	 	 
	 	[                         ]
	 	 	 
	 	By:	 

 

	 	Name:	 

 

	 	Title:	 

 

	 	Company:	 

 

	 	Phone:	 

 

     M-3-2

    	 

    

 

EXHIBIT M-4

FORM OF CONFIDENTIALITY AGREEMENT

 

[KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Diane Haislip]

 

[Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street

Charlotte, North Carolina 28202

Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

Fax number: (704) 715-0036]

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36 Commercial Mortgage Pass-Through Certificates, Series 2016-GC36	 

 

Ladies and Gentlemen:

 

In connection with the Citigroup
Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36 (the “Certificates”),
we acknowledge that we will be furnished by KeyBank National Association, as Master Servicer, and Wells Fargo Bank, National Association,
as Special Servicer (and may have been previously furnished) with certain information (the “Information”).
For the purposes of this letter agreement (this “Agreement”),
“Representative” of a Person refers to such Person’s
directors, officers, employees, and agents; and “Person”
refers to any individual, group or entity.

 

In connection with and in consideration
of our being provided with Information, we hereby acknowledge and agree that we are requesting and will use the Information solely
for purposes of making investment decisions and/or exercising the rights of the [Directing Holder][Serviced Companion Loan Holder]
with respect to the [above-referenced Certificates and the related Mortgage Loans] [[NAME OF SERVICED LOAN COMBINATION] Loan Combination]
and will not disclose such Information to any Person other than (i) our

 

     M-4-1

    	 

    

 

Representatives, (ii) our auditors and regulators and (iii)
any Person contemplating the purchase of [any Certificate][the [NAME OF SERVICED COMPANION LOAN] Companion Loan] held by the undersigned
or of an interest therein (or such outside Persons as are assisting it in making an evaluation in connection with purchasing the
[related Certificates][the [NAME OF SERVICED COMPANION LOAN] Companion Loan] (but only if such Persons confirm in writing such
contemplation of a prospective ownership interest and agree in writing to keep such Information confidential)), (iv) our accountants
and attorneys, and (v) such governmental or banking authorities or agencies to which the undersigned is subject; and such Information
will not, without the prior written consent of the Master Servicer or the Special Servicer, as applicable, and the Trustee, be
otherwise disclosed by the undersigned or by its Representatives in any manner whatsoever, in whole or in part, unless required
to do so by law.

 

The undersigned shall be fully
liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the Operating
Advisor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

This Agreement shall not apply
to any of the Information which: (i) is or becomes generally available and known to the public other than as a result of a disclosure
directly or indirectly by us or any of our Representatives; (ii) becomes lawfully available to us on a non-confidential basis from
a source other than you or one of your Representatives, which source is not bound by a contractual or other obligation of confidentiality
to any Person; or (iii) was lawfully known to us on a non-confidential basis prior to its disclosure to us by you.

 

Capitalized terms used but not
defined herein shall have the meanings assigned thereto in that certain Pooling and Servicing Agreement, dated as of February 1,
2016, between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells
Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating
Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee.

 

This Agreement, when signed by
us, will constitute our agreement with respect to the subject matter contained herein.

	 	 	 
	 	Very truly yours,
	 	 
	 	[NAME OF ENTITY]
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

	 	Company:	 

	 	Phone:	 

 

     M-4-2

    	 

    

 

		cc:	Citigroup Commercial Mortgage Securities Inc.

Trustee

 

     M-4-3

    	 

    

 

EXHIBIT M-5

 

FORM OF NRSRO CERTIFICATION

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36	 

 

Ladies and Gentlemen:

 

In accordance
with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of February
1, 2016 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as
Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and as
Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington
Trust, National Association, as Trustee, with respect to the Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage
Pass-Through Certificates, Series 2016-GC36 (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.           The undersigned is a Rating Agency hired by the Depositor to provide
ratings on the Certificates; or

 

2.           The undersigned, a Nationally Recognized Statistical Rating Organization
(“NRSRO”);

 

(a)        has provided
the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e);

 

(b)       has access
to the Depositor’s Rule 17g-5 website relating to the Certificates; and

 

(c)        is requesting
access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”) on the Rule
17g-5 Information Provider’s Website pursuant to the provisions of the Pooling and Servicing Agreement, and in consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except to the extent such information has been made available to the general public), and such Information will not, without the
prior written consent of the Certificate Administrator, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents, or

 

     M-5-1

    	 

    

 

representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part.

 

3.           The undersigned agrees that each time it accesses the Rule 17g-5
Information Provider’s Website, it is deemed to have recertified that the representations herein contained remain true and
correct.

 

Capitalized terms used but not defined herein shall
have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned has
made the representations above and shall have caused, or shall be deemed to have caused, its name to be signed hereto by its duly
authorized signatory, as of the day and year first written above.

	 	 	 
	 	Very truly yours,
	 	 
	 	[NRSRO Name]
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

	 	Phone:	 

	 	Email:	 

 

Dated:

 

     M-5-2

    	 

    

 

 

EXHIBIT N

 

CUSTODIAN CERTIFICATION

 

[DATE]

 

[All Parties to Pooling and Servicing Agreement]

[Applicable Mortgage Loan Seller]

[Each Underwriter]

[Each Initial Purchaser] 

[The related Serviced Companion Loan Holder (upon request,
in the case of a Serviced Loan Combination)]

 

		Re:	Pooling and Servicing
                                         Agreement (“Pooling and Servicing Agreement”) relating to Citigroup
                                         Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series
                                         2016-GC36

 

Ladies and Gentlemen:

 

In accordance with the provisions of Section 2.02(b)
of the Pooling and Servicing Agreement, the undersigned hereby certifies that, with respect to each Mortgage Loan, and subject
to the exceptions noted in the schedule of exceptions attached hereto, (i) all documents specified in clauses (1), (2), (3), (4)
(other than with respect to an Outside Serviced Mortgage Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of
a Loan Combination) of the definition of “Mortgage File” are in its possession or the related Mortgage Loan Seller
has otherwise satisfied the delivery requirements in accordance with the related Loan Purchase Agreement; (ii) the recordation/filing
contemplated by Section 2.01(c) of the Pooling and Servicing Agreement has been completed (based solely on receipt by the undersigned
of the particular recorded/filed documents); (iii) all documents received by the undersigned with respect to such Mortgage Loan
have been reviewed by the undersigned and (A) appear regular on their face (handwritten additions, changes or corrections shall
not constitute irregularities if initialed by the Mortgagor), (B) appear to have been executed (where appropriate) and (C) purport
to relate to such Mortgage Loan; and (iv) based on the examinations referred to in Section 2.02(a) and Section 2.02(b) of the Pooling
and Servicing Agreement and only as to the foregoing documents (together with any Loan Agreement that has been delivered by the
related Mortgage Loan Seller), the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses
(iv) and (v)(B) of the definition of “Mortgage Loan Schedule” accurately reflects the information set forth in the
Mortgage File.

 

The undersigned makes no representations as to: (i)
the validity, legality, sufficiency, enforceability or genuineness of any such documents contained in each Mortgage File or any
of the Mortgage Loans identified in the Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness or suitability
of any such Mortgage Loan.

 

    	N-1

    	 

    

 

The scope of the Custodian’s review of the Mortgage
Files is limited solely to confirming that certain documents in Mortgage Files have been received and appear regular on their face
and to confirm certain other information as set forth in Section 2.02 of the Pooling and Servicing Agreement. The Custodian’s
review of the Mortgage Files and any certification with respect thereto is not intended to and shall not be deemed to constitute
“due diligence services” or a “third party due diligence report” as such terms are defined in Rules 17g-10
and 15Ga-2, respectively, under the Exchange Act. Any recipient of the Custodian’s certification or a copy thereof by its
receipt thereof is deemed to agree that it shall not share such certification with any rating agency or any party not addressed
on such certification.

 

Capitalized words and phrases used herein and not
otherwise defined herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This Certificate
is subject in all respects to the terms of the Pooling and Servicing Agreement.

 

	 	Wells Fargo Bank, National
Association, as Custodian
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	N-2

    	 

    

 

SCHEDULE OF EXCEPTIONS

 

[          ]

 

    	N-3

    	 

    

 

EXHIBIT O

 

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT
OF COMPLIANCE

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit O, other than with respect to Item 1122(d)(2)(iii), references to Master Servicer below shall include any Sub-Servicer
engaged by a Master Servicer or Special Servicer.

 

	 	Servicing
    Criteria 	applicable
    Servicing Criteria
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Master
    Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Master
Servicer

Special Servicer

        Certificate
Administrator

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer

    Custodian (in the case of the Custodian, if such entity is not also the Trustee)
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
Servicer

        Special Servicer

        Certificate
Administrator

	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Master
Servicer

Special Servicer

        Certificate
Administrator

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Master
    Servicer

    Trustee (in the case of the Trustee, to the extent the Trustee was required to make an advance during the applicable calendar
    year)
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Master
    Servicer

    Special Servicer

    Certificate Administrator

 

    	O-1

    	 

    

 

	 	Servicing
    Criteria 	applicable
    Servicing Criteria
	Reference	Criteria	 
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved
    by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
    reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
    in the transaction agreements.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (excluding clauses (C) and (D) in the case of the Operating Advisor)
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Reporting Servicer’s investor records, or such other
    number of days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Master
    Servicer

    Special Servicer

    Custodian
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master
    Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified
    in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
    mortgage loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to
    an obligor’s unpaid principal balance.	Master
    Servicer

 

    	O-2

    	 

    

 

	 	Servicing
    Criteria 	applicable
    Servicing Criteria
	Reference	Criteria	 
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

    	O-3

    	 

    

 

EXHIBIT P

SUPPLEMENTAL SERVICER SCHEDULE

 

    	P-1

    	 

    

	CGCMT 2016-GC36 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	General	 	 Original 	 	Origination	 	Amortization Term	 	Amortization Term	 	 	 	Letter of 	 	Upfront RE  	 	Ongoing RE 	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Replacement 	 	Upfront	 	Ongoing
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Borrower Name	 	Property Type	 	 Balance ($) 	 	Date	 	(Mos.)	 	(Mos.)	 	Carve-out Guarantor	 	Credit	 	Tax Reserve ($)	 	Tax Reserve ($)	 	 Insurance Reserve ($)	 	 Insurance Reserve ($)	 	Replacement Reserve ($)	 	Replacement Reserve ($)	 	Reserve Caps ($)	 	TI/LC Reserve ($)	 	TI/LC Reserve ($)
	1	 	(1) (4)	 	8970	 	CGMRC	 	5 Penn Plaza	 	5 Penn Plaza LLC	 	CBD	 	115,000,000.00	 	1/6/2016	 	0	 	0	 	Stephen D. Haymes and The Stephen D. Haymes Revocable Trust Dated October 8, 2014	 	No	 	1,168,977.19	 	584,488.60	 	0.00	 	0.00	 	0.00	 	10,838.83	 	0.00	 	0.00	 	0.00
	2	 	(2) (4)	 	8998	 	CGMRC	 	Sheraton Denver Downtown Fee	 	Court Place Land LLC	 	Hospitality	 	110,000,000.00	 	12/9/2015	 	0	 	0	 	David Werner and Allan V. Rose	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	3	 	(3) (4)	 	107323	 	GSMC	 	Austin Block 21	 	Stratus Block 21, L.L.C.	 	Hospitality/Office/Retail	 	110,000,000.00	 	1/5/2016	 	360	 	359	 	Stratus Properties Inc.	 	No	 	353,260.94	 	353,260.94	 	144,502.00	 	24,083.66	 	0.00	 	2,239.89	 	0.00	 	0.00	 	4,720.25
	4	 	(5)	 	114883b	 	GSMC	 	Glenbrook Square	 	GGP-Glenbrook L.L.C.	 	Super Regional Mall	 	102,000,000.00	 	10/20/2015	 	360	 	360	 	GGP Limited Partnership	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	108,128.00	 	0.00	 	0.00
	5	 	(6) (7)	 	118685c	 	GSMC	 	Westin Boston Waterfront	 	DiamondRock Boston Owner, LLC and DiamondRock Boston Retail Owner, LLC	 	Full Service	 	55,000,000.00	 	10/27/2015	 	360	 	357	 	DiamondRock Hospitality Limited Partnership	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	6	 	(8) (9)	 	9070	 	CGMRC	 	Park Place	 	CAZ 1 DE LLC	 	General Suburban	 	50,000,000.00	 	12/15/2015	 	360	 	360	 	David Allred, Allred Family Revocable Trust Dated April 1, 1998 and the Douglas Allred Family Investments, LLC	No	 	587,242.79	 	117,448.56	 	102,601.80	 	11,400.20	 	0.00	 	8,728.00	 	0.00	 	500,000.00	 	43,640.00
	7	 	(10) (11)	 	1	 	CCRE	 	215 West 34th Street & 218 West 35th Street	 	34th Street Penn Association LLC	 	Hospitality/Retail	 	45,000,000.00	 	12/11/2015	 	0	 	0	 	Jack Dushey	 	No	 	290,166.67	 	290,166.67	 	24,490.35	 	12,245.18	 	0.00	 	978.59	 	0.00	 	0.00	 	0.00
	8	 	 	 	9069	 	CGMRC	 	King of Prussia Hotel Portfolio	 	KOP Hotel XXXI Owner LP	 	 	 	38,200,000.00	 	11/24/2015	 	300	 	300	 	Robert E. Buccini, Christopher F. Buccini and David B. Pollin	 	No	 	125,582.03	 	41,860.68	 	134,903.13	 	13,490.31	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	8.01	 	 	 	9069-1	 	 	 	Crowne Plaza - King of Prussia	 	 	 	Full Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8.02	 	 	 	9069-2	 	 	 	Fairfield Inn & Suites - King of Prussia	 	 	 	Limited Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	 	 	2	 	CCRE	 	Stafford Park 	 	Stafford Park Commercial LLC and Stafford Properties Urban Renewal, LLC	 	Shadow Anchored	 	31,200,000.00	 	12/15/2015	 	360	 	359	 	Edward M. Walters, Jr., Timothy Regan, Joseph Del Duca and Gregory Walters 	 	No	 	74,424.67	 	18,606.17	 	43,344.00	 	6,224.67	 	0.00	 	2,790.00	 	0.00	 	0.00	 	11,159.00
	10	 	(12)	 	114104c	 	GSMC	 	South Plains Mall	 	Macerich South Plains LP	 	Super Regional Mall	 	30,000,000.00	 	10/23/2015	 	0	 	0	 	Pacific Premier Retail Trust LLC	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	517,000.00	 	0.00	 	127,068.00	 	0.00	 	0.00
	11	 	(13)	 	108124b	 	GSMC	 	GSA Portfolio	 	MSDG Atlanta South, LLC, MSDG Bessemer, LLC, MSDG Birmingham, LLC, MSDG Columbus, LLC, MSDG Covington, LLC, MSDG Elizabethtown, LLC, MSDG Fairhope, LLC, MSDG Frankfort, LLC, MSDG Gadsden, LLC, MSDG Greenville, LLC, MSDG Henderson, LLC, MSDG Huntsville, LLC, MSDG Lawrenceburg, LLC, MSDG Little Rock, LLC, MSDG Memphis Midtown, LLC, MSDG Memphis North, LLC, MSDG Mobile, LLC, MSDG Moss Point, LLC, MSDG Nashville, LLC, MSDG Paducah, LLC, MSDG Richmond, LLC, MSDG Savannah, LLC, MSDG Tallahassee, LLC and MSDG Tullahoma, LLC	 	 	 	27,384,375.00	 	10/13/2015	 	360	 	360	 	David G. Chandler and Darell Ray Pierce	 	No	 	151,195.32	 	60,697.44	 	66,862.88	 	13,546.26	 	0.00	 	13,381.53	 	481,735.08	 	0.00	 	34,104.83
	11.01	 	 	 	108124b-1	 	 	 	Mobile	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.02	 	 	 	108124b-2	 	 	 	Savannah	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.03	 	 	 	108124b-3	 	 	 	Covington	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.04	 	 	 	108124b-4	 	 	 	Nashville	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.05	 	 	 	108124b-5	 	 	 	Memphis - Midtown	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.06	 	 	 	108124b-6	 	 	 	Atlanta	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.07	 	 	 	108124b-7	 	 	 	Tallahassee	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.08	 	 	 	108124b-8	 	 	 	Elizabethtown	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.09	 	 	 	108124b-9	 	 	 	Greenville	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.10	 	 	 	108124b-10	 	 	 	Birmingham	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.11	 	 	 	108124b-11	 	 	 	Paducah	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.12	 	 	 	108124b-12	 	 	 	Little Rock	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.13	 	 	 	108124b-13	 	 	 	Huntsville	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.14	 	 	 	108124b-14	 	 	 	Columbus	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.15	 	 	 	108124b-15	 	 	 	Memphis - North	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.16	 	 	 	108124b-16	 	 	 	Frankfort	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.17	 	 	 	108124b-17	 	 	 	Henderson	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.18	 	 	 	108124b-18	 	 	 	Gadsden	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.19	 	 	 	108124b-19	 	 	 	Bessemer	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.20	 	 	 	108124b-20	 	 	 	Richmond	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.21	 	 	 	108124b-21	 	 	 	Tullahoma	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.22	 	 	 	108124b-22	 	 	 	Fairhope	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.23	 	 	 	108124b-23	 	 	 	Lawrenceburg	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11.24	 	 	 	108124b-24	 	 	 	Moss Point	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	(14)	 	1524.00	 	SMF I	 	Heinz 57 Center	 	623 Smithfield Associates, Ltd.	 	CBD	 	26,000,000.00	 	11/17/2015	 	360	 	358	 	William Rudolph, Charles Perlow	 	No	 	651,683.45	 	91,251.20	 	84,274.00	 	7,662.00	 	0.00	 	11,660.00	 	0.00	 	0.00	 	66,666.67
	13	 	(15)	 	1518.00	 	SMF I	 	Northeast Corporate Center	 	NECC Property LLC	 	General Suburban	 	25,000,000.00	 	12/3/2015	 	360	 	360	 	Jeff Hauptman	 	No	 	205,632.49	 	58,752.14	 	13,913.75	 	2,782.75	 	0.00	 	3,332.00	 	0.00	 	0.00	 	37,022.00
	14	 	 	 	9180	 	CGMRC	 	Embassy Corporate Park	 	Embassy Park Akron LP	 	 	 	23,000,000.00	 	1/6/2016	 	360	 	360	 	Raymond Massa	 	No	 	60,190.85	 	60,190.85	 	37,711.10	 	4,713.89	 	0.00	 	9,946.00	 	0.00	 	1,500,000.00	 	0.00
	14.01	 	 	 	9180-1	 	 	 	3875 Embassy Parkway	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.02	 	 	 	9180-2	 	 	 	3700 Embassy Parkway	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.03	 	 	 	9180-3	 	 	 	4040 Embassy Parkway	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.04	 	 	 	9180-4	 	 	 	4000 Embassy Parkway	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.05	 	 	 	9180-5	 	 	 	3737 Embassy Parkway	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.06	 	 	 	9180-6	 	 	 	3560 West Market Street	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14.07	 	 	 	9180-7	 	 	 	5399 Lauby Road	 	 	 	General Suburban	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	 	 	3	 	CCRE	 	6725 Sunset Office	 	Crown Sunset Associates, LLC	 	CBD	 	21,000,000.00	 	12/11/2015	 	0	 	0	 	Jamie Sohacheski and Robert A. Flaxman	 	No	 	22,500.00	 	22,500.00	 	0.00	 	0.00	 	0.00	 	1,414.37	 	84,862.20	 	0.00	 	0.00

 

    	 

    	 

    

 

	CGCMT 2016-GC36 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	Remaining	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	General	 	 Original 	 	Origination	 	Amortization Term	 	Amortization Term	 	 	 	Letter of 	 	Upfront RE  	 	Ongoing RE 	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Replacement 	 	Upfront	 	Ongoing
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	Borrower Name	 	Property Type	 	 Balance ($) 	 	Date	 	(Mos.)	 	(Mos.)	 	Carve-out Guarantor	 	Credit	 	Tax Reserve ($)	 	Tax Reserve ($)	 	 Insurance Reserve ($)	 	 Insurance Reserve ($)	 	Replacement Reserve ($)	 	Replacement Reserve ($)	 	Reserve Caps ($)	 	TI/LC Reserve ($)	 	TI/LC Reserve ($)
	16	 	 	 	122563	 	GSMC	 	Rivercrest Portfolio B	 	Pocomoke (East Town) WMB, LLC, Covington (Riverbend) WMB, LLC, Greenville (Woodruff) WMB, LLC, Seaford (Sussex) WMB, LLC	 	 	 	20,200,000.00	 	12/4/2015	 	360	 	360	 	Stanley Werb and Jonathan Gaines	 	No	 	32,877.83	 	21,461.83	 	0.00	 	0.00	 	106,155.00	 	5,662.00	 	0.00	 	300,000.00	 	0.00
	16.01	 	 	 	122563-2	 	 	 	Shoppes at Woodruff	 	 	 	Shadow Anchored	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.02	 	 	 	122563-1	 	 	 	Riverbend Shopping Center	 	 	 	Shadow Anchored	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.03	 	 	 	122563-3	 	 	 	Sussex Plaza	 	 	 	Shadow Anchored	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16.04	 	 	 	122563-4	 	 	 	East Town Plaza	 	 	 	Shadow Anchored	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17	 	 	 	122534	 	GSMC	 	Rivercrest Portfolio A	 	Georgetown (Plantation) WMB, LLC, Smithfield (Smithfield) WMB, LLC, Surfside Beach (Surfside) WMB, LLC, Lexington (East Towne) WMB, LLC	 	 	 	19,800,000.00	 	12/4/2015	 	360	 	360	 	Stanley Werb and Jonathan Gaines	 	No	 	0.00	 	22,217.15	 	0.00	 	0.00	 	0.00	 	3,635.00	 	0.00	 	300,000.00	 	0.00
	17.01	 	 	 	122534-3	 	 	 	Surfside Commons	 	 	 	Shadow Anchored	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.02	 	 	 	122534-4	 	 	 	East Towne Centre	 	 	 	Shadow Anchored	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.03	 	 	 	122534-1	 	 	 	Plantation Plaza	 	 	 	Shadow Anchored	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17.04	 	 	 	122534-2	 	 	 	Smithfield Plaza	 	 	 	Shadow Anchored	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18	 	 	 	4	 	CCRE	 	Lancaster Plaza	 	Valley Central, L.P.	 	Anchored	 	17,100,000.00	 	12/1/2015	 	360	 	358	 	Henry Au	 	No	 	90,000.00	 	0.00	 	30,951.00	 	0.00	 	50,000.00	 	0.00	 	50,000.00	 	110,000.00	 	0.00
	19	 	(16)	 	112083b	 	GSMC	 	Element LA	 	Hudson Element LA, LLC	 	General Suburban	 	14,000,000.00	 	10/9/2015	 	0	 	0	 	Hudson Pacific Properties, L.P.	 	Yes	 	760,000.00	 	190,000.00	 	0.00	 	0.00	 	0.00	 	3,550.46	 	127,816.65	 	0.00	 	0.00
	20	 	(17)	 	117243	 	GSMC	 	Residence Inn Andover	 	LIXI Hospitality Andover LLC	 	Limited Service	 	13,487,500.00	 	11/12/2015	 	360	 	358	 	Shen Xiao	 	No	 	19,802.09	 	19,802.09	 	0.00	 	0.00	 	0.00	 	14,234.67	 	0.00	 	0.00	 	0.00
	21	 	 	 	9090	 	CGMRC	 	900 Seward Street	 	Curo Hollywood, LLC	 	General Suburban	 	13,100,000.00	 	11/30/2015	 	360	 	360	 	Curo Properties, LLC and Louis Caiola, Sr.	 	No	 	33,901.59	 	16,950.80	 	12,506.73	 	1,136.98	 	0.00	 	0.00	 	0.00	 	0.00	 	3,359.58
	22	 	(18) (19)	 	111484c	 	GSMC	 	DoubleTree Hotel Universal	 	X Fund Properties LLC	 	Full Service	 	13,000,000.00	 	9/10/2015	 	360	 	356	 	Sagicor Real Estate X Fund Limited and X Fund Properties Limited	 	No	 	548,750.32	 	68,593.79	 	0.00	 	0.00	 	0.00	 	98,485.33	 	0.00	 	0.00	 	0.00
	23	 	 	 	113324	 	GSMC	 	Seaford Village	 	Seaford Village, LLC	 	Anchored	 	12,925,000.00	 	12/4/2015	 	360	 	360	 	Frederic A. Tomarchio	 	No	 	37,414.96	 	9,353.74	 	24,496.32	 	4,082.72	 	0.00	 	3,305.20	 	0.00	 	0.00	 	6,250.00
	24	 	 	 	1539.00	 	SMF I	 	6221 Wilshire Boulevard	 	Wilshire Medical Group, LLC	 	Medical	 	12,650,000.00	 	12/22/2015	 	360	 	360	 	Joseph Daneshgar and David Taban	 	No	 	0.00	 	6,014.00	 	0.00	 	0.00	 	0.00	 	869.00	 	31,284.00	 	0.00	 	4,344.00
	25	 	 	 	9235	 	CGMRC	 	Net Lease Retail Portfolio	 	BJ Retail Partners LLC	 	 	 	12,450,000.00	 	12/11/2015	 	360	 	360	 	Marc Jacobowitz and Yerachmeal Jacobson	 	No	 	4,727.34	 	2,363.67	 	17,816.66	 	1,370.51	 	153,490.00	 	0.00	 	0.00	 	0.00	 	0.00
	25.01	 	 	 	9235-1	 	 	 	Walgreens - Sterling Heights	 	 	 	Single Tenant Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.02	 	 	 	9235-2	 	 	 	Rite Aid - Hogansville	 	 	 	Single Tenant Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.03	 	 	 	9235-3	 	 	 	Jo-Ann Fabrics - Portage	 	 	 	Single Tenant Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.04	 	 	 	9235-4	 	 	 	Fred’s - Dunn	 	 	 	Single Tenant Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.05	 	 	 	9235-5	 	 	 	Dollar General - Sandersville	 	 	 	Single Tenant Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25.06	 	 	 	9235-6	 	 	 	CVS - Hillsboro	 	 	 	Single Tenant Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26	 	 	 	124710	 	GSMC	 	Guardian Self Storage Centre Avenue and South Millvale	 	Guardian Storage Shadyside, LP and Guardian Storage Bloomfield, LP	 	 	 	11,200,000.00	 	12/9/2015	 	360	 	360	 	Steven H. Cohen	 	No	 	66,476.20	 	7,049.52	 	0.00	 	0.00	 	0.00	 	1,529.75	 	55,071.00	 	0.00	 	0.00
	26.01	 	 	 	124710-1	 	 	 	Guardian Self Storage Centre Avenue	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	26.02	 	 	 	124710-2	 	 	 	Guardian Self Storage South Millvale	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	109423	 	GSMC	 	Arapaho Village	 	WASA Properties Arapaho Village, LLC	 	Anchored	 	10,046,000.00	 	12/21/2015	 	360	 	360	 	Shlomo Bistritzky	 	No	 	17,208.30	 	17,208.30	 	25,295.83	 	2,529.58	 	0.00	 	1,942.00	 	0.00	 	0.00	 	5,000.00
	28	 	(20)	 	TBD	 	SMF I	 	Abilene Hotel Portfolio	 	HIA Abilene, LLC, L Abilene, LLC, HIA Operating Company Abilene, LLC and L Abilene Operating Company, LLC	 	 	 	9,500,000.00	 	1/8/2016	 	360	 	360	 	Bharat Bhakta	 	No	 	35,595.32	 	19,297.66	 	37,025.00	 	4,792.00	 	0.00	 	6,044.10	 	0.00	 	0.00	 	0.00
	28.01	 	 	 	TBD	 	 	 	Holiday Inn Express & Suites - Abilene 	 	 	 	Limited Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28.02	 	 	 	TBD	 	 	 	La Quinta Inn & Suites - Abilene 	 	 	 	Limited Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	29	 	 	 	118983	 	GSMC	 	Southwood Tower	 	RP Southwood, L.P.	 	General Suburban	 	9,200,000.00	 	12/7/2015	 	360	 	359	 	William D. Angel and Michael E. Montgomery	 	No	 	14,879.69	 	14,879.69	 	0.00	 	0.00	 	0.00	 	1,495.52	 	0.00	 	600,000.00	 	10,000.00
	30	 	 	 	111444	 	GSMC	 	Two Metro Place	 	Windsor Metro 565 LLC	 	General Suburban	 	9,000,000.00	 	1/11/2016	 	360	 	360	 	Alexius J. Dorsey	 	Yes	 	112,731.30	 	37,577.10	 	8,572.50	 	1,428.75	 	0.00	 	2,477.00	 	0.00	 	75,000.00	 	8,333.33
	31	 	 	 	107263	 	GSMC	 	Golden Mile Marketplace	 	Golden Mile Marketplace LLC	 	Anchored	 	8,750,000.00	 	11/5/2015	 	360	 	360	 	Michael J. Keelty	 	No	 	53,792.04	 	17,930.68	 	0.00	 	0.00	 	0.00	 	1,501.06	 	0.00	 	0.00	 	6,250.00
	32	 	 	 	8886	 	CGMRC	 	Bank of America Oceanside Fee	 	CH Oceanside LLC	 	Retail	 	8,450,000.00	 	12/10/2015	 	360	 	360	 	CAR II Holdings I, LLC	 	No	 	0.00	 	0.00	 	1,414.88	 	141.49	 	0.00	 	0.00	 	0.00	 	361,301.37	 	0.00
	33	 	 	 	112903	 	GSMC	 	Five Points Medical	 	Five Points Professional Office Building, LLC	 	Medical	 	7,350,000.00	 	11/6/2015	 	360	 	357	 	Peter K. Burton and Robert M. Katzman	 	No	 	13,814.71	 	13,814.71	 	0.00	 	0.00	 	0.00	 	1,981.84	 	0.00	 	0.00	 	6,250.00
	34	 	 	 	124723	 	GSMC	 	Guardian Self Storage Old Haymaker Road	 	 Guardian Storage Monroeville, LP	 	Self Storage	 	7,200,000.00	 	12/9/2015	 	360	 	360	 	Steven H. Cohen	 	No	 	31,787.92	 	7,946.98	 	0.00	 	0.00	 	0.00	 	1,089.58	 	39,225.00	 	0.00	 	0.00
	35	 	(21)	 	1540.00	 	SMF I	 	17525 Ventura Boulevard	 	Encino Capital Group, LLC	 	Medical	 	7,200,000.00	 	12/22/2015	 	360	 	360	 	Joseph Daneshgar and David Taban	 	No	 	0.00	 	4,040.00	 	0.00	 	0.00	 	0.00	 	669.00	 	24,084.00	 	75,000.00	 	6,650.00
	36	 	 	 	124724	 	GSMC	 	Guardian Self Storage Waterfront Drive	 	 Guardian Storage Waterfront, LP	 	Self Storage	 	6,600,000.00	 	12/9/2015	 	360	 	360	 	Steven H. Cohen	 	No	 	35,415.48	 	8,853.87	 	0.00	 	0.00	 	0.00	 	959.67	 	34,548.00	 	0.00	 	0.00
	37	 	 	 	101763	 	GSMC	 	AAAA Self Storage	 	TGJR Holdings, LLC	 	 	 	6,400,000.00	 	12/17/2015	 	360	 	359	 	Thomas P. Hughes	 	No	 	6,468.99	 	2,156.33	 	8,547.01	 	2,136.75	 	0.00	 	2,267.50	 	81,630.00	 	0.00	 	0.00
	37.01	 	 	 	101763-1	 	 	 	AAAA Self Storage Buford	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	37.02	 	 	 	101763-2	 	 	 	AAAA Self Storage Lawrenceville	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	121124	 	GSMC	 	Paseo Real	 	TPI Paseo Real, LLC	 	Unanchored	 	6,300,000.00	 	12/9/2015	 	360	 	360	 	Anthony J. Tarantino	 	No	 	10,378.70	 	10,378.70	 	0.00	 	0.00	 	0.00	 	1,030.39	 	0.00	 	175,000.00	 	0.00
	39	 	(22)	 	9110	 	CGMRC	 	Indian Creek Commons	 	Indian Creek Commons LLC	 	Shadow Anchored	 	5,950,000.00	 	1/5/2016	 	360	 	360	 	Harry Braunstein and Ben Braunstein	 	No	 	41,289.82	 	13,763.27	 	2,780.40	 	1,390.20	 	0.00	 	1,046.17	 	0.00	 	75,000.00	 	0.00
	40	 	 	 	7941-2	 	CGMRC	 	Kensington Square Apartments	 	Trotwood Holdings LLC	 	Garden	 	5,840,000.00	 	11/2/2015	 	360	 	360	 	Tyler Ross, Michael Colman and David Colman	 	No	 	62,407.80	 	5,627.33	 	36,995.18	 	4,110.58	 	0.00	 	4,666.67	 	0.00	 	0.00	 	0.00
	41	 	(23)	 	8946	 	CGMRC	 	Olympia Plaza	 	Olympia Plaza, L.L.C.	 	Anchored	 	5,800,000.00	 	12/16/2015	 	360	 	360	 	James E. Matanky, Robert W. Matanky and James A. Raff	 	No	 	326,544.74	 	46,649.25	 	22,706.60	 	2,838.33	 	21,000.00	 	2,265.62	 	100,000.00	 	100,000.00	 	7,462.58
	42	 	 	 	7941-3	 	CGMRC	 	Flagstone Creek Apartments	 	Andmark Flagstone Creek Apartments LLC	 	Garden	 	5,728,000.00	 	10/30/2015	 	360	 	360	 	Mark Mosch	 	No	 	18,255.34	 	6,085.11	 	1,776.95	 	1,776.95	 	0.00	 	3,000.00	 	144,000.00	 	0.00	 	0.00
	43	 	 	 	TBD	 	SMF I	 	Wickiup & Ambassador MHP’s	 	Tricon/COB Ambassador LP and Tricon/COB Wickiup LP	 	 	 	5,665,000.00	 	1/11/2016	 	360	 	360	 	Tricon Holdings USA LLC	 	No	 	0.00	 	2,637.60	 	13,203.00	 	1,886.08	 	0.00	 	1,129.00	 	0.00	 	0.00	 	0.00
	43.01	 	 	 	TBD	 	 	 	Wickiup Manufactured Housing Community	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	43.02	 	 	 	TBD	 	 	 	Ambassador Down Manufactured Housing Community	 	 	 	Manufactured Housing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	44	 	 	 	7941	 	CGMRC	 	Empire Mini Storage Forestville	 	Forestville LLC	 	Self Storage	 	5,500,000.00	 	12/23/2015	 	360	 	360	 	James W. Menconi, Gina O. Menconi, Walter White, Jeanette White, Russell F. Mayer, Georgette A. Mayer and the Page Intervivos Trust Dated 11/10/82	No	 	23,362.35	 	5,840.59	 	4,928.44	 	985.69	 	0.00	 	547.67	 	19,716.12	 	0.00	 	0.00
	45	 	(24)	 	6	 	CCRE	 	Draper Industrial	 	Draper Investors, LLC	 	Flex	 	5,500,000.00	 	12/4/2015	 	360	 	360	 	Kevin P. Kaseff and Derek Graham	 	No	 	14,583.33	 	7,291.67	 	0.00	 	2,159.59	 	0.00	 	1,286.49	 	0.00	 	0.00	 	3,001.80
	46	 	 	 	1528.00	 	SMF I	 	Springhill Suites Altamonte	 	SHS Altamonte Springs, Ltd.	 	Limited Service	 	5,200,000.00	 	12/11/2015	 	360	 	359	 	Driftwood Acquisition & Development L.P.	 	No	 	16,207.76	 	8,103.88	 	35,131.50	 	2,927.62	 	0.00	 	8,762.26	 	0.00	 	0.00	 	0.00
	47	 	 	 	1538.00	 	SMF I	 	Sleep Inn - Manchester 	 	American Hotels - Manchester, G.P.	 	Limited Service	 	5,200,000.00	 	12/17/2015	 	300	 	299	 	Jay S.K. Kalvala and Jose A. Orozco	 	No	 	11,417.00	 	5,709.00	 	15,385.00	 	1,539.00	 	0.00	 	5,446.00	 	0.00	 	0.00	 	0.00
	48	 	 	 	1498.00	 	SMF I	 	Freehome Village	 	BDB Freehome Village, LLC	 	Anchored	 	5,000,000.00	 	9/28/2015	 	360	 	360	 	Michael G. Bisciotti	 	No	 	81,744.86	 	7,395.41	 	7,674.38	 	1,096.34	 	0.00	 	1,239.00	 	0.00	 	0.00	 	3,098.00
	49	 	 	 	120563	 	GSMC	 	81 Page Drive	 	81 Camp Page, LLC	 	Warehouse/Distribution	 	4,925,000.00	 	11/20/2015	 	360	 	360	 	George Hicker and Robert Wenrich	 	No	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	50	 	 	 	7	 	CCRE	 	Gulf Place	 	Gulf Place Investors, LLC	 	Unanchored	 	4,910,000.00	 	12/3/2015	 	360	 	358	 	Victory Real Estate Investments, LLC	 	No	 	18,333.33	 	1,833.33	 	1,500.00	 	750.00	 	0.00	 	130.00	 	0.00	 	100,000.00	 	2,874.00
	51	 	 	 	113345	 	GSMC	 	Union Landing	 	Austin-Cravings Union Landing, LLC	 	Shadow Anchored	 	4,050,000.00	 	12/4/2015	 	0	 	0	 	William F. Schrader, Jr. and Paul N. Winkler	 	No	 	12,711.39	 	4,237.13	 	2,034.00	 	169.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	52	 	 	 	9126	 	CGMRC	 	National Self Storage Southfield	 	NSS of Southfield, Limited Partnership	 	Self Storage	 	4,000,000.00	 	11/18/2015	 	360	 	360	 	Maurice Pogoda	 	No	 	46,383.98	 	7,730.66	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	53	 	 	 	8	 	CCRE	 	Shops at South Mountain	 	GJ Mountain LLC	 	Shadow Anchored	 	3,550,000.00	 	12/29/2015	 	360	 	359	 	Hyun Min Shin	 	No	 	36,250.00	 	7,250.00	 	1,147.30	 	573.65	 	0.00	 	171.48	 	0.00	 	50,000.00	 	1,143.17
	54	 	 	 	9012	 	CGMRC	 	Food Lion Southampton	 	Southampton Shopping Center, LP	 	Anchored	 	3,200,000.00	 	12/11/2015	 	270	 	269	 	Warren G. Bailey and Brenda G. Bailey	 	No	 	14,238.29	 	4,746.10	 	5,783.40	 	2,891.70	 	0.00	 	2,422.17	 	0.00	 	150,000.00	 	6,055.46
	55	 	 	 	9115	 	CGMRC	 	Budget Self Storage	 	SSCP Temple Hills LLC	 	Self Storage	 	3,150,000.00	 	11/20/2015	 	360	 	360	 	Jacob Ramage	 	No	 	18,736.78	 	4,684.20	 	1,913.10	 	637.70	 	0.00	 	1,009.22	 	36,333.00	 	0.00	 	0.00
	56	 	 	 	9125	 	CGMRC	 	National Self Storage Redford	 	NMS of Redford Limited Partnership	 	Self Storage	 	3,100,000.00	 	11/18/2015	 	360	 	360	 	Maurice Pogoda	 	No	 	33,332.65	 	6,666.53	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00
	57	 	 	 	9219	 	CGMRC	 	Horn Lake and Princeton Self Storage	 	Horn Lake Self Storage LLC and Princeton Self Storage LLC	 	 	 	3,075,000.00	 	12/21/2015	 	360	 	360	 	Andrew S. Mattox	 	No	 	14,131.56	 	3,532.89	 	917.17	 	458.58	 	0.00	 	1,506.33	 	0.00	 	0.00	 	0.00
	57.01	 	 	 	9219-1	 	 	 	Horn Lake Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	57.02	 	 	 	9219-2	 	 	 	Princeton Self Storage	 	 	 	Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	58	 	 	 	9	 	CCRE	 	El Dorado Apartments	 	El Dorado of TUC, L.L.C.	 	Garden	 	2,500,000.00	 	10/30/2015	 	0	 	0	 	BWL Investments, L.L.C.	 	No	 	12,500.00	 	4,166.67	 	9,702.54	 	2,190.56	 	0.00	 	2,400.00	 	0.00	 	0.00	 	0.00

