Document:

Exhibit 10.2

 

EXECUTION COPY

 

 

 

AFN ABSPROP001, LLC 

as an Issuer,

 

AFN ABSPROP001-A, LLC 

as an Issuer,

 

AFN ABSPROP001-B, LLC 

as an Issuer,

 

and

 

EACH JOINING PARTY 

each, as an Issuer,

 

American
Finance Properties, LLC 

as Property Manager and Special Servicer,

 

KeyBank
National Association

as Back-Up Manager

 

and

 

Citibank,
N.A.

not individually but solely as Indenture
Trustee

 

 

 

PROPERTY MANAGEMENT AND SERVICING AGREEMENT

Dated as of May 30, 2019

 

 

 

Net-Lease Mortgage Notes

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I 	DEFINITIONS	1
	 	 	 
	Section 1.01.	Defined Terms	1
	Section 1.02.	Other Definitional Provisions	21
	Section 1.03.	Certain Calculations in Respect of the Leases	21
	Section 1.04.	Fee Calculations	22
	 	 	 
	ARTICLE II 	REPRESENTATIONS AND WARRANTIES; RECORDINGS AND FILINGS; BOOKS AND RECORDS; DEFECT, BREACH, CURE, REPURCHASE AND SUBSTITUTION	22
	 	 	 
	Section 2.01.	Representations and Warranties of AF Properties and the Back-Up Manager	22
	Section 2.02.	Representations and Warranties of the Issuer	25
	Section 2.03.	Recordings and Filings; Books and Records	27
	Section 2.04.	Repurchase or Transfer and Exchange for Collateral Defects and Breaches of Representations and Warranties	28
	Section 2.05.	Non Petition Agreement	29
	 	 	 
	ARTICLE III 	ADMINISTRATION AND SERVICING OF PROPERTIES AND LEASES	30
	 	 	 
	Section 3.01.	Administration of the Properties and Leases	30
	Section 3.02.	Collection of Monthly Lease Payments; General Receipts Accounts; Collection Account; Release Account; Servicing Account	31
	Section 3.03.	Advances	35
	Section 3.04.	Withdrawals from the Collection Account	38
	Section 3.05.	Investment of Funds in the Collection Account and the Release Account	39
	Section 3.06.	Maintenance of Insurance Policies:  Errors and Omissions and Fidelity Coverage	41
	Section 3.07.	DSCR Reserve Account	43
	Section 3.08.	Issuers, Custodian and Indenture Trustee to Cooperate; Release of Lease Files	44
	Section 3.09.	Property Management Compensation:  Interest on Advances	45
	Section 3.10.	Property Inspections; Collection of Financial Statements; Delivery of Certain Reports	47
	Section 3.11.	Statements as to Compliance	48
	Section 3.12.	Reports by Independent Public Accountants	48
	Section 3.13.	Access to Certain Information; Delivery of Certain Information	49
	Section 3.14.	Management of Properties Relating to Defaulted Assets	49

 

    i 

     

    

 

	Section 3.15.	Release, Sale and Exchange of Defaulted Assets and Terminated Lease Properties	50
	Section 3.16.	Renewals, Modifications, Waivers, Amendments; Consents and Other Matters	53
	Section 3.17.	Transfer of Servicing Between Property Manager and Special Servicer; Record Keeping	56
	Section 3.18.	Sub-Management Agreements	57
	Section 3.19.	Casualty	59
	Section 3.20.	Condemnation	59
	Section 3.21.	Separateness Provisions	60
	Section 3.22.	Estoppels	61
	Section 3.23.	Environmental Matters	61
	Section 3.24.	Appraised Values	63
	 	 	 
	ARTICLE IV 	REPORTS	63
	 	 	 
	Section 4.01.	Reports to the Issuers and the Indenture Trustee	63
	Section 4.02.	Use of Agents	65
	 	 	 
	ARTICLE V 	THE PROPERTY MANAGER, THE SPECIAL SERVICER AND THE BACK-UP MANAGER	66
	 	 	 
	Section 5.01.	Liability of the Property Manager, the Special Servicer and the Back-Up Manager	66
	Section 5.02.	Merger, Consolidation or Conversion of the Property Manager, the Special Servicer and the Back-Up Manager	66
	Section 5.03.	Limitation on Liability of the Property Manager, the Special Servicer and the Back-Up Manager	67
	Section 5.04.	Term of Service; Property Manager and Special Servicer Not to Resign	67
	Section 5.05.	Rights of Certain Persons in Respect of the Property Manager and the Special Servicer	69
	Section 5.06.	[Reserved]	69
	Section 5.07.	Property Manager or Special Servicer as Owner of Notes	69
	 	 	 
	ARTICLE VI 	SERVICER REPLACEMENT EVENTS	70
	 	 	 
	Section 6.01.	Servicer Replacement Events	70
	Section 6.02.	Termination of Property Manager and Special Servicer and appointment of Successor	72
	Section 6.03.	Back-Up Manager	74
	Section 6.04.	Additional Remedies of Issuers and the Indenture Trustee upon a Servicer Replacement Event	76
	 	 	 
	ARTICLE VII 	TRANSFERS AND EXCHANGES OF PROPERTIES BY ISSUERS; RELEASE OF PROPERTIES BY ISSUERS	76
	 	 	 
	Section 7.01.	Exchange of Properties	76

 

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	Section 7.02.	Sale Pursuant to Third Party Purchase Option	79
	Section 7.03.	Transfer of Lease to New Property	79
	Section 7.04.	Release of Property by an Issuer	80
	Section 7.05.	Terminated Lease Property	80
	Section 7.06.	Risk-Based or Credit Risk Substitution	80
	Section 7.07.	Disposition Period	80
	Section 7.08.	[Reserved]	80
	Section 7.09.	[Reserved]	81
	Section 7.10.	Series Collateral Release	81
	Section 7.11.	Qualified Deleveraging Event	82
	Section 7.12.	Triple A Release Event	82
	 	 	 