 

    	 

    	 

    

 

	CGCMT 2016-GC36 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grace	 	Grace	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Monthly	 	Interest	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	Upfront Debt	 	Ongoing Debt  	 	Upfront Deferred	 	Ongoing Deferred	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Other Reserve	 	Period-	 	Period-	 	Residual Value	 	Lease Enhancement	 	Environmental	 	O&M	 	Cash	 	 	 	Units, Pads,	 	Unit	 	Debt	 	Accrual	 	Administrative	 	Ground	 	 	 	Serviced
    Companion	 	Monthly
    Debt	 	Interest Accrual
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	TI/LC Caps ($)	 	Service Reserve ($)	 	Service Reserve ($)	 	 Maintenance Reserve ($)	 	 Maintenance Reserve ($)	 	Environmental Reserve ($)	 	Environmental Reserve ($)	 	 Other Reserve ($)	 	 Other Reserve ($)	 	Description	 	Default	 	Late Fee	 	Insurance	 	Insurance	 	Insurance	 	Required	 	Management	 	Lockbox	 	Rooms, Sq Ft	 	Description	 	Service ($)	 	Method	 	Fee Rate (%)	 	Lease Y/N	 	Prepayment Provision	 	Loan Flag	 	Service ($) 	 	Method
	1	 	(1) (4)	 	8970	 	CGMRC	 	5 Penn Plaza	 	0.00	 	0.00	 	0.00	 	1,306,250.00	 	0.00	 	0.00	 	0.00	 	22,217,784.55	 	0.00	 	Guaranty Collateral Reserve ($17,333,334); Unfunded Obligations ($3,069,378); Contingency Reserve ($1,088,442.55); Gap Rent Reserve ($726,630)	0	 	0	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Hard	 	650,329	 	sf	 	472,367.41	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	Yes	 	595,593.69	 	Actual/360 
	2	 	(2) (4)	 	8998	 	CGMRC	 	Sheraton Denver Downtown Fee	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	In Place	 	Hard	 	1,231	 	Rooms	 	418,229.17	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	Yes	 	266,145.83	 	Actual/360 
	3	 	(3) (4)	 	107323	 	GSMC	 	Austin Block 21	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	67,787.00	 	0.00	 	Gap Rent Reserve for ACL Showcase Venue	 	0	 	0	 	No	 	No	 	No	 	No	 	In Place	 	Hard (Hotel, Office, Retail) / Soft (Music Venue)	 	251 (Hotel) / 143,400 (Office and Retail)	 	Rooms / SF	 	630,100.31	 	Actual/360	 	0.01784%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	Yes	 	229,127.38	 	Actual/360 
	4	 	(5)	 	114883b	 	GSMC	 	Glenbrook Square	 	432,511.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	3 days grace, one time during the term of the loan, other than the payment due on the Maturity Date	 	0	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Hard	 	1,005,604 	 	sf	 	503,063.37	 	Actual/360	 	0.01284%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	5	 	(6) (7)	 	118685c	 	GSMC	 	Westin Boston Waterfront	 	0.00	 	0.00	 	0.00	 	300,000.00	 	0.00	 	0.00	 	0.00	 	3,500,000.00	 	62,500.00	 	Plaza Reserves Holdback ($3,000,000), Ground Rent Holdback ($500,000), Monthly Ground Rent Reserve ($62,500)	 	3 days grace, once per trailing 12-month period	 	3 days grace, once per trailing 12-month period	 	No	 	No	 	No	 	No	 	In Place	 	Hard	 	793 	 	Rooms	 	274,055.69	 	Actual/360	 	0.01284%	 	Yes	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	6	 	(8) (9)	 	9070	 	CGMRC	 	Park Place	 	2,094,692.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	7,618,460.00	 	0.00	 	Gap Rent Reserve ($2,217,788); Infusion Building 4 Unfunded Landlord Obligation Reserve ($5,246,634); Insys Therapeutics Unfunded Landlord Obligation Reserve ($38,168); Infineon Free Rent Reserve ($115,870)	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	523,673	 	sf	 	265,971.52	 	Actual/360	 	0.03034%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	Yes	 	228,735.50	 	Actual/360 
	7	 	(10) (11)	 	1	 	CCRE	 	215 West 34th Street & 218 West 35th Street	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	225,000.00	 	0.00	 	Free Rent Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Hard	 	300,287	 	sf	 	160,485.94	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/90_0%/5	 	 	 	 	 	 
	8	 	 	 	9069	 	CGMRC	 	King of Prussia Hotel Portfolio	 	0.00	 	0.00	 	0.00	 	17,113.75	 	0.00	 	0.00	 	0.00	 	5,154,733.00	 	0.00	 	PIP Reserve ($4,977,819), Seasonality Reserve ($176,914)	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM	 	In Place	 	Hard	 	306	 	Rooms	 	223,758.75	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/54_0%/4	 	 	 	 	 	 
	8.01	 	 	 	9069-1	 	 	 	Crowne Plaza - King of Prussia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	 	 	 	 	 	 	226	 	Rooms	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	8.02	 	 	 	9069-2	 	 	 	Fairfield Inn & Suites - King of Prussia	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	 	 	 	 	 	 	80	 	Rooms	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	9	 	 	 	2	 	CCRE	 	Stafford Park 	 	669,540.00	 	0.00	 	0.00	 	19,855.00	 	0.00	 	0.00	 	0.00	 	5,427,760.00	 	0.00	 	Five Below Construction Reserve: ($1,046,000), Five Below TI Allowance Reserve: ($81,760), Pilot Program Reserve: ($4,300,000)	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Hard	 	133,908	 	sf	 	166,080.15	 	Actual/360	 	0.03284%	 	No	 	Lockout/49_Defeasance/68_0%/3	 	 	 	 	 	 
	10	 	(12)	 	114104c	 	GSMC	 	South Plains Mall	 	508,298.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	5	 	No	 	No	 	No	 	No	 	Springing	 	Hard	 	983,517 	 	sf	 	106,977.95	 	Actual/360	 	0.01284%	 	No	 	Lockout/27_>YM or 1%/89_0%/4	 	 	 	 	 	 
	11	 	(13)	 	108124b	 	GSMC	 	GSA Portfolio	 	1,227,773.80	 	0.00	 	0.00	 	72,966.30	 	0.00	 	0.00	 	0.00	 	500,000.00	 	0.00	 	Cap-X/TILC Reserve	 	0	 	0	 	No	 	No	 	No	 	 	 	Springing	 	Springing	 	409,258 	 	sf	 	145,436.08	 	Actual/360	 	0.03034%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	11.01	 	 	 	108124b-1	 	 	 	Mobile	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	50,816 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.02	 	 	 	108124b-2	 	 	 	Savannah	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	35,938 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.03	 	 	 	108124b-3	 	 	 	Covington	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	32,543 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.04	 	 	 	108124b-4	 	 	 	Nashville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	18,575 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.05	 	 	 	108124b-5	 	 	 	Memphis - Midtown	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	21,250 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.06	 	 	 	108124b-6	 	 	 	Atlanta	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	22,100 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.07	 	 	 	108124b-7	 	 	 	Tallahassee	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	25,306 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.08	 	 	 	108124b-8	 	 	 	Elizabethtown	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	12,215 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.09	 	 	 	108124b-9	 	 	 	Greenville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	13,775 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.10	 	 	 	108124b-10	 	 	 	Birmingham	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	16,544 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.11	 	 	 	108124b-11	 	 	 	Paducah	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	23,000 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.12	 	 	 	108124b-12	 	 	 	Little Rock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	23,495 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.13	 	 	 	108124b-13	 	 	 	Huntsville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	13,000 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.14	 	 	 	108124b-14	 	 	 	Columbus	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	10,377 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.15	 	 	 	108124b-15	 	 	 	Memphis - North	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	12,545 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.16	 	 	 	108124b-16	 	 	 	Frankfort	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	14,124 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.17	 	 	 	108124b-17	 	 	 	Henderson	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	8,668 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.18	 	 	 	108124b-18	 	 	 	Gadsden	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	10,000 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.19	 	 	 	108124b-19	 	 	 	Bessemer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	8,600 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.20	 	 	 	108124b-20	 	 	 	Richmond	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	7,189 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.21	 	 	 	108124b-21	 	 	 	Tullahoma	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	8,280 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.22	 	 	 	108124b-22	 	 	 	Fairhope	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	7,587 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.23	 	 	 	108124b-23	 	 	 	Lawrenceburg	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	6,260 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	11.24	 	 	 	108124b-24	 	 	 	Moss Point	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	7,071 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	12	 	(14)	 	1524.00	 	SMF I	 	Heinz 57 Center	 	1,600,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	6,200,000.00	 	0.00	 	Upfront Heinz TI/LC Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	In Place	 	Hard	 	699,610 	 	sf	 	139,414.76	 	Actual/360	 	0.05284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	13	 	(15)	 	1518.00	 	SMF I	 	Northeast Corporate Center	 	1,150,000.00	 	0.00	 	0.00	 	455,332.00	 	0.00	 	0.00	 	0.00	 	520,000.00	 	0.00	 	Outstanding Tenant Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Soft Springing	 	221,747 	 	sf	 	132,469.03	 	Actual/360	 	0.06034%	 	No	 	Lockout/26_Defeasance/89_0%/5	 	 	 	 	 	 
	14	 	 	 	9180	 	CGMRC	 	Embassy Corporate Park	 	1,500,000.00	 	0.00	 	0.00	 	36,187.50	 	0.00	 	0.00	 	0.00	 	1,403,838.15	 	0.00	 	Odyssey Reserve ($495,833.22); Dellagnese Reserve ($464,800); Unfunded Tenant Obligations Reserve ($408,979.45); Free Rent Reserve ($31,999); Ground Rent Reserve ($2,226.48)	0	 	0	 	No	 	No	 	No	 	 	 	Springing	 	Hard	 	399,214	 	sf	 	123,187.99	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	14.01	 	 	 	9180-1	 	 	 	3875 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	94,213	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.02	 	 	 	9180-2	 	 	 	3700 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	78,600	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.03	 	 	 	9180-3	 	 	 	4040 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	50,556	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.04	 	 	 	9180-4	 	 	 	4000 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	56,081	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.05	 	 	 	9180-5	 	 	 	3737 Embassy Parkway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	41,266	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.06	 	 	 	9180-6	 	 	 	3560 West Market Street	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	49,560	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	14.07	 	 	 	9180-7	 	 	 	5399 Lauby Road	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	28,938	 	sf	 	 	 	 	 	 	 	Yes	 	 	 	 	 	 	 	 
	15	 	 	 	3	 	CCRE	 	6725 Sunset Office	 	300,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Springing	 	73,835	 	sf	 	88,608.82	 	Actual/360	 	0.03284%	 	No	 	Lockout/25_Defeasance/29_0%/6	 	 	 	 	 	 

 

    	 

    	 

    

 

	CGCMT 2016-GC36 Supplemental Servicer Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grace	 	Grace	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Monthly	 	Interest	 	 	 	 	 	 	 	 	 	Serviced Companion Loan	 	Serviced Companion Loan
	Control	 	 	 	Loan	 	Mortgage 	 	 	 	 	 	Upfront Debt	 	Ongoing Debt  	 	Upfront Deferred	 	Ongoing Deferred	 	Upfront	 	Ongoing	 	Upfront	 	Ongoing	 	Other Reserve	 	Period-	 	Period-	 	Residual Value	 	Lease Enhancement	 	Environmental	 	O&M	 	Cash	 	 	 	Units, Pads,	 	Unit	 	Debt	 	Accrual	 	Administrative	 	Ground	 	 	 	Serviced Companion	 	Monthly
Debt	 	Interest Accrual
	Number	 	Footnotes	 	Number	 	Loan Seller	 	Property Name	 	TI/LC Caps ($)	 	Service Reserve ($)	 	Service Reserve ($)	 	 Maintenance Reserve ($)	 	 Maintenance Reserve ($)	 	Environmental Reserve ($)	 	Environmental Reserve ($)	 	 Other Reserve ($)	 	 Other Reserve ($)	 	Description	 	Default	 	Late Fee	 	Insurance	 	Insurance	 	Insurance	 	Required	 	Management	 	Lockbox	 	Rooms, Sq Ft	 	Description	 	Service ($)	 	Method	 	Fee Rate (%)	 	Lease Y/N	 	Prepayment Provision	 	Loan Flag	 	Service ($) 	 	Method
	16	 	 	 	122563	 	GSMC	 	Rivercrest Portfolio B	 	300,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	 	 	None	 	None	 	172,283 	 	sf	 	103,868.27	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	16.01	 	 	 	122563-2	 	 	 	Shoppes at Woodruff	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	82,445 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	16.02	 	 	 	122563-1	 	 	 	Riverbend Shopping Center	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	31,960 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	16.03	 	 	 	122563-3	 	 	 	Sussex Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	30,892 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	16.04	 	 	 	122563-4	 	 	 	East Town Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	26,986 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	17	 	 	 	122534	 	GSMC	 	Rivercrest Portfolio A	 	300,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	 	 	None	 	None	 	129,202 	 	sf	 	101,811.47	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	17.01	 	 	 	122534-3	 	 	 	Surfside Commons	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	36,988 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	17.02	 	 	 	122534-4	 	 	 	East Towne Centre	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	32,590 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	17.03	 	 	 	122534-1	 	 	 	Plantation Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	31,413 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	17.04	 	 	 	122534-2	 	 	 	Smithfield Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	28,211 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	18	 	 	 	4	 	CCRE	 	Lancaster Plaza	 	110,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	111,395	 	sf	 	90,338.98	 	Actual/360	 	0.03284%	 	No	 	Lockout/26_Defeasance/89_0%/5	 	 	 	 	 	 
	19	 	(16)	 	112083b	 	GSMC	 	Element LA	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	193,750.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	2	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Hard	 	284,037 	 	sf	 	54,329.24	 	Actual/360	 	0.01284%	 	No	 	Lockout/3_>YM or 1%/113_0%/4	 	 	 	 	 	 
	20	 	(17)	 	117243	 	GSMC	 	Residence Inn Andover	 	0.00	 	0.00	 	0.00	 	6,600.00	 	0.00	 	0.00	 	0.00	 	154,000.00	 	0.00	 	PIP Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Hard	 	120 	 	Rooms	 	71,041.69	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	21	 	 	 	9090	 	CGMRC	 	900 Seward Street	 	120,945.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	142,853.50	 	0.00	 	Unfunded Obligations Reserve	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Hard	 	40,315	 	sf	 	69,207.06	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/91_0%/3	 	 	 	 	 	 
	22	 	(18) (19)	 	111484c	 	GSMC	 	DoubleTree Hotel Universal	 	0.00	 	0.00	 	0.00	 	77,550.00	 	0.00	 	0.00	 	0.00	 	13,457,731.00	 	0.00	 	PIP Reserve	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Hard	 	742 	 	Rooms	 	68,994.48	 	Actual/360	 	0.01284%	 	No	 	Lockout/28_Defeasance/88_0%/4	 	 	 	 	 	 
	23	 	 	 	113324	 	GSMC	 	Seaford Village	 	300,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	198,312 	 	sf	 	66,715.79	 	Actual/360	 	0.06034%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	24	 	 	 	1539.00	 	SMF I	 	6221 Wilshire Boulevard	 	150,000.00	 	0.00	 	0.00	 	68,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Springing	 	52,408 	 	sf	 	67,552.75	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance or >YM or 1%/90_0%/5	 	 	 	 	 	 
	25	 	 	 	9235	 	CGMRC	 	Net Lease Retail Portfolio	 	0.00	 	0.00	 	0.00	 	6,875.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	 	 	Springing	 	Hard	 	85,161	 	sf	 	65,546.79	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	25.01	 	 	 	9235-1	 	 	 	Walgreens - Sterling Heights	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	14,490	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	25.02	 	 	 	9235-2	 	 	 	Rite Aid - Hogansville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	11,325	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	25.03	 	 	 	9235-3	 	 	 	Jo-Ann Fabrics - Portage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	Yes - ACM	 	 	 	 	 	20,016	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	25.04	 	 	 	9235-4	 	 	 	Fred’s - Dunn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	16,799	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	25.05	 	 	 	9235-5	 	 	 	Dollar General - Sandersville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	12,406	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	25.06	 	 	 	9235-6	 	 	 	CVS - Hillsboro	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	10,125	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	26	 	 	 	124710	 	GSMC	 	Guardian Self Storage Centre Avenue and South Millvale	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	 	 	None	 	None	 	112,106 	 	sf	 	56,522.72	 	Actual/360	 	0.05284%	 	No	 	Lockout/23_>YM or 1%/90_0%/7	 	 	 	 	 	 
	26.01	 	 	 	124710-1	 	 	 	Guardian Self Storage Centre Avenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	Yes - ACM	 	 	 	 	 	78,933 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	26.02	 	 	 	124710-2	 	 	 	Guardian Self Storage South Millvale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	Yes - ACM	 	 	 	 	 	33,173 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	27	 	 	 	109423	 	GSMC	 	Arapaho Village	 	240,000.00	 	0.00	 	0.00	 	95,205.00	 	0.00	 	7,700.00	 	0.00	 	1,276,354.50	 	0.00	 	Earnout Reserve ($1,260,600), Unfunded Obligations Reserve ($15,754.50)	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	101,307 	 	sf	 	55,135.76	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/90_0%/5	 	 	 	 	 	 
	28	 	(20)	 	TBD	 	SMF I	 	Abilene Hotel Portfolio	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	1,052,781.00	 	0.00	 	PIP Reserve ($750,029 HIX Property, $302,752 LQI Property)	 	0	 	0	 	No	 	No	 	No	 	 	 	Springing	 	Springing	 	138 	 	Rooms	 	51,015.47	 	Actual/360	 	0.01284%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	28.01	 	 	 	TBD	 	 	 	Holiday Inn Express & Suites - Abilene 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	66 	 	Rooms	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	28.02	 	 	 	TBD	 	 	 	La Quinta Inn & Suites - Abilene 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	72 	 	Rooms	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	29	 	 	 	118983	 	GSMC	 	Southwood Tower	 	0.00	 	0.00	 	0.00	 	12,760.00	 	0.00	 	0.00	 	0.00	 	44,321.00	 	0.00	 	Unfunded Obligations Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	78,197 	 	sf	 	49,196.60	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	30	 	 	 	111444	 	GSMC	 	Two Metro Place	 	300,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	583,486.44	 	0.00	 	Unfunded Obligations Reserve ($543,813.19), Ohio Health Rent Reserve ($39,673.25)	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	118,883 	 	sf	 	47,552.29	 	Actual/360	 	0.05284%	 	No	 	Lockout/23_>YM or 1%/92_0%/5	 	 	 	 	 	 
	31	 	 	 	107263	 	GSMC	 	Golden Mile Marketplace	 	225,000.00	 	0.00	 	0.00	 	45,155.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	94,804 	 	sf	 	42,993.53	 	Actual/360	 	0.06284%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	32	 	 	 	8886	 	CGMRC	 	Bank of America Oceanside Fee	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	450,000.00	 	0.00	 	Environmental Contingency Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Hard	 	3,500	 	sf	 	44,743.74	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/89_0%/6	 	 	 	 	 	 
	33	 	 	 	112903	 	GSMC	 	Five Points Medical	 	450,000.00	 	0.00	 	0.00	 	105,600.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	52,849 	 	sf	 	40,332.41	 	Actual/360	 	0.06034%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 
	34	 	 	 	124723	 	GSMC	 	Guardian Self Storage Old Haymaker Road	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	None	 	None	 	87,165 	 	sf	 	36,336.03	 	Actual/360	 	0.05284%	 	No	 	Lockout/23_>YM or 1%/90_0%/7	 	 	 	 	 	 
	35	 	(21)	 	1540.00	 	SMF I	 	17525 Ventura Boulevard	 	150,000.00	 	0.00	 	0.00	 	20,313.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM, LBP	 	Springing	 	Springing	 	40,151 	 	sf	 	38,449.00	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance or >YM or 1%/90_0%/5	 	 	 	 	 	 
	36	 	 	 	124724	 	GSMC	 	Guardian Self Storage Waterfront Drive	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	None	 	None	 	76,775 	 	sf	 	33,308.03	 	Actual/360	 	0.05284%	 	No	 	Lockout/23_>YM or 1%/90_0%/7	 	 	 	 	 	 
	37	 	 	 	101763	 	GSMC	 	AAAA Self Storage	 	0.00	 	0.00	 	0.00	 	9,625.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	 	 	None	 	None	 	179,460 	 	sf	 	33,408.58	 	Actual/360	 	0.01284%	 	No	 	Lockout/11_>YM or 1%/105_0%/4	 	 	 	 	 	 
	37.01	 	 	 	101763-1	 	 	 	AAAA Self Storage Buford	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	103,860 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	37.02	 	 	 	101763-2	 	 	 	AAAA Self Storage Lawrenceville	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	75,600 	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	38	 	 	 	121124	 	GSMC	 	Paseo Real	 	175,000.00	 	0.00	 	0.00	 	24,352.50	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	56,203 	 	sf	 	32,315.42	 	Actual/360	 	0.08034%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	39	 	(22)	 	9110	 	CGMRC	 	Indian Creek Commons	 	75,000.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	59,782	 	sf	 	31,759.31	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	40	 	 	 	7941-2	 	CGMRC	 	Kensington Square Apartments	 	0.00	 	0.00	 	0.00	 	11,250.00	 	0.00	 	0.00	 	0.00	 	365,000.00	 	0.00	 	Holdback Reserve	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Springing	 	224	 	Units	 	30,781.81	 	Actual/360	 	0.01284%	 	No	 	Lockout/27_Defeasance/90_0%/3	 	 	 	 	 	 
	41	 	(23)	 	8946	 	CGMRC	 	Olympia Plaza	 	250,000.00	 	0.00	 	0.00	 	79,000.00	 	0.00	 	0.00	 	0.00	 	37,500.00	 	0.00	 	Designated Tenant Reserve	 	0	 	5	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Hard	 	129,464	 	sf	 	31,562.40	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/90_0%/5	 	 	 	 	 	 
	42	 	 	 	7941-3	 	CGMRC	 	Flagstone Creek Apartments	 	0.00	 	0.00	 	0.00	 	6,313.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	120	 	Units	 	30,644.21	 	Actual/360	 	0.08034%	 	No	 	Lockout/27_Defeasance/90_0%/3	 	 	 	 	 	 
	43	 	 	 	TBD	 	SMF I	 	Wickiup & Ambassador MHP’s	 	0.00	 	0.00	 	0.00	 	48,500.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	 	 	Springing	 	Springing	 	271 	 	Pads	 	30,065.67	 	Actual/360	 	0.06284%	 	No	 	Lockout/24_Defeasance/92_0%/4	 	 	 	 	 	 
	43.01	 	 	 	TBD	 	 	 	Wickiup Manufactured Housing Community	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	Yes - ACM, LBP	 	 	 	 	 	111 	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	43.02	 	 	 	TBD	 	 	 	Ambassador Down Manufactured Housing Community	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	Yes - ACM, LBP	 	 	 	 	 	160 	 	Pads	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	44	 	 	 	7941	 	CGMRC	 	Empire Mini Storage Forestville	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	65,722	 	sf	 	29,156.55	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	45	 	(24)	 	6	 	CCRE	 	Draper Industrial	 	180,108.00	 	0.00	 	0.00	 	25,156.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	102,919	 	sf	 	29,700.23	 	Actual/360	 	0.03284%	 	No	 	Lockout/26_Defeasance/89_0%/5	 	 	 	 	 	 
	46	 	 	 	1528.00	 	SMF I	 	Springhill Suites Altamonte	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	306,245.00	 	0.00	 	PIP Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Soft	 	90 	 	Rooms	 	28,041.98	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/90_0%/5	 	 	 	 	 	 
	47	 	 	 	1538.00	 	SMF I	 	Sleep Inn - Manchester 	 	0.00	 	0.00	 	0.00	 	1,750.00	 	0.00	 	0.00	 	0.00	 	125,375.00	 	0.00	 	PIP Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	76 	 	Rooms	 	31,007.68	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	48	 	 	 	1498.00	 	SMF I	 	Freehome Village	 	111,510.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	74,340 	 	sf	 	25,662.11	 	Actual/360	 	0.01284%	 	No	 	Lockout/28_Defeasance/88_0%/4	 	 	 	 	 	 
	49	 	 	 	120563	 	GSMC	 	81 Page Drive	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	250,000 	 	sf	 	25,036.26	 	Actual/360	 	0.05284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	50	 	 	 	7	 	CCRE	 	Gulf Place	 	150,000.00	 	0.00	 	0.00	 	3,250.00	 	0.00	 	0.00	 	0.00	 	20,518.00	 	0.00	 	Assessment Reserve	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	22,966	 	sf	 	26,865.88	 	Actual/360	 	0.03284%	 	No	 	Lockout/26_›YM or 1%/90_0%/4	 	 	 	 	 	 
	51	 	 	 	113345	 	GSMC	 	Union Landing	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	 None	 	None	 	10,727 	 	sf	 	16,060.57	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	52	 	 	 	9126	 	CGMRC	 	National Self Storage Southfield	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	74,518	 	sf	 	20,673.45	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	53	 	 	 	8	 	CCRE	 	Shops at South Mountain	 	0.00	 	0.00	 	0.00	 	29,125.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	13,718	 	sf	 	19,546.10	 	Actual/360	 	0.03284%	 	No	 	Lockout/25_Defeasance/90_0%/5	 	 	 	 	 	 
	54	 	 	 	9012	 	CGMRC	 	Food Lion Southampton	 	0.00	 	0.00	 	0.00	 	20,000.00	 	0.00	 	0.00	 	0.00	 	5,000.00	 	0.00	 	Designated Tenant Reserve	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM	 	Springing	 	Springing	 	145,331	 	sf	 	19,367.62	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/91_0%/4	 	 	 	 	 	 
	55	 	 	 	9115	 	CGMRC	 	Budget Self Storage	 	0.00	 	0.00	 	0.00	 	17,600.00	 	0.00	 	0.00	 	0.00	 	332,400.00	 	0.00	 	Economic Holdback($300,000); Property Cost Fund ($32,400)	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	63,740	 	sf	 	16,890.63	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	56	 	 	 	9125	 	CGMRC	 	National Self Storage Redford	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	No	 	Springing	 	Springing	 	66,334	 	sf	 	16,021.92	 	Actual/360	 	0.01284%	 	No	 	Lockout/26_Defeasance/90_0%/4	 	 	 	 	 	 
	57	 	 	 	9219	 	CGMRC	 	Horn Lake and Princeton Self Storage	 	0.00	 	0.00	 	0.00	 	217,431.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	 	 	Springing	 	Springing	 	97,229	 	sf	 	16,657.94	 	Actual/360	 	0.01284%	 	No	 	Lockout/25_Defeasance/92_0%/3	 	 	 	 	 	 
	57.01	 	 	 	9219-1	 	 	 	Horn Lake Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	No	 	 	 	 	 	39,029	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	57.02	 	 	 	9219-2	 	 	 	Princeton Self Storage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	No	 	No	 	No	 	Yes - ACM	 	 	 	 	 	58,200	 	sf	 	 	 	 	 	 	 	No	 	 	 	 	 	 	 	 
	58	 	 	 	9	 	CCRE	 	El Dorado Apartments	 	0.00	 	0.00	 	0.00	 	30,500.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	0	 	0	 	No	 	No	 	No	 	Yes - ACM, LBP	 	Springing	 	Springing	 	96	 	Units	 	10,265.63	 	Actual/360	 	0.03284%	 	No	 	Lockout/27_Defeasance/89_0%/4	 	 	 	 	 	 