	ARTICLE VIII	TERMINATION	82
	 	 	 
	Section 8.01.	Termination	82
	 	 	 
	ARTICLE IX	MISCELLANEOUS PROVISIONS	82
	 	 	 
	Section 9.01.	Amendment	82
	Section 9.02.	Counterparts	83
	Section 9.03.	Governing Law	83
	Section 9.04.	Notices	83
	Section 9.05.	Severability of Provisions	84
	Section 9.06.	Effect of Headings and Table of Contents	84
	Section 9.07.	Notices to the Rating Agencies and Others	84
	Section 9.08.	Successors and Assigns:  Beneficiaries	85
	Section 9.09.	Complete Agreement	85
	Section 9.10.	Consent to Jurisdiction	86
	Section 9.11.	No Proceedings	86
	Section 9.12.	Cooperation	86
	Section 9.13.	Acknowledgment of Receipts by Indenture Trustee	86

 

    iii 

     

    

 

EXHIBITS

 

	EXHIBIT A	FORM OF LIMITED POWERS OF ATTORNEY FROM ISSUER AND INDENTURE TRUSTEE
	 	 
	EXHIBIT B	FORM OF JOINDER AGREEMENT
	 	 
	EXHIBIT C	FORM OF CERTIFICATE UNDER SECTION 7.01(b)
	 	 
	EXHIBIT D	FORM OF DETERMINATION DATE REPORT
	 	 
	EXHIBIT E	CALCULATION OF FIXED CHARGE COVERAGE RATIOS

 

    iv 

     

    

 

This PROPERTY MANAGEMENT
AND SERVICING AGREEMENT, dated as of May 30, 2019 (this “Agreement”), is made among AFN ABSPROP001, LLC,
AFN ABSPROP001-A, LLC, AFN ABSPROP001-B, LLC and each Joining Party, each as an issuer (each, an “Issuer”
and collectively, the “Issuers”), American
Finance Properties, LLC (“AF Properties”), as property manager and special servicer (together
with its successors in such capacities, the “Property Manager” and “Special Servicer,”
respectively), Citibank, N.A.,
not individually but solely as indenture trustee (together with its successors in such capacity, the “Indenture Trustee”)
and KEYBANK NATIONAL ASSOCIATION (“KeyBank”), as back-up manager (together with its successors
in such capacity, the “Back-Up Manager”).

 

PRELIMINARY STATEMENT

 

As of the date hereof,
the Issuers own the Properties and related Leases and, as of each successive Series Closing Date, the applicable Issuer will own
the Properties and related Leases as set forth in the applicable Series Supplement, and upon the issuance of the Notes under the
Indenture, each Issuer will grant or has granted a first priority security interest in its right, title and interest in and to
such Properties and Leases to the Indenture Trustee as security for the indebtedness evidenced by the Indenture and the Notes issued
under the Indenture. The Property Manager has agreed to provide property management services with respect to the Properties and
to service the Leases in accordance with this Agreement.

 

ARTICLE
I

DEFINITIONS

 

Section
1.01.         Defined Terms.

 

Whenever used in this
Agreement, including in the Preliminary Statement, the capitalized terms, unless the context otherwise requires, shall have the
meanings specified in this Section 1.01. Capitalized terms used in this Agreement, including the Preliminary Statement, and not
defined herein, unless the context otherwise requires, shall have the respective meanings specified in Section 1.01 of the Indenture
(as defined below).

 

“Additional
Servicing Compensation”: Property Manager Additional Servicing Compensation and Special Servicer Additional Servicing
Compensation.

 

“Advance”:
Any P&I Advance or Property Protection Advance.

 

“Advance
Interest”: Interest accrued on any Advance at the Reimbursement Rate and payable to the Property Manager, the Back-Up
Manager or the Indenture Trustee, as the case may be, each in accordance with Section 3.09(e).

 

“AF Properties”:
As defined in the preamble.

 

“AFOP”:
American Finance Operating Partnership, L.P., a limited partnership formed under the laws of the State of Delaware.

 

     

     

    

 

“AFOP SPE”:
A special purpose, bankruptcy remote subsidiary of AFOP.

 

“Aggregate
Collateral Value”: On any date of determination, the sum of the Collateral Values of the Properties in the Collateral
Pool.

 

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

 

“Allocated
Loan Amount”: With respect to any Property at any time, the product of (i) the Aggregate Series Principal Balance
at such time and (ii) a fraction, (a) the numerator of which is the Collateral Value of such Property at such time and (b)
the denominator of which is the Aggregate Collateral Value at such time.

 

“Allocated
Release Amount”: With respect to a Released Property, an amount equal to the lesser of (A) the Fair Market Value
and (B) 115% of the Allocated Loan Amount of such Released Property.

 

“ALTA”:
American Land Title Association, or any successor thereto.

 

“Amendment”:
As defined in Section 3.16(c)(i).

 

“Appraised
Value”: With respect to any Property means an appraised value obtained in accordance with the Indenture and determined
pursuant to an independent appraisal completed by an MAI certified appraiser in accordance with the Uniform Standards of Professional
Appraisal Practice and which takes into account the leased fee value of the related buildings and land of such Property, consistent
with industry standards, and excludes the value of trade equipment and other tangible personal property and business enterprise
value, and (1) with respect to any Property in the Collateral Pool added to the Collateral Pool on an Issuance Date, is the most
recent appraisal report completed by an MAI certified appraiser obtained in connection with the related Issuance Date in accordance
with the requirements of FIRREA with respect to such Property as of the related Issuance Date, and (2) with respect to any Qualified
Substitute Property added to the Collateral Pool since the most recent Issuance Date, is the most recent appraisal report completed
by an MAI certified appraiser and obtained for such Qualified Substitute Property in conjunction with such addition (which appraisal
will not be obtained in accordance with the requirements of FIRREA).