 

    	 

    	 

    

 

	(1)	The Cut-off Date Balance of $115,000,000 represents the controlling note A-1 of a $260,000,000 loan combination evidenced by three pari passu notes. The companion loans, evidenced by notes A-2 and A-3, have an aggregate principal balance of $145,000,000. The non-controlling A-2 note ($67,000,000) and non-controlling A-3 note ($78,000,000) are expected to be contributed to one or more future securitization transactions. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $260,000,000.
	(2)	The Cut-off Date Balance of $110,000,000 represents the controlling note A-1 of a $180,000,000 loan combination evidenced by two pari passu notes. The companion loan, evidenced by the non-controlling note A-2 has an outstanding principal balance of $70,000,000 as of the Cut-off Date and is expected to be contributed to one or more future securitization transactions. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $180,000,000.
	(3)	The Cut-off Date Principal Balance of $109,898,450 represents the controlling note A-1 of a $150,000,000 loan combination evidenced by two pari passu notes.  The non-controlling note A-2, with an outstanding principal balance as of the Cut-off Date of $39,963,073 is expected to be contributed to one or more future securitization transactions.
	(4)	The lockout period will be at least 25 payment dates beginning with and including the first payment date of February 6, 2016. For the purposes of this Preliminary Prospectus, the assumed lockout period of 25 payment dates is based on the expected CGCMT 2016-GC36 securitization closing date of February 2016. The actual lockout period may be longer.
	(5)	The Cut-off Date Principal Balance of $102,000,000 represents the non-controlling note A-2 of a $162,000,000 loan combination evidenced by two pari passu notes.  The companion loan, evidenced by controlling note A-1, with an outstanding principal balance as of the Cut-off Date of $60,000,000 was contributed to the GSMS 2015-GS1 transaction.  Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $162,000,000.
	(6)	Ongoing ground lease reserve funds do not show percentage rent, which will begin escrowing in July 2016, estimated to be $77,881.85 monthly.
	(7)	The Cut-off Date Principal Balance of $54,789,561 represents the non-controlling note A-3 of a $205,000,000 loan combination evidenced by three pari passu notes. The controlling note A-1, with an aggregate principal balance as of the Cut-off Date of $69,732,169 was contributed to the GSMS 2015-GS1 securitization transaction, and the non-controlling note A-2, with an aggregate principal balance as of the Cut-off Date of $79,693,907 was contributed to Citigroup Commercial Mortgage Trust 2015-GC35, Commercial Mortgage Pass-Through Certificates, Series 2015-GC35 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $204,215,638.
	(8)	The Cut-off Date Balance of $50,000,000 represents the controlling note A-1 of a $93,000,000 loan combination evidenced by two pari passu notes. The companion loan, evidenced by the non-controlling note A-2 has an outstanding principal balance of $43,000,000 as of the Cut-off Date and is expected to be contributed to one or more future securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $93,000,000.
	(9)	After the first occurrence of Leasing Reserve Funds meeting or exceeding the Leasing Reserve cap, if the Leasing Reserve Funds shall at any time be less than $1,000,000.00, the Leasing Reserve Monthly Deposit shall be $65,460.00.
	(10)	The lockout period will be at least 25 payment dates beginning with and including the first payment date of February 6, 2016. Defeasance of the $130,000,000 215 West 34th Street & 218 West 35th Street loan combination in full, or in part, is permitted after the earlier of (i) the date that is the third anniversary of the first payment date or (ii) the second anniversary of the last securitization of any portion of the 215 West 34th Street & 218 West 35th Street whole loan. For the purposes of this Prospectus Supplement, the assumed lockout period of 25 payment dates is based on the expected CGCMT 2016-GC36 Closing Date in February 2016. The actual lockout period may be longer.
	(11)	The Cut-off Date Principal Balance of $45,000,000 represents the non-controlling note A-2 of a $130,000,000 loan combination evidenced by three pari passu notes.  The controlling note A-1 with an outstanding principal balance as of the Cut-off Date of $45,000,000 is currently held by CCRE and is expected to be contributed to one or more future securitization transactions, and the non-controlling note A-3, with an outstanding principal balance  as of the Cut-off Date of $40,000,000, is currently held by CCRE and is expected to be contributed to the CFCRE 2016-C3 securitization transaction. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $45,000,000.
	(12)	The Cut-off Date Principal Balance of $30,000,000 represents the non-controlling note A-3 of a $200,000,000 loan combination evidenced by three pari passu notes.  The controlling note A-1 with an outstanding principal balance as of the Cut-off Date of $70,000,000 was contributed to the GSMS 2015-GS1 securitization transaction.  The non-controlling note A-2 with an outstanding principal balance  as of the Cut-off Date of $100,000,000 was contributed to the CGCMT 2015-GC35 securitization transaction.  Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $200,000,000.
	(13)	The Cut-off Date Principal Balance of $27,384,375 represents the non-controlling note A-2 of a $54,768,750 loan combination evidenced by two pari passu notes.  The companion loan, evidenced by the controlling note A-1, with an outstanding principal balance as of the Cut-off Date of $27,384,375 was contributed to the GSMS 2015-GS1 securitization transaction.  Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $54,768,750.
	(14)	The Cut-off Date Balance of $25,944,493 represents the note A-2 of a $76,000,000 loan combination evidenced by two pari passu notes. The companion loan, note A-1, has a principal balance of $49,893,255 as of the Cut-off Date and was contributed to the JPMCC 2015-JP1 securitization. Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the whole loan Cut-off Date Balance of $76,000,000.
	(15)	Monthly deposits in the amount of $37,022 into the TI/LC reserve are required up to and including the due day in June 2017, and monthly deposits in the amount of $27,766 into the TI/LC reserve are required thereafter. The TI/LC reserve is capped at $1,150,000. So long as no sweep event (as defined in the loan documents) then exists and the borrower provides satisfactory evidence that MB Financial Bank, N.A., University of Michigan and ForeSee Results have each renewed or entered into new leases that expire no earlier than May 31, 2025, May 31, 2024 and May 31, 2024, respectively, on terms no less beneficial to the landlord than their current leases and all outstanding landlord obligations have been satisfied, and/or the borrower has entered into a satisfactory replacement lease that has a term expiring no earlier than the date indicated above for such tenant, any funds held in the TI/LC Reserve in excess of $250,000 will be released to borrower and monthly deposits into the TI/LC reserve will be reduced to $13,883.
	(16)	The Cut-off Date Principal Balance of $14,000,000 represents the non-controlling note A-2B of a $168,000,000 loan combination evidenced by four pari passu notes.  The controlling note A-1A, with a principal balance as of the Cut-off Date of $55,500,000, was contributed to the CFCRE 2016-C3 commercial mortgage securitization transaction. The non-controlling note A-1B, with a principal balance as of the Cut-off Date of $28,500,000, is currently held by Cantor Commercial Real Estate Lending, L.P. and is expected to be contributed to the COMM 2016-CCRE28 securitization transaction. The non-controlling note A-2A, with a principal balance as of the Cut-off Date of $70,000,000, was contributed to the GSMS 2015-GS1 securitization transaction.  Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $168,000,000.
	(17)	The Ongoing Replacement Reserve is an FF&E reserve in an amount equal to (i) for the Due Dates occurring in January 2016 through December 2016, $14,234.67 and (ii) for each Due Date thereafter, an amount equal to the greater of (a) the monthly amount required to be reserved pursuant to the franchise agreement for the replacement of FF&E or (b) one-twelfth (1/12th) of 4% of the operating income of the Mortgaged Property for the previous twelve (12) month period as determined on the anniversary of the last day of the month of November.
	(18)	The Cut-off Date Principal Balance of $12,941,292 represents the non-controlling note A-3 of a $51,000,000 loan combination evidenced by three pari passu notes.  The companion loans are evidenced by note A-1 with a principal balance as of the Cut-off Date of $18,416,454, which was contributed to the GSMS 2015-GC34 securitization transaction and note A-2 with a principal balance as of the Cut-off Date of $19,411,938, which was contributed to the GSMS 2015-GS1 securitization transaction .  Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $50,769,683.
	(19)	The borrower is required to fund the Replacement Reserve (i) for the Due Dates occurring in November 2015 through October 2016, the amount of $98,485.33; (ii) for the Due Dates occurring in November 2016 through October 2018, the greater of (a) the monthly amount required to be reserved pursuant to the Franchise Agreement for the replacement of FF&E and (b) $0; (iii) for the Due Dates occurring in November 2018 through October 2019, the greater of (a) the monthly amount required to be reserved pursuant to the Franchise Agreement for the replacement of FF&E and (b) one-twelfth of 4% of the Operating Income of the Property for the previous twelve month period as determined on the anniversary of the last day of September;  (iv) for the Due Dates occurring in November 2019 through October 2022, the greater of (a) the monthly amount required to be reserved pursuant to the Franchise Agreement for the replacement of FF&E and (b) one-twelfth of 5% of the Operating Income of the Property for the previous twelve month period as determined on the anniversary of the last day of September; and (v) for the Due Dates occurring in November 2022 through the payment in full of the Indebtedness, the greater of (a) the monthly amount required to be reserved pursuant to the Franchise Agreement for the replacement of FF&E and (b) one-twelfth of 6% of the Operating Income of the Property for the previous twelve month period as determined on the anniversary of the last day of September.
	(20)	On each monthly due date up to and including the due date in February 2017, the borrower is required to fund the FF&E reserve in an amount equal to one-twelfth of 2% of annual gross revenue, initially equal to $6,044. On each monthly due date beginning in March 2017 and up to and including the due date in February 2018, the borrower is required to fund the FF&E reserve in an amount equal to one-twelfth of 3% of annual gross revenue. On each monthly due date beginning in March 2018 and continuing through the term of the loan, the borrower is required to fund the FF&E reserve in an amount equal to one-twelfth of 4% of annual gross revenue.
	(21)	At closing, the borrower deposited $75,000 into the TI/LC reserve for future tenant improvements and leasing commissions. On each monthly due date, the borrower is required to fund the TI/LC reserve in an amount equal to $6,650 until the TI/LC cap of $150,000 is reached. If the amount in the TI/LC reserve falls below the cap of $150,000, the borrower is required to replenish the TI/LC reserve monthly in an amount equal to $3,325.
	(22)	There is an initial TI/LC reserve amount of $75,000. If the reserve falls below the cap of $50,000, then a monthly reserve of $2,490.92 will be made.
	(23)	Ongoing Replacement Reserve monthly payments are equal to: (a) on each due date from February 2016 through and including January 2019, $2,266, (b) on each due date from February 2019 through and including January 2022, $3,560, (c) on each due date from February 2022 up to and including January 2024, $2,589 and (d) on each due date from February 2024 up to and including the Maturity Date, $1,618.
	(24)	The borrower will not be required to pay monthly TI/LC deposits on each Payment Date so long as (i) the balance of the Rollover Reserve Account equals or exceeds $180,108 and (ii) no Major Lease Sweep Period is continuing.

 

    	 

    	 

    

 EXHIBIT
Q

 

[RESERVED]

 

    	Q-1

    	 

    

 

EXHIBIT R

 

FORM OF OPERATING ADVISOR ANNUAL
REPORT1

 

Report Date: Report will be delivered annually (after the occurrence
and during the continuance of a Control Termination Event) no later than [INSERT DATE].

Transaction: Citigroup Commercial Mortgage Trust 2016-GC36,
Commercial Mortgage Pass-Through Certificates, Series 2016-GC36

Operating Advisor: [                         ]

Special Servicer: [                         ]

Directing Holder: [                         ]

  

		I.	Population of Mortgage Loans that Were Considered
in Compiling This Report

 

[  ] Specially Serviced Loans
were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

(a)          [  ] of those
Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development of an Asset Status Report.

 

(b)          [  ] of such
Specially Serviced Loans had executed Final Asset Status Reports. This report is based only on the Specially Serviced Loans in
respect of which a Final Asset Status Report has been issued. The Final Asset Status Reports may not yet be fully implemented.

 

		II.	Executive Summary

 

Based on the requirements and
qualifications set forth in the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing
Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master
Servicer, Wells Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, as well
as the items listed below, the Operating Advisor has undertaken a limited review of the Special Servicer’s operational activities
to service certain Specially Serviced Loans in accordance with the Servicing Standard in accordance with the Operating Advisor’s
requirements outlined in the Pooling and Servicing Agreement. Based on such review, the Operating Advisor [believes, does not believe]
there are material deviations [(i)] from the Servicing Standard [and/or (ii)] from the Special Servicer’s obligations under
the Pooling and Servicing Agreement with respect to the

 

 

 

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged
Information.

 

    	R-1

    	 

    

 

resolution and/or
liquidation of Specially Serviced Loans. In addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL
MATERIAL INFORMATION].

 

In connection with the assessment
set forth in this report, the Operating Advisor:

 

Reviewed any assessment of compliance
and/or attestation report delivered to the Operating Advisor pursuant to the Pooling and Servicing Agreement with respect to the
Special Servicer, and the Asset Status Reports, net present value calculations and Appraisal Reduction calculations and [LIST OTHER
REVIEWED INFORMATION] for the following [ ] Specially Serviced Loans: [LIST APPLICABLE MORTGAGE LOANS]

 

		III.	Specific Items of Review

 

1.            The Operating Advisor reviewed
the following items in connection with the generation of this report: [LIST MATERIAL ITEMS].

 

2.            During the prior year,
the Operating Advisor consulted with the Special Servicer regarding its strategy plan for a limited number of issues related to
the following Specially Serviced Loans: [LIST]. The Operating Advisor participated in discussions and made strategic observations
and recommended alternative courses of action to the extent it deemed such observations and recommendations appropriate. The Special
Servicer [agreed with/did not agree with] the recommendations made by the Operating Advisor. Such recommendations generally included
the following: [LIST].

 

3.            Appraisal Reduction calculations
and net present value calculations:

 

(a)          The Operating
Advisor [received/did not receive] information necessary to recalculate and verify the accuracy of the mathematical calculations
and the corresponding application of the non-discretionary portions of the applicable formulas required to be utilized in connection
with any Appraisal Reduction or net present value calculations used in the Special Servicer’s determination of the course
of action to be taken in connection with the workout or liquidation of a Specially Serviced Loan prior to the utilization by the
Special Servicer.

 

(b)          The Operating
Advisor [agrees/does not agree] with the [mathematical calculations] [and/or] [the application of the applicable non-discretionary
portions of the formula] required to be utilized for such calculation.

 

(c)          After consultation
with the Special Servicer to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations, such inaccuracy [has been/ has not been] resolved.

 

4.            The following is a general
discussion of certain concerns raised by the Operating Advisor discussed in this report: [LIST CONCERNS].

 

    	R-2

    	 

    

 

5.            In addition to the other
information presented herein, the Operating Advisor notes the following additional items: [LIST ADDITIONAL ITEMS].

 

		IV.	Qualifications Related to the Work Product Undertaken
and Opinions Related to this Report

 

1.            In accordance with the
terms of the Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have access to, the Special Servicer’s
and the applicable Directing Holder’s discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not
have authority to speak with the applicable Directing Holder directly pursuant to the Pooling and Servicing Agreement. As such,
the Operating Advisor generally relied upon its interaction with the Special Servicer in gathering the relevant information to
generate this report.

 

2.            The Special Servicer has
the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and Servicing Agreement.
The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

3.            Confidentiality and other
contractual limitations limit the Operating Advisor’s ability to outline the details or substance of certain information
it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not reflect all
the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

4.            The Operating Advisor is
not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors have questions
regarding this report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s
Website.

 

Terms used but not defined herein
have the meaning set forth in the Pooling and Servicing Agreement.

 

[                         ]

  

	By:	 	 
	Name:	 
	Title:	 

 

    	R-3

    	 

    

 

EXHIBIT S

 

SUBSERVICING AGREEMENTS

 

	Sub-Servicer Name	Mortgage Loan/Property Name
	Bellwether Enterprise Real Estate Capital, LLC	Two Metro Place
	Berkadia Commercial Mortgage	Seaford Village
	Golden Mile Marketplace
	Flagstone Creek Apartments
	Berkeley Point Capital LLC	6725 Sunset Office
	Lancaster Plaza
	Draper Industrial
	Gulf Place
	Shops at South Mountain
	El Dorado Apartments
	Bernard Financial Corporation	Northeast Corporate Center
	Five Points Medical
	Holliday Fenoglio Fowler, L.P.	Austin Block 21
	Stafford Park
	Guardian Self Storage Centre Avenue and South Millvale
	Guardian Self Storage Old Haymaker Road
	Guardian Self Storage Waterfront Drive
	81 Page Drive
	NRC Group, Inc.	Wickiup & Ambassador MHP’s
	NorthMarq Capital, LLC	Park Place
	Paseo Real

 

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EXHIBIT T

 

FORM OF RECOMMENDATION OF SPECIAL SERVICER TERMINATION

  

Wilmington
Trust, National Association,

as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2016-GC36

  

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

 

Wells Fargo Bank, National Association,

as Special Servicer

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street

Charlotte, North Carolina 28202

Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen 

Fax number: (704) 715-0036

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series
                                         2016-GC36	

 

Ladies and Gentlemen:

 

This letter is delivered pursuant
to Section 6.08(b) of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo
Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, on behalf of the holders of Citigroup
Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36 (the “Certificates”)
regarding the replacement of the Special Servicer. Capitalized terms used and not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

Based upon our review of the
operational practices of the Special Servicer [[with respect to the Serviced Loans other than any Serviced Outside Controlled Loan
Combination] [with respect to the [NAME OF SERVICED OUTSIDE CONTROLLED LOAN COMBINATION] Loan Combination]] conducted pursuant
to and in accordance with the

 

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Pooling and Servicing
Agreement, it is our assessment that [________], in its current capacity as Special Servicer [[with respect to the Serviced Loans
other than any Serviced Outside Controlled Loan Combination] [with respect to the [NAME OF SERVICED OUTSIDE CONTROLLED LOAN COMBINATION]
Loan Combination]], is not [performing its duties under the Pooling and Servicing Agreement][acting in accordance with the Servicing
Standard]. The following factors support our assessment: [________].

 

    	T-2

    	 

    

 

Based upon such assessment, we
further hereby recommend that [_______] be removed as Special Servicer and that [________] be appointed its successor in such capacity.

 

	 	Very truly yours,
	 	 
	 	 
	 	[The Operating Advisor]
	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

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EXHIBIT U

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in the “Party Responsible”
column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained
such Servicing Function Participant is responsible) are obligated pursuant to Section 10.04 of the Pooling and Servicing Agreement
to disclose to the Depositor, the Certificate Administrator, each Other Depositor and Other Exchange Act Reporting Party to which
such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, any information described in the corresponding
Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the
case of net operating income, financial statements, budgets and/or rent rolls required to be provided in connection with Item 6
below, possession) (in each case, after complying with its affirmative obligations, if any, under the Pooling and Servicing Agreement
to obtain such information) of such information (other than information as to such party itself which such party is obligated to
provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to
rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the
Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the
Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled
to conclusively assume that there is no “significant obligor” other than a party identified as such in the Prospectus.
For this CGCMT 2016-GC36 Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

  

	Item on Form 10-D	Party Responsible 
	
        Item 1: Distribution and Pool Performance
Information

         

        Any information required by Item
1121 of Regulation AB which is NOT included on the Distribution Date Statement
	
        Certificate Administrator

        Depositor

        Master Servicer (only with respect
to Item 1121(a)(12) of Regulation AB as to Performing Serviced Loans)

        Special Servicer (only with respect
to Item 1121(a)(12) of Regulation AB as to Specially Serviced Loans)

Each Mortgage Loan Seller (only with respect to Item 1121(c)(2) of Regulation AB as to itself)

	
        Item 1B: Asset Representations
Reviewer and Investor Communication
	
        Asset Representations Reviewer
(with respect to Item 1121(d) of Regulation AB) 

         

        Certificate Administrator (with
respect to Item 1121(e) of Regulation AB )

         

 

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	Item on Form 10-D	Party Responsible 
	
        Item 2: Legal Proceedings

         

        per Item 1117 of Regulation AB
	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	Item 3: Sale of Securities and Use of Proceeds	Depositor
	Item 4: Defaults Upon Senior Securities	Certificate Administrator
	Item
5: Submission of Matters to a Vote of Security Holders1	
        Certificate Administrator

        

        Trustee 

	Item 6: Significant Obligors of Pool Assets	
        Master Servicer (excluding information
for which the Special Servicer is the “Party Responsible”)

        Special Servicer (as to REO Properties)

	Item 7: Change in Sponsor Interest in the Securities	Each Mortgage Loan Seller as to itself and its affiliates
	Item 8: Significant Enhancement Provider Information	Depositor
	Item 9: Other Information	
        Any party responsible for disclosure
items on Form 8-K to the extent of such items

         

        Certificate Administrator (with
respect to the balances of Distribution Accounts, the Interest Reserve Account, the Excess Interest Distribution Account, Excess
Liquidation Proceeds Reserve Account and the Exchangeable Distribution Account as of the related Distribution Date and the preceding
Distribution Date)

         

 

 

 

1 No disclosure is required for so long as Item 5 of Form 10-D requires the inclusion of information
related to mine safety disclosures.

 

    	U-2

    	 

    

 

	Item on Form 10-D	Party Responsible 
	 	
    Master Servicer (with respect to
the balances of the Collection Account and the Loan Combination Custodial Accounts as of the related Distribution Date and the
preceding Distribution Date)

         

        Special Servicer (with respect to the balance of
        each REO Account as of the related Distribution Date and the preceding Distribution Date)

	Item 10: Exhibits	
        Certificate Administrator

        Depositor

 

    	U-3

    	 

    

 

EXHIBIT V

ADDITIONAL FORM 10-K DISCLOSURE

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.05 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other
Depositor and Other Exchange Act Reporting Party to which such Additional Form 10-K Disclosure is relevant for Exchange Act reporting
purposes, any information described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column
to the extent such party has actual knowledge (and in the case of net operating income, financial statements, budgets and/or rent
rolls required to be provided in connection with the Additional Item below consisting of disclosure per Item 1112(b) of Regulation
AB, possession) (in each case, after complying with its affirmative obligations, if any, under the Pooling and Servicing Agreement
to obtain such information) of such information (other than information as to such party itself which such party is obligated to
provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to
rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the
Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the
Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party identified as such in the Prospectus. For this CGCMT 2016-GC36 Pooling and Servicing Agreement, each of the
Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled
to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114
or 1115 of Regulation AB other than a party identified as such in the Prospectus.

  

	Item on Form 10-K	Party Responsible 
	
        Item 1B: Unresolved Staff Comments

         

        	Depositor
	Item 9B: Other Information	Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 15: Exhibits, Financial Statement Schedules	
        Certificate Administrator

        Depositor

        
	
        Additional Item:

         

        Disclosure per Item 1117 of Regulation AB

        	(i) All parties to the Pooling and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Master Servicer, the Depositor and the Special Servicer, in each case as to the Trust (in the case of the Master Servicer, the Depositor and the Special Servicer, to be reported by the party controlling such 

 

    	V-1

    	 

    

 

	Item on Form 10-K	Party Responsible 
	 	litigation), (iv) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110(b) originator with respect to such Mortgage Loan Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage Loan Seller, or with whom such Mortgage Loan Seller contracts
	
        Additional Item:

        Disclosure per Item 1119 of Regulation AB

        	
        (i) All parties to the Pooling and Servicing Agreement
        as to themselves (in the case of the Master Servicer, only as to 1119(a) affiliations with Significant Obligors identified in the
        Pooling and Servicing Agreement, the Trustee, the Certificate Administrator,
        the Special Servicer or a sub-servicer described in 1108(a)(3) and, in the case of the Special Servicer, only as to 1119(a) affiliations
        with Significant Obligors identified in the Pooling and Servicing Agreement, the Trustee, the Certificate
        Administrator, the Master

        Servicer or a sub-servicer described in 1108(a)(3)),
        (ii) each Mortgage Loan Seller as to itself and as to each Regulation AB Item 1110 originator with respect to such Mortgage Loan
        Seller’s Mortgage Loans and as to each Regulation AB Item 1100(d)(1) party either affiliated with or retained by such Mortgage
        Loan Seller, or with whom such Mortgage Loan Seller contracts, (iii) the Depositor as to the enhancement or support provider

        
	
        Additional Item:

        Disclosure per Item 1112(b) of Regulation AB

        	
        Master Servicer (excluding information for which
        the Special Servicer is the “Party Responsible”)

        Special Servicer (as to REO Properties)

        
	
        Additional Item:

        Disclosure per Items 1114(b)(2) and 1115(b) of Regulation
        AB

        	Depositor

 

    	V-2

    	 

    

 

EXHIBIT W-1

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO [               ] AND VIA EMAIL TO [                                                            ] AND
VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

  

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure**
Required

 

Ladies and Gentlemen:

 

In accordance with Section [
] of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer, Wells Fargo
Bank, National Association, as special servicer and as certificate administrator, Pentalpha Surveillance LLC, as operating advisor
and as asset representations reviewer, and Wilmington Trust, National Association, as trustee, the undersigned, as [               ], hereby
notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this
notification should be directed to [                                ], phone number: [          ]; email address: [                      ].

 

    	W-1-1

    	 

    

 

	 	[NAME OF PARTY],

as [role]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	W-1-2

    	 

    

 

EXHIBIT W-2

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION (ACCOUNTS)

 

INSTRUCTIONS:

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO:

CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM

 

FOR ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT MAIL
TO THE ADDRESS IMMEDIATELY BELOW**

  

Wells Fargo Bank, National Association, as Certificate Administrator 

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36—SEC REPORT PROCESSING

Email: cts.sec.notifications@wellsfargo.com

  

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

  

Ladies and Gentlemen:

 

In accordance with Section 10.04
of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer, Wells Fargo
Bank, National Association, as special servicer and as certificate administrator, Pentalpha Surveillance LLC, as operating advisor
and as asset representations reviewer, and Wilmington Trust, National Association, as trustee, the undersigned, as [            ], hereby
notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

  

[With respect to the securitization accounts balance information:

 

	Account
    Name	Beginning
                                         Balance as of 

        MM/DD/YYYY
	Ending
                                         Balance as of 

        MM/DD/YYYY

	Collection Account	 	 
	Loan Combination Custodial Account(s) 	 	 
	REO Account(s)	 	 

 

    	W-3-1

    	 

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this
notification should be directed to [                                   ], phone number: [          ]; email address: [                         ].

 

	 	[NAME OF PARTY],

as [role]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	W-3-2

    	 

    

 

EXHIBIT W-3

 

Form
of Notice of ADDITIONAL  

INDEBTEDNESS
NOTIFICATION

  

VIA E-MAIL:

To: Wells Fargo Bank, National Association, as Certificate Administrator;
cts.cmbs.bond.admin@wellsfargo.com and trustadministratorgroup@wellsfargo.com

 

Ref: CGCMT 2016-GC36, Additional Debt Notice for From 10-D

 

The following information is being furnished to you for inclusion on
Form 10-D pursuant to Section 10.04(c) of the Pooling and Servicing Agreement

 

	 	Portfolio
    Name	Mortgage
    Loan	Position
    in Debt Stack	Additional
    Debt	OPB	OPB
    Date	Appraised
    Value	Appraised
    Value Date	Aggregate
    LTV	Aggregate
    NCF DSCR	Aggregate
    NCF DSCR Date	Primary
    Servicer	Master
    Servicer	Lead
    Servicer	Prospectus
    ID
	1	CGCMT
    2016-GC36	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	CGCMT
    2016-GC36	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	CGCMT
    2016-GC36	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

 

    	W-3-1

    	 

    

 

EXHIBIT X

FORM OF CERTIFICATION TO BE PROVIDED WITH FORM 10-K

 

CERTIFICATIONS

 

I, [identifying the certifying
individual], certify that:

 

		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K, of Citigroup Commercial Mortgage Trust 2016-GC36 (the “Exchange
Act Periodic Reports”);

 

		2.	Based on my knowledge, the Exchange Act Periodic Reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

 

		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act Periodic Reports;

 

		4.	Based on my knowledge and the servicer compliance statement(s) required in this report under Item
1123 of Regulation AB, and except as disclosed in the Exchange Act Periodic Reports, the servicers have fulfilled their obligations
under the servicing agreement(s) in all material respects; and

 

		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described
in such reports have been disclosed in this report on Form 10-K.

 

In giving the certifications above, I have reasonably
relied on information provided to me by the following unaffiliated parties: [Master Servicer][Special Servicer][Certificate
Administrator][Trustee][Custodian][Operating Advisor][Outside Servicer][Outside Special Servicer]

 

	Date:	 	 

 

	 	 
	
[Signature]	
	[Title]	 

 

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EXHIBIT Y-1

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2016-GC36 (the “Certificates”),
                                         issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
                                         (the “Pooling and Servicing Agreement”), between Citigroup
                                         Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as master
                                         servicer, Wells Fargo Bank, National Association, as special servicer and as certificate
                                         administrator (in such capacity, the “Certificate Administrator”),
                                         Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer,
                                         and Wilmington Trust, National Association, as trustee.	

 

I, [identifying the certifying
individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to Citigroup Commercial Mortgage Securities Inc. and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

1.            I have reviewed the annual
report on Form 10-K for the fiscal year 20__, and all reports on Form 10-D and Form 8-K required to be filed in respect of periods
covered by that annual report on Form 10-K, of the Trust (the “Exchange Act
Periodic Reports”);

 

2.            Based on my knowledge,
the distribution information in Exchange Act Periodic Reports, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by that report on Form 10-K;

 

3.            Based on my knowledge,
all of the distribution, servicing and other information required to be provided by the Certificate
Administrator pursuant to the Pooling and Servicing Agreement for inclusion in the Exchange Act Periodic Reports is included
in such reports; and

 

4.            The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria for asset-backed securities required to be delivered by the Certificate
Administrator in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material
instances of noncompliance with the Relevant Servicing Criteria.

 

    	Y-1-1

    	 

    

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

 

	Date:	 	 

 

[                               ]

 

	By:	 	 
	 	[Name]	 

 

    	Y-1-2

    	 

    

 

EXHIBIT Y-2

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE MASTER SERVICER

 

		Re:	Citigroup
Commercial Mortgage Trust 2016-GC36 (the “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2016-GC36
(the “Certificates”), issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
(the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor,
KeyBank National Association, as master servicer (the “Master Servicer”), Wells Fargo Bank, National Association,
as special servicer (in such capacity, the “Special Servicer”) and as certificate administrator (in such capacity,
the “Certificate Administrator”), Pentalpha Surveillance LLC, as operating advisor and as asset representations
reviewer, and Wilmington Trust, National Association, as trustee	

 

I, [identify the certifying individual],
a [title] of [MASTER SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification in delivering the certification required by the Pooling
and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have the meanings
assigned to such terms in the Pooling and Servicing Agreement), that:

 

		(1)	I have (or a Servicing Officer under my supervision has) reviewed the servicing reports relating
to the Trust delivered by the Master Servicer to the Certificate Administrator
covering the fiscal year 20__;

 

		(2)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information in these reports, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these servicing reports;

 

		(3)	Based on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding
certificate of the Special Servicer (to the extent such statements are relevant to the statements made in this certification by
the Master Servicer), the servicing information required to be provided in these servicing reports to the Certificate
Administrator by the Master Servicer under the Pooling and Servicing Agreement is included in the servicing reports delivered
by the Master Servicer to the Certificate Administrator;

 

		(4)	I am, or an employee under my supervision is, responsible for reviewing the activities performed
by the Master Servicer under the Pooling and Servicing Agreement and based

 

    	Y-2-1

    	 

    

 

		 	 upon my knowledge and the compliance review conducted
in preparing the servicer compliance statement required under Section 10.08 of the Pooling and Servicing Agreement with respect
to the Master Servicer, and except as disclosed in such compliance statement delivered by the Master Servicer under Section 10.08
of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement
in all material respects in the year to which such review applies; and

 

		(5)	The report on assessment of compliance with servicing criteria for asset-backed securities and
the related attestation report on assessment of compliance with servicing criteria for asset-backed securities required to be delivered
in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance
with the Relevant Servicing Criteria.

 

Further, notwithstanding the
foregoing certifications, the Master Servicer does not make any certification under the foregoing clauses 1 through 5 that is in
turn dependent upon information required to be provided by any sub-servicer acting under a sub-servicing agreement that the Master
Servicer entered into in connection with the issuance of the Certificates, or upon the performance by any such sub-servicer of
its obligations pursuant to any such sub-servicing agreement, in each case beyond the respective backup certifications actually
provided by such sub-servicer to the Master Servicer with respect to the information that is subject of such certification.