 

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

 

    	 	2	 

     

    

 

“Available
Amount”: The Available Amount on any Payment Date will consist of (i) all amounts received in respect of the Collateral
Pool during the related Collection Period, (ii) all amounts on deposit in the Collection Account on the related Determination Date,
including amounts earned, if any, on the investment of funds on deposit in the Collection Account and the Release Account during
the related Collection Period, (iii) Unscheduled Proceeds, (iv) amounts received on account of payments under any Lease Guaranties,
(v) amounts received on account of payments under the Guaranty, and (vi) amounts received in connection with a Voluntary Prepayment
or Early Refinancing Prepayment; provided, however, that the following amounts will be excluded from Available Amount:
(a) amounts on deposit in the Release Account and not transferred to the Collection Account for such Payment Date, (b) the amount
of any Workout Fees, Liquidation Fees or Additional Servicing Compensation, (c) amounts withdrawn from the Collection Account to
reimburse the Property Manager, the Indenture Trustee or the Back-Up Manager, as applicable, for any unreimbursed Advances, including
any Nonrecoverable Advances (plus interest thereon) and to pay the Property Management Fee, the Back- Up Fee, any Special Servicing
Fee and any Emergency Property Expenses, (d) amounts required to be paid by the related Issuer or any Co-Issuer as lessor under
the Leases in respect of franchise or similar taxes, (e) any amount received from a Tenant as reimbursement for any cost paid by
or on behalf of the related Issuer or any applicable Co- Issuer as lessor under any Lease, (f) any amounts collected by or on behalf
of the Issuers or any applicable Co-Issuer as lessor and held in escrow or impound to pay future obligations due under a Lease,
as applicable, and (g) amounts received in connection with a Series Collateral Release.

 

“Back-Up
Fee”: With respect to each Property, the monthly fee payable to the Back-Up Manager pursuant to Section 3.09(f) in
an amount equal to the product of (i) the Back-Up Fee Rate and (ii) the aggregate Allocated Loan Amount of all Properties in the
Collateral Pool as of the related Determination Date.

 

“Back-Up
Fee Rate”: With respect to each Property, a monthly rate equal to the product of (i) one-twelfth and (ii) 0.10%.

 

“Back-Up
Manager”: As defined in the preamble.

 

“Back-Up
Servicing Transfer Date”: As defined in Section 6.03(c).

 

“Bankruptcy
Code”: The federal Bankruptcy Code of 1978, Title 11 of the United States Code, as amended from time to time.

 

“Collateral
Defect”: As defined in Section 2.04(a).

 

“Collateral
Value”: As of any date of determination with respect to each Property, such Property’s Appraised Value.

 

“Collection
Account”: As defined in Section 3.02(d) hereof.

 

“Collection
Account Bank”: As defined in Section 3.02(d) hereof.

 

“Collection
Period”: With respect to any Payment Date, the period commencing on the day immediately following the Determination
Date in the month immediately preceding the month in which such Payment Date occurs (or, in the case of the initial Payment Date,
commencing on the Initial Closing Date) and ending on (and including) the Determination Date related to such Payment Date.

 

“Condemnation”:
As defined in Section 3.20(a) hereof.

 

“Condemnation
Proceeds”: All proceeds received in connection with the Condemnation of any Property or Improvements.

 

    	 	3	 

     

    

 

“Consolidated”
(or “consolidated”) or “Consolidating” (or “consolidating”):
When used with reference to any financial term in this Agreement, the aggregate for two or more Persons of the amounts signified
by such term for all such Persons determined on a consolidated basis in accordance with GAAP.

 

“Corrected
Unit”: Any Property that had been a Specially Managed Unit but with respect to which (a) as of the date of determination,
no circumstance identified in clauses (i) through (v) of the definition of the term “Specially Managed Unit” then exists
and (b) one or more of the following as are applicable occur:

 

(i)          if
a circumstance described in clause (i) of the definition of the term “Specially Managed Unit” previously existed with
respect to such Property, such condition shall have ceased to exist and (A) the related Tenant has made two consecutive full and
timely Monthly Lease Payments under the terms of the related Lease (as such terms may be changed or modified in connection with
a bankruptcy or similar proceeding involving the related Tenant or by reason of a modification, waiver or amendment granted or
agreed to by the Special Servicer) or (B) with respect to a Lease, such Lease has been terminated and the related Property has
been re-leased;

 

(ii)         if
a default described in clause (ii) of the definition of the term “Specially Managed Unit” previously existed with respect
to such Property, such default is cured in the good faith and reasonable judgment of the Special Servicer;

 

(iii)        if
a circumstance described in clause (iii) of the definition of the term “Specially Managed Unit” previously existed
with respect to such Property, such circumstances cease to exist in the good faith and reasonable judgment of the Special Servicer;

 

(iv)        if
a circumstance described in clause (iv) of the definition of the term “Specially Managed Unit” previously existed with
respect to such Property, such default is cured; and

 

(v)         if
a circumstance described in clause (v) of the definition of the term “Specially Managed Unit” previously existed with
respect to such Property, such circumstances no longer exist.

 

“Credit Risk”:
As defined in Section 7.06.

 

“Custodian”:
U.S. Bank National Association or its successor in interest.

 

“Custody
Agreement”: The Custody Agreement, dated as of the Initial Closing Date, among the Issuers, the Indenture Trustee,
the Custodian and each joining party thereto, as amended, restated, supplemented or otherwise modified from time to time.

 

“Default
Interest”: With respect to any Lease, any amounts collected thereon (other than late payment charges or amounts representing
the Third Party Option Price paid by the related Tenant or any third party) that represent penalty interest accrued at the rate
specified in such Lease.

 

    	 	4	 

     

    

 

“Defaulted
Asset”: Any Lease or Property included in the Collateral Pool (other than a Delinquent Asset) with respect to which
the related Tenant is in default and such default continues unremedied for the applicable grace period under the terms of the related
Lease (or, if no grace period is specified, for 30 days).

 

“Defaulting
Party”: As defined in Section 6.02(a).

 

“Delinquent
Asset”: Any Lease in the Collateral Pool with respect to which any Monthly Lease Payment becomes delinquent more
than 60 consecutive days (without taking into account the required giving of notices under such Lease) and which Lease has not
been rejected in any bankruptcy, insolvency or similar proceeding.

 

“Determination
Date Report”: As defined in Section 4.01(a).

 

“Document
Defect”: As defined in Section 2.03(c).

 

“Due Date”:
With respect to any Lease, the day of each calendar month on which the Monthly Lease Payment with respect thereto is due.

 

“Emergency
Property Expenses”: As defined in Section 3.03(e).

 

“Environmental
Insurer”: Any Qualified Insurer that issues Environmental Policies relating to any of the Properties.

 

“Environmental
Policy”: Any insurance policy issued by an Environmental Insurer, together with any endorsements thereto, providing
insurance coverage for losses, with respect to certain Properties, caused by the presence of Hazardous Substances on, or the migration
of Hazardous Substances from, the related Properties.