 

	Date:	 	 

 

[                               ]

 

	By:	 	 
	[Name]	 

 

    	Y-2-2

    	 

    

 

EXHIBIT Y-3

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE SPECIAL SERVICER

 

		Re:	Citigroup
Commercial Mortgage Trust 2016-GC36 (the “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2016-GC36
(the “Certificates”), issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
(the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as depositor,
KeyBank National Association, as master servicer (the “Master Servicer”), Wells Fargo Bank, National Association,
as special servicer (in such capacity, the “Special Servicer”) and as certificate administrator (in such capacity,
the “Certificate Administrator”), Pentalpha Surveillance LLC, as operating advisor and as asset representations
reviewer, and Wilmington Trust, National Association, as trustee	

 

I, [identify the certifying individual],
a [title] of [SPECIAL SERVICER], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification in delivering the certification required by the Pooling
and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition shall have the meanings
assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.     Based on my knowledge,
the servicing information in the servicing reports or information relating to the Trust delivered by the Special Servicer to the
Master Servicer covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by these servicing reports;

 

2.     Based on my knowledge,
the servicing information required to be provided to the Master Servicer by the Special Servicer under the Pooling and Servicing
Agreement for inclusion in the reports to be filed by the Certificate Administrator
is included in the servicing reports delivered by the Special Servicer to the Master Servicer;

 

3.     I am, or an employee under
my supervision is, responsible for reviewing the activities performed by the Special Servicer under the Pooling and Servicing Agreement
and based upon my knowledge and the compliance review conducted in preparing the servicer compliance statement required under Section
10.08 of the Pooling and Servicing Agreement with respect to the Special Servicer, and except as disclosed in such compliance statement
delivered by the Special Servicer under Section 10.08 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled
its obligations under the Pooling and Servicing Agreement in all material respects in the year to which such review applies; and

 

    	Y-3-1

    	 

    

 

4.     The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10
of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

	Date:	 	 

  

[                               ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-3-2

    	 

    

 

EXHIBIT Y-4

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE OPERATING ADVISOR

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2016-GC36 (the “Certificates”),
                                         issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
                                         (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
                                         Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer
                                         (the “Master Servicer”), Wells Fargo Bank, National Association, as
                                         special servicer (in such capacity, the “Special Servicer”) and as
                                         certificate administrator (in such capacity, the “Certificate Administrator”),
                                         Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer
                                         (the “Operating Advisor”), and Wilmington Trust, National Association,
                                         as trustee	

 

I, [identify the certifying individual],
a [title] of [OPERATING ADVISOR], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification required
by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition
shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.     Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator by the Operating Advisor covering the fiscal year 20__, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by these reports;

 

2.     Based on my knowledge,
the information required to be provided to the Certificate Administrator by
the Operating Advisor under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be filed by the Certificate
Administrator is included in the reports delivered by the Operating Advisor to the Certificate
Administrator;

 

3.     I am, or an officer under
my supervision is, responsible for reviewing the activities performed by the Operating Advisor under the Pooling and Servicing
Agreement and based upon my knowledge the Operating Advisor has, except as described in any information provided to the Certificate
Administrator by the Operating Advisor covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such review applies; and

 

4.     The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing criteria for asset-backed securities required to be delivered in accordance with Section 10.09 and

 

    	Y-4-1

    	 

    

 

Section
10.10 of the Pooling and Servicing Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

[In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].]

 

	Date:	 	 

  

[                               ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-4-2

    	 

    

 

EXHIBIT Y-5

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE CUSTODIAN

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2016-GC36 (the “Certificates”),
                                         issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
                                         (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
                                         Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer
                                         (the “Master Servicer”), Wells Fargo Bank, National Association, as
                                         special servicer (in such capacity, the “Special Servicer”), as certificate
                                         administrator (in such capacity, the “Certificate Administrator”)
                                         and as custodian (in such capacity, the “Custodian”), Pentalpha Surveillance
                                         LLC, as operating advisor and as asset representations reviewer (the “Operating
                                         Advisor”), and Wilmington Trust, National Association, as trustee (the “Trustee”)	

 

I, [identify the certifying individual],
a [title] of [CUSTODIAN], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification required
by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition
shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.     Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator by the Custodian covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;

 

2.     Based on my knowledge,
the information required to be provided to the Certificate Administrator by
the Custodian under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be filed by the Certificate
Administrator is included in the reports delivered by the Custodian to the Certificate
Administrator;

 

3.     I am, or an officer under
my supervision is, responsible for reviewing the activities performed by the Custodian under the Pooling and Servicing Agreement
and based upon my knowledge the Custodian has, except as described in any information provided to the Certificate Administrator
by the Custodian covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects in the year to which such review applies; and

 

4.     The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing

 

    	Y-5-1

    	 

    

 

criteria
for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing
Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

 

	Date:	 	 

  

[                               ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-5-2

    	 

    

 

EXHIBIT Y-6

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE TRUSTEE

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36 (the
                                                                                 “Trust”), Commercial Mortgage Pass-Through Certificates, Series 2016-GC36 (the
                                                                                 “Certificates”), issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016 (the
                                                                                 “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as
                                                                                 depositor, KeyBank National Association, as master servicer (the “Master Servicer”), Wells Fargo Bank,
                                                                                 National Association, as special servicer (in such capacity, the “Special Servicer”) and as certificate
                                                                                 administrator (in such capacity, the “Certificate Administrator”), Pentalpha Surveillance LLC, as
                                                                                 operating advisor and as asset representations reviewer (the “Operating Advisor”), and Wilmington Trust,
                                                                                 National Association, as trustee (the “Trustee”)	

 

I, [identify the certifying individual],
a [title] of [TRUSTEE], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors and affiliates, and
with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley Certification required
by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms used herein without definition
shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.     Based on my knowledge,
the information required by the Pooling and Servicing Agreement to be provided to the Certificate
Administrator by the Trustee covering the fiscal year 20__, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;

 

2.     Based on my knowledge,
the information required to be provided to the Certificate Administrator by
the Trustee under the Pooling and Servicing Agreement for inclusion in the Exchange Act reports to be filed by the Certificate
Administrator is included in the reports delivered by the Trustee to the Certificate
Administrator;

 

3.     I am, or an officer under
my supervision is, responsible for reviewing the activities performed by the Trustee under the Pooling and Servicing Agreement
and based upon my knowledge the Trustee has, except as described in any information provided to the Certificate Administrator by
the Trustee covering the fiscal year 20[__], fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects in the year to which such review applies; and

 

4.     The report on assessment
of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment of compliance
with servicing

 

    	Y-7-1

    	 

    

 

criteria
for asset-backed securities required to be delivered in accordance with Section 10.09 and Section 10.10 of the Pooling and Servicing
Agreement discloses all material instances of noncompliance with the Relevant Servicing Criteria.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].

 

	Date:	 	 

  

[                               ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-7-2

    	 

    

 

EXHIBIT Y-7

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR

BY THE ASSET REPRESENTATIONS REVIEWER

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36 (the “Trust”), Commercial Mortgage
                                         Pass-Through Certificates, Series 2016-GC36 (the “Certificates”),
                                         issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2016
                                         (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial
                                         Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer
                                         (the “Master Servicer”), Wells Fargo Bank, National Association, as
                                         special servicer (in such capacity, the “Special Servicer”) and as
                                         certificate administrator (in such capacity, the “Certificate Administrator”),
                                         Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer
                                         (in such capacity, the “Asset Representations Reviewer”), Wells Fargo
                                         Bank, National Association, and Wilmington Trust, National Association, as trustee	

 

I, [identify the certifying individual],
a [title] of [ASSET REPRESENTATIONS REVIEWER], certify to Citigroup Commercial Mortgage Securities Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification in delivering the Sarbanes-Oxley
Certification required by Section 10.06 of the Pooling and Servicing Agreement relating to the Certificates (capitalized terms
used herein without definition shall have the meanings assigned to such terms in the Pooling and Servicing Agreement), that:

 

1.     Based on my knowledge,
with respect to the period ending [December 31, 20__] (the “Relevant Period”), all information required to be
submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, Trustee or Certificate Administrator, as
applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period
and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”) (such information provided by the Asset
Representations Reviewer, collectively, the “Asset Representations Reviewer Periodic Information”) have been
submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in the Reports;

 

2.     Based on my knowledge,
the Asset Representations Reviewer Periodic Information contained in the Reports, taken as a whole, does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.     I am, or an officer under
my supervision is, responsible for reviewing the activities performed by the Asset Representations Reviewer under the Pooling and
Servicing Agreement and based upon my knowledge the Asset Representations Reviewer has, except as

 

    	Y-7-1

    	 

    

 

described
in any information provided to the Certificate Administrator by the Asset Representations Reviewer covering the fiscal year 20[__],
fulfilled its obligations under the Pooling and Servicing Agreement in all material respects in the year to which such review
applies; and

 

[In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [list applicable transaction
parties].]

 

	Date:	 	 

  

[                               ]

 

	By:	 	 
	[Name]	 
	[Title]	 

 

    	Y-7-2

    	 

    

EXHIBIT
Z

FORM 8-K DISCLOSURE INFORMATION 

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.07 of the Pooling and Servicing Agreement to disclose to the Depositor, the Certificate Administrator, each Other
Depositor and Other Exchange Act Reporting Party to which such Form 8-K Disclosure Information is relevant for Exchange Act reporting
purposes, the occurrence of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K”
column to the extent such party has actual knowledge (after complying with its affirmative obligations, if any, under the Pooling
and Servicing Agreement to obtain such information) of such information (other than information as to such party itself which
such party is obligated to provide). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer
shall be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in
or omitted from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan
Sellers. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as
such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified
as such in the Prospectus. For this CGCMT 2016-GC36 Pooling and Servicing Agreement, each of the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider
of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than
a party identified as such in the Prospectus.

 

	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement	Master
                                         Servicer, Special Servicer and the Trustee (in the case of the Master Servicer, Special
                                         Servicer, and the Trustee, only as to agreements it is a party to or entered into on
                                         behalf of the Trust)

                                         Certificate Administrator (other than as to agreements to which the Depositor (and no
                                         other party to the Pooling and Servicing Agreement) is a party) 

        Depositor 

	Item
    1.02- Termination of a Material Definitive Agreement	Master
                                         Servicer, Special Servicer and the Trustee (in the case of the Master Servicer, Special
                                         Servicer and the Trustee, only as to agreements it is a party to or entered into on behalf
                                         of the Trust) 

        Certificate
        Administrator (other than as to agreements to which the Depositor (and no other party to the Pooling and Servicing Agreement)
        is a party) 

 

    	Z-1

    	 

    

 

	Item
    on Form 8-K	Party
    Responsible 
	 	Depositor 
	Item
    1.03- Bankruptcy or Receivership	Depositor

    Each Mortgage Loan Seller as to itself

    Each other party to the Pooling and Servicing Agreement (as to itself)
	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement	Depositor

    Certificate Administrator
	Item
    3.03- Material Modification to Rights of Security Holders	Certificate
    Administrator
	Item
    5.03- Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year	Depositor
	Item
    5.07:  Submission of Matters to a Vote of Security Holders	Certificate
                                         Administrator 

        Trustee 

	Item
    6.01- ABS Informational and Computational Material	Depositor
	Item
    6.02- Change of Master Servicer, Special Servicer or Trustee	Master
                                         Servicer (as to itself or a servicer retained by it) 

        Special
        Servicer (as to itself or a servicer retained by it) 

        Trustee

        Certificate Administrator

        Depositor 

	Item
    6.03- Change in Credit Enhancement or Other External Support	Depositor

    Certificate Administrator
	Item
    6.04- Failure to Make a Required Distribution	Certificate
    Administrator
	Item
    6.05- Securities Act Updating Disclosure	Depositor
	Item
    7.01- Regulation FD Disclosure	Depositor
	Item
    8.01 – Other Events	Depositor
	Item
    9.01 – Financial Statements and Exhibits	Depositor

 

    	Z-2

    	 

    

  

EXHIBIT
AA-1

FORM OF POWER OF ATTORNEY FOR MASTER SERVICER 

 

LIMITED
POWER OF ATTORNEY 

 

KNOW
ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890,
as Trustee (the “Trustee”) for Citigroup Commercial Mortgage Trust 2016-GC36 pursuant to that Pooling and Servicing
Agreement, dated as of February 1, 2016 (the “Agreement”) by and among Citigroup Commercial Mortgage Securities
Inc. as depositor, KeyBank National Association, as master servicer, Wells Fargo Bank, National Association, as special servicer
and as certificate administrator, Pentalpha Surveillance LLC, as operating advisor, and Wilmington Trust, National Association,
as Trustee, hereby constitutes and appoints KeyBank National Association
(the “Servicer”), hereby constitutes and appoints the Servicer, by and through the Servicer’s officers,
the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s
benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced by the Servicer and all properties
(“REO Properties”) administered by the Servicer pursuant to the Agreement, to execute and acknowledge in writing
or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate the enumerated transactions
described in items (1) through (12) below with respect to the Mortgage Loans and REO Properties; provided however, that the documents
described below may only be executed and delivered by such Attorneys-in-Fact if such documents are required or permitted under
the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement. 

 

		1.	The
                                         endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
                                         made payable to the Trustee and draw upon, replace, substitute, release or amend letters
                                         of credit standing as collateral securing any Mortgage Loan.

 

		2.	The
                                         modification or re-recording of a Mortgage or Deed of Trust, where said modification
                                         or re-recording is solely for the purpose of correcting the Mortgage or Deed of Trust
                                         to conform same to the original intent of the parties thereto or to correct title errors
                                         discovered after such title insurance was issued; provided that said modification
                                         or re-recording, in either instance, (i) does not adversely affect the lien of the Mortgage
                                         or Deed of Trust as insured and (ii) otherwise conforms to the provisions of the
                                         Agreement.

 

		3.	The
                                         subordination of the lien of a Mortgage or Deed of Trust to an easement in favor of a
                                         public utility company or a government agency or unit with powers of eminent domain;
                                         this section shall include, without limitation, the execution of partial satisfactions/releases,
                                         partial reconveyances or the execution of requests to trustees to accomplish same.

 

    	AA-1-1

    	 

    

 

		4.	The
                                         conveyance of the properties to the mortgage insurer, or the closing of the title to
                                         the property to be acquired as real estate owned, or conveyance of title to real estate
                                         owned.

 

		5.	The
completion of loan assumption agreements.

 

		6.	The
                                         full satisfaction/release of a Mortgage or Deed of Trust or full conveyance upon payment
                                         and discharge of all sums secured thereby, including, without limitation, cancellation
                                         of the related Mortgage Note.

 

		7.	The
                                         assignment of any Mortgage or Deed of Trust and the related Mortgage Note, in connection
                                         with the repurchase of the mortgage loan secured and evidenced thereby.

 

		8.	The
                                         full assignment of a Mortgage or Deed of Trust upon payment and discharge of all sums
                                         secured thereby in conjunction with the refinancing thereof, including, without limitation,
                                         the assignment of the related Mortgage Note.

 

		9.	The
                                         full enforcement of and preservation of the Trustee’s interests in the Mortgage
                                         Notes, Mortgages or Deeds of Trust, and in the proceeds thereof, by way of, including
                                         but not limited to, foreclosure, the taking of a deed in lieu of foreclosure, or the
                                         completion of judicial or non-judicial foreclosure or the termination, cancellation or
                                         rescission of any such foreclosure, the initiation, prosecution and completion of eviction
                                         actions or proceedings with respect to, or the termination, cancellation or rescission
                                         of any such eviction actions or proceedings, and the pursuit of title insurance, hazard
                                         insurance and claims in bankruptcy proceedings, including, without limitation, any and
                                         all of the following acts:

 

		a.	the
                                         substitution of trustee(s) serving under a Deed of Trust, in accordance with state law
                                         and the Deed of Trust;

 

		b.	the
                                         preparation and issuance of statements of breach or non-performance;

 

		c.	the
                                         preparation and filing of notices of default and/or notices of sale;

 

		d.	the
                                         cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the
                                         taking of deed in lieu of foreclosure;

 

		f.	the
                                         filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in
                                         bankruptcy cases affecting Mortgage Notes, Mortgages or Deeds of Trust;

 

    	AA-1-2

    	 

    

 

		g.	the
                                         preparation and service of notices to quit and all other documents necessary to initiate,
                                         prosecute and complete eviction actions or proceedings;

 

		h.	the
                                         tendering, filing, prosecution and defense, as applicable, of hazard insurance and title
                                         insurance claims, including but not limited to appearing on behalf of the Trustee in
                                         quiet title actions; and

 

		i.	the
                                         preparation and execution of such other documents and performance of such other actions
                                         as may be necessary under the terms of the Mortgage, Deed of Trust or state law to expeditiously
                                         complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With
                                         respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
                                         including, without limitation, the execution of the following documentation:

		a.	listing
                                         agreements;

		b.	purchase
                                         and sale agreements;

		c.	grant/warranty/quit
                                         claim deeds or any other deed causing the transfer of title of the property to a party
                                         contracted to purchase same;

		d.	escrow
                                         instructions; and

		e.	any
                                         and all documents necessary to effect the transfer of property.

 

		11.	The
                                         modification or amendment of escrow agreements established for repairs to the mortgaged
                                         property or reserves for replacement of personal property.

 

		12.	The
                                         execution and delivery of the following:

 

		a.	any
                                         and all financing statements, continuation statements and other documents or instruments
                                         necessary to maintain the lien created by the Mortgage, Deed of Trust or other security
                                         document in the related Mortgage File or the related Mortgaged Property and other related
                                         collateral;

 

		b.	any
                                         and all instruments of satisfaction or cancellation, or of partial or full release or
                                         discharge, or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any
                                         and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
                                         to transfers of interests in borrowers, consents to any subordinate financings to be
                                         secured by any related Mortgaged Property, consents to any mezzanine financing to be
                                         secured by the ownership interests in a borrower, consents to and monitoring of the application
                                         of any proceeds of insurance policies or condemnation awards to the restoration of the
                                         related Mortgaged Property, REO Property or otherwise, documents relating to the management,
                                         operation, maintenance,

 

    	AA-1-3

    	 

    

 

	 	 	repair,
                                         leasing and marketing of the related Mortgaged Properties (including agreements and requests
                                         by any borrower with respect to modifications of the standards of operation and management
                                         of such Mortgaged Properties or the replacement of asset managers) or REO Properties,
                                         documents exercising any or all of the rights, powers and privileges granted or provided
                                         to the holder of any Mortgage Loan under the related loan documents, lease subordination
                                         agreements, non-disturbance and attornment agreements or other leasing or rental arrangements,
                                         any easements, covenants, conditions, restrictions, equitable servitudes, or land use
                                         or zoning requirements with respect to the Mortgaged Properties or REO Properties, instruments
                                         relating to the custody of any collateral that now secures or hereafter may secure any
                                         Mortgage Loan and any other consents.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of [EXECUTION DATE OF POA]. 

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney. 

 

Solely
to the extent that the Servicer has the power to delegate its rights or obligations under the Agreement, the Servicer also has
the power to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power
of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of
its attorneys-in-fact as are necessary for such purpose. The Servicer’s attorneys-in-fact shall have no greater authority than
that held by the Servicer. 

 

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit
in any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer
the power to initiate or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association except
as specifically provided for herein. If the Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington
Trust, National Association, then the Servicer shall promptly forward a copy of same to the Trustee. 

 

This
limited power of attorney is not intended to extend the powers granted to the Servicer under the Agreement or to allow the Servicer
to take any action with respect to Mortgages, Deeds of Trust or Mortgage Notes not authorized by the Agreement. 

 

The
Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or

 

    	AA-1-4

    	 

    

 

nature
whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney
by the Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or
the earlier resignation or removal of the Trustee under the Agreement. 

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state. 

 

Third
parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be
satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument
of revocation has been made in writing by the undersigned. 

 

IN
WITNESS WHEREOF, Wilmington Trust, National Association, as Trustee for Citigroup Commercial Mortgage Trust 2016-GC36 has caused
its corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected
and authorized signatory this ___________ day of ____________. 

 

	 	Wilmington Trust, National Association,
 as Trustee for Citigroup Commercial Mortgage Trust 2016-GC36
	 	 	 
	 	By:	 	 
	 	 	Name:
Title:	 

 

Witness: 

_____________________

  

Witness: 

_____________________

  

Prepared
by: 

_____________________

Name: 

Title: 

 

		Address:	Wilmington
                                         Trust, National Association 

                                         1100 North Market Street
 Wilmington, Delaware 19890

 

    	AA-1-5

    	 

    

 

A
notary public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

 

STATE
OF DELAWARE 

COUNTY
OF NEW CASTLE 

 

On
_____________before me, ____________________________,a Notary Public, personally appeared _____________________, who proved to
me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged
to me that he/she/they executed that same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on
the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct. 

 

	WITNESS my hand and official
    seal.	 	 
	(SEAL)	 	 
	 	 	 
	 	 	Signature of Notary Public

 

    	AA-1-6

    	 

    

  

EXHIBIT
AA-2

FORM OF POWER OF ATTORNEY FOR SPECIAL SERVICER 

LIMITED
POWER OF ATTORNEY 

 

KNOW
ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890,
as Trustee (the “Trustee”) pursuant to that Pooling and Servicing Agreement, dated as of February 1, 2016 (the
“Agreement”) by and among Citigroup Commercial Mortgage Securities Inc. as depositor, KeyBank National Association,
as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer (in such capacity, the “Servicer”)
and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, and
Wilmington Trust, National Association, as Trustee, relating to the Citigroup Commercial Mortgage Trust 2016-GC36, Commercial
Mortgage Pass-Through Certificates, Series 2016-GC36, hereby constitutes
and appoints the Servicer, by and through the Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact,
in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage
Loans”) serviced by the Servicer and all properties (“REO Properties”) administered by the Servicer
pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably
necessary and appropriate to effectuate the enumerated transactions described in items (1) through (12) below with respect to
the Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed and delivered
by such Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized terms used herein and not
otherwise defined herein have the meanings set forth in the Agreement. 

 

		1.	The
                                         endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
                                         made payable to the Trustee and draw upon, replace, substitute, release or amend letters
                                         of credit standing as collateral securing any Mortgage Loan.

 

		2.	The
                                         modification or re-recording of a Mortgage or Deed of Trust, where said modification
                                         or re-recording is solely for the purpose of correcting the Mortgage or Deed of Trust
                                         to conform same to the original intent of the parties thereto or to correct title errors
                                         discovered after such title insurance was issued; provided that said modification
                                         or re-recording, in either instance, (i) does not adversely affect the lien of the Mortgage
                                         or Deed of Trust as insured and (ii) otherwise conforms to the provisions of the
                                         Agreement.

 

		3.	The
                                         subordination of the lien of a Mortgage or Deed of Trust to an easement in favor of a
                                         public utility company or a government agency or unit with powers of eminent domain;
                                         this section shall include, without limitation, the execution of partial satisfactions/releases,
                                         partial reconveyances or the execution of requests to trustees to accomplish same.

 

    	AA-2-1

    	 

    

 

		4.	The
                                         conveyance of the properties to the mortgage insurer, or the closing of the title to
                                         the property to be acquired as real estate owned, or conveyance of title to real estate
                                         owned.

 

		5.	The
                                         completion of loan assumption agreements.

 

		6.	The
                                         full satisfaction/release of a Mortgage or Deed of Trust or full conveyance upon payment
                                         and discharge of all sums secured thereby, including, without limitation, cancellation
                                         of the related Mortgage Note.

 

		7.	The
                                         assignment of any Mortgage or Deed of Trust and the related Mortgage Note, in connection
                                         with the repurchase of the mortgage loan secured and evidenced thereby.

 

		8.	The
                                         full assignment of a Mortgage or Deed of Trust upon payment and discharge of all sums
                                         secured thereby in conjunction with the refinancing thereof, including, without limitation,
                                         the assignment of the related Mortgage Note.

 

		9.	The
                                         full enforcement of and preservation of the Trustee’s interests in the Mortgage
                                         Notes, Mortgages or Deeds of Trust, and in the proceeds thereof, by way of, including
                                         but not limited to, foreclosure, the taking of a deed in lieu of foreclosure, or the
                                         completion of judicial or non-judicial foreclosure or the termination, cancellation or
                                         rescission of any such foreclosure, the initiation, prosecution and completion of eviction
                                         actions or proceedings with respect to, or the termination, cancellation or rescission
                                         of any such eviction actions or proceedings, and the pursuit of title insurance, hazard
                                         insurance and claims in bankruptcy proceedings, including, without limitation, any and
                                         all of the following acts:

 

		a.	the
                                         substitution of trustee(s) serving under a Deed of Trust, in accordance with state law
                                         and the Deed of Trust;

 

		b.	the
                                         preparation and issuance of statements of breach or non-performance;

 

		c.	the
                                         preparation and filing of notices of default and/or notices of sale;

 

		d.	the
                                         cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the
                                         taking of deed in lieu of foreclosure;

 

		f.	the
                                         filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in
                                         bankruptcy cases affecting Mortgage Notes, Mortgages or Deeds of Trust;

 

    	AA-2-2

    	 

    

 

		g.	the
                                         preparation and service of notices to quit and all other documents necessary to initiate,
                                         prosecute and complete eviction actions or proceedings;

 

		h.	the
                                         tendering, filing, prosecution and defense, as applicable, of hazard insurance and title
                                         insurance claims, including but not limited to appearing on behalf of the Trustee in
                                         quiet title actions; and

 

		i.	the
                                         preparation and execution of such other documents and performance of such other actions
                                         as may be necessary under the terms of the Mortgage, Deed of Trust or state law to expeditiously
                                         complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With
                                         respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
                                         including, without limitation, the execution of the following documentation:

		a.	listing
                                         agreements;

		b.	purchase
                                         and sale agreements;

		c.	grant/warranty/quit
                                         claim deeds or any other deed causing the transfer of title of the property to a party
                                         contracted to purchase same;

		d.	escrow
                                         instructions; and

		e.	any
                                         and all documents necessary to effect the transfer of property.

 

		11.	The
                                         modification or amendment of escrow agreements established for repairs to the mortgaged
                                         property or reserves for replacement of personal property.

 

		12.	The
                                         execution and delivery of the following:

 

		a.	any
                                         and all financing statements, continuation statements and other documents or instruments
                                         necessary to maintain the lien created by the Mortgage, Deed of Trust or other security
                                         document in the related Mortgage File or the related Mortgaged Property and other related
                                         collateral;

 

		b.	any
                                         and all instruments of satisfaction or cancellation, or of partial or full release or
                                         discharge, or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any
                                         and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
                                         to transfers of interests in borrowers, consents to any subordinate financings to be
                                         secured by any related Mortgaged Property, consents to any mezzanine financing to be
                                         secured by the ownership interests in a borrower, consents to and monitoring of the application
                                         of any proceeds of insurance policies or condemnation awards to the restoration of the
                                         related Mortgaged Property, REO Property or otherwise, documents relating to the management,
                                         operation, maintenance,

 

    	AA-2-3

    	 

    

 

	 	 	repair,
                                         leasing and marketing of the related Mortgaged Properties (including agreements and requests
                                         by any borrower with respect to modifications of the standards of operation and management
                                         of such Mortgaged Properties or the replacement of asset managers) or REO Properties,
                                         documents exercising any or all of the rights, powers and privileges granted or provided
                                         to the holder of any Mortgage Loan under the related loan documents, lease subordination
                                         agreements, non-disturbance and attornment agreements or other leasing or rental arrangements,
                                         any easements, covenants, conditions, restrictions, equitable servitudes, or land use
                                         or zoning requirements with respect to the Mortgaged Properties or REO Properties, instruments
                                         relating to the custody of any collateral that now secures or hereafter may secure any
                                         Mortgage Loan and any other consents.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of [EXECUTION DATE OF POA]. 

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney. 

 

Solely
to the extent that the Servicer has the power to delegate its rights or obligations under the Agreement, the Servicer also has
the power to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power
of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of
its attorneys-in-fact as are necessary for such purpose. The Servicer’s attorneys-in-fact shall have no greater authority than
that held by the Servicer. 

 

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit
in any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the Servicer
the power to initiate or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association except
as specifically provided for herein. If the Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington
Trust, National Association, then the Servicer shall promptly forward a copy of same to the Trustee. 

 

This
limited power of attorney is not intended to extend the powers granted to the Servicer under the Agreement or to allow the Servicer
to take any action with respect to Mortgages, Deeds of Trust or Mortgage Notes not authorized by the Agreement. 

 

The
Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or

 

    	AA-2-4

    	 

    

 

nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse, of this Limited
Power of Attorney by the Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and
the Agreement or the earlier resignation or removal of the Trustee under the Agreement. 

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state. 

 

Third
parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be
satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument
of revocation has been made in writing by the undersigned. 

 

IN
WITNESS WHEREOF, Wilmington Trust, National Association, as Trustee for Citigroup Commercial Mortgage Trust 2016-GC36 has caused
its corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected
and authorized signatory this ___________ day of ____________.  

 

	 	Wilmington Trust, National Association,
 as Trustee for Citigroup Commercial Mortgage Trust 2016-GC36
	 	 	 
	 	By:		 
	 	 	Name:
Title:	 

 

Witness: 

_____________________

  

Witness: 

_____________________

  

Prepared
by: 

_____________________

Name: 

Title: 

 

		Address:	Wilmington
                                         Trust, National Association 

                                         1100 North Market Street
 Wilmington, Delaware 19890

 

    	AA-2-5

    	 

    

 

A
notary public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

 

STATE
OF DELAWARE 

COUNTY
OF NEW CASTLE 

 

On
_____________before me, ____________________________,a Notary Public, personally appeared _____________________,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within
instrument and acknowledged to me that he/she/they executed that same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

 

I
certify under PENALTY OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

	WITNESS my hand and official
    seal.	 	 
	(SEAL)	 	 
	 	 	 
	 	 	Signature of Notary Public

 

    	AA-2-6

    	 

    

 

EXHIBIT
BB

CLASS A-AB SCHEDULED PRINCIPAL BALANCE

 

	Distribution

                                         Date 
	 	Balance 
	 	Distribution

                                         Date 
	 	Balance 

	3/10/2016	 	$70,409,000.00	 	1/10/2021	 	$70,408,677.57
	4/10/2016	 	$70,409,000.00	 	2/10/2021	 	$69,307,876.85
	5/10/2016	 	$70,409,000.00	 	3/10/2021	 	$67,894,037.60
	6/10/2016	 	$70,409,000.00	 	4/10/2021	 	$66,782,734.71
	7/10/2016	 	$70,409,000.00	 	5/10/2021	 	$65,564,320.17
	8/10/2016	 	$70,409,000.00	 	6/10/2021	 	$64,443,293.59
	9/10/2016	 	$70,409,000.00	 	7/10/2021	 	$63,215,429.49
	10/10/2016	 	$70,409,000.00	 	8/10/2021	 	$62,084,598.67
	11/10/2016	 	$70,409,000.00	 	9/10/2021	 	$60,949,049.37
	12/10/2016	 	$70,409,000.00	 	10/10/2021	 	$59,707,071.98
	1/10/2017	 	$70,409,000.00	 	11/10/2021	 	$58,561,598.13
	2/10/2017	 	$70,409,000.00	 	12/10/2021	 	$57,309,975.99
	3/10/2017	 	$70,409,000.00	 	1/10/2022	 	$56,146,351.87
	4/10/2017	 	$70,409,000.00	 	2/10/2022	 	$54,977,872.95
	5/10/2017	 	$70,409,000.00	 	3/10/2022	 	$53,499,098.31
	6/10/2017	 	$70,409,000.00	 	4/10/2022	 	$52,319,563.45
	7/10/2017	 	$70,409,000.00	 	5/10/2022	 	$51,033,658.23
	8/10/2017	 	$70,409,000.00	 	6/10/2022	 	$49,843,832.52
	9/10/2017	 	$70,409,000.00	 	7/10/2022	 	$48,547,926.57
	10/10/2017	 	$70,409,000.00	 	8/10/2022	 	$47,347,724.75
	11/10/2017	 	$70,409,000.00	 	9/10/2022	 	$46,142,514.44
	12/10/2017	 	$70,409,000.00	 	10/10/2022	 	$44,831,657.62
	1/10/2018	 	$70,409,000.00	 	11/10/2022	 	$43,615,943.76
	2/10/2018	 	$70,409,000.00	 	12/10/2022	 	$42,294,714.83
	3/10/2018	 	$70,409,000.00	 	1/10/2023	 	$41,147,277.56
	4/10/2018	 	$70,409,000.00	 	2/10/2023	 	$39,995,063.05
	5/10/2018	 	$70,409,000.00	 	3/10/2023	 	$38,552,703.29
	6/10/2018	 	$70,409,000.00	 	4/10/2023	 	$37,389,675.06
	7/10/2018	 	$70,409,000.00	 	5/10/2023	 	$36,127,038.48
	8/10/2018	 	$70,409,000.00	 	6/10/2023	 	$34,953,906.42
	9/10/2018	 	$70,409,000.00	 	7/10/2023	 	$33,681,450.93
	10/10/2018	 	$70,409,000.00	 	8/10/2023	 	$32,498,131.48
	11/10/2018	 	$70,409,000.00	 	9/10/2023	 	$31,309,884.27
	12/10/2018	 	$70,409,000.00	 	10/10/2023	 	$30,022,739.87
	1/10/2019	 	$70,409,000.00	 	11/10/2023	 	$28,824,180.27
	2/10/2019	 	$70,409,000.00	 	12/10/2023	 	$27,527,014.27
	3/10/2019	 	$70,409,000.00	 	1/10/2024	 	$26,318,056.98
	4/10/2019	 	$70,409,000.00	 	2/10/2024	 	$25,104,064.39
	5/10/2019	 	$70,409,000.00	 	3/10/2024	 	$23,698,785.80
	6/10/2019	 	$70,409,000.00	 	4/10/2024	 	$22,473,876.57
	7/10/2019	 	$70,409,000.00	 	5/10/2024	 	$21,151,103.95
	8/10/2019	 	$70,409,000.00	 	6/10/2024	 	$19,915,579.04
	9/10/2019	 	$70,409,000.00	 	7/10/2024	 	$18,582,490.07
	10/10/2019	 	$70,409,000.00	 	8/10/2024	 	$17,336,261.66
	11/10/2019	 	$70,409,000.00	 	9/10/2024	 	$16,084,841.56
	12/10/2019	 	$70,409,000.00	 	10/10/2024	 	$14,736,305.61
	1/10/2020	 	$70,409,000.00	 	11/10/2024	 	$13,474,050.51
	2/10/2020	 	$70,409,000.00	 	12/10/2024	 	$12,114,985.08
	3/10/2020	 	$70,409,000.00	 	1/10/2025	 	$10,841,805.32
	4/10/2020	 	$70,409,000.00	 	2/10/2025	 	$9,563,320.79
	5/10/2020	 	$70,409,000.00	 	3/10/2025	 	$8,006,432.20
	6/10/2020	 	$70,409,000.00	 	4/10/2025	 	$6,716,123.67
	7/10/2020	 	$70,409,000.00	 	5/10/2025	 	$5,329,795.80
	8/10/2020	 	$70,409,000.00	 	6/10/2025	 	$4,028,330.42
	9/10/2020	 	$70,409,000.00	 	7/10/2025	 	$2,631,160.29
	10/10/2020	 	$70,409,000.00	 	8/10/2025	 	$1,318,445.73
	11/10/2020	 	$70,409,000.00	 	9/10/2025	 	$260.45
	12/10/2020	 	$70,409,000.00	 	10/10/2025	 	$0.00
	 	 	 	 	and
    thereafter	 	 

 

    	BB-1

    	 

    

 

EXHIBIT
CC-1

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date] 

 

Citigroup
Commercial Mortgage Securities Inc. 