 

“Escrow Payment”:
Any payment received by the Property Manager or the Special Servicer for the account of any Tenant or otherwise deposited in the
Servicing Account for application toward the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable)
and similar items in respect of the related Property.

 

“Exchanged
Property”: A Property and the related Lease that is exchanged for a Qualified Substitute Property subject to the
conditions and limitations described in this Agreement.

 

“Excess Proceeds”:
As defined in Section 3.02(f).

 

“Fair Market
Value”: At any time, a price determined by the Property Manager (or by the Special Servicer with respect to a Specially
Managed Unit) in accordance with the Servicing Standard to be the most probable price that the related Lease or Property should
bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. In making any such determination, the Property Manager
or Special Servicer may obtain an MAI certified appraisal of the related Property and shall assume the consummation of a sale as
of a specified date (and with respect to Properties, the passing of title from seller to buyer) under conditions whereby: (i) buyer
and seller are typically motivated; (ii) both parties are well informed or well advised, and acting in what they consider their
best interests; (iii) a reasonable time is allowed for exposure in the open market; (iv) payment is made in terms of cash in United
States dollars or in terms of financial arrangements comparable thereto; and (v) the price represents the normal consideration
for such Lease or Property unaffected by special or creative financing or sales concessions granted by anyone associated with the
sale.

 

    	 	5	 

     

    

 

“Financing
Statement”: One or more financing statements filed or recorded or in a form suitable for filing and recording under
the UCC.

 

“FIRREA”:
The Financial Institutions Reform, Recovery and Enforcement Act of 1989.

 

“Fixed Charge
Coverage Ratio” or “FCCR”: The fixed charge coverage ratio for a Tenant determined in accordance
with the provisions of Exhibit E attached hereto.

 

“GAAP”:
Generally accepted accounting principles as in effect in the United States, consistently applied, as of the date of such application.

 

“General
Receipts Account”: As defined in Section 3.02(b).

 

“General
Receipts Account Bank”: As defined in Section 3.02(b).

 

“Guaranty”:
The Guaranty, dated as of May 30, 2019, executed by AFOP, as Support Provider, in favor of the Indenture Trustee, for the benefit
of the Noteholders.

 

“Hazardous
Substances”: As defined in Section 3.23(a).

 

“Improvements”:
As defined in the granting clause of the related Mortgage with respect to each Property.

 

“Indenture”:
The Master Indenture, dated as of May 30, 2019, among the Issuers and the Indenture Trustee, and any supplement thereto relating
to the issuance of any series of Notes, including all amendments and supplements thereto.

 

“Indenture
Trustee”: As defined in the preamble.

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) is not an Issuer, an Issuer Member, the Indenture Trustee,
the Property Manager, the Special Servicer or an Affiliate thereof, (ii) does not have any direct financial interest in or any
material indirect financial interest in any of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager, the
Special Servicer or any of their respective Affiliates, and (iii) is not connected with the Issuers, the Issuer Members, the
Indenture Trustee, the Property Manager, the Special Servicer or any of their respective Affiliates 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 Issuers, the Issuer Members, the Indenture Trustee, the Property Manager, the Special Servicer
or an Affiliate thereof merely because such Person is the beneficial owner of 1% or less of any class of securities issued by any
Issuer, any Issuer Member, the Indenture Trustee, the Property Manager, the Special Servicer or an Affiliate thereof, as the case
may be.

 

    	 	6	 

     

    

 

“Insurance
Proceeds”: All proceeds received under any Property Insurance Policy that provides coverage with respect to any Property.

 

“Insured
Casualty”: As defined in Section 3.19.

 

“Issuance
Date”: With respect to any Series of Notes, the applicable Series Closing Date.

 

“Issuer Interests”:
With respect to (i) any Issuer that constitutes an Issuer as of the date hereof, the limited liability company interests issued
pursuant to such Issuer’s limited liability company agreement and (ii) any other Issuer, as indicated in the applicable Joinder
Agreement, in each case as the same may be amended from time to time in accordance with the terms thereto and the Indenture.

 

“Issuer Member”:
With respect to (i) any Issuer that constitutes an Issuer as of the date hereof, the holder of the Issuer Interests with respect
to such Issuer, and (ii) any other Issuer, as indicated in the applicable Joinder Agreement.

 

“Joinder
Agreement”: With respect to any Series of Notes, the Joinder Agreement, dated as of the applicable Series Closing
Date, among the applicable Joining Party, the Property Manager, the Special Servicer, the Indenture Trustee and the Back-Up Manager,
substantially in the form of Exhibit B attached hereto.

 

“Joining
Party”: Any AFOP SPE, as indicated in the applicable Joinder Agreement.

 

“KeyBank”:
As defined in the preamble.

 

“Land and
Building Lease”: A lease pursuant to which land, buildings and other Improvements are leased by a Tenant from the
related land and building lessor.

 

“Lease”:
Each lease listed on the Property Schedule from time to time. As used herein and in the other Transaction Documents, the term “Lease”
includes the related lease agreement and all amendments, modifications and waiver agreements related thereto.

 

“Lease Documents”:
Any related lease agreement, non-disturbance agreement, guaranty or other agreement or instrument, to the extent made for the benefit
of the related Originator.

 

“Lease Expiration
Date”: With respect to any Lease, the date specified in such Lease (as in effect on the Initial Closing Date or,
if later, the date such Lease was first included in the Collateral Pool) on which the term of the Lease expires or such earlier
date on which the Tenant has an option to terminate the Lease (as in effect on the Initial Closing Date or, if later, the date
such Lease was first included in the Collateral Pool), without regard to any unexercised options to renew or extend such Lease
or change in or modification of such terms in connection with a bankruptcy or similar proceeding involving the related Tenant or
a modification, waiver, extension or amendment of such Lease granted or agreed to by the Special Servicer pursuant to Section 3.16.