390
Greenwich Street, 5th Floor

New York, New York 10013 

Attention:
Paul Vanderslice

 

		Re:	Citigroup
Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right (as defined below) established under the Pooling and Servicing
Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between Citigroup Commercial
Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank, National Association,
as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations
Reviewer, and Wilmington Trust, National Association, as Trustee. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you, as Depositor, that:

 

1.            The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees (the “Excess Servicing Fee Right”),
with the full right to transfer the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.            Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the 

 

    	CC-1-1

    	 

    

 

Securities
Act or any state securities laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to
the Securities Act or any state securities laws.

 

	 	Very
truly yours,
	 	 
	 	By:	
	 	 	Name:
Title:

 

    	CC-1-2

    	 

    

  

EXHIBIT
CC-2

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Citigroup
Commercial Mortgage Securities Inc. 

390
Greenwich Street, 5th Floor

New York, New York 10013 

Attention:
Paul Vanderslice

 

KeyBank
National Association 

11501
Outlook Street, Suite 300 

Overland
Park, Kansas 66211 

Attention:
Diane Haislip

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series
                                         2016-GC36

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of February 1, 2016 (the “Pooling and Servicing Agreement”), between Citigroup Commercial Mortgage
Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special
Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer,
and Wilmington Trust, National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have
the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants
to you, as the Depositor and the Master Servicer, that:

 

1.            The
Transferee is acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its
own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole
or in part, in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”),
or any applicable state securities laws.

 

2.            The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor

 

    	CC-2-1

    	 

    

 

substantially
in the form attached as Exhibit CC-1 to the Pooling and Servicing Agreement, and (B) each of KeyBank National Association and
the Depositor has received a certificate from the prospective transferee substantially in the form attached as Exhibit CC-2 to
the Pooling and Servicing Agreement.

 

3.            The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.            Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any Person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.            The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and
servicing of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.            The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of
such investment.

 

7.            The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a

 

    	CC-2-2

    	 

    

 

violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate pursuant
to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives (collectively, “Representatives”) not to disclose such information, in any manner
whatsoever, in whole or in part, to any other Person other than the Transferee’s auditors, legal counsel and regulators,
except to the extent such disclosure is required by law, court order or other legal requirement or to the extent such information
is of public knowledge at the time of disclosure by such Person or has become generally available to the public other than as
a result of disclosure by such Person; provided, however, that the Transferee or any of its Representatives may provide all or
any part of such information to any other Person who is contemplating an acquisition of the Excess Servicing Fee Right if, and
only if, such other Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such information
confidential, not to use or disclose such information in any manner which could result in a violation of any provision of the
Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities
Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives
not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than such other Person’s
auditors, legal counsel and regulators.

 

8.            The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may
be reduced to the extent provided in the Pooling and Servicing Agreement.

 

	 	Very
truly yours,
	 	 
	 	By:	
	 	 	Name:
Title:

 

    	CC-2-3

    	 

    

 

EXHIBIT
DD

 

FORM
OF NOTICE AND CERTIFICATION REGARDING DEFEASANCE OF MORTGAGE LOAN

 

		To:	Moody’s
                                         Investors Service, Inc.

                                         7 World Trade Center

                                         New York, New York 10007

                                         Attention: Commercial Mortgage Surveillance Group

                                         Facsimile No: (212) 553-0300

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No: (212) 635-0295

 

Kroll
Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Fax number: (646) 731-2395

 

		From:	KeyBank
                                         National Association, in its capacity as Master Servicer (the “Master Servicer”)
                                         under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling
                                         and Servicing Agreement”), between Citigroup Commercial Mortgage Securities
                                         Inc., as Depositor, the Master Servicer, Wells Fargo Bank, National Association, as Special
                                         Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
                                         and as Asset Representations Reviewer, and Wilmington Trust, National Association, as
                                         Trustee.

 

		Date:	____________,
                                         20___

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series
                                         2016-GC36 Mortgage Loan (the “Subject Mortgage Loan”) heretofore secured
                                         by real property known as ____________ [Include the following if there is pari passu
                                         or AB debt: as evidenced by that certain Promissory Note [A-1][A] in the amount of $____________,
                                         which Promissory Note [A-1][A] is owned by the Trust, and Promissory Note [A-2][B] in
                                         the amount of $_____________, which Promissory Note [A-2][B] is owned by ________________.

 

Capitalized
terms used but not defined herein have the meanings assigned to such terms in the Pooling and Servicing Agreement.

 

THE
STATEMENTS SET FORTH BELOW ARE MADE (A) TO THE BEST KNOWLEDGE OF THE UNDERSIGNED BASED UPON DUE DILIGENCE CONSISTENT WITH THE
SERVICING STANDARD SPECIFIED IN THE POOLING

 

    	DD-1

    	 

    

 

AND
SERVICING AGREEMENT (THE “SERVICING STANDARD”), AND (B) WITHOUT INTENDING TO WARRANT THE ACCURACY THEREOF OR
UNDERTAKE ANY DUTY OR STANDARD OF CARE GREATER THAN THE DUTIES OF SERVICER UNDER THE POOLING AND SERVICING AGREEMENT AND THE SERVICING
STANDARD.

 

We
hereby notify you and confirm that each of the following is true, subject to those exceptions, if any, set forth on Exhibit A
hereto, which exceptions the Master Servicer has determined, consistent with the Servicing Standard, will have no material adverse
effect on the Subject Mortgage Loan or the defeasance transaction:

 

1.              The Mortgagor has consummated a defeasance of the Subject Mortgage Loan of the type checked below:**

 

____
a full defeasance of the entire outstanding principal balance ($____________) of the Subject Mortgage Loan; or

 

____
a partial defeasance of a portion ($____________) of the Subject Mortgage Loan that represents ___% of the entire principal balance
of the Subject Mortgage Loan ($____________).

 

2.              The defeasance was consummated on ____________, 20__.

 

3.              The defeasance was completed in all material respects in accordance with the conditions for defeasance specified in the
Loan Documents and in accordance with the Servicing Standard.

 

[Include
the following if there is pari passu or AB debt:

 

4.              In accordance with the Loan Documents, the defeasance occurred such that:

 

____
Promissory Notes [A-1][A] and [A-2][B] were defeased simultaneously in their entirety; or

 

____
Promissory Note [A-2][B] was paid off in full.]

 

5.              To the knowledge of the Master Servicer any other debt related to the Subject Mortgage Loan (including mezzanine debt,
senior secured debt, pari passu debt or subordinate secured debt was either paid off in full or defeased. Such debt consists of
the following: [Describe debt and holder of the debt and if it was paid off or defeased].

 

6.              The defeasance collateral consists only of one or more of the following: (i) direct debt obligations of the U.S. Treasury,
(ii) direct debt obligations of the Federal National Mortgage Association, (iii) direct debt obligations of the Federal Home Loan
Mortgage Corporation, (iv) interest-only direct debt obligations of the Resolution Funding Corporation, (v) consolidated debt
obligations of the Federal Home Loan Bank or (vi) securities covered by the Federal Deposit Insurance Corporation’s (the
“FDIC”) Temporary Liquidity Guarantee Program

 

    	DD-2

    	 

    

 

(“TLGP”). Based upon a written report from
an independent certified accountant, such defeasance collateral consists of securities that (i) if they include a principal obligation,
the principal due at maturity cannot vary or change, (ii) provide for interest at a fixed rate and (iii) are not callable prior
to their respective maturity dates. In addition, if the defeasance collateral contains any TLGP securities, then:

 

		·	Such
                                         securities are eligible under TLGP;

 

		·	The
                                         master servicer (and the trustee, if it serves as the back-up advancing agent for the
                                         transaction) has waived its right to (i) collect interest on advances made on behalf
                                         of the borrower holding TLGP securities, and (ii) collect for expenses incurred in making
                                         demand on the FDIC;

 

		·	If
                                         the TLGP debt is to be used to satisfy a balloon payment, a reserve conforming to the
                                         criteria for eligible accounts was funded with a minimum of 90 days interest on the defeasance
                                         collateral to cover potential delays in receipt of the balloon payment;

 

		·	The
                                         TLGP securities mature before June 30, 2012; and

 

		·	The
                                         master servicer’s error and omissions insurance policy covers losses to the CMBS
                                         trust caused by the master servicer’s failure to make timely demand on the FDIC’s
                                         guarantee.

 

7.              After the defeasance, the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that: (i) is the original Mortgagor, (ii) is a Single-Purpose Entity (as described in S&P’s criteria), (iii) is subject
to restrictions in its organizational documents substantially similar to those contained in the organizational documents of the
original Mortgagor with respect to bankruptcy remoteness and single purpose, (iv) has been designated as the Defeasance Obligor
by the originator of the Subject Mortgage Loan pursuant to the terms of the Loan Documents, or (v) has previously received confirmation
from Standard & Poor’s that the organizational documents of such Defeasance Obligor conform with applicable Standard
& Poor’s criteria. The Defeasance Obligor owns no assets other than defeasance collateral and (only in the case of the
original Mortgagor) real property securing one or more Mortgage Loans included in the pool under the Pooling and Servicing Agreement
(the “Pool”).

 

8.              If such Defeasance Obligor (together with its affiliates) holds more than one defeased loan, it does not (together with
its affiliates) hold defeased loans aggregating more than $35 Million or more than five percent (5%) of the aggregate certificate
balance of the Certificates, as of the date of the most recent Certificate Administrator’s Distribution Date Statement received
by the Master Servicer (the “Current Report”), except to the extent the Defeasance Obligor is of the type specified
in paragraph 7(v) above or the original Loan Documents do not limit the amount of defeased loans that it may hold.

 

9.              The defeasance documents require that the defeasance collateral be credited to an eligible account (as defined in S&P’s
criteria) that must be maintained as a securities account by a securities intermediary that is at all times an Eligible Institution
(as

 

    	DD-3

    	 

    

 

defined
in S&P’s criteria). The securities intermediary may reinvest proceeds of the defeasance collateral only in Permitted
Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing defeasance).

 

10.            The securities intermediary is obligated to pay from the proceeds of the defeasance collateral, directly to the Master
Servicer’s collection account, all scheduled payments on the Subject Mortgage Loan or, in a partial defeasance, the portion
of such scheduled payments attributed to the allocated loan amount for the real property defeased including any defeasance premiums
set forth in the loan documents (the “Scheduled Payments”).

 

11.            The Master Servicer received written confirmation from an independent certified public accountant stating that (i) revenues
from the defeasance collateral (without taking into account any earnings on reinvestment of such revenues) will be sufficient
to timely pay each of the Monthly Payments including the payment in full of the Subject Mortgage Loan (or the allocated portion
thereof in connection with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment
Date), (ii) except as otherwise disclosed in the written report from an independent certified public accountant, [and disclosed
below,] the revenues received in any month from the defeasance collateral will be applied to make Monthly Payments within four
(4) months after the date of receipt, (iii) the defeasance collateral is not callable prior to their respective maturity dates,
and (iv) interest income from the defeasance collateral to the Defeasance Obligor in any tax year will not exceed such Defeasance
Obligor’s interest expense for the Subject Mortgage Loan (or the allocated portion thereof in a partial defeasance) for
such year, other than in the year in which the Maturity Date or Anticipated Repayment Date will occur, when interest income will
exceed interest expense.

 

12.            The Master Servicer received opinions of counsel that, subject to customary qualifications, (i) the defeasance will not
cause either Trust REMIC to fail to qualify as a REMIC for purpose of the Code, (ii) the agreements executed by the Mortgagor
and the Defeasance Obligor in connection with the defeasance are enforceable against them in accordance with their terms, [and]
(iii) the Trustee will have a perfected, first priority security interest in the defeasance collateral.

 

13.            The agreements executed in connection with the defeasance (i) prohibit subordinate liens against the defeasance collateral,
(ii) provide for payment from sources other than the defeasance collateral of all fees and expenses of the securities intermediary
for administering the defeasance and the securities account and all fees and expenses of maintaining the existence of the Defeasance
Obligor, (iii) permit release of surplus defeasance collateral and earnings on reinvestment to the Defeasance Obligor only after
the Subject Mortgage Loan has been paid in full, (iv) include representations and/or covenants of the Mortgagor and/or securities
intermediary substantially as set forth on Exhibit B hereto, (v) provide for survival of such representations; and (vi) do not
permit waiver of such representations and covenants.

 

14.            At the time of the defeasance of the Subject Mortgage Loan, the Subject Mortgage Loan is (x) not one of the ten largest
Mortgage Loans by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or less than $35,000,000
and (z) a Mortgage Loan that represents less than 5% of the Stated Principal Balance of all Mortgage Loans.

 

    	DD-4

    	 

    

 

15.            Copies of all material agreements, instruments, organizational documents, opinions of counsel, accountant’s report
and other items delivered in connection with the defeasance will be provided to you upon request.

 

16.            The
individual executing this notice is an authorized officer or a servicing officer of the Master Servicer. 

 

IN
WITNESS WHEREOF, the Master Servicer has caused this notice to be executed as of the date captioned above.

 

	 	[MASTER
SERVICER]
	 	 
	 	By:	
	 	 	Name:
Title:

 

    	DD-5

    	 

    

 

EXHIBIT
A

 

Exceptions 

 

    	DD-6

    	 

    

 

EXHIBIT
B

 

Sample
Perfected Security Interest Representations

 

General:

 

1.              [The defeasance agreements] create a valid and continuing security interest (as defined in the applicable UCC) in the [Collateral,
Securities Account and Deposit Account] in favor of the [Secured Party], which security interest is prior to all other [Liens],
and is enforceable as such as against creditors of and purchasers from [Debtor].

 

Note
that “Collateral” means securities, permitted investments and other assets credited to securities accounts.

 

1.              The [Deposit Account] constitutes a “deposit account” within the meaning of the applicable UCC.

 

2.              All of the [Collateral] has been and will have been credited to a [Securities Account]. The securities intermediary for
the [Securities Account] has agreed to treat all assets credited to the [Securities Account] as “financial assets”
within the meaning of the UCC.

 

Creation:

 

1.              The Defeasance Account Agreement provides that the Pledgee shall have “control” (as defined in the applicable
UCC).

 

2.              [Debtor] has received all consents and approvals required by the terms of the [Collateral] to the transfer to the [Secured
Party] of its interest and rights in the [Collateral] hereunder.

 

Perfection:

 

1.              [Debtor] has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in
the [Collateral, Securities Account and Deposit Account] to the [Secured Party] hereunder.

 

2.              [Debtor] has delivered to[Secured Party] a fully executed agreement pursuant to which the securities intermediary or the
account bank has agreed to comply with all instructions originated by the [Secured Party] relating to the [Securities Account]
or directing disposition of the funds in the [Deposit Account] without further consent by the [Debtor].

 

3.              [Debtor] has taken all steps necessary to cause the securities intermediary to identify in its records the [Secured Party]
as the person having a security entitlement against the securities intermediary in the [Securities Account].

 

4.              To the extent a Deposit Account exists, [Debtor] has taken all steps necessary to cause [Secured Party] to become the account
holder of the [Deposit Account].

 

    	DD-7

    	 

    

 

Priority:

 

1.              Other than the security interest granted to the [Secured Party] pursuant to this Agreement, [Debtor] has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the [Collateral, Securities Account and Deposit Account]. [Debtor]
has not authorized the filing of and is not aware of any financing statements against [Debtor] that include a description of collateral
covering the [Collateral, Securities Account and Deposit Account] other than any financing statement relating to the security
interest granted to the [Secured Party] hereunder or that has been terminated. Debtor is not aware of any judgment or tax lien
filings against [Debtor].

 

2.              The
[Securities Account and Deposit Account] are not in the name of any person other than the [Debtor] or the [Secured Party]. The
[Debtor] has not consented to the securities intermediary of any [Securities Account] or the account bank of any [Deposit Account]
to comply with entitlement orders or instructions of any person other than the [Secured Party]. 

 

    	DD-8

    	 

    

 

EXHIBIT
EE

 

FORM
OF NOTICE OF EXCHANGE OF EXCHANGEABLE CERTIFICATES

 

[Date]

 

[Certificateholder
Letterhead]

 

Wells
Fargo Bank, National Association,
                as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS) – CGCMT 2016-GC36

  

Wells
Fargo Bank, National Association,

               as
Certificate Administrator

9062 Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Administration Group – CGCMT 2016-GC36

  

		Re:	Citigroup
                                         Commercial Mortgage Trust 2016-GC36, 

                                         Commercial Mortgage Pass-Through Certificates, Series 2016-GC36

 

Ladies
and Gentlemen:

 

Pursuant
to the terms of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Master Servicer, Wells Fargo
Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor
and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, and executed in connection with
the above referenced transaction, we hereby (i) certify that as of the date above, the undersigned is the beneficial owner of
the Exchangeable Certificates described on the attached Schedule I, is duly authorized to deliver this notice to the Certificate
Administrator and that such power has not been granted or assigned to any other Person and the Certificate Administrator may conclusively
rely upon this notice and (ii) give notice of our intent to present and surrender the Exchangeable Certificates specified on Schedule
I attached hereto and all of our right, title and interest in and to such Exchangeable Certificates, including all payments of
interest thereon received after [_____________], in exchange for the corresponding Exchangeable Certificates specified on Schedule
I attached hereto. We propose an Exchange Date of [______].

 

We
agree that upon such exchange, our interests in the portions of the Exchangeable Certificates surrendered in exchange shall be
reduced and our interest in the portion of the Exchangeable Certificate received in such exchange shall be increased. 

 

[[If
Applicable] Our Depository participant number is [________].] 

 

    	EE-1

    	 

    

 

Capitalized
terms used in this notice but not defined herein have the meanings assigned to them in the Pooling and Servicing Agreement. 

 

Sincerely, 

 

[_____________]

 

	By:	 	 
	 	Name:

                                         Title:	 

 

 

[Medallion
Stamp Guarantee]

 

    	EE-2

    	 

    

 

Schedule
I

 

    	EE-3

    	 

    

EXHIBIT FF-1

 

FORM OF NOTICE REGARDING OUTSIDE  

SERVICED MORTGAGE LOAN

 

[Date]

 

	
        Wilmington Trust, National Association, as trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee CFCRE 2016-C3

        Telecopy number: (302) 636-4140

        Email: CMBSTrustee@wilmingtontrust.com

        

         

	 	
        Wells Fargo Bank, National Association, as certificate administrator

        Corporate Trust Services

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services — CFCRE 2016-C3

         

	
        CWCapital Asset Management LLC, as special servicer

        7501 Wisconsin Avenue, Suite 500 West

        Bethesda, Maryland 20814

        Attention: Brian Hanson (CFCRE 2016-C3)

         

        with copies to:

         

        CWCapital Asset Management LLC

        7501 Wisconsin Avenue, Suite 500 West

        Bethesda, Maryland 20814

        Attention: Legal Department (CFCRE 2016-C3);

         

        and:

         

        Stinson Leonard Street LLP

        1201 Walnut, Suite 2900

        Kansas City, Missouri 64106

        Attention: Kenda K. Tomes

	 	
        Wells Fargo Bank, National
        Association, as master servicer

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street, 14th Floor

        Charlotte, North Carolina 28202

        Attention: CFCRE 2016-C3 Asset Manager

         

        with a copy to:

         

        Wells Fargo Bank, National Association

        Legal Department

        301 South College Street

        D1053-300 

        Charlotte, North Carolina
        28202

        Attention: Commercial Mortgage Servicing Legal Support

         

        with a copy to

          

        K&L Gates LLP

        Hearst Tower

        214 North Tryon Street

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

	 	 	 
	Park Bridge Lender Services LLC, as operating advisor

560 Lexington Avenue, 17th Floor

New York, New York 10022 	 	Park Bridge Lender Services LLC, as asset representation reviewer

560 Lexington Avenue, 17th Floor

New York, New York 10022

 

    	FF-1-1

    	 

    

 

			
	Attention: CFCRE 2016-C3-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)	 	Attention: CFCRE 2016-C3-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

		Re:	CFCRE 2016-C3
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-C3

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of January 1, 2016 (the “CFCRE-C3 PSA”), between CCRE
Commercial Mortgage Securities, L.P., as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset
Management LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer,
Wells Fargo Bank, National Association, as certificate administrator, and Wilmington Trust, National Association, as trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in the CFCRE-C3 PSA.

 

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “GC36 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer (the “GC36
Master Servicer”), Wells Fargo Bank, National Association, as special servicer (in such capacity, the “GC36
Special Servicer”) and as Certificate Administrator (in such capacity, the “GC36 Certificate Administrator”),
Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “GC36 Operating Advisor”) and as asset
representations reviewer (in such capacity, the “GC36 Asset Representations Reviewer”), and Wilmington Trust,
National Association, as trustee (the “GC36 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust
2016-GC36 (the “GC36 Trust”) was established and the 215 West 34th Street & 218 West 35th Street Companion
Loan evidenced by note A-2 and the Element LA Companion Loan evidenced by note A-2B were transferred to the GC36 Trust as of February
17, 2016 (the “Closing Date”).

 

The undersigned hereby
notifies you that, as of the Closing Date:

 

1.            Wilmington Trust,
National Association, as trustee under the GC36 PSA, is the holder of the 215 West 34th Street & 218 West 35th Street Companion
Loan evidenced by note A-2 and the Element LA Companion Loan evidenced by note A-2B. You are directed to remit to KeyBank National
Association, as master servicer under the GC36 PSA, all amounts payable to, and to forward, deliver or otherwise make available,
as the case may be, to KeyBank National Association, as master servicer under the GC36 PSA, all reports, statements, documents,
communications and other information that are to be forwarded, delivered or otherwise made available to the Serviced Companion
Loan Holders with respect to the 215 West 34th Street & 218 West 35th Street Companion Loan evidenced by note A-2 and the Element
LA Companion Loan evidenced by note A-2B under the CFCRE-C3 PSA and the respective Intercreditor Agreements with respect to the
215 West 34th Street & 218 West 35th Street Whole Loan and the Element LA Whole Loan. The wire instructions for KeyBank National
Association, as GC36 Master Servicer, are as follows:

 

    	FF-1-2

    	 

    

 

Bank: KeyBank N.A. 

Account Name: KeyBank National
Association, as Master Servicer on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36

Account #: 359954140810

 

2.          The contact information
for the GC36 Trustee, the GC36 Certificate Administrator, the GC36 Master Servicer, the GC36 Special Servicer, the GC36 Operating
Advisor and the GC36 Asset Representations Reviewer with respect to the 215 West 34th Street & 218 West 35th Street Companion
Loan evidenced by note A-2 and the Element LA Companion Loan evidenced by note A-2B is as follows:

 

	GC36 Trustee:	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention:  CMBS Trustee – CGCMT 2016-GC36

Fax Number:  (302) 636-4140
	GC36 Certificate Administrator:	
        Wells Fargo Bank, National
        Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

        Email: cts.cmbs.bond.admin@wellsfargo.com

        

        with a copy to:

         

        Email: trustadministratorgroup@wellsfargo.com

	GC36 Master Servicer:	
        KeyBank National Association 

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Diane Haislip

        Fax number: (877) 379-1625

        Email: diane_c_haislip@keybank.com

         

        with a copy to:

         

        Polsinelli PC

        900 W. 48th Place, Suite
        900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        

        

 

 

    	FF-1-3

    	 

    

  

		

        Fax number: (816) 753-1536

        E-mail: kkohring@polsinelli.com

         

	GC36 Special Servicer:	
        Wells Fargo Bank, National Association 

        Commercial Mortgage Servicing 

        MAC D1086 

        550 South Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel
Marthinsen 

        Fax number: (704) 715-0036

         

        with a copy to

         

        Wells Fargo Bank, National Association, Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support

        Fax number: (704) 383-3663

          

        with a copy to

          

        K&L Gates LLP 

        Hearst Tower 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Stacy G. Ackermann 

        Fax number: (704) 353-3190 

         

	GC36 Operating Advisor and GC36 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: Don Simon, Chief Operating Officer

         

        with copies sent contemporaneously via e-mail to:

         

        

        don.simon@pentalphasurveillance.com and notices@pentalphasurveillance.com

         

        with a copy to:

         

  

    	FF-1-4

    	 

    

 

	 	 
	 	
        Bass, Berry & Sims PLC 

        150 Third Avenue South 

        Nashville, Tennessee 37201

        Attention: Jay H. Knight 

        Email: jknight@bassberry.com 

  

3.          The GC36 Trust
is subject to the reporting requirements of the Exchange Act.

  

4.          Enclosed herewith
is a copy of an executed version of the GC36 PSA.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	FF-1-5

    	 

    

  

EXHIBIT FF-2

 

FORM OF NOTICE REGARDING OUTSIDE  

SERVICED MORTGAGE LOAN

  

[Date]

 

	
        U.S. Bank National Association

        190 South LaSalle Street, 7th Floor

        Mail Code: MK-IL-SLC7

        Chicago, Illinois 6060

        Attention: Bondholder Services - GSMS 2015-GC34

        fax number: (866) 807-8670

         

        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street, 14th Floor

        Charlotte, North Carolina 28202

        Attention: GSMS 2015-GC34 Asset Manager

        Fax Number: (704) 715-0036

         

        with a copy to:

         

        Wells Fargo Bank, National Association

        Legal Department

        301 South College Street

        TW-30, D1053-300

        Charlotte, North Carolina 28202-6000,

        Attention: Commercial Mortgage Servicing Legal Support

        Fax number: (704) 383-3663

         

        with a copy to:

         

        K&L Gates LLP

        Hearst Tower, 214 North Tryon Street Charlotte, North Carolina
        28202

        Attention: Stacy G. Ackermann

        Fax number: (704) 353-3190

         

	 	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: Don Simon, Chief Operating Officer

         

        with copies via e-mail to:

         

        don.simon@pentalphasurveillance.com and notices@pentalphasurveillance.com

         

        with a copy to:

         

        Bass, Berry & Sims PLC, 150 Third Avenue South, Nashville,
        Tennessee 37201

        Attention: Jay H. Knight

        email: jknight@bassberry.com

          

        Midland Loan Services, a Division of PNC Bank, National Association,

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (913) 253-9001

        Email: NoticeAdmin@midlandls.com

         

        with a copy to:

         

        Stinson Leonard Street LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Fax number: (816) 412-9338

        Attention: Kenda K. Tomes, email: kenda.tomes@stinsonleonard.com

 

    	FF-2-1

    	 

    

 

		Re:	GS Mortgage Securities Trust 2015-GC34, Commercial Mortgage
Pass-Through Certificates, Series 2015-GC34

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of August 1, 2015 (the “GSMS-GC34 PSA”), between GS Mortgage
Securities Corporation II, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services,
a Division of PNC Bank, National Association, as special servicer, Pentalpha Surveillance LLC, as operating advisor, and U.S. Bank
National Association as certificate administrator and as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the GSMS-GC34 PSA.

 

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “GC36 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer (the “GC36
Master Servicer”), Wells Fargo Bank, National Association, as special servicer (in such capacity, the “GC36
Special Servicer”) and as Certificate Administrator (in such capacity, the “GC36 Certificate Administrator”),
Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “GC36 Operating Advisor”) and as asset
representations reviewer (in such capacity, the “GC36 Asset Representations Reviewer”), and Wilmington Trust,
National Association, as trustee (the “GC36 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust
2016-GC36 (the “GC36 Trust”) was established and the DoubleTree Hotel Universal Companion Loan evidenced by
note A-3 was transferred to the GC36 Trust as of February 17, 2016 (the “Closing Date”).

 

The undersigned hereby
notifies you that, as of the Closing Date:

 

1.          Wilmington Trust,
National Association, as trustee under the GC36 PSA, is the holder of the DoubleTree Hotel Universal Companion Loan evidenced by
note A-3. You are directed to remit to KeyBank National Association, as master servicer under the GC36 PSA, all amounts payable
to, and to forward, deliver or otherwise make available, as the case may be, to KeyBank National Association, as master servicer
under the GC36 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered
or otherwise made available to the Serviced Companion Loan Holder with respect to the DoubleTree Hotel Universal Companion Loan
evidenced by note A-3 under the GSMS-GC34 PSA and the DoubleTree Hotel Universal Co-Lender Agreement. The wire instructions for
KeyBank National Association, as GC36 Master Servicer, are as follows:

 

Bank: KeyBank N.A.

 

Account Name: KeyBank National
Association, as Master Servicer on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of Citigroup Commercial

 

    	FF-2-2

    	 

    

 

Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36

 

 Account #: 359954140810

 

2.           The contact information
for the GC36 Trustee, the GC36 Certificate Administrator, the GC36 Master Servicer, the GC36 Special Servicer, the GC36 Operating
Advisor and the GC36 Asset Representations Reviewer with respect to the DoubleTree Hotel Universal Companion Loan evidenced by
note A-3 is as follows:

  

	GC36 Trustee:	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention:  CMBS Trustee – CGCMT 2016-GC36

Fax Number:  (302) 636-4140
	GC36 Certificate Administrator:	
        Wells Fargo Bank,
National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36 

        Email: cts.cmbs.bond.admin@wellsfargo.com

        

with a copy to:

         

        Email: trustadministratorgroup@wellsfargo.com

	GC36 Master Servicer:	
        KeyBank National Association

        11501 Outlook Street, Suite
        300

        Overland Park, Kansas 66211

        Attention: Diane
Haislip 

        Fax number: (877)
379-1625 

        Email: diane_c_haislip@keybank.com 

         

        with a copy to:

         

        Polsinelli PC 

        900 W. 48th Place,
Suite 900 

        Kansas City, Missouri
64112 

        Attention: Kraig
Kohring 

        Fax number: (816)
753-1536 

        E-mail: kkohring@polsinelli.com 

         

	GC36 Special Servicer:	Wells Fargo Bank, National Association Commercial Mortgage Servicing

 

    	FF-2-3

    	 

    

 

		
        

        

        MAC D1086 

        550 South Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel
Marthinsen 

        Fax number: (704) 715-0036 

         

        with a copy to 

         

        Wells Fargo Bank, National Association, Legal Department 

        301 South College Street 

        TW-30, D1053-300 

        Charlotte, North Carolina 28202-6000 

        Attention: Commercial Mortgage Servicing Legal Support 

        Fax number: (704) 383-3663

         

        with a copy to

         

        K&L Gates LLP 

        Hearst Tower 

        214 North Tryon Street 

        Charlotte, North Carolina 28202 

        Attention: Stacy G. Ackermann 

        Fax number: (704) 353-3190 

         

	GC36 Operating Advisor and GC36 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC 

        375 N. French Road, Suite 100 

        Amherst, New York, 14228 

        Attention: Don Simon, Chief Operating Officer

        

         

        with copies sent contemporaneously via e-mail to:

         

        don.simon@pentalphasurveillance.com and notices@pentalphasurveillance.com

          

        with a copy to:

          

        Bass, Berry & Sims PLC

        150 Third Avenue South 

        Nashville, Tennessee 37201 

        Attention: Jay H. Knight 

        Email: jknight@bassberry.com 

 

    	FF-2-4

    	 

    

 

3.
     The GC36 Trust is subject to the reporting requirements of the Exchange Act.

 

4.
     Enclosed herewith is a copy of an executed version of the GC36 PSA.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	FF-2-5

    	 

    

 

EXHIBIT FF-3

  

FORM OF NOTICE REGARDING OUTSIDE  

SERVICED MORTGAGE LOAN

  

[Date]

 

	
        Wells Fargo Bank, National Association, as master servicer

        Commercial Mortgage Servicing

        MAC D1086-120

        550 South Tryon Street, 14th Floor

        Charlotte, North Carolina 28202

        Attention: JPMCC 2015-JP1 Asset Manager

        Telecopy Number: (704) 715-0036

         

        with a copy to:

         

        Wells Fargo Bank, National Association Legal Department

        301 S. College St., TW-30

        Charlotte, North Carolina 28202

        Attention: Commercial Mortgage Servicing Legal Support

        Reference: JPMCC 2015-JP1

         

        with a copy to:

         

        K&L Gates LLP

        Hearst Tower, 47th Floor

        214 North Tryon Street

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

        Facsimile Number: (704) 353-3190

         

	 	
        Wilmington Trust, National Association, as trustee

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee JPMCC 2015-JP1

        Telecopy number: (302) 636-4140

        Email: CMBSTrustee@wilmingtontrust.com

         

        Wells Fargo Bank, National Association, as certificate administrator

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS)

        JPMCC Commercial Mortgage Securities Trust Series 2015-JP1

        Telecopy Number: (410) 715 2380

        E-Mail: cts.cmbs.bond.admin@wellsfargo.com, and to

        trustadministrationgroup@wellsfargo.com, except as otherwise
        set forth

        herein

         

	
        Midland Loan Services, a Division of PNC Bank, National Association,
        as special servicer

        10851 Mastin Street

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Telecopy number: (913) 253-9001

         

        with a copy to:

         

        

	 	
        Pentalpha Surveillance LLC, as operating advisor and as asset
        representations reviewer

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: Don Simon, Chief Operating Officer

         

        With a copy sent via email to: don.simon@pentalphasurveillance.com
        and

        notices@pentalphasurveillance.com

 

    	FF-3-1

    	 

    

 

	

         

	 	

         

	
        

        Stinson Leonard Street LLP

        1201 Walnut Street

        Suite 2900

        Kansas City, Missouri 64106-2150

        Fax Number: (816) 412-9338

        Attention: Kenda K. Tomes

        Email: kenda.tomes@stinson.com

	 	

        with a copy to:

         

        Bass, Berry & Sims PLC

        150 Third Avenue South

        Suite 2800

        Nashville, Tennessee 37201

        Attention: Jay H. Knight

        Email: jknight@bassberry.com

 

		Re:	JPMCC Commercial Mortgage Securities Trust 2015-JP1,
Commercial Mortgage Pass-Through Certificates, Series 2015-JP1

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “JPMCC-JP1 PSA”), between J.P.
Morgan Chase Commercial Mortgage Securities Corp., as depositor, Wells Fargo Bank, National Association, as servicer, Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer, Pentalpha Surveillance LLC, as operating advisor and
as asset representations reviewer, Wells Fargo Bank, National Association, as certificate administrator, and Wilmington Trust,
National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the JPMCC-JP1
PSA.

 

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “GC36 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer (the “GC36
Master Servicer”), Wells Fargo Bank, National Association, as special servicer (in such capacity, the “GC36
Special Servicer”) and as Certificate Administrator (in such capacity, the “GC36 Certificate Administrator”),
Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “GC36 Operating Advisor”) and as asset
representations reviewer (in such capacity, the “GC36 Asset Representations Reviewer”), and Wilmington Trust,
National Association, as trustee (the “GC36 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust
2016-GC36 (the “GC36 Trust”) was established and the Heinz 57 Center Pari Passu Companion Loan was transferred
to the GC36 Trust as of February 17, 2016 (the “Closing Date”).

 

The undersigned hereby
notifies you that, as of the Closing Date:

 

1.           Wilmington Trust,
National Association, as trustee under the GC36 PSA, is the holder of the Heinz 57 Center Pari Passu Companion Loan. You are directed
to remit to KeyBank National Association, as master servicer under the GC36 PSA, all amounts payable to, and to forward, deliver
or otherwise make available, as the case may be, to KeyBank National Association, as master servicer under the GC36 PSA, all reports,
statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to
the Serviced Companion Loan Holder with respect to the Heinz 57 Center Pari Passu Companion Loan under the JPMCC-JP1 PSA and the
Heinz 57 Center Intercreditor Agreement. The wire instructions for KeyBank National Association, as GC36 Master Servicer, are as
follows:

 

    	FF-3-2

    	 

    

 

Bank: KeyBank N.A.

 

Account Name: KeyBank National
Association, as Master Servicer on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36

 

Account #: 359954140810

 

2.           The contact information
for the GC36 Trustee, the GC36 Certificate Administrator, the GC36 Master Servicer, the GC36 Special Servicer, the GC36 Operating
Advisor and the GC36 Asset Representations Reviewer with respect to the Heinz 57 Center Pari Passu Companion Loan is as follows:

 

	GC36 Trustee:	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention:  CMBS Trustee – CGCMT 2016-GC36

Fax Number:  (302) 636-4140
	GC36 Certificate Administrator:	
        Wells Fargo Bank, National
        Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

        Email: cts.cmbs.bond.admin@wellsfargo.com

        

        with a copy to:

         

        Email: trustadministratorgroup@wellsfargo.com

	GC36 Master Servicer:	
        KeyBank National Association

        11501 Outlook Street, Suite
        300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

        Fax number: (877) 379-1625

        Email: diane_c_haislip@keybank.com

         

        with a copy to:

         

        Polsinelli PC

        900 W. 48th Place, Suite
        900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        

        

 

 

    	FF-3-3

    	 

    

 

		
		

        Fax number: (816) 753-1536

        E-mail: kkohring@polsinelli.com

	GC36 Special Servicer:	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

        Fax number: (704) 715-0036

         

        with a copy to

         

        Wells Fargo Bank, National Association, Legal Department

        301 South College Street

        TW-30, D1053-300

        Charlotte, North Carolina 28202-6000

        Attention: Commercial Mortgage Servicing Legal Support

        Fax number: (704) 383-3663

         

        with a copy to

         

        K&L Gates LLP

        Hearst Tower

        214 North Tryon Street

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

        Fax number: (704) 353-3190

         

	GC36 Operating Advisor and GC36 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York, 14228

        Attention: Don Simon, Chief Operating Officer

         

        with a copy to:

         

        Bass, Berry & Sims PLC

        150 Third Avenue South

        Nashville, Tennessee 37201

        Attention: Jay H. Knight

        Email: jknight@bassberry.com

 

 

    	FF-3-4

    	 

    

 

3.
     The GC36 Trust is subject to the reporting requirements of the Exchange Act.

 

4.
     Enclosed herewith is a copy of an executed version of the GC36 PSA.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	FF-3-5

    	 

    

 

EXHIBIT FF-4 

 

FORM OF NOTICE REGARDING OUTSIDE  

SERVICED MORTGAGE LOAN

 

[Date]

 

	
        Wilmington Trust, National Association, as trustee

        1100 North Market Street

        Wilmington, Delaware, 19890

        Attention: Account Name – GSMS 2015-GS1, 

Facsimile number:
        (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com

         

	 	
        Wells Fargo Bank, National Association, as certificate administrator

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: CMBS – GS 2015-GS1

        E-mail: cts.cmbs.bond.admin@wellsfargo.com and
        trustadministrationgroup@wellsfargo.com

         

	
        Wells Fargo Bank, National Association, as special servicer

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street, 14th Floor

        Charlotte, North Carolina 28202

        Attention: GSMC 2015-GS1 Special Servicing - Daniel Marthinsen

        Fax Number: (704) 715-0036

         

        with a copy to:

         

        Wells Fargo Bank, National Association

        Legal Department

        301 South College Street

        TW-30, D1053-300

        Charlotte, North Carolina 28202-6000,

        Attention: Commercial Mortgage Servicing Legal Support

        Fax number: (704) 383-3663

         

        with a copy to:

         

        K&L Gates LLP

        Hearst Tower, 214 North Tryon Street Charlotte, North Carolina
        28202

        Attention: Stacy G. Ackermann

        Fax number: (704) 353-3190

         

	 	
        Midland Loan Services, a Division of PNC Bank, National Association,
        as master servicer

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax number: (913) 253-9001

        Email: NoticeAdmin@midlandls.com

         

        with a copy to:

         

        Stinson Leonard Street LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Fax number: (816) 412-9338

        Attention: Kenda K. Tomes, email: kenda.tomes@stinsonleonard.com

         

        Situs Holdings, LLC, as operating advisor

        2 Embarcadero, Suite 1300

        San Francisco, California 94111

        Attention: Stacey Ciarlanti, Vice President

        Email: Stacey.Ciarlanti@situs.com

         

        with a copy to:

         

        Situs Holdings, LLC

        5065 Westheimer Suite 700E

        

 

    	FF-4-1

    	 

    

 

	 	 	 

	 	 	
        

        Houston, Texas 77052

        Attention: Legal Department

         

        with a copy to:

         

        Kilpatrick Townsend & Stockton LLP

        1100 Peachtree Street NE, Suite 2800

        Atlanta, Georgia 30309-4528

        Attention: Rex R. Veal

        Fax number: (404) 541-3430

        email: rveal@kilpatricktownsend.com

	 	 	 

		Re:	GS Mortgage Securities Trust 2015-GS1, Commercial Mortgage
Pass-Through Certificates, Series 2015-GS1

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of November 1, 2015 (the “GSMS-GS1 PSA”), between GS Mortgage
Securities Corporation II, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
Wells Fargo Bank, National Association, as special servicer, Situs Holdings, LLC, as operating advisor, Wells Fargo Bank, National
Association, as certificate administrator, and Wilmington Trust, National Association, as trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the GSMS-GS1 PSA.

 

The undersigned is
the certificate administrator under the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “GC36 PSA”),
between Citigroup Commercial Mortgage Securities Inc., as depositor, KeyBank National Association, as master servicer (the “GC36
Master Servicer”), Wells Fargo Bank, National Association, as special servicer (in such capacity, the “GC36
Special Servicer”) and as Certificate Administrator (in such capacity, the “GC36 Certificate Administrator”),
Pentalpha Surveillance LLC, as operating advisor (in such capacity, the “GC36 Operating Advisor”) and as asset
representations reviewer (in such capacity, the “GC36 Asset Representations Reviewer”), and Wilmington Trust,
National Association, as trustee (the “GC36 Trustee”), pursuant to which the Citigroup Commercial Mortgage Trust
2016-GC36 (the “GC36 Trust”) was established and the Glenbrook Square Companion Loan, the Westin Boston Waterfront
Companion Loan evidenced by note A-3, the South Plains Mall Companion Loan evidenced by note A-3 and the GSA Portfolio Companion
Loan were transferred to the GC36 Trust as of February 17, 2016 (the “Closing Date”).

 

The undersigned hereby
notifies you that, as of the Closing Date:

 

1.           Wilmington Trust,
National Association, as trustee under the GC36 PSA, is the holder of the Glenbrook Square Companion Loan, the Westin Boston Waterfront
Companion Loan evidenced by note A-3, the South Plains Mall Companion Loan evidenced by note A-3 and the GSA Portfolio Companion
Loan. You are directed to remit to KeyBank National Association, as master servicer under the GC36 PSA, all amounts payable to,
and to forward,

 

    	FF-4-2

    	 

    

 

deliver or otherwise make available, as the case may be, to KeyBank National Association, as master servicer under
the GC36 PSA, all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise
made available to the Serviced Companion Loan Holders with respect to the Glenbrook Square Companion Loan, the Westin Boston Waterfront
Companion Loan evidenced by note A-3, the South Plains Mall Companion Loan evidenced by note A-3 and the GSA Portfolio Companion
Loan under the GSMS-GS1 PSA and the respective Co-Lender Agreements with respect to the Glenbrook Square Whole Loan, the Westin
Boston Waterfront Whole Loan, the South Plains Mall Whole Loan and the GSA Portfolio Whole Loan. The wire instructions for KeyBank
National Association, as GC36 Master Servicer, are as follows:

 

Bank: KeyBank N.A.

 

Account Name: KeyBank National
Association, as Master Servicer on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36

 

Account #: 359954140810

 

2.           The contact information
for the GC36 Trustee, the GC36 Certificate Administrator, the GC36 Master Servicer, the GC36 Special Servicer, the GC36 Operating
Advisor and the GC36 Asset Representations Reviewer with respect to the Glenbrook Square Companion Loan, the Westin Boston Waterfront
Companion Loan evidenced by note A-3, the South Plains Mall Companion Loan evidenced by note A-3 and the GSA Portfolio Companion
Loan is as follows:

 

	GC36 Trustee:	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention:  CMBS Trustee – CGCMT 2016-GC36

Fax Number:  (302) 636-4140
	GC36 Certificate Administrator:	
        Wells Fargo Bank, National
        Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Administration Group – CGCMT 2016-GC36

        Email: cts.cmbs.bond.admin@wellsfargo.com

        

        with a copy to:

        Email: trustadministratorgroup@wellsfargo.com

	GC36 Master Servicer:	
        KeyBank National Association

        

 

    	FF-4-3

    	 

    

 

		
		
        

        11501 Outlook Street,
Suite 300 

        Overland Park, Kansas
66211 

        Attention: Diane Haislip

        Fax number: (877) 379-1625

        Email: diane_c_haislip@keybank.com

         

        with a copy to:

         

        Polsinelli PC

        900 W. 48th Place, Suite
        900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        Fax number: (816) 753-1536

        E-mail: kkohring@polsinelli.com

	GC36 Special Servicer:	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

        Fax number: (704) 715-0036

         

        with a copy to

         

        Wells Fargo Bank, National Association, Legal Department

        301 South College Street

        TW-30, D1053-300

        Charlotte, North Carolina 28202-6000

        Attention: Commercial Mortgage Servicing Legal Support

        Fax number: (704) 383-3663

         

        with a copy to

         

        K&L Gates LLP

        Hearst Tower

        214 North Tryon Street

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

        Fax number: (704) 353-3190

         

 

    	FF-4-4

    	 

    

 

	GC36 Operating Advisor and GC36 Asset Representations Reviewer:	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York, 14228

        Attention: Don Simon, Chief Operating Officer

         

        with a copy to:

         

        Bass, Berry & Sims PLC

        150 Third Avenue South

        Nashville, Tennessee 37201

        Attention: Jay H. Knight

        Email: jknight@bassberry.com

 

3.      The GC36 Trust is subject to the reporting requirements of the Exchange Act.

  

4.      Enclosed herewith is a copy of an executed version of the GC36 PSA.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	FF-4-5

    	 

    

 

EXHIBIT OO

 

FORM OF ASSET REVIEW
REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER5

 

To: [Addresses of Recipients]

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series
2016-GC36

 

Ladies and Gentlemen:

 

In accordance with
Section 11.01 of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed
an Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report.

 

		1.	As described in the detailed scorecard attached hereto as Exhibit A, we have
performed an Asset Review on each Delinquent Loan identified by the Special Servicer and our conclusion is that there is [no evidence
of a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a Test pass or a Test
failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material
Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition,
the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to
the persons listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the Pooling and Servicing Agreement.

	 	 	 
	 	PENTALPHA SURVEILLANCE LLC,

as Asset Representations Reviewer
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

 

 

5
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

    	OO-1

    	 

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

 

	
        Test failures

         

	Loan #	Loan

 Name	R&W

 #	R&W Name	Test

 #	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	44	Lease Estoppels	44c	[Insert Test Description]	[Insert Test findings]
	32	Due on Sale or Encumbrance	32b	 	 

 

    	OO-2

    	 

    

 

EXHIBIT PP

 

FORM OF ASSET REVIEW REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER6

 

To: [Addresses of Recipients]

 

		Re:	Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series
2016-GC36

 

Ladies and Gentlemen:

 

In accordance with
Section 11.01 of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed
an Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report
Summary.

 

		1.	As described in the summary scorecard attached hereto as Exhibit A, we have
performed an Asset Review on each Delinquent Loan identified by the Special Servicer and our conclusion is that there is [no evidence
of a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a Test pass or a Test
failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material
Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition,
the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review
Report Summary to the parties listed above, will not be required to take or participate in any other or further action with respect
to the aforementioned Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the Pooling and Servicing Agreement.

 

 

 

6
This report is an indicative report, and the Asset Representations Reviewer will have the ability
to modify or alter the organization and content of this report, subject to compliance with the terms of the Pooling and Servicing
Agreement, including without limitation, provisions relating to Privileged Information.

 

    	PP-1

    	 

    

 

	 	 	 
	 	PENTALPHA SURVEILLANCE LLC,

as Asset Representations Reviewer
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	
        Test failures

          
	 	 	 	 
	Loan #	Loan Name	Representations and Warranty #	Representation and Warranty Name	Test #
	[Insert Loan #]	[Insert Loan Name]	44	Lease Estoppels	44c
	32	Due on Sale or Encumbrance	32b

 

    	PP-2

    	 

    

Exhibit
QQ

 

ASSET
REVIEW PROCEDURES

 

Exhibit
QQ

 

Pursuant
to the terms and subject to the conditions set forth in the Pooling and Servicing Agreement, the Asset Representations Reviewer
(“Asset Representations Reviewer”) shall perform an Asset Review with respect to each representation and warranty
made by the related Mortgage Loan Seller only with respect to each Delinquent Loan in accordance with the procedures set forth
below (each such procedure, a “Test”). Capitalized terms used herein but not defined herein have the meaning
set forth in the Pooling and Servicing Agreement or, solely with respect to a representation and warranty, the meaning set forth
in the related mortgage loan purchase agreement (the “Mortgage Loan Purchase Agreement”). For the avoidance
of doubt, in connection with the performance of the following Tests:

 

	(A)	With
                                         respect to any representation and warranty that includes a knowledge qualifier (e.g.,
                                         to the Mortgage Loan Seller’s knowledge, etc.), the Asset Representations Reviewer
                                         shall not be responsible for any investigation or review beyond that set forth in the
                                         applicable Test related to such representation and warranty;

 

	(B)	With
                                         respect to any representation and warranty that includes the examination of an insurance
                                         policy, or Title Policy, the Asset Representations Reviewer will be permitted to engage
                                         a qualified consultant to perform a review of the insurance policy or Title Policy, and
                                         will be allowed to rely upon the conclusions of the consultant for the purpose of determining
                                         a Test pass or fail;

 

	(C)	The
                                         Asset Representations Reviewer shall be under no duty to provide or obtain a legal opinion,
                                         legal review or legal conclusion;

 

	(D)	Unless
                                         otherwise provided in the Test, the “as of” date for the testing of a representation
                                         and warranty is as of the Closing Date;

 

	(E)	Unless
                                         otherwise provided in the Test, if there is more than one version of the same document
                                         with respect to a particular Mortgage Loan or Mortgaged Property, the document that will
                                         be used by the Asset Representations Reviewer in testing is the document that is dated
                                         as of the Closing Date or, if none, the document closest prior to the Closing Date;

 

	(F)	With
                                         respect to each representation and warranty and its related Test(s), the Asset Representations
                                         Reviewer shall take into account any exceptions to such representation and warranty described
                                         in a Mortgage Loan Purchase Agreement with respect to a Mortgage Loan, and a Test pass
                                         shall be deemed to have occurred with respect to such Test if the sole reason for not
                                         satisfying the applicable Test is caused by such exception(s); and

 

	(G)	Evidence
                                         of a failure of a Test could result from (i) an affirmative determination by the Asset
                                         Representations Reviewer that the Test failed to achieve a Test pass, or (ii) a determination
                                         by the Asset Representations Reviewer that the documentation included in the Review Materials
                                         (after making such request for any missing documents in the manner provided for in the
                                         Pooling and Servicing Agreement) is not sufficient to perform the Test.

 

The
Asset Representations Reviewer will only be required to perform the Tests described in this Exhibit QQ, and will not be obligated
to perform additional procedures on any Delinquent Loan. Notwithstanding the required Tests, the Asset Representations Reviewer
will not be required to review any information other than (1) the Review Materials specified in the related Test and (2) if applicable,
Unsolicited Information. The Asset Representations Reviewer may, but is under no obligation to, consider Unsolicited Information
relevant to the Tests subject to the terms of the Pooling and Servicing Agreement. If the Asset Representations Reviewer considers
Unsolicited

 

    	QQ-1

    	 

    

 

Information,
the Asset Representations Reviewer shall take into account such Unsolicited Information, in addition to the Review Materials referred
to in the applicable Test(s) procedure when making a determination as to whether there is a Test pass.

 

    	QQ-2

    	 

    

 

	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	1.   Whole
    Loan; Ownership of Mortgage Loans. Except with respect to a Mortgage Loan that is part of a Loan Combination, each Mortgage
    Loan is a whole loan and not a participation interest in a Mortgage Loan. Each Mortgage Loan that is part of a Loan Combination
    is a senior or pari passu portion of a whole loan evidenced by a senior or pari passu note. At the time of the
    sale, transfer and assignment to Depositor, no Mortgage Note or Mortgage was subject to any assignment (other than assignments
    to the Mortgage Loan Seller), participation or pledge, and the Mortgage Loan Seller had good title to, and was the sole owner
    of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership
    interests on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement, any Outside Servicing
    Agreement with respect to an Outside Serviced Mortgage Loan and rights of the holder of a related Companion Loan pursuant
    to a Co-Lender Agreement. The Mortgage Loan Seller has full right and authority to sell, assign and transfer each Mortgage
    Loan, and the assignment to Depositor constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear
    of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan other than the rights
    of the holder of a related Companion Loan pursuant to a Co-Lender Agreement.	1a	Except
    with respect to a Mortgage Loan that is part of a Loan Combination, review the amounts listed on the original Mortgage Note
    and Mortgage for an indication that they match the amounts listed on the Mortgage Loan Schedule. If the amounts are the same,
    then such Mortgage Loan would be considered a whole loan. If there is more than one property then the Mortgage for each Mortgaged
    Property would need to be aggregated. If identified as such, it will be a Test pass.	Mortgage;
    Mortgage Note; loan agreement related to the Mortgage Loan (“Loan Agreement”); Mortgage Loan guaranty;
    Assignment of Leases; and any environmental indemnity (collectively, the “Mortgage Loan Documents”); Mortgage
    Loan Schedule
	1b	If
    a Mortgage Loan is part of a Loan Combination, review the Co-Lender Agreement and the Mortgage(s), Mortgage Note, Loan Agreement,
    and Mortgage Loan Documents for an indication that it is a senior portion (or a pari passu portion) of a whole loan.
    If identified as such, it will be a Test pass.	Mortgage
    Loan Documents; Co-Lender Agreement
	1c	Review
    all Asset Status Reports and Final Asset Status Reports to the extent previously prepared by the Special Servicer (collectively
    referred to in this Exhibit QQ as “Asset Status Reports”) for notation of any Mortgage Note or Mortgage
    that was subject to any assignment (other than assignments to the Mortgage Loan Seller), participation or pledge, or that
    the Mortgage Loan Seller did not have good title to, and was not the sole owner of, each Mortgage Loan free and clear of any
    and all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Mortgage Loan
    other than any servicing rights appointment or similar agreement, any Outside Servicing Agreement with respect to an Outside
    Serviced Mortgage Loan and rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement. If no such
    notation is found, it will be a Test pass.	Asset
    Status Reports
	1d	Review
    the Asset Status Reports for notation of any claim or assertion regarding the Mortgage Loan Seller not having the full right
    and authority to sell, assign and transfer the Mortgage Loan. If such notation is not found, it will be a Test pass.	Asset
    Status Reports
	1e	Review
    the Asset Status Reports for notation of any claim or assertion regarding the assignment to the Depositor not constituting
    a legal, valid and binding assignment of the Mortgage Loan free and clear of any and all liens, pledges, charges or security
    interests of any nature encumbering the Mortgage Loan other than the rights of the holder of a related 	Asset
    Status Reports

 

    	QQ-2

    	 

    

 

	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	 	 	Companion
    Loan pursuant to a Co-Lender Agreement. If such notation is not found, it will be a Test pass.	 
	2.   Loan
                                         Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a
                                         separate instrument), guaranty and other agreement executed by or on behalf of the related
                                         Mortgagor, guarantor or other obligor in connection with such Mortgage Loan is the legal,
                                         valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject
                                         to any non-recourse provisions contained in any of the foregoing agreements and any applicable
                                         state anti-deficiency or market value limit deficiency legislation), as applicable, and
                                         is enforceable in accordance with its terms, except (i) as such enforcement may be limited
                                         by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other
                                         similar laws affecting the enforcement of creditors’ rights generally and (b) general
                                         principles of equity (regardless of whether such enforcement is considered in a proceeding
                                         in equity or at law) and (ii) that certain provisions in such Loan Documents (including,
                                         without limitation, provisions requiring the payment of default interest, late fees or
                                         prepayment/yield maintenance fees, charges and/or premiums) are, or may be, further limited
                                         or rendered unenforceable by or under applicable law, but (subject to the limitations
                                         set forth in clause (i) above) such limitations or unenforceability will not render such
                                         Loan Documents invalid as a whole or materially interfere with the Mortgagee’s
                                         realization of the principal benefits and/or security provided thereby (clauses (i) and
                                         (ii) collectively, the “Standard Qualifications”).
         

        Except
as set forth in the immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available
to the related Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Loan Documents, including, without
limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by the Mortgage Loan Seller in connection
with the origination of the Mortgage Loan, that would deny the Mortgagee the principal benefits intended to be provided by the
Mortgage Note, Mortgage or other Loan Documents. 
	2a	Review
    the opinion of Mortgagor’s counsel (“Mortgagor’s Counsel Opinion”) for an indication that it
    contains language that the related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and
    other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Mortgage
    Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse
    provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency
    legislation), as applicable, and is enforceable in accordance with its terms, except as specified in representation and warranty
    2. If such indication exists, it will be a Test pass.	Mortgagor’s
    Counsel Opinion
	2b	Review
    the Asset Status Reports for notation of any valid offset, defense, counterclaim or right of rescission available to the related
    Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan Documents, including, without
    limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by the Mortgage Loan Seller in
    connection with the origination of the Mortgage Loan, that would deny the Mortgagee (as defined in the related Mortgage Loan
    Purchase Agreement) the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage Loan Documents.
    If no such notation is found, it will be a Test pass.	Asset
    Status Reports
	3.   Mortgage
                                         Provisions. The Loan Documents for each Mortgage	3a	Review
    the Mortgage Loan Documents and Mortgagor’s	Mortgage
    Loan Documents; 

 

    	QQ-3

    	 

    

 

	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	Loan
                                         contain provisions that render the rights and remedies of the holder thereof adequate
                                         for the practical realization against the Mortgaged Property of the principal benefits
                                         of the security intended to be provided thereby, including realization by judicial or,
                                         if applicable, nonjudicial foreclosure subject to the limitations set forth in the Standard
                                         Qualifications.
	 	Counsel
    Opinion for an indication that the Mortgage Loan Documents contain provisions that render the rights and remedies of the holder
    thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended
    to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure subject to the limitations
    set forth in the Standard Qualifications (as defined in representation and warranty 2). If such indication exists, it will
    be a Test pass.	Mortgagor’s
    Counsel Opinion
	4.   Mortgage
Status; Waivers and Modifications. Since origination and except by written instruments set forth in the related Mortgage File
(a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty, and related Loan Documents have not been waived,
impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially interferes with the
security intended to be provided by such Mortgage; (b) no related Mortgaged Property or any portion thereof has been released
from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such
Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the related Mortgagor nor
the related guarantor has been released from its material obligations under the Mortgage Loan.
	4a	Review
    the Mortgage Loan Documents and the Asset Status Reports for an indication that the material terms of the Mortgage
    Loan Documents have been waived, impaired, modified, altered, satisfied, cancelled, subordinated or rescinded in any
    respect which materially interferes with the security intended to be provided by such Mortgage since origination, except by
    written instruments set forth in the related Mortgage File. If no such indication is found, it will be a Test pass.	Mortgage
    Loan Documents; Asset Status Reports
	4b	Review
    the Asset Status Reports and Mortgage Loan Documents for an indication that a related Mortgaged Property, or any portion thereof,
    has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended
    to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property since origination
    except by written instruments set forth in the related Mortgage File. If no such indication is found, it will be a Test pass.	Asset
    Status Reports; Mortgage Loan Documents
	4c	Review
the Asset Status Reports and Mortgage Loan Documents for notation that the related Mortgagor and/or the related guarantor has
been released from its or their material obligations under the Mortgage Loan since origination except by written instruments set
forth in the related Mortgage File. If no such notation is found, it will be a Test pass.
	Asset
    Status Reports; Mortgage Loan Documents
	5.   Lien;
                                         Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage
                                         and assignment of Assignment of Leases to the Trust Fund constitutes a legal, valid and
                                         binding assignment to the Trust Fund. Each related Mortgage and Assignment of Leases
                                         is freely assignable without the consent of the related Mortgagor. Each related Mortgage
                                         is a legal, valid
	5a	Review
    the Asset Status Reports for notation that any assignment of Mortgage and assignment of Assignment of Leases to the Trust
    Fund does not constitute a legal, valid and binding assignment to the Trust Fund, subject to the Standard Qualifications.
    If no such notation is found, it will be a Test pass.	Asset
    Status Reports

 

    	QQ-4

    	 

    

 

	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	and
    enforceable first lien on the related Mortgagor’s fee (or if identified on the Mortgage Loan Schedule, leasehold) interest
    in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated loan amount (subject only to Permitted
    Encumbrances (as defined below) and the exceptions to paragraph (6) set forth on Exhibit C of the related Mortgage
    Loan Purchase Agreement (each such exception, a “Title Exception”)), except as the enforcement thereof
    may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and
    the Title Exceptions) as of origination was, and as of the Cut-Off Date, to the Mortgage Loan Seller’s knowledge, is
    free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances
    which are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured
    against by a lender’s title insurance policy (as described below), and, to the Mortgage Loan Seller’s knowledge
    and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions),
    no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien
    of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance
    policy (as described below). Notwithstanding anything herein to the contrary, no representation is made as to the perfection
    of any security interest in rents or other personal property to the extent that possession or control of such items or actions
    other than the filing of Uniform Commercial Code financing statements is required in order to effect such perfection.	5b	Review
    the Mortgage for each Mortgaged Property and the Assignment of Leases for each Mortgaged Property for an indication that the
    related Mortgage and Assignment of Leases is not freely assignable without the consent of the related Mortgagor. If no such
    indication is found, it will be a Test pass.	Mortgage;
    Assignment of Leases
	5c	Review
    the Title Policy (as defined in representation and warranty 6) for an indication that each related Mortgage is a legal, valid
    and enforceable first lien on the related Mortgagor’s fee (or if identified on the Mortgage Loan Schedule, leasehold)
    interest in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated loan amount (subject only to
    Permitted Encumbrances (as defined in representation and warranty 6) and the exceptions to representation and warranty 6 set
    forth on Exhibit C to the related Mortgage Loan Purchase Agreement (each such exception, a “Title Exception”)),
    except as the enforcement thereof may be limited by the Standard Qualifications. Compare the amount of the Title Policy to
    the principal amount of the Mortgage Loan or allocated loan amount to confirm they are equivalent. If such indication and
    evidence is found, it will be a Test pass.	Title
    Policy
	5d	Review
                                         the Asset Status Reports for notation that each Mortgaged Property (subject to and excepting
                                         Permitted Encumbrances and the Title Exceptions) as of origination, and as of the Cut-Off
                                         Date, was not to the Mortgage Loan Seller’s knowledge, free and clear of any recorded
                                         mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances
                                         which are prior to or equal with the lien of the related Mortgage, except those which
                                         are bonded over, escrowed for or insured against by a lender’s title insurance
                                         policy (as described in representation and warranty 6). If no such notation is found,
                                         it will be a Test pass.
	Asset
    Status Reports

 

    	QQ-5

    	 

    

 

	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	 	5e	Review
    the Asset Status Reports for notation that to the Mortgage Loan Seller’s knowledge, and subject to the rights of tenants
    (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), rights exist which under law
    could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except
    those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described in representation
    and warranty 6). If no such notation is found, it will be a Test pass.	Asset
    Status Reports
	6.   Permitted
    Liens; Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association
    loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction
    (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a “marked
    up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the original principal
    amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least
    the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including
    any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage,
    the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water
    charges, sewer rents and assessments due and payable but not yet delinquent; (b) covenants, conditions and restrictions, rights
    of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in
    such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants
    only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; (f) if
    the related Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage
    Loan contained in the same Cross-Collateralized Group; and (g) if the related Mortgage Loan is part of a Loan Combination,
    the rights of the holder(s) of the related Companion Loan(s)	6a	Review
    the Title Policy for an indication that it is an American Land Title Association loan title insurance policy or another comparable
    form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued,
    by a pro forma policy, a preliminary title policy with escrow instructions or a “marked up” commitment, in each
    case binding on the title insurer), and that the amount of the policy covers the original principal amount of the Mortgage
    Loan or, for multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for
    each such property after all advances of principal (including any advances held in escrow or reserves). If such indication
    exists, it will be a Test pass.	Title
    Policy; Mortgage Loan Documents
	6b	Review
    the Title Policy for an indication that it insures for the benefit of the owner of the indebtedness secured by the Mortgage,
    and represents a first priority lien of the Mortgage, which lien may be subject only to clauses (a) through (g) of representation
    and warranty 6. If such indication exists, it will be a Test pass.	Title
    Policy
	6c	Review
    the Title Policy for an indication that, except as contemplated by clauses (f) and (g) of representation and warranty 6, none
    of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related
    Mortgage. If such an indication is found, it will be a Test pass.	Title
    Policy
	6d	Review
    the Title Policy for an indication that the Title Policy (or, if it has yet to be issued, the coverage to be provided thereby)
    is in full force and effect, all premiums thereon have been paid and no claims have been made by the Mortgage Loan 	Title
    Policy

 

    	QQ-6

    	 

    

 