 

    	 	7	 

     

    

 

“Lease File”:
With respect to each Property and the related Lease, the following documentation:

 

(i)          the
executed original or a copy of the Lease and any amendment thereto;

 

(ii)         the
executed original or a copy of any Lease Guaranty of the Lease and any amendment, modification, waiver agreement or instrument
related thereto;

 

(iii)        copies
of any Financing Statements filed under the UCC relating to the Lease and any amendments and continuation statements, if any are
in the possession of the related Originator or Issuer;

 

(iv)        the
executed original recorded Mortgage and any assignment thereof in favor of the Indenture Trustee with respect to the related Property
or a complete copy thereof delivered by the related Originator or the related Issuer or any applicable title company that closed
or is closing such Mortgage as a true and complete copy of the original thereof submitted for recording (which delivery shall be
deemed to be a certification by such Originator and such Issuer that such copy is a true and complete copy of the original submitted
for recording);

 

(v)         an
original or copy of the lender’s title insurance policy relating to the Mortgage for such Property, together with all riders
thereto showing the Indenture Trustee and its successors and assigns as the named insured; or, with respect to each Property as
to which a title insurance policy has not yet been issued, a policy meeting the foregoing description as evidenced by either a
commitment for title insurance “marked up” by the title company or a proforma title policy which the title company
has agreed to issue pursuant to an email from the title company or pursuant to a closing instruction letter or email setting forth
such requirements of the lender’s title insurance policy; provided, that such email or closing instruction letter
shall not be part of the Lease File;

 

(vi)        a
Tenant estoppel certificate, if any, to the extent in the possession of the related Issuer or the related Originator, in which
the Tenant acknowledges that the Lease is in full force and effect, that the lessor is not in default under the terms of the Lease,
and that no circumstances currently exist that would give the Tenant the right to abate or offset its rent;

 

(vii)       a
copy of the appraisal (whether in hard copy, electronic copy or CD ROM format) containing the appraisal information for such Property;

 

(viii)      Environmental
Reports, if applicable;

 

(ix)         a
copy of the environmental insurance policy, if applicable, together with the original assignment thereof to the Indenture Trustee;

 

    	 	8	 

     

    

 

(x)          evidence
of insurance showing the related Issuer or its affiliate as the insured or an additional insured party under certain casualty insurance
policies, if any;

 

(xi)         with
respect to any Lease to a franchisee, a copy of the related franchise agreement, to the extent in the possession of the related
Issuer or the related Originator, if applicable;

 

(xii)        any
purchase option agreements, to the extent not included in the Lease;

 

(xiii)       a
survey of the Property;

 

(xiv)      a
property condition report, if applicable;

 

(xv)       any
property zoning reports;

 

(xvi)      the
related ground lease, if any, and any amendment, modification, waiver agreement or instrument relating thereto, together with the
applicable ground lessor estoppel;

 

(xvii)     with
respect to any ground lease, an assignment of ground lease, if any, and a non-disturbance agreement from the ground lessor and
the fee mortgagee, if any;

 

(xviii)    all
original letters of credit, if any;

 

(xix)       any
subordination, non-disturbance, and attornment agreements; and

 

(xx)        a
checklist of the foregoing documents;

 

provided, that (x) no assignment
of any of the foregoing documents in favor of the Indenture Trustee shall be considered to be effective until the applicable Series
Closing Date, notwithstanding any earlier date on any such assignment, (y) whenever the term “Lease File” is used to
refer to documents actually received by the Custodian pursuant to this Agreement or the Custody Agreement, such term shall not
be deemed to include such documents required to be included therein unless they are actually so received and (z) whenever the term
 “Lease File” is used in connection with any receipt or certification by the Custodian for documents described in clauses
(ii), (vi), (ix), (xi), (xv), (xvi), (xvii), (xviii) and (xix) of this definition, such term shall be deemed to include such documents
and any amendment, modification, waiver, agreement or instrument related thereto, only to the extent that a Responsible Officer
of the Custodian has actual knowledge of their existence.

 

“Lease Guarantor”:
Any guarantor under any Lease Guaranty.

 

“Lease Guaranty”:
With respect to any Lease, the guaranty related to such Lease executed by an Affiliate or parent of the Tenant in favor of the
lessor.

 

“Lease Security
Deposit”: As defined in Section 3.02(g).

 

“Lease Transfer
Property”: As defined in Section 7.03.

 

    	 	9	 

     

    

 

“Leasehold
Property”: A Property for which an Issuer does not own fee title to the related property, but instead has entered
into a ground lease with the owner of the property and therefore possesses a leasehold estate in such property, along with title
to the buildings and other improvements located on such property.

 

“Liquidated
Lease”: A Defaulted Asset that is a Lease with respect to which the related Property has been either re-leased or
sold, or any Lease related to a Property purchased from the applicable Issuer or disposed of by such Issuer pursuant to an exchange,
whether or not terminated because of a default by the Tenant.

 

“Liquidation
Fee”: As defined in Section 3.09(h).

 

“Liquidation
Fee Rate”: A percentage equal to 0.50%.

 

“Liquidation
Proceeds”: (i) All net cash proceeds and all other amounts (other than Insurance Proceeds and Condemnation Proceeds)
received by the applicable Issuer, the Property Manager, or the Special Servicer and retained in connection with the liquidation
of any Lease or Property; (ii) all cash proceeds and all other amounts (other than Insurance Proceeds and Condemnation Proceeds)
from the release or substitution of any Property other than to the extent deposited into the Release Account; (iii) all proceeds
from the investment of funds on deposit in the Release Account; and (iv) all cash proceeds from the release or substitution of
any Property transferred from the Release Account to the Collection Account pursuant to Section 7.01(e).

 

“MAI”:
A designation signifying that the designee is a member of the Appraisal Institute.

 

“Modified
Collateral Detail and Realized Loss Report”: As defined in Section 4.01(c).

 

“Monthly
DSCR”: With respect to any Determination Date, the quotient, expressed as a ratio, of (i) the sum of all Monthly
Lease Payments and any income earned from the investment of funds on deposit in the Collection Account and the Release Account
in Permitted Investments during the related Collection Period, and (ii) the Total Debt Service for the related Payment Date; provided,
that with respect to the initial Collection Period for any Series, the amount in clause (i) above will include the Property Manager’s
good faith estimate (in accordance with the Servicing Standard) of what such amount would have been if such first Collection Period
had commenced on the day immediately after the Determination Date in the month immediately preceding the first Payment Date, based
on amounts actually received by the Property Manager during the initial Collection Period. For purposes of determining the Monthly
DSCR, the Total Debt Service will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

“Monthly
Lease Payment”: With respect to any Lease, the fixed or “base” rent monthly payment that is actually
payable by the related Tenant from time to time under the terms of such Lease (excluding any Percentage Rent), after giving effect
to any provision of such Lease providing for periodic increases in such fixed or “base” rent by fixed percentages or
dollar amounts or by percentages based on increases in the Consumer Price Index.

 

    	 	10	 

     

    

 

“Mortgage”:
A mortgage (or deed of trust or deed to secure debt), assignment of leases and rents, security agreement and fixture filing or
similar document executed by the applicable Issuer, pursuant to which such Issuer grants a lien on its interest in the related
Property in favor of the Indenture Trustee.

 

“Net Default
Interest”: With respect to any Lease, any Default Interest collected thereon, net of any Advance Interest accrued
on Advances made in respect of such Lease and reimbursable from such Default Interest in accordance with Section 2.11 of the Indenture.

 

“Net Investment
Earnings”: The amount by which the aggregate of all interest and other income realized during a Collection Period
on funds held in the Collection Account, the Release Account and any other accounts established under the Indenture from time to
time, if any, exceeds the aggregate of all losses, if any, incurred during such Collection Period in connection with the investment
of such funds in accordance with Section 3.05.

 

“Net Worth”:
With respect to any entity means the difference between (i) the fair market value of such entity’s assets determined in accordance
with GAAP, but excluding accumulated depreciation, and (ii) such entity’s liabilities determined in accordance with GAAP.

 

“Non-Renewal
Risk”: As defined in Section 7.06.

 

“Nonrecoverable
Advance”: Any portion of an Advance previously made or proposed to be made which, in the case of an Advance previously
made, has not been previously reimbursed to the Property Manager or the Indenture Trustee, as applicable, and which the Property
Manager, in accordance with the terms hereof, or the Indenture Trustee, in its sole discretion exercised in good faith, as applicable,
determines, taking into account amounts that may be collected or realized on such Properties or Leases prior to final liquidation
and Liquidation Proceeds, will not, or, in the case of a proposed Advance, would not, be ultimately recoverable together with interest
thereon at the Reimbursement Rate from amounts to be deposited in the Collection Account under the terms of this Agreement with
respect to such Properties or Leases (including, without limitation, payments by the Tenants and collections under the related
Leases, Default Interest and late payment fees, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, and proceeds from
the operation and servicing of such Properties and Leases), as evidenced by an Officer’s Certificate pursuant to Section
3.03(f). In making any determination as to nonrecoverability pursuant to the provisions of the Transaction Documents following
the occurrence and continuance of an event of default under the Indenture, the Property Manager (including the Back-Up Manager,
as successor Property Manager, and the Indenture Trustee, as applicable) may consider the limitations on its enforcement remedies.

 

“Officer’s
Certificate”: A certificate signed by a Servicing Officer of the Property Manager or the Special Servicer or a Responsible
Officer of the Indenture Trustee or the applicable Issuer Member on behalf of an Issuer, as the case may be, and with respect to
any other Person, a certificate signed by the Chairman of the Board, the President, a Vice President or Assistant Vice President,
the Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant Secretaries of such Person.

 

    	 	11	 

     

    

 

“Opinion
of Counsel”: A written opinion of counsel (which shall be rendered by counsel that is Independent of the Issuers,
the Issuer Members, the Indenture Trustee, the Property Manager and the Special Servicer) in form and substance reasonably acceptable
to and delivered to the addressees thereof.

 

“P&I
Advance”: Any advance of principal and/or interest made by the Property Manager or the Indenture Trustee, as applicable,
pursuant to Section 3.03. Each reference to reimbursement or payment of a P&I Advance shall be deemed to include, whether or
not specifically referred to, payments or reimbursement of interest thereon at the Reimbursement Rate through the date of payments
or reimbursement.

 

“Payoff Amount”:
With respect to any Released Property released or sold due to a Collateral Defect, an amount equal to the Collateral Value of such
Released Property, plus any unpaid Monthly Lease Payments and any unreimbursed Advances, Emergency Property Expenses, Liquidation
Fees, Workout Fees, Special Servicing Fees, Issuer Expenses, Back-Up Fees, Extraordinary Expenses and any fees and expenses incurred
in connection with such release (in each case, plus interest thereon as applicable), in each case related to such Released Property
or the related Lease.

 

“Percentage
Rent”: With respect to any Lease, the rent thereunder, if any, calculated as a percentage of the total sales generated
by the related Tenant at the related Property in excess of or in lieu of, as applicable the Monthly Lease Payments as provided
in the applicable Lease.

 

“Permitted
Leases”: Those Leases referenced on the Property Schedule and any other Leases entered into in accordance with the
terms and conditions of the Indenture and this Agreement.

 

“Permitted
Materials”: Hazardous Substances used or generated by any Tenant in the ordinary course of business and treated in
accordance with applicable Environmental Laws.

 

“Primary
Servicing Office”: (i) With respect to the Property Manager or the Special Servicer, the office of the Property Manager
or the Special Servicer, as the context may require, that is primarily responsible for such party’s servicing obligations
hereunder and (ii) with respect to the Back-Up Manager, the office of the Back-Up Manager, as the context may require, that
is primarily responsible for such party’s servicing obligations hereunder.

 

“Prime Rate”:
The “prime rate” published in the “Money Rates” section of The Wall Street Journal, as such “prime
rate” may change from time to time. If The Wall Street Journal ceases to publish the “prime rate,” then
the Indenture Trustee shall select an equivalent publication that publishes such “prime rate”; and if such “prime
rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body,
then the Indenture Trustee shall select a comparable interest rate index. In either case, such selection shall be made by the Indenture
Trustee in its sole discretion and the Indenture Trustee shall notify the Property Manager and the Special Servicer in writing
of its selection.

 

“Property”:
Each parcel of real property listed on the Property Schedule and from time to time included in the Collateral Pool.

 

    	 	12	 

     

    

 

“Property
Insurance Policy”: With respect to any Property, any hazard insurance policy, flood insurance policy, or other insurance
policy that is maintained from time to time in respect of such Property (including, without limitation, any blanket insurance policy
maintained by or on behalf of the applicable Issuer).