	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	pursuant
                                         to the related Co-Lender Agreement; provided that none of items (a) through (g), individually
                                         or in the aggregate, materially and adversely interferes with the value or current use
                                         of the Mortgaged Property or the security intended to be provided by such Mortgage or
                                         the Mortgagor’s ability to pay its obligations when they become due (collectively,
                                         the “Permitted Encumbrances”). Except as contemplated by clauses (f)
                                         and (g) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens
                                         that are senior to or coordinate and co-equal with the lien of the related Mortgage.
                                         Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby)
                                         is in full force and effect, all premiums thereon have been paid and no claims have been
                                         made by the Mortgage Loan Seller thereunder and no claims have been paid thereunder.
                                         Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller’s knowledge,
                                         any other holder of the Mortgage Loan, has done, by act or omission, anything that would
                                         materially impair the coverage under such Title Policy.
	 	Seller
    thereunder and no claims have been paid thereunder. If such indication is found, it will be a Test pass.	
	6e	Review
    the Asset Status Reports for notation that either the Mortgage Loan Seller or, to the Mortgage Loan Seller’s knowledge,
    any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under
    the related Title Policy. If no such notation is found, it will be a Test pass.	Asset
    Status Reports
	7.   Junior
                                         Liens. It being understood that B notes secured by the same Mortgage as a Mortgage
                                         Loan are not subordinate mortgages or junior liens, except for any Mortgage Loan that
                                         is cross-collateralized and cross-defaulted with another Mortgage Loan, there are no
                                         subordinate mortgages or junior liens securing the payment of money encumbering the related
                                         Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes
                                         and assessments, mechanics’ and materialmen’s liens (which are the subject
                                         of representation and warranty 5 above), and equipment and other personal property financing).
                                         Except as set forth on Exhibit B-30-1 of the related Mortgage Loan Purchase Agreement,
                                         the Mortgage Loan Seller has no knowledge of any mezzanine debt secured directly by interests
                                         in the related Mortgagor.
	7a	Review
                                         the Title Policy for an indication, except for any Mortgage Loan that is cross-collateralized
                                         and cross-defaulted with another Mortgage Loan, of subordinate mortgages or junior liens
                                         securing the payment of money encumbering the Mortgaged Property (other than Permitted
                                         Encumbrances and the Title Exceptions, taxes and assessments, mechanics’ and materialmen’s
                                         liens (which are the subject of representation and warranty 5), and equipment and other
                                         personal property financing). If no such indication is found, it will be a Test pass.
	Title
    Policy
	7b	Review
                                         the Asset Status Reports for notation that the Mortgage Loan Seller had knowledge of
                                         any mezzanine debt secured directly by interests in the related Mortgagor (except as
                                         set forth on Exhibit B-30-1 to the related Mortgage Loan Purchase Agreement).
                                         If no such notation is found it will be a Test pass.
	Asset
    Status Reports; Mortgage Loan Purchase Agreement
	8.   Assignment
    of Leases and Rents. There exists as part of the
	8a	Review
                                         the Mortgage File for an indication that an Assignment
	Mortgage
    File; Assignment of 

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	related
    Mortgage File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject
    to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases creates a valid first-priority collateral
    assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or
    leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations
    of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement
    thereof may be limited by the Standard Qualifications. The related Mortgage or related Assignment of Leases, subject to applicable
    law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection
    of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the
    Mortgagee.	 	of
                                         Leases (either as a separate instrument or incorporated into the related Mortgage) exists
                                         as part of the Mortgage File. If such indication is found, it will be a Test pass.
	Leases
	8b	Review
                                         the Title Policy for an indication that, subject to the Permitted Encumbrances and the
                                         Title Exceptions, each related Assignment of Leases creates a valid first-priority collateral
                                         assignment of, or a valid first-priority lien or security interest in, rents and certain
                                         rights under the related lease or leases, subject only to a license granted to the related
                                         Mortgagor to exercise certain rights and to perform certain obligations of the lessor
                                         under such lease or leases, including the right to operate the related leased property,
                                         except as the enforcement thereof may be limited by the Standard Qualifications. If each
                                         is confirmed, it will be a Test pass.
	Title
    Policy; Assignment of Leases
	8c	Review
    the Mortgage Loan Documents for an indication that, subject to applicable law, upon an event of default under the Mortgage
    Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession
    to collect the rents or for rents to be paid directly to the Mortgagee. If such indication is found, it will be a Test pass.	Mortgage
    Loan Documents
	9.   UCC
    Filings. If the related Mortgaged Property is operated as a hospitality property, the Mortgage Loan Seller has filed and/or
    recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, submitted in proper form for filing and/or
    recording), UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the
    origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably
    necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other
    than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback
    financing arrangement as permitted under the terms of the related Loan Documents or any other personal property leases applicable
    to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as
    the case may be. Subject to the Standard	9a	Review
                                         the Appraisal to determine if the Mortgaged Property is a hospitality property. If so,
                                         review the Asset Status Reports for notation that the Mortgage Loan Seller has not filed
                                         and/or recorded, or has not caused to be filed and/or recorded (or, if not filed and/or
                                         recorded, has not submitted in proper form for filing and/or recording), UCC financing
                                         statements in the appropriate public filing and/or recording offices necessary at the
                                         time of the origination of the Mortgage Loan to perfect a valid security interest in
                                         all items of physical personal property reasonably necessary to operate such Mortgaged
                                         Property owned by such Mortgagor and located on the related Mortgaged Property (other
                                         than any non-material personal property, any personal property subject to a purchase
                                         money security interest, a sale and leaseback financing arrangement as permitted under
                                         the terms of the related Mortgage Loan documents or any other personal property leases
                                         applicable to such personal property), to the extent perfection may be effected pursuant
                                         to applicable law by
	Appraisal;
    Asset Status Reports

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	Qualifications,
    each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of
    personalty described above. No representation is made as to the perfection of any security interest in rents or other personal
    property to the extent that possession or control of such items or actions other than the filing of UCC financing statements
    are required in order to effect such perfection.
	 	recording
                                         or filing, as the case may be. If no such notation is found, it will be a Test pass.
	 
	9b	Review
    the Mortgage (or equivalent document) for an indication that, subject to the Standard Qualifications, each related Mortgage
    (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described in
    representation and warranty 9. If such indication is found, it will be a Test pass.	Mortgage
	10.  Condition
                                         of Property. The Mortgage Loan Seller or the originator of the Mortgage Loan inspected
                                         or caused to be inspected each related Mortgaged Property within six months of origination
                                         of the Mortgage Loan and within thirteen months of the Cut-Off Date.

         

        An
        engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan
        no more than thirteen months prior to the Cut-Off Date. To the Mortgage Loan Seller’s knowledge, based solely upon
        due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing
        Date, each related Mortgaged Property was free and clear of any material damage (other than deferred maintenance for which
        escrows were established at origination) that would affect materially and adversely the use or value of such Mortgaged
        Property as security for the Mortgage Loan.
	10a	Review
    the property inspection report in the Diligence File for an indication that it is dated within six months of the origination
    date, and within thirteen (13) months of the Cut-Off Date. If such indication is found, it will be a Test pass.	Property
    Inspection Report
	10b	Review
    the engineering report (the “Engineering Report”) or property condition assessment (the “Property
    Condition Assessment”) in the Diligence File for an indication that it was dated no more than thirteen (13) months
    prior to the Cut-Off Date. If such indication is found, it will be a Test pass.	Engineering
    Report; Property Condition Assessment
	10c	Review
    the Asset Status Reports for a notation that, to the Mortgage Loan Seller’s knowledge, based solely upon due diligence
    customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, a related Mortgaged
    Property was not free and clear of any material damage (other than deferred maintenance for which escrows were established
    at origination) that would affect materially and adversely the use or value of such Mortgaged Property as security for the
    Mortgage Loan. If no such notation is found, it will be a Test pass.	Asset
    Status Reports
	11. Taxes
    and Assessments. All taxes, governmental assessments and other outstanding governmental charges (including, without limitation,
    water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property that would be
    of equal or superior priority to the lien of the Mortgage and that prior to the Cut-Off Date have become
	11a	Review
    the Asset Status Reports for notation that any taxes, governmental assessments and other outstanding governmental charges
    (including, without limitation, water and sewage charges), or installments thereof that could be a lien on the related Mortgaged
    Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-Off 	Asset
    Status Reports

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	delinquent
    in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient
    to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation
    and warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof
    shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable
    thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.
	 	Date
                                         have become delinquent in respect of each related Mortgaged Property have not been paid,
                                         or an escrow of funds has not been established in an amount sufficient to cover such
                                         payments and reasonably estimated interest and penalties, if any, thereon; provided that,
                                         real estate taxes and governmental assessments and other outstanding governmental charges
                                         and installments thereof shall not be considered delinquent until the earlier of (a)
                                         the date on which interest and/or penalties would first be payable thereon and (b) the
                                         date on which enforcement action is entitled to be taken by the related taxing authority.
                                         If such no such notation is found, it will be a Test pass.
	 
	12.   Condemnation.
                                         As of the date of origination and to the Mortgage Loan Seller’s knowledge as of
                                         the Cut-Off Date, there is no proceeding pending, and, to the Mortgage Loan Seller’s
                                         knowledge as of the date of origination and as of the Cut-Off Date, there is no proceeding
                                         threatened, for the total or partial condemnation of such Mortgaged Property that would
                                         have a material adverse effect on the value, use or operation of the Mortgaged Property.
	12a	Review
    the Asset Status Reports for notation of any proceeding pending, as of the origination date and to the Mortgage Loan Seller’s
    knowledge as of the Cut-Off Date, or threatened, to the Mortgage Loan Seller’s knowledge, as of the origination date
    and as of the Cut-Off Date, for the total or partial condemnation of such Mortgaged Property. If no such notation is found,
    it will be a Test pass.	Asset
    Status Reports
	13.   Actions
    Concerning Mortgage Loan. As of the date of origination and to the Mortgage Loan Seller’s knowledge as of the Cut-Off
    Date, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor,
    guarantor, or Mortgagor’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected
    to materially and adversely affect (a) such Mortgagor’s title to the Mortgaged Property, (b) the validity or enforceability
    of the Mortgage, (c) such Mortgagor’s ability to perform under the related Mortgage Loan, (d) such guarantor’s
    ability to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by the Loan
    Documents or (f) the current principal use of the Mortgaged Property.
	13a	Review
                                         the Mortgagor’s Counsel Opinion and Asset Status Reports for an indication of a
                                         pending or filed action, suit or proceeding, arbitration or governmental investigation
                                         involving any Mortgagor, guarantor, or Mortgagor’s interest in the Mortgaged Property
                                         that existed on the origination date, and review the Asset Status Reports for notation
                                         that the Mortgage Loan Seller had knowledge of same as of the Closing Date. If such indication
                                         or notation is not found, it will be a Test pass.
	Mortgagor’s
    Counsel Opinion; Asset Status Reports
	13b	Review
    the Asset Status Reports for notation of adverse outcome of any such pending, filed or threatened action, suit or proceeding,
    arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgaged Property would adversely affect
    the matters set forth in clauses (a)-(f) of representation and warranty 13. If no such notation is found, it will be a Test
    pass.	Asset
    Status Reports

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	14. Escrow
    Deposits. All escrow deposits and payments required to be escrowed with Mortgagee pursuant to each Mortgage Loan are in
    the possession, or under the control, of the Mortgage Loan Seller or its servicer, and there are no deficiencies (subject
    to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto)
    that are required to be escrowed with Mortgagee under the related Loan Documents are being conveyed by the Mortgage Loan Seller
    to Depositor or its servicer.
	14a	Review
    the Asset Status Reports for an indication of any escrow deposits and payments required to be escrowed with the Mortgagee
    pursuant to the Mortgage Loan not in the Mortgage Loan Seller’s or its servicer’s possession or control. If no
    such notation is found, it will be a Test pass.	Asset
    Status Reports
	14b	Review
    the Asset Status Reports for notation of any deficiencies (subject to any applicable grace or cure periods) in connection
    with escrow deposits and payments required to be escrowed with the Mortgagee pursuant to the Mortgage Loan, or that such escrows
    and deposits (or the right thereto) that are required to be escrowed with the Mortgagee under the related Mortgage Loan Documents
    have not been conveyed by the Mortgage Loan Seller to Depositor or its servicer. If no such notation is found, it will be
    a Test pass.	Asset
    Status Reports
	15. No
                                         Holdbacks. The principal amount of the Mortgage Loan stated on the Mortgage Loan
                                         Schedule has been fully disbursed as of the Closing Date and there is no requirement
                                         for future advances thereunder (except in those cases where the full amount of the Mortgage
                                         Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts
                                         pending the satisfaction of certain conditions relating to leasing, repairs or other
                                         matters with respect to the related Mortgaged Property, the Mortgagor or other considerations
                                         determined by the Mortgage Loan Seller to merit such holdback).
	15a	Review
    the Mortgage Loan Documents, the Mortgage Loan Schedule and the related closing settlement statement (the “Closing
    Settlement Statement”) for an indication that the principal amount of the Mortgage Loan stated on the Mortgage Loan
    Schedule was fully disbursed as of the Closing Date. If such an indication is found, it will be a Test pass.	Mortgage
    Loan Documents; Mortgage Loan Schedule; Closing Settlement Statement
	15b	Review
                                         the Mortgage Loan Documents for an indication that there is a requirement for future
                                         advances under the Mortgage Loan (except in those cases where the full amount of the
                                         Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve
                                         accounts pending the satisfaction of certain conditions relating to leasing, repairs
                                         or other matters with respect to the related Mortgaged Property, the Mortgagor or other
                                         considerations determined by the Mortgage Loan Seller to merit such holdback). If no
                                         such indication is found, it will be a Test pass.
	Mortgage
    Loan Documents 
	16. Insurance.
    Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance
    policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all
    risk form” that includes replacement cost valuation issued by an insurer meeting the requirements of the related Loan
    Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best Company
    or “A3” (or the
	16a	Review
    the insurance summary report (the “Insurance Summary Report”) for an indication that the Mortgaged Property
    is insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special
    cause of loss form” or “all-risk form” that includes replacement cost valuation issued by an insurer meeting
    the requirements of the Mortgage Loan Documents and Insurance Rating Requirements, in an amount (subject to a customary deductible)
    not less than 	Insurance
    Summary Report

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	equivalent)
                                         from Moody’s Investors Service, Inc. or “A-” from Standard & Poor’s
                                         Ratings Services (collectively the “Insurance Rating Requirements”),
                                         in an amount (subject to a customary deductible) not less than the lesser of (1) the
                                         original principal balance of the Mortgage Loan and (2) the full insurable value on a
                                         replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment
                                         owned by the Mortgagor and included in the Mortgaged Property (with no deduction for
                                         physical depreciation), but, in any event, not less than the amount necessary or containing
                                         such endorsements as are necessary to avoid the operation of any coinsurance provisions
                                         with respect to the related Mortgaged Property.

         

        Each
        related Mortgaged Property is also covered, and required to be covered pursuant to the related Loan Documents, by business
        interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months
        (or with respect to each Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months).

         

        If
        any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified
        in the Federal Register by the Federal Emergency Management Agency as a “Special Flood Hazard Area,” the related
        Mortgagor is required to maintain insurance in the maximum amount available under the National Flood Insurance Program.

         

        If
        the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida,
        Georgia, South Carolina or North Carolina, the related Mortgagor is required to maintain coverage for windstorm and/or
        windstorm related perils and/or “named storms” issued by an insurer meeting the Insurance Rating Requirements
        or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms.

         

        The
        Mortgaged Property is covered, and required to be covered pursuant to the related Loan Documents, by a commercial general
        liability insurance policy issued by an insurer meeting the Insurance
	 	the
    lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable value on a replacement cost basis
    of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property
    (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements
    as are necessary to avoid the operation of any coinsurance provisions with respect to the Mortgaged Property. If such indication
    is found, it will be a Test pass.	 
	16b	Review
                                         the Mortgage Loan Documents for provisions requiring the insurance coverage as stated
                                         in Test 16a above. If such provisions are found, it will be a Test pass.
	Mortgage
    Loan Documents
	16c	Review
                                         the Insurance Summary Report for an indication that each related Mortgaged Property is
                                         covered by business interruption or rental loss insurance which covers (subject to a
                                         customary deductible) a period of not less than 12 months (or with respect to each Mortgage
                                         Loan on a single asset with a principal balance of $50 million or more, 18 months). If
                                         such indication is found, it will be a Test pass.
	Insurance
    Summary Report 
	16d	Review
                                         the Mortgage Loan Documents for provisions requiring the insurance coverage as stated
                                         in Test 16c above. If such provisions are found, it will be a Test pass.
	Mortgage
    Loan Documents
	16e	Review
    the Mortgage Loan Documents for provisions requiring that if any material part of the improvements, exclusive of a parking
    lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management
    Agency as a “Special Flood Hazard Area,” the related Mortgagor is required to maintain insurance in the	Mortgage
    Loan Documents

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	Rating
                                         Requirements including coverage for property damage, contractual damage and personal
                                         injury (including bodily injury and death) in amounts as are generally required by prudent
                                         institutional commercial mortgage lenders, and in any event not less than $1 million
                                         per occurrence and $2 million in the aggregate.

         

        An
        architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic
        zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing
        the scenario expected limit (“SEL”) for the Mortgaged Property in the event of an earthquake. In such
        instance, the SEL was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance.
        If the resulting report concluded that the SEL would exceed 20% of the amount of the replacement costs of the improvements,
        earthquake insurance on such Mortgaged Property was obtained from an insurer rated at least “A:VIII” by A.M.
        Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by
        Standard & Poor’s Ratings Services in an amount not less than 100% of the SEL.

         

        The
        Loan Documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration
        of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding
        principal amount of the related Mortgage Loan (or related Loan Combination), the Mortgagee (or a trustee appointed by
        it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment
        of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon.

         

        All
        premiums on all insurance policies referred to in this section required to be paid as of the Cut-Off Date have been paid,
        and such insurance policies name the Mortgagee under the Mortgage Loan and its successors and assigns as a loss payee
        under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional
        insured. Such insurance policies will inure to the benefit of the Trustee. Each related Mortgage Loan
	 	maximum
                                         amount available under the National Flood Insurance Program. If such provisions are found,
                                         it will be a Test pass.
	 
	16f	Review
                                         the Mortgage Loan Documents for provisions requiring that if the Mortgaged Property is
                                         located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida,
                                         Georgia, South Carolina or North Carolina, the related Mortgagor is required to maintain
                                         coverage for windstorm and/or windstorm related perils and/or “named storms”
                                         issued by an insurer meeting the Insurance Rating Requirements or endorsement covering
                                         damage from windstorm and/or windstorm related perils and/or named storms. If such provisions
                                         are found, it will be a Test pass.
	Mortgage
    Loan Documents
	16g	Review
                                         the Insurance Summary Report for an indication that the Mortgaged Property is covered
                                         by a commercial general liability insurance policy issued by an insurer meeting the Insurance
                                         Rating Requirements including coverage for property damage, contractual damage and personal
                                         injury (including bodily injury and death) in amounts as are generally required by prudent
                                         institutional commercial mortgage lenders, and in any event not less than $1 million
                                         per occurrence and $2 million in the aggregate. If such indication is found, it will
                                         be a Test pass.
	Insurance
    Summary Report
	16h	Review
                                         the Mortgage Loan Documents for provisions requiring the insurance coverage as stated
                                         in Test 16g above. If such provisions are found, it will be a Test pass.
	Mortgage
    Loan Documents
	16i	Review
    the Diligence File for an architectural or engineering analysis of each of the Mortgaged Properties located in seismic zones
    3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the SEL
    for the Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period,
    an exposure period of 50 years and a 10% probability of exceedance. If such a report is found, it will be a Test pass.	Architectural
    or engineering analysis assessing the SEL.

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	obligates
    the related Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes the Mortgagee
    to maintain such insurance at the Mortgagor’s reasonable cost and expense and to charge such Mortgagor for related premiums.
    All such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the
    Mortgagee of termination or cancellation arising because of nonpayment of a premium and at least 30 days’ prior notice
    to the Mortgagee of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable
    law) arising for any reason other than non-payment of a premium and no such notice has been received by the Mortgage Loan
    Seller.	 	 	 
	16j	If
                                         the resulting report referenced in Test 16i concluded that the SEL would exceed 20% of
                                         the amount of the replacement costs of the improvements, review the Insurance Summary
                                         Report for an indication that earthquake insurance on such Mortgaged Property was obtained
                                         from an insurer rated at least “A:VIII” by A.M. Best Company or “A3”
                                         (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by
                                         Standard & Poor’s Ratings Services in an amount not less than 100% of the SEL.
                                         If such indication is found, it will be a Test pass.
	Insurance
    Summary Report
	16k	Review
    the Mortgage Loan Documents for provisions that require insurance proceeds in respect of a property loss to be applied either
    (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in
    excess of 5% of the then outstanding principal amount of the related Mortgage Loan (or related Loan Combination), the Mortgagee
    (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses,
    or (b) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon.
    If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	16l	Review
    the Insurance Summary Report for an indication that all premiums on all insurance policies referred to in representation and
    warranty 16 required to be paid as of the Cut-Off Date have been paid, and such insurance policies name the Mortgagee under
    the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the
    general liability insurance policy, as named or additional insured. If such evidence is found, it will be a Test pass.	Insurance
    Summary Report
	16m	Review
    the Insurance Summary Report to the benefit of the Trustee. If such indication is found, it will be a Test pass.	Insurance
    Summary Report
	16n	Review
    the Mortgage Loan Documents for an indication that any Mortgage Loan obligates the Mortgagor to maintain all such insurance
    and, at such Mortgagor’s failure to do so, authorizes 	Mortgage
    Loan Documents

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	 	 	the
    Mortgagee to maintain such insurance at the Mortgagor’s cost and expense and to charge such Mortgagor for related premiums.
    If such indication is found, it will be a Test pass.	 
	16o	Review
                                         the Insurance Summary Report for an indication that the insurance policies (other than
                                         commercial liability policies) require at least 10 days’ prior notice to the Mortgagee
                                         of termination or cancellation arising because of nonpayment of a premium and at least
                                         30 days’ prior notice to the Mortgagee of termination or cancellation (or such
                                         lesser period, not less than 10 days, as may be required by applicable law) arising for
                                         any reason other than non-payment of a premium. If such indication is found, it will
                                         be a Test pass.
	Insurance
    Summary Report
	16p	Review
                                         the Asset Status Reports for notation that any notice described in Test 16o may have
                                         been received by the Mortgage Loan Seller. If no such notation is found, it will be a
                                         Test pass.
	Asset
    Status Reports
	17. Access;
    Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal
    access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from
    a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic)
    and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes
    one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject
    to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has
    been,	17a	Review
    the zoning report (the “Zoning Report”) for an indication that each Mortgaged Property is located on or
    adjacent to a public road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable
    right of way permitting ingress and egress to/from a public road. If such indication is found, it will be a Test pass.	Zoning
    Report
	17b	Review
    the Zoning Report for an indication that each Mortgaged Property is served by or has uninhibited access rights to public or
    private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use
    of the Mortgaged Property. If such indication is found, it will be a Test pass.	Zoning
    Report

 

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	Representations
    and Warranties	Test
    #	Test	Review
    Materials
	or
    will be, made to the applicable governing authority for creation of separate tax lots, in which case the Mortgage Loan requires
    the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a
    part until the separate tax lots are created.	17c	Review
    the Title Policy for an indication that each Mortgaged Property constitutes one or more separate tax parcels and does not
    include any property which is not part of the Mortgaged Property or is subject to an endorsement under the most recently dated
    Title Policy insuring the Mortgaged Property, or in certain cases, an application has been or will be made to the applicable
    governing authority for creation of separate tax lots, in which case any Mortgage Loan requires the Mortgagor to escrow an
    amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax
    lots are created. If such indication is found, it will be a Test pass.	Title
    Policy
	18.  No
    Encroachments. To the Mortgage Loan Seller’s knowledge based solely on surveys obtained in connection with origination
    and the Mortgagee’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title
    policy with escrow instructions or a “marked up” commitment) obtained in connection with the origination of each
    Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related
    Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged
    Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property
    or for which insurance or endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach
    onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value or current
    use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements
    encroach upon any easements except for encroachments the removal of which would not materially and adversely affect the value
    or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.	18a	Review
                                         the survey (the “Survey”) and Title Policy (or, if such policy is
                                         not yet issued, a pro forma title policy, a preliminary title policy with escrow instructions
                                         or a “marked up” commitment) for an indication that all material improvements
                                         that were included for the purpose of determining the appraised value of the Mortgaged
                                         Property at the time of the origination of such Mortgage Loan are within the boundaries
                                         of the related Mortgaged Property, except encroachments that do not materially and adversely
                                         affect the value or current use of such Mortgaged Property, or are insured by applicable
                                         provisions of the most recently dated Title Policy. If such an indication is found, it
                                         will be a Test pass.
	Survey;
    Title Policy
	18b	Review
                                         the survey and Title Policy for an indication that there exist improvements on adjoining
                                         parcels that encroach onto the Mortgaged Property that could materially and adversely
                                         affect the value or current use of such Mortgaged Property, which are not insured by
                                         applicable provisions of the most recently dated Title Policy. If no such indication
                                         is found, it will be a Test pass.
	Survey;
    Title Policy
	18c	Review
    the survey or Title Policy for an indication that there exist improvements that encroach upon any easements and the removal
    of such encroachments could materially and adversely affect the value or current use of such Mortgaged Property and are not
    insured by applicable provisions of the most recently dated Title Policy. If no such indication is found, it will be a 	Survey;
    Title Policy

 

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	Representations
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    #	Test	Review
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	 	 	Test
                                         pass.
	 
	19. No
    Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any other contingent
    interest feature or a negative amortization feature or an equity participation by the Mortgage Loan Seller (except that any
    ARD Mortgage Loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to its related
    Anticipated Repayment Date).
	19a	Review
                                         the Asset Status Reports for notation of shared appreciation or any other contingent
                                         interest provisions. Review the Mortgage Loan Documents for an indication of any negative
                                         amortization feature (other than the accrual of the portion of interest on any ARD Mortgage
                                         Loan in excess of the rate in effect prior to its related Anticipated Repayment Date),
                                         or an equity participation provision by the Mortgage Loan Seller. If no such notation
                                         or indication is found, it will be a Test pass.
	Asset
    Status Reports; Mortgage Loan Documents 
	20. REMIC.
                                         The Mortgage Loan is a “qualified mortgage” within the meaning of Section
                                         860G(a)(3) of the Code (but determined without regard to the rule in Treasury Regulations
                                         Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages),
                                         and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at
                                         origination did not exceed the non-contingent principal amount of the Mortgage Loan and
                                         (B) either: (a) such Mortgage Loan is secured by an interest in real property (including
                                         buildings and structural components thereof, but excluding personal property) having
                                         a fair market value (i) at the date the Mortgage Loan (or related Loan Combination) was
                                         originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or
                                         related Loan Combination) on such date or (ii) at the Closing Date at least equal to
                                         80% of the adjusted issue price of the Mortgage Loan (or related Loan Combination) on
                                         such date, provided that for purposes hereof, the fair market value of the real property
                                         interest must first be reduced by (A) the amount of any lien on the real property interest
                                         that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is
                                         in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage
                                         Loan were used to acquire, improve or protect the real property which served as the only
                                         security for such Mortgage Loan (other than a recourse feature or other third-party credit
                                         enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If
                                         the Mortgage Loan was “significantly modified” prior to the Closing Date
                                         so as to result in a taxable exchange under Section 1001 of the Code, it either
	20a	Review
    the Closing Settlement Statement and Mortgage Note for an indication that the proceeds advanced by the lender did not exceed
    the stated principal amount of the Mortgage Note. If such an indication is found, it will be a Test pass.	Closing
    Settlement Statement; Mortgage Note
	20b	Review
    the most recent Appraisal and Mortgage Loan Documents for an indication that either (a) the Mortgage Loan or Loan Combination
    is secured by an interest in real property (including buildings and structural components thereof, but excluding personal
    property) having a fair market value (i) at the date such Mortgage Loan or Loan Combination was originated at least equal
    to 80% of the initial principal amount of the Mortgage Loan or Loan Combination on such date or (ii) at the Closing Date at
    least equal to 80% of the outstanding principal amount of the Mortgage Loan or Loan Combination on such date, provided that
    for purposes of clauses (i) and (ii) above, the fair market value of the real property interest must first be reduced by (A)
    the amount of any lien on the real property interest that is senior to such Mortgage Loan and (B) a proportionate amount of
    any lien that is in parity with such Mortgage Loan, or (b) substantially all of the proceeds of such Mortgage Loan were used
    to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse
    feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If
    such an indication is found, it will be a Test pass.	Appraisal;
    Mortgage Loan Documents
	20c	Review
    the Asset Status Reports for a notation that the Mortgage Loan was modified prior to the Closing Date, and if	Asset
    Status Reports

 

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	Representations
    and Warranties	Test
    #	Test	Review
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	(x)
    was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions
    of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was
    originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield maintenance charges
    applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations
    Section 1.860G-1(b)(2). All terms used in this representation and warranty shall have the same meanings as set forth in the
    related Treasury Regulations.
	 	so,
    if the modification was made so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified
    as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either
    sub-clause (B)(a)(i) in the first sentence of representation and warranty 20 (substituting the date of the last such modification
    for the date any Mortgage Loan was originated) or sub-clause (B)(a)(ii) in the first sentence of representation and warranty
    20, including the proviso thereto. If there were any such modifications, and they satisfy the above conditions, it will be
    a Test pass.	
	20d	Review
    the Asset Status Reports for a notation of any claim or assertion to the effect that the prepayment premium or yield maintenance
    charges applicable to any Mortgage Loan do not constitute “customary prepayment penalties”. If no such notation
    is found, it will be a Test pass.	Asset
    Status Reports
	21. Compliance
        with Usury Laws. The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge, or
        prepayment premiums) of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable
        state or federal laws, regulations and other requirements pertaining to usury. 
	21a	Review
        the Asset Status Reports for a notation of any claim or assertion to the effect that the Mortgage Rate (exclusive of any
        default interest, late charges, yield maintenance charge, or prepayment premiums) of such Mortgage Loan did not comply
        as of the date of origination with, or was not exempt from, applicable state or federal laws, regulations or other requirements
        pertaining to usury. If no such notation is found, it will be a Test pass.
	Asset
    Status Reports
	22. Authorized
    to do Business. To the extent required under applicable law, as of the Cut-Off Date or as of the date that such entity
    held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as applicable)
    the Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized
    does not materially and adversely affect the enforceability of such Mortgage Loan by the Trust.
	22a	Review
        the Asset Status Reports for any notation that as of the Cut-Off Date or as of the date that such entity held the Mortgage
        Note, any holder of the Mortgage Note was not authorized to originate, acquire and/or hold (as applicable) the Mortgage
        Note in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized materially
        and adversely affects the enforceability of such Mortgage Loan by the Trust. If no such notation is found, it will be
        a Test pass.
	Asset
    Status Reports
	23. Trustee
    under Deed of Trust. With respect to each Mortgage
	23a	Review
    the Mortgage Loan Documents for an indication that as 	 Mortgage
    Loan Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	which is a deed of trust, as of the date of origination and, to the Mortgage Loan Seller’s knowledge, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee.
	 	
        of the date of origination, a trustee, duly qualified under
        applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with
        the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee.
        If such an indication is found, it will be a Test pass.

        	 
	23b	
        Review the Asset Status Reports for any notation that, to the
        Mortgage Loan Seller’s knowledge, as of the Closing Date, no trustee duly qualified under applicable law to serve as such,
        currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law
        or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee. If no such notation is found,
        it will be a Test pass.

        	Asset Status Reports
	
        24.  Local Law Compliance.
        To the Mortgage Loan Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an
        architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy, or other affirmative
        investigation of local law compliance consistent with the investigation conducted by the Mortgage Loan Seller for similar commercial
        and multifamily mortgage loans intended for securitization, there are no material violations of applicable zoning ordinances, building
        codes and land laws (collectively “Zoning Regulations”) with respect to the improvements located on or forming
        part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or related Loan Combination,
        as applicable) or as of the Cut-Off Date, other than those which (i) are insured by the Title Policy or a law and ordinance
        insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged
        Property. The terms of the Loan Documents require the Mortgagor to comply in all material respects with all applicable governmental
        regulations, zoning and building laws.

	24a	
        Review the Zoning Report and Title Policy for an indication
        that there are no material violations of Zoning Regulations with respect to the improvements located on or forming part of each
        Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or related Loan Combination, as
        applicable) or as of the Cut-Off Date, other than those which (i) are insured by the Title Policy or a law and ordinance insurance
        policy or (ii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged Property.
        If such indication is found, it will be a Test pass.

        	Zoning Report; Title Policy
	24b	
        Review the Mortgage Loan Documents for provisions that require
        the Mortgagor to comply in all material respects with all applicable governmental regulations, zoning and building laws. If such
        provisions are found, it will be a Test pass.

        	 Mortgage Loan Documents
	25.  Licenses
and Permits.  Each Mortgagor covenants in the Loan
	25a	Review the Mortgage Loan Documents for an indication that	Mortgage Loan Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	Documents that it shall keep all material licenses, permits and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and to the Mortgage Loan Seller’s knowledge based upon any of a letter from any government authorities or other affirmative investigation of local law compliance consistent with the investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect.  The Mortgage Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.	 	
        each Mortgagor has covenanted to keep all material licenses,
        permits and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect.
        If such an indication is found, it will be a Test pass.

        	 
	25b	
        Review the Asset Status Reports for notation that, to the Mortgage
        Loan Seller’s knowledge, any material licenses, permits and applicable governmental authorizations are not in effect. If
        no such notation is found, it will be a Test pass.

        	Asset Status Reports
	25c	
        Review the Mortgage Loan Documents for provisions requiring
        the Mortgagor to be qualified to do business in the jurisdiction in which the Mortgaged Property is located. If such provisions
        are found, it will be a Test pass.

        	Mortgage Loan Documents
	26.  Recourse Obligations.  The Loan Documents for each Mortgage Loan provide that such Mortgage Loan (a) becomes full recourse to the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by the Mortgagor; (ii) the Mortgagor or guarantor shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Loan Documents; and (b) contains provisions providing for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an event of default under the Mortgage Loan; (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security 	26a	Review the Mortgage Loan Documents for provisions permitting full recourse to the Mortgagor and guarantor in connection with the events or circumstances set forth in clauses (a)(i) through (a)(iii) of representation and warranty 26. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	26b	Review the Mortgage Loan Documents for provisions permitting recourse against the Mortgagor and guarantor in connection with the events or circumstances set forth in clauses (b)(i) through (b)(v) of representation and warranty 26. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	deposits or, alternatively, the failure of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof (except to the extent applied in accordance with leases prior to a Mortgage Loan event of default); (iii) fraud or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Loan Documents; or (v) commission of intentional material physical waste at the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related Mortgaged Property to prevent such waste).
	 	 	 