 

“Property
Management Fee”: With respect to each Property, the monthly fee payable to the Property Manager pursuant to Section
3.09(a) in amount equal to the product of: (i) the Property Management Fee Rate and (b) the aggregate Allocated Loan Amount (as
of the related Determination Date) of all Properties in the Collateral Pool that did not relate to Specially Managed Units during
the related Collection Period.

 

“Property
Management Fee Rate”: With respect to each Lease, a monthly rate equal to the product of (i) one-twelfth and (ii)
0.25%.

 

“Property
Manager”: AF Properties, in its capacity as property manager under this Agreement, or any successor property manager
appointed as herein provided.

 

“Property
Manager Additional Servicing Compensation”: The additional servicing compensation payable to the Property Manager
pursuant to Section 3.09(b).

 

“Property
Protection Advance”: With respect to the Leases and the Properties, all customary, reasonable and necessary out-of-pocket
costs and expenses incurred by the Property Manager (or, if applicable, the Back-Up Manager), in connection with servicing the
Leases and the Properties, in accordance with the Servicing Standard and this Agreement, for the purpose of paying real estate
taxes, premiums on Property Insurance Policies (not already paid pursuant to Section 2.11 of the Indenture, as confirmed by the
applicable Issuer), in the case of Leasehold Properties, payments required to be made under the related ground leases and other
amounts necessary to preserve or maintain the security interest and lien of the Indenture Trustee in, and value of, each related
Property (including any costs and expenses necessary to re-lease such Property), Lease (including costs and expenses related to
collection efforts), including, but not limited to, amounts incurred by the Property Manager to (a) repair, or make improvements
to, a Property in order to re-lease such Property or to induce a Tenant to extent, modify and/or renew the related Lease, and/or
(b) provide to an existing or proposed Tenant a tenant allowance to enable such existing or proposed Tenant to repair, or make
improvements to, a Property in connection with a new Lease or the extension, modification and/or renewal of an existing Lease.
Notwithstanding anything to the contrary, “Property Protection Advances” shall not include allocable overhead of the
Property Manager 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.

 

“Property
Schedule”: The list of Properties and related Leases identified on an exhibit or schedule to each applicable Series
Supplement in connection with the issuance of a related Series of Notes. Such list shall set forth the following information with
respect to each Lease:

 

		(i)	the identification number for the Property;

 

		(ii)	the related Issuer lease number and name of the related
Tenant;

 

    	 	13	 

     

    

  

		(iii)	the Lease Expiration Date for such Lease;

 

		(iv)	the street address (including city, state and zip code)
of such Property;

 

		(v)	the Appraised Value of such Property;

 

		(vi)	the concept operated on such Property; and

 

		(vii)	the Allocated Loan Amount.

 

“Property
Transfer Agreement”: As defined in the Indenture.

 

“Qualified
Deleveraging Event”: As defined in the Indenture.

 

“Qualified
Insurer”: An insurance company or security or bonding company qualified to write the related Property Insurance Policy
in the relevant jurisdiction, which company has a claims-paying ability rated at least “A:VIII” by A.M. Best’s
Key Rating Guide.

 

“Qualified
Release Amount”: A portion of the Collateral Pool that may be released in connection with an Early Refinancing Prepayment,
applying a Release Price for each asset to be released equal to the greater of Fair Market Value and 115% of the Allocated Loan
Amount of the Properties being released, that in the aggregate is no greater than the dollar amount of the Notes being prepaid
in connection with such Early Refinancing Prepayment.

 

“Qualified
Substitute Property”: A Property acquired by an Issuer (A) in substitution for any Exchanged Property that, on the
date such Qualified Substitute Property is added to the Collateral Pool, (i) has a Collateral Value that, when combined with the
Collateral Value of all other Qualified Substitute Properties acquired by the Issuers since the most recent Issuance Date, is at
least equal to the sum of the Fair Market Value of all Exchanged Properties (each measured on the date of their respective removals),
(ii) complies, in all material respects, with all of the representations and warranties made with respect to Properties under the
Indenture, (iii) has, together with all other Qualified Substitute Properties to be acquired by the Issuers on such date, the same
or greater aggregate Monthly Lease Payments as the Exchanged Properties, (iv) is leased pursuant to a Lease, that when combined
with the Leases of all other Qualified Substitute Properties acquired since the most recent Issuance Date, has a weighted average
remaining term that equals or exceeds the weighted average remaining term of the Leases associated with the Exchanged Properties
released since the most recent Issuance Date, (v) if the Tenant thereof or any third party has an option to purchase such Qualified
Substitute Property, the contractual amount of such Third Party Option Price is not less than what the Allocated Loan Amount of
such Qualified Substitute Property would be after giving effect to the substitution of such Property, (vi) when combined with all
other Qualified Substitute Properties acquired since the most recent Issuance Date, does not cause the Weighted Average FCCR of
such Qualified Substitute Properties to be less than the Weighted Average FCCR (measured as of the date of each respective substitution)
of all Exchanged Properties released since the most recent Issuance Date; provided, however, with respect to no more than
fifteen (15)% of the Aggregate Appraised Value of all Properties, the requirement set forth in this clause (vi) will not apply
so long as such Qualified Substitute Properties (1) have a weighted average unit FCCR not less than 2.0x and (2) the Property Manager,
in accordance with the Servicing Standard, has determined that such substitution is in the best interest of the Issuers and the
Noteholders, (vii) is leased pursuant to a “triple-net” or “double-net” lease, and (viii) has an appraisal
that meets the requirements set forth in the definition of Appraised Value and was obtained no more than twelve (12) months prior
to such substitution or (B) with proceeds deposited in the Release Account that, on the date of such acquisition, (i) complies,
in all material respects, with all of the representations and warranties made with respect to Properties under the Indenture, (ii)
is leased pursuant to a Lease that has a remaining term that equals or exceeds the weighted average remaining term of the Leases
associated with the Released Properties released since the most recent Issuance Date, (iii) if the Tenant thereof or any third
party has an option to purchase such Qualified Substitute Property, the contractual amount of such Third Party Option Price is
not less than what the Allocated Loan Amount of such Qualified Substitute Property would be after being acquired by such Issuer;
(iv) is leased to the Tenant who leased the related Released Property, or to a different Tenant whose FCCR is greater than or equal
to the then-current FCCR, (v) is leased pursuant to a “triple-net” or “double-net” lease and (vi) has an
appraisal meeting the requirements set forth in the definition of Appraised Value that was obtained no more than twelve (12) months
prior to such substitution.