	
        27.  Mortgage Releases.
        The terms of the related Mortgage or related Loan Documents do not provide for release of any material portion of the Mortgaged
        Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, of not less than a specified
        percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged
        Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan,
        (c) upon a Defeasance defined in (32) below, (d) releases of out-parcels that are unimproved or other portions of the Mortgaged
        Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded
        any material value in the appraisal obtained at the origination of the Mortgage Loan and are not necessary for physical access
        to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation or taking
        by a State or any political subdivision or authority thereof. With respect to any partial release under the preceding clauses (a)
        or (d), either: (x) such release of collateral (i) would not constitute a “significant modification” of the
        subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage
        Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee
        or servicer can, in accordance with the related Loan Documents, condition such release of collateral on the related Mortgagor’s
        delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the
	27a	Review the Mortgage Loan Documents for provisions stating that the only conditions under which a property may be released during the life of the Mortgage Loan are as set forth in clauses (a) through (e) of the first sentence of representation and warranty 27. If such provisions are found, it will be a Test pass.   	Mortgage Loan Documents
	27b	Review the Mortgage Loan Documents for provisions stating that with respect to any partial release described in clauses (a) or (d) of the first sentence of representation and warranty 27 either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer can, in accordance with the related Mortgage Loan Documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x), for all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or related Loan Combination) outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC Provisions. If such provisions are found, 	Mortgage Loan Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	preceding clause (x), for all Mortgage
        Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged Property
        (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount
        of any lien on the real property that is in parity with the Mortgage Loan) after the release is not equal to at least 80% of the
        principal balance of the Mortgage Loan (or related Loan Combination) outstanding after the release, the Mortgagor is required to
        make a payment of principal in an amount not less than the amount required by the REMIC Provisions.

         

        With respect to any partial release
        under the preceding clause (e), for all Mortgage Loans originated after December 6, 2010, the Mortgagor can be required to
        pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC Provisions and,
        to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released to the Mortgagor,
        if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account
        the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property (reduced by (1)
        the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the
        real property that is in parity with the Mortgage Loan) is not equal to at least 80% of the remaining principal balance of the
        Mortgage Loan (or related Loan Combination).

         

        No Mortgage Loan that is secured by more than one Mortgaged
        Property or that is cross-collateralized with another Mortgage Loan permits the release of cross-collateralization of the related
        Mortgaged Properties or a portion thereof, including due to partial condemnation, other than in compliance with the REMIC Provisions.

        	 	it will be a Test pass.   	 
	27c	Review the Mortgage Loan Documents for provisions stating that with respect to any partial release described in clauses (e) of the first sentence of representation and warranty 27, for all Mortgage Loans originated after December 6, 2010, the Mortgagor can be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC Provisions and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) is not equal to at least 80% of the remaining principal balance of the Mortgage Loan (or related Loan Combination). If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	27d	Review the Mortgage Loan Documents for provisions stating that, no Mortgage Loan that is secured by more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to partial condemnation, other than in compliance with the REMIC Provisions. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	28.  Financial Reporting and Rent Rolls.  The Loan Documents for each Mortgage Loan require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for
	28a	Review the Mortgage Loan Documents for provisions that require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	properties that have leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to each Mortgage Loan with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis.
	28b	Review the Mortgage Loan Documents for provisions that require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to each Mortgage Loan with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	29.  Acts of Terrorism Exclusion.  With respect to each Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007, and as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.  With respect to each other Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to the Mortgage Loan Seller’s knowledge, do not, as of the Cut-Off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.  With respect to each Mortgage Loan, the related Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism	29a	Review the Mortgage Loan Documents to determine if the original principal balance was greater than $20 million.  If so, review the Insurance Summary Report for an indication that the special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism as defined in TRIA (as defined in representation and warranty 29), from coverage, or if they do, there exists a separate terrorism insurance policy related to the Mortgaged Property.  If such an indication is found, it will be a Test pass.	Mortgage Loan Documents; Insurance Summary Report
	29b	Review the Mortgage Loan Documents to determine if the original principal balance was $20 million or less at origination.  If so, review the Insurance Summary Report for an indication that the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, based on a review of the Asset Status Reports for lack of notation  that to the Mortgage Loan Seller’s knowledge, do not, as of the Cut-Off Date, specifically exclude Acts of Terrorism, as defined in TRIA (as defined in representation and warranty 29), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. If such conditions are found to exist, it will be a Test pass.	Mortgage Loan Documents; Insurance Summary Report; Asset Status Reports

 

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	insurance is commercially available, the Mortgagor under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount  of terrorism insurance available with funds equal to the Terrorism Cap Amount.  The “Terrorism Cap Amount” is the specified percentage (which is at least equal to 200%)  of the amount of the insurance premium that is payable at such time  in respect of the property and business interruption/rental loss insurance required under the related Loan Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance).
	
        29c

         

         

        	Review the Mortgage Loan Documents for provisions that do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA (as defined in representation and warranty 29), or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount (as defined in representation and warranty 29) on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount  of terrorism insurance available with funds equal to the Terrorism Cap Amount. 	Mortgage Loan Documents; Insurance Policy
	
        30.  Due on Sale
or Encumbrance. Subject to specific exceptions set forth below, each Mortgage Loan contains a “due on sale” or
other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the
consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the
requirements of the related Loan Documents (which provide for transfers without the consent of the Mortgagee which are customarily
acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable
to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or
equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance
with the Loan Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the related Mortgagor,
is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers
upon death or 

        	30a	Review the Mortgage Loan Documents for “due-on-sale” or other such provisions for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan under the circumstances described in the first sentence of representation and warranty 30. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	30b	Review the Mortgage Loan Documents for provisions that require that if Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	
        legal incapacity, (ii) transfers to certain affiliates as defined in the related Loan Documents, (iii) transfers of less than, or other than, a controlling interest in the related Mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Loan Documents or a Person satisfying specific criteria identified in the related Loan Documents, such as a qualified equityholder, (v) transfers of stock or similar equity units in publicly traded companies or (vi) a substitution or release of collateral within the parameters of representations and warranties 27 and 32 or the exceptions thereto set forth on Exhibit C of the related Mortgage Loan Purchase Agreement, or (vii) as set forth on Exhibit B-30-1 of the related Mortgage Loan Purchase Agreement by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan, or future permitted mezzanine debt as set forth on Exhibit B-30-2 of the related Mortgage Loan Purchase Agreement or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan of any Mortgage Loan or any subordinate debt that existed at origination and is permitted under the related Loan Documents, (ii) purchase money security interests (iii) any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, as set forth on Exhibit B-30-3 of the related Mortgage Loan Purchase Agreement or (iv) Permitted Encumbrances.  The Mortgage or other Loan Documents provide that to the extent any Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.
	 	 	 
	
        31.  Single-Purpose
Entity. Each Mortgage Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long as the Mortgage Loan
is outstanding. Both the Loan Documents and the organizational documents of the Mortgagor with respect to each Mortgage Loan with
a Cut-Off Date Balance in excess of $5 million provide that the Mortgagor is a Single-Purpose
	31a	Review the Mortgage Loan Documents for provisions that
require the Mortgagor to be a Single-Purpose Entity (as defined in representation and warranty 31) for at least as long as the
related Mortgage Loan is outstanding. If such provisions are found, it will be a Test pass.
	
        Mortgage Loan Documents

        

 

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Representations and Warranties	Test #	Test	Review Materials
	
        Entity, and each Mortgage Loan with a Cut-Off
Date Balance of $20 million or more has a counsel’s opinion regarding non-consolidation of the Mortgagor. For this purpose,
a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational documents (or
if the Mortgage Loan has a Cut-Off Date Balance equal to $5 million or less, its organizational documents or the related Loan
Documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating
one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging in any business unrelated to
such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the
related Loan Documents, substantially to the effect that it does not have any assets other than those related to its interest
in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s)
or the other related Loan Documents, that it has its own books and records and accounts separate and apart from those of any other
person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and cross-defaulted with the related Mortgage
Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity. 
	31b	
        Review the Mortgage Loan Schedule for the Cut-Off Date
Balance of the Mortgage Loan. If the Mortgage Loan had a Cut-Off Date Principal Balance in excess of $5 million, review the Mortgage
Loan Documents and the Mortgagor’s organizational documents for provisions that require the Mortgagor to be a Single-Purpose
Entity. If the provisions exist, it will be a Test pass.
	
        Mortgage Loan Schedule; Mortgage Loan Documents; Mortgagor’s
organizational documents

        
	31c	
        Review the Mortgage Loan Schedule for the Cut-Off Date
Balance of the Mortgage Loan. If the Mortgage Loan had a Cut-Off Date Balance of $20 million or more, review the Mortgagor’s
Counsel Opinion regarding non-consolidation of the Mortgagor. If such an opinion is found, it will be a Test pass.

        	
        Mortgage Loan Schedule; Mortgagor’s Counsel Opinion

        
	
        32.  Defeasance.
With respect to any Mortgage Loan that, pursuant to the Loan Documents, can be defeased (a “Defeasance”), (i)
the Loan Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified
in the Loan Documents; (ii) the Mortgage Loan cannot be defeased within two years after the Closing Date; (iii) the Mortgagor
is permitted to pledge only United States “government securities” within the meaning of Treasury Regulations Section
1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments
under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first
date on which payment may be made without payment of a yield maintenance charge or

        	32a	Review the Mortgage Loan Documents for provisions allowing the Defeasance (as defined in representation and warranty 32) of the Mortgage Loan, and if so, whether such Mortgage Loan Documents contain the provisions described in clauses (i) through (vii) of representation and warranty 32. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	prepayment penalty) or, if the Mortgage Loan is an ARD Mortgage Loan, the entire principal balance outstanding on the related Anticipated Repayment Date (or on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal balance of the Mortgage Loan; (iv) the Mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above; (v) if the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity; (vi) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and (vii) the Mortgagor is required to pay all rating agency fees associated with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses associated with defeasance, including, but not limited to, accountant’s fees and opinions of counsel.	 	 	 
	33.  Fixed Interest Rates.  Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of ARD Mortgage Loans and in situations where default interest is imposed.	33a	
        Review the Mortgage Loan Documents for an indication
that the Mortgage Loan bears interest at a rate that remains fixed throughout the term of such Mortgage Loan, except in the case
of ARD Mortgage Loans and in situations where default interest is imposed. If such an indication is found, it will be a Test pass.

        	Mortgage Loan Documents; Mortgage Note; Loan Agreement

 

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Representations and Warranties	Test #	Test	Review Materials
	
        34.  Ground Leases.
        For purposes of Exhibit B of the related Mortgage Loan Purchase Agreement, a “Ground Lease” shall mean
        a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years
        its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease
        to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary
        interest of the ground lessor as fee owner and does not include industrial development agency (IDA) or similar leases for purposes
        of conferring a tax abatement or other benefit.

          

        With respect to any Mortgage Loan
        where the Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does
        not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease
        and any estoppel or other agreement received from the ground lessor in favor of the Mortgage Loan Seller, its successors and assigns,
        the Mortgage Loan Seller represents and warrants that:

         

        a)    The
Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is
acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the
ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the
related Mortgaged Property by such lessee, its
	34a	
        Review the Appraisal to determine if the Mortgage Loan
is secured by a leasehold estate under a Ground Lease (as defined in representation and warranty 34), in whole or in part. If
so, review the Title Policy and Mortgage Loan Documents for an indication that the related Mortgage does not also encumber the
lessor’s fee interest in the Mortgaged Property. If such an indication exists, proceed to Tests 34b through 34r.

        	Appraisal; Mortgage Loan Documents; Title Policy
	34b	Review the Title Policy and Mortgage Loan Documents for an indication that the Ground Lease or a memorandum regarding such Ground Lease has been recorded or submitted for recordation in the applicable jurisdiction. If such indication is found, it will be a Test pass.	Title Policy; Mortgage Loan Documents
	34c	Review the Ground Lease and the ground lessor’s estoppel (or other agreement received from the ground lessor) (the “Ground Lease Documents”) for an indication that the interest of the lessee is permitted to be encumbered by the Mortgage and does not restrict the use of the Mortgaged Property by such lessee, its successors or assigns in a manner that would adversely affect the security provided by the Mortgage. If such indication is found, it will be a Test pass.	Ground Lease Documents
	34d	
        Review the Asset Status Reports for notation that, since the
        origination of the Mortgage Loan, there was a material change in the terms of the Ground Lease. If no such notation is found, it
        will be a Test pass.

         

        If such notation is found, review the Mortgage File
for a modification agreement or other such instrument is in the Mortgage File. If the modification agreement or instrument is
in the Mortgage File, it will be a Test pass.

        	Asset Status Reports; Mortgage File

 

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Representations and Warranties	Test #	Test	Review Materials
	
        successors or assigns in a manner that would
materially adversely affect the security provided by the related Mortgage. No material change in the terms of the Ground Lease
had occurred since the origination of the Mortgage Loan, except as reflected in any written instruments which are included in
the related Mortgage File;

         

        b)    The lessor under
such Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease) that the Ground Lease
may not be amended or modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent
of the Mortgagee;

         

        c)    The Ground Lease has an
        original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised, and
        will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated maturity of the
        related Mortgage Loan, or ten years past the stated maturity if such Mortgage Loan fully amortizes by the stated maturity (or with
        respect to a Mortgage Loan that accrues on an Actual/360 Basis, substantially amortizes);

         

        d)    The Ground Lease either
        (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee
        interest of the ground lessor and the Permitted Encumbrances, or (ii)  is subject to a subordination, non-disturbance and
        attornment agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject;

         

        e)    The
Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee
	34e	
        Review the Ground Lease Documents for a provision that
the Ground Lease may not be amended or modified, or canceled or terminated by agreement of ground lessor and lessee, without the
prior written consent of the Mortgagee. If such a provision is found, it will be a Test pass.

        	Ground Lease Documents
	34f	Review the Ground Lease Documents for an indication that it has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related Mortgage Loan, or ten years past the stated maturity if such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an Actual/360 Basis, substantially amortizes). If such an indication is found, it will be a Test pass.	Ground Lease Documents
	34g	Review the Title Policy for an indication that the Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination, non-disturbance and attornment agreement (the “SNDA”) to which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject.  If either indication is found, it will be a Test pass.	Title Policy; SNDA

 

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Representations and Warranties	Test #	Test	Review Materials
	
        and the Ground Lease is assignable to the
holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (provided that proper
notice is delivered to the extent required in accordance with the Ground Lease), and in the event it is so assigned, it is further
assignable by the holder of the Mortgage Loan and its successors and assigns without the consent of (but with prior notice to)
the lessor;

         

        f)    The Mortgage Loan Seller has not received any written notice of material default under
or notice of termination of such Ground Lease. To the Mortgage Loan Seller’s knowledge, there is no material default under
such Ground Lease and no condition that, but for the passage of time or giving of notice, would result in a material default under
the terms of such Ground Lease and to the Mortgage Loan Seller’s knowledge, such Ground Lease is in full force and effect
as of the Closing Date;

         

        g)    The Ground Lease
        or ancillary agreement between the lessor and the lessee requires the lessor to give to the Mortgagee written notice of any default,
        and provides that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee;

         

        h)    The Mortgagee is
        permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee
        under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the Mortgagee’s
        receipt of notice of any default before the lessor may terminate the Ground Lease;

         

        i)     The Ground
Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial
mortgage lender;
	34h	
        Review the Ground Lease Documents for an indication
that the Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground Lease
is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (provided
that proper notice is delivered to the extent required in accordance with the Ground Lease). If such indication is found, it will
be a Test pass.

        	Ground Lease Documents
	34i	Review the Ground Lease Documents for an indication that in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors and assigns without the consent of (but with prior notice to) the lessor. If such indication is found, it will be a Test pass.	Ground Lease Documents
	34j	Review the Asset Status Reports for notation that the Mortgage Loan Seller has received any written notice of material default under or notice of termination of such Ground Lease. If no such notation is found, it will be a Test pass.	Asset Status Reports
	34k	Review the Asset Status Reports for a notation that, to the Mortgage Loan Seller’s knowledge, there is a material default under such Ground Lease or condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease.  If no such notation is found, it will be a Test pass.	Asset Status Reports
	34l	Review the Asset Status Reports for a notation that, to the Mortgage Loan Seller’s knowledge, such Ground Lease was not in full force and effect as of the Closing Date. If no such notation is found, it will be a Test pass.	Asset Status Reports
	34m	Review the Ground Lease Documents for provisions that the lessor is required to give to the Mortgagee written notice of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee. If such provisions are found, it will be a Test pass.	Ground Lease Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	
        j)     Under
the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken
together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest
(other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as
addressed in subpart (k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property
with (so long as such proceeds are in excess of the threshold amount specified in the related Loan Documents) the Mortgagee or
a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment
of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;

         

        k)    In
the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement
and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to the
ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to
the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Mortgage
Loan, together with any accrued interest; and

         

        l)     Provided
that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease
with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy
proceeding.
	34n	Review the Ground Lease Documents for provisions that the Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease. If such provisions are found, it will be a Test pass.	Ground Lease Documents
	34o	Review the Ground Lease for provisions that impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender. If no such provisions are found, it will be a Test pass.	Ground Lease
	34p	Review the Ground Lease Documents and Mortgage Loan Documents for an indication that any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in representation and warranty 34 subpart (k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Mortgage Loan Documents) the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest. If such indications are found, it will be a Test pass.	Ground Lease Documents; Mortgage Loan Documents
	34q	Review the Ground Lease Documents and Mortgage Loan Documents for an indication that, in the case of a total or substantially total taking or loss, under the terms of the Ground Lease Documents and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to the ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest. If such an indication is found, it will be a Test pass.	Ground Lease Documents; Mortgage Loan Documents

 

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Representations and Warranties	Test #	Test	Review Materials
	 	34r	
        Review the Ground Lease Documents for provisions that,
provided that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into
a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in
a bankruptcy proceeding. If such provisions are found, it will be a Test pass.

        	Ground Lease Documents
	35.  Servicing.  The
servicing and collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan have been, in all respects,
legal and have met customary industry standards for servicing of commercial loans for conduit loan programs.
	35a	
        Review the Asset Status Reports for notation to the
effect that the servicing and collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan have not
been, in all respects, legal and have not met customary industry standards for servicing of commercial loans for conduit loan
programs. If no such notation is found, it will be a Test pass.

        	Asset Status Reports
	36.  Origination
and Underwriting.  The origination practices of the Mortgage Loan Seller (or the related originator if the Mortgage
Loan Seller was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the
date of its origination, such Mortgage Loan (or the related Loan Combination, as applicable) and the origination thereof complied
in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination
of such Mortgage Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect
to federal, state or local law otherwise covered in Exhibit B of the related Mortgage Loan Purchase Agreement.
	36a	
        Review the Asset Status Reports for notation to the
effect that the origination practices of the Mortgage Loan Seller (or the related originator if the Mortgage Loan Seller was not
the originator) with respect to each Mortgage Loan have not been, in all material respects, legal or as of the date of its origination,
such Mortgage Loan (or the related Loan Combination, as applicable), and the origination thereof did not comply in all material
respects with, or was not exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage
Loan; provided that the representation and warranty does not address or otherwise cover any matters with respect to federal, state
or local law otherwise covered in Exhibit B to the related Mortgage Loan Purchase Agreement. If no such notation is found,
it will be a Test pass.

        	Asset Status Reports
	
        37.  No Material
Default; Payment Record. No Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure
period, in making required debt service payments since origination and, as of the date hereof, no Mortgage Loan is 
	37a	
        Review the Asset Status Reports for notation that (i)
the Mortgage Loan has been more than 30 days delinquent, giving effect to any grace or cure period, in making required debt service
payments since origination, or (ii) the Mortgage Loan

        	Asset Status Reports

 

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Representations and Warranties	Test #	Test	Review Materials
	more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing Date.  To the Mortgage Loan Seller’s knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Mortgage Loan Seller in Exhibit B of the related Mortgage Loan Purchase Agreement (including, but not limited to, the prior sentence).  No person other than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Loan Documents.
	 	
        was delinquent (beyond any applicable grace or cure
periods) as of the Cut-Off Date. If no such notation is found, it will be a Test pass.

        	 
	37b	
        Review the Asset Status Reports for notation of the
Mortgage Loan Seller’s knowledge of (a) a material default, breach, violation or event of acceleration existing under the
related Mortgage Loan, or (b) an event (other than payments due but not yet delinquent) which, with the passage of time or with
notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration,
which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects
the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided, however, that representation
and warranty 37 does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises
out of an exception scheduled to any other representation and warranty made by the Mortgage Loan Seller in Exhibit B
of the related Mortgage Loan Purchase Agreement (including, but not limited to, the prior sentence). If no such notation is found,
it will be a Test pass.

        	Asset Status Reports
	37c	
        Review the Asset Status Reports for a notation that
a person other than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate any
indebtedness under the Mortgage Loan Documents. If no such notation is found, it will be a Test pass.

        	Asset Status Reports
	
        38.  Bankruptcy.
As of the date of origination of the related Mortgage Loan and to the Mortgage Loan Seller’s knowledge as of the Cut-Off
Date, neither the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof, is the subject
of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in a state or federal bankruptcy, insolvency
or similar proceeding. 
	38a	
        Review the Lexis/Nexis (or comparable platform) search
and the Asset Status Reports for an indication that the Mortgaged Property (other than any tenants of such Mortgaged Property),
or any portion thereof, is the subject of, and the Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor
in a state or federal bankruptcy, insolvency or similar proceeding. If no such indication or notation is found, it will be a Test
pass.

        	Lexis/Nexis (or comparable platform) search; Asset Status Reports

 

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Representations and Warranties	Test #	Test	Review Materials
	
        39.  Organization
of Mortgagor. With respect to each Mortgage Loan, in reliance on certified copies of the organizational documents of the Mortgagor
delivered by the Mortgagor in connection with the origination of such Mortgage Loan (or related Loan Combination, as applicable),
the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the
Commonwealth of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted with another
Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan.

        	39a	Review the certified copies of the organizational documents of the Mortgagor (the “Organizational Documents”) for an indication that the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. If such indication is found, it will be a Test pass. 	Organizational Documents
	39b	
        Review the certified copies of the Organizational Documents
for an indication that, except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted with another
Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan. If such
an indication is found, it will be a Test pass.

        	Organizational Documents
	40.  Environmental Conditions.  A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements were conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, an “Environmental Condition”) at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true:  (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor
	40a	
        Review the Diligence File to determine if an ESA (as
defined in representation and warranty 40) meeting ASTM requirements is included. If so, review the ESA for an indication that
it was conducted within 12 months prior to the origination date (or an update of a previous ESA was prepared) of the Mortgage
Loan. If such an indication is found, it will be a Test pass.

        	Diligence File; ESA
	40b	
        Review the ESA for an indication that it identified
(i) the existence of a recognized Environmental Condition (as defined in representation and warranty 40) at the related Mortgaged
Property or (ii) the need for further investigation. If no such indication is found, it will be a Test pass.

        	ESA
	40c	
        Review the ESA for an indication that it identified (i) the
        existence of a recognized Environmental Condition (as defined in representation and warranty 40) at the related Mortgaged Property
        or (ii) the need for further investigation. If such an indication is found, the following Test procedures (subparts 40c-1 through
        40c-6) will be performed. If any of the subparts indications are found, it will be a Test pass.

         

        1. Review escrow statements (the “Escrow Statements”)
        for an indication that an amount reasonably estimated by a reputable

        	ESA; Escrow Statements; Mortgage Loan Documents; Diligence File; Insurance Summary Report

 

    	QQ-34

    	 

    

 

	

Representations and Warranties	Test #	Test	Review Materials
	
        that, based on the ESA,
can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental
report was remediated or abated in all material respects prior to the date hereof, and, if and as appropriate, a no further action
or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the
related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental
consultant has concluded that no further action is required); (D) an environmental policy or a lender’s pollution legal
liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance or condition
was obtained from an insurer rated no less than “A-” (or the equivalent) by Moody’s Investors Service, Inc.,
Standard & Poor’s Ratings Services and/or Fitch Ratings, Inc.; (E) a party not related to the Mortgagor was identified
as the responsible party for such condition or circumstance and such responsible party has financial resources reasonably estimated
to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated
to be adequate to address the situation is required to take action. To the Mortgage Loan Seller’s knowledge, except as set
forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related
Mortgaged Property.
	 	
        environmental consultant to be sufficient to cover
the estimated cost to cure any material noncompliance with applicable environmental laws or the Environmental Condition has been
escrowed by the Mortgagor and is held by the related Mortgagee. 

         

        2. Review the ESA for an indication that if the only
Environmental Condition (as defined in representation and warranty 40) relates to the presence of asbestos-containing materials,
radon in indoor air or lead-based paint or lead in drinking water, the only recommended action in the ESA is the institution of
such a plan, and if so, a review of the Mortgage Loan Documents indicates that an operations or maintenance plan has been required
to be instituted by the related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk. 

         

        3. Review the Diligence File for an indication that
any Environmental Condition (as defined in representation and warranty 40) identified in the ESA was remediated or abated in all
material respects prior to the Cut-Off Date, and if evidenced by a no further action or closure letter that was obtained from
the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise
listed by such governmental authority as “closed” or a reputable environmental consultant has concluded that no further
action is required).

         

        4. Review the Insurance Summary Report for an indication that
        an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth below
        that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than “A-”
        (or the equivalent) by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and/or Fitch Ratings,
        Inc.

         

        5. Review the Diligence File for an indication that a party
        not related to the Mortgagor was identified as the responsible party for such condition or circumstance and such responsible party

        	 

 

    	QQ-35

    	 

    

 

	

Representations and Warranties	Test #	Test	Review Materials
	 	 	
        has financial resources reasonably estimated to be adequate
        to address the situation.

         

        6. Review the Diligence File for an indication that
a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required
to take action.

        	 
	41.  Appraisal.  The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within six months of the Mortgage Loan origination date, and within 12 months of the Closing Date.  The appraisal is signed by an appraiser who is a Member of the Appraisal Institute (“MAI”) and, to the Mortgage Loan Seller’s knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation.  Each appraisal contains a statement, or is accompanied by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage Loan was originated.
	41a	Review the Appraisal for an indication that it was dated within six (6) months of the Mortgage Loan origination date and within twelve (12) months of the Closing Date. If such an indication is found, it will be a Test pass.	Appraisal
	41b	
        Review the Appraisal for an indication that it was
signed by an appraiser represented to be an MAI (as defined in representation and warranty 41). If such an indication is found,
it will be a Test pass.

        	Appraisal
	41c	
        Review the Asset Status Reports for notation that,
to the Mortgage Loan Seller’s knowledge, the appraiser had an interest, direct or indirect, in the Mortgaged Property or
the Mortgagor or in any loan made on the security thereof, or whose compensation is affected by the approval or disapproval of
the Mortgage Loan. If no such notation is found, it will be a Test pass.

        	Asset Status Reports
	41d	
        Review the Appraisal for an indication that it includes
a statement or a supplemental letter from the appraiser that the Appraisal satisfies the requirements of the “Uniform Standards
of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation and was performed
in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on
the date such Mortgage Loan was originated. If such indications are found, it will be a Test pass.

        	Appraisal
	42.  Mortgage Loan Schedule.  The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan
	42a	Review the Mortgage Loan Schedule attached as an exhibit to the related Mortgage Loan Purchase Agreement and compare it 	Mortgage Loan Purchase Agreement; Annex A to 

 

    	QQ-36

    	 

    

 

	

Representations and Warranties	Test #	Test	Review Materials
	Schedule is true and correct in all material respects as of the Cut-Off Date and contains all information required by the Pooling and Servicing Agreement to be contained therein.
	 	to the corresponding information in (i) Annex A to the Prospectus, (ii) Mortgage Loan Documents, (iii) Pooing and Servicing Agreement, and (iv) Asset Summary Report to determine if there are discrepancies between the documents as of the Cut-Off Date.  If there are no such discrepancies, it will be a Test pass.	Prospectus; Mortgage Loan Documents; Pooling and Servicing Agreement; Asset Summary Report
	42b	Compare the information in the Mortgage Loan Schedule to the requirements of the Pooling and Servicing Agreement to determine if they match. If there are no discrepancies, it will be a Test pass.	Mortgage Loan Schedule; Pooling and Servicing Agreement
	43.  Cross-Collateralization.  Except with respect to a Mortgage Loan that is part of a Loan Combination, no Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on Exhibit B-30-3 of the related Mortgage Loan Purchase Agreement.
	43a	Except for any Mortgage Loan that is part of a Loan Combination or any Mortgage Loan otherwise set forth on Exhibit B-30-3 of the related Mortgage Loan Purchase Agreement, review the Asset Status Reports for notation that the Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool. If no such notation is found, it will be a Test pass.	Asset Status Reports
	44.  Advance of Funds by the Mortgage Loan Seller.  After origination, no advance of funds has been made by the Mortgage Loan Seller to the related Mortgagor other than in accordance with the Loan Documents, and, to the Mortgage Loan Seller’s knowledge, no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents).  Neither the Mortgage Loan Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date hereof.
	44a	Review the Asset Status Reports for notation that, after origination, an advancement of funds has been made by the Mortgage Loan Seller to the related Mortgagor other than in accordance with the Mortgage Loan Documents, or, to the Mortgage Loan Seller’s knowledge, funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Mortgage Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Mortgage Loan Documents).  If no such notation is found, it will be a Test pass.	Asset Status Reports
	44b	Review the Asset Status Reports for notation that the Mortgage Loan Seller, or an affiliate has an obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the Closing Date. If no such notation is found, it will be a Test pass.	Asset Status Reports
	
        45.  Compliance
with Anti-Money Laundering Laws. The Mortgage Loan Seller has complied in all material respects with all applicable anti-money
laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with
	45a	Review the Asset Status Reports for notation that the Mortgage Loan Seller has not complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with 	Asset Status Reports

 

    	QQ-37

    	 

    

 

	

Representations and Warranties	Test #	Test	Review Materials
	
        respect to the origination
of the Mortgage Loan.
	 	respect to the origination of the Mortgage Loan. If no such notation is found, it will be a Test pass.	 

 

    	QQ-38

    	 

    

 EXHIBIT RR

 

CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Administration Group – CGCMT 2016-GC36 

Email:trustadministrationgroup@wellsfargo.com

 

		Attention:	Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through
Certificates, Series 2016-GC36

  

In accordance with
the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of February
1, 2016 (the “Pooling and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc.,
as Depositor, Keybank National Association, as Master Servicer, Wells Fargo Bank, National Association, as Special Servicer and
as Certificate Administrator, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, and Wilmington
Trust, National Association, as Trustee, with respect to the certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:

 

		1.	The undersigned is an authorized representative of
[________________________].

		 	 

		2.	The undersigned acknowledges and agrees that (a) access
to the Secure Data Room is being granted to it solely for purposes of the undersigned carrying out its obligations under the Pooling
and Servicing Agreement (b) it will not disseminate or otherwise make information contained on the Secure Data Room available
to any other person except in accordance with the Pooling and Servicing Agreement or otherwise with the written consent of the
Depositor and (c) it will only access information relating to the Mortgage Loans to which the Asset Review relates.

		 	 

		3.	The undersigned agrees that each time it accesses
the Secure Data Room, the undersigned is deemed to have recertified that the representations above remains true and correct.

		 	 

		4.	[The undersigned not a Certificateholder, a beneficial
owner or a prospective purchaser of any Certificate.]7

  

 

 

7
Required to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing access
to the Secure Data Room.

 

    	RR-1

    	 

    

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

	 	 	 
	 	[_________________]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

  

[Citigroup Commercial Mortgage
Securities Inc. 

as Depositor]6

	 	 	 
	By: 	 	 
	 	[Name]	 
	 	[Title]	 

 

    	RR-2

    	 

    

 

EXHIBIT SS

 

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	
        

        KeyBank National Association 

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Diane Haislip

        

        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York, 14228

        Attention: Don Simon, Chief Operating Officer

	
        

        Wells Fargo Bank, National Association Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street

        Charlotte, North Carolina 28202

        Attention: CGCMT 2016-GC36 Special Servicing - Daniel Marthinsen

        Fax number: (704) 715-0036

	 	 

		Attention:	Citigroup Commercial Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through
Certificates, Series 2016-GC36

 

In accordance with
Section 11.01(a) of the Pooling and Servicing Agreement, dated as of February 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, Keybank National Association, as Master Servicer, Wells
Fargo Bank, National Association, as Special Servicer and as Certificate Administrator, Pentalpha Surveillance LLC, as Operating
Advisor and as Asset Representations Reviewer, and Wilmington Trust, National Association, as Trustee, the Certificate Administrator
hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

		5.	_____ An additional Mortgage Loan has become a
Delinquent Loan.

		 	 

		6.	_____ A Mortgage Loan has ceased to be a Delinquent
Loan.

		 	 

		7.	_____An Asset Review Trigger has ceased to exist.

(check all that apply)

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    	SS-1

    	 

    

 

	 	 	 
	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the Citigroup Commercial
Mortgage Trust 2016-GC36, Commercial Mortgage Pass-Through Certificates, Series 2016-GC36
	 	 	 
	 	By: 	 
	 	 	[Name]
	 	 	[Title]

 

    	SS-2

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