 

    	 	14	 

     

    

 

Notwithstanding the foregoing,
with respect to a Risk-Based Substitution, the related Qualified Substitute Property shall not be required to comply with clauses
(A) (iv),(v), or (vi) or (B) (ii), (iii) or (iv) above.

 

“Reimbursement
Amounts”: Any amounts payable by a Tenant to the Property Manager or the related Issuer pursuant to the terms of
the related Lease as reimbursement for the payment of taxes or other expenses made by the Property Manager or such Issuer in connection
with the Property.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of Advance Interest, which rate per annum is equal to the Prime
Rate plus 3%.

 

“Release
Account”: As defined in Section 3.02(f).

 

“Release
Price”: With respect to any Released Property, an amount equal to (i) the Third Party Option Price, if the release
occurs in connection with any Third Party Purchase Option, (ii) with respect to any Delinquent Asset or Defaulted Asset purchased
by the Special Servicer or the Property Manager or any assignee thereof, the greater of (A) the Fair Market Value, plus any unreimbursed
Advances, Emergency Property Expenses, Liquidation Fees, Workout Fees, Special Servicing Fees and Extraordinary Expenses (plus
interest thereon as applicable), in each case related to such Lease or Property, and (B) 115% of the Allocated Loan Amount, (iii)
the Payoff Amount with respect to any Released Property released due to a Collateral Defect, (iv) the greater of (A) the Fair Market
Value and plus any unreimbursed Advances, Emergency Property Expenses,
Liquidation Fees, Workout Fees, Special Servicing Fees and Extraordinary Expenses (plus interest thereon as applicable) and (B)
115% of the Allocated Loan Amount of the Properties being released, with respect to a Qualified Deleveraging Event, or (v) other
than with respect to clauses (i)-(iv) hereof, the Fair Market Value, plus any unreimbursed Advances, Emergency Property Expenses,
Liquidation Fees, Workout Fees, Special Servicing Fees and Extraordinary Expenses (plus interest thereon as applicable), in each
case related to such Lease or Property, for any Released Property sold.

 

    	 	15	 

     

    

 

“Released
Property”: As defined in Section 7.04(a).

 

“Remedial
Work”: As defined in Section 3.23(c).

 

“Remittance
Date”: The Business Day preceding each Payment Date.

 

“Removed
Property”: A Released Property or Exchanged Property that has either been released or substituted pursuant to Section
2.04 and Article VII hereof.

 

“Request
for Release”: A request signed by a Servicing Officer of the applicable Issuer or the Property Manager in the form
of Exhibit A-l attached hereto or of such Issuer or the Special Servicer in the form of Exhibit A-2 attached hereto.

 

“Required
Conditions”: Subject to any additional requirements set forth in any applicable Series Supplement, with respect to
any proposed substitution, release, exchange or lease transfer of any Property, the Required Conditions will be satisfied if:

 

(i)          the
applicable Issuer shall submit to the Indenture Trustee all documentation that is reasonably required to be delivered by any party
hereto in connection with such substitution, release, exchange or lease transfer, together with an Officer’s Certificate
certifying that such documentation (A) is in compliance with all Legal Requirements, and (B) will effect such release in accordance
with the terms of this Agreement; and

 

(ii)         if
the Property sought to be substituted, released, exchanged or have its lease transferred is subject to a Lease that also covers
any other Property, such Lease shall be severed and amended so that, after giving effect to such release, no Property shall be
subject to a Lease that also affects any Property that is not subject to a Mortgage.

 

“Risk-Based
Substitution”: The meaning specified in Section 7.06.

 

“Sales Tax
Deposit”: As defined in Section 3.02(g).

 

“Series Collateral
Release”: The meaning specified in Section 7.10(a).

 

“Series Collateral
Release Price”: With respect to a Released Property in connection with a Series Collateral Release, an amount equal
to the greater of (i) 115% of the Allocated Loan Amount of such Released Property and (ii) the Fair Market Value of such Released
Property, plus any unreimbursed Advances, Emergency Property Expenses, Liquidation Fees, Workout Fees, Special Servicing Fees and
Extraordinary Expenses (plus interest thereon as applicable), in each case related to such Lease or Property.

 

“Servicer
Replacement Event”: The meaning specified in Section 6.01(a).

 

“Servicing
Accounts”: One or more accounts established and maintained by each of the Property Manager and the Special Servicer
relating to those Properties and Leases each such party is obligated to service and administer hereunder pursuant to Section 3.02(g).

 

    	 	16	 

     

    

 

“Servicing
Fees”: With respect to each Property and the related Lease, the Property Management Fee, the Back-Up Fee, the Property
Manager Additional Servicing Compensation, if any, the Special Servicing Fee, if any, and the Special Servicer Additional Servicing
Compensation, if any.

 

“Servicing
File”: Any documents (other than documents required to be part of the related Lease File) in the possession of the
Property Manager or the Special Servicer and relating to the origination and servicing of any Lease or the administration of any
Property.

 

“Servicing
Officer”: Any officer or employee of the Property Manager or the Special Servicer involved in, or responsible for,
the administration, management and servicing of the Properties or Leases, whose name and specimen signature appear on a list of
Servicing Officers furnished by such party to the applicable Issuer Members, the applicable Issuer and the Indenture Trustee on
the related Series Closing Date, as such list may be amended from time to time.

 

“Servicing
Standard”: To provide property management services for the Properties and to service the Leases (a) in the same manner
in which, and with the same care, skill, prudence and diligence with which, the Property Manager or the Special Servicer, as the
case may be, services and administers similar leases and properties, including, without limitation, the granting of certain Permitted
Encumbrances, for their own account and the account of their Affiliates or any third-party portfolios, to the extent applicable,
or (b) in a manner normally associated with the prudent management and operation of similar properties, whichever standard is highest,
and in each such case, in material compliance with all applicable laws, but without regard to: (i) any known relationship that
the Property Manager or Special Servicer, or an Affiliate of the Property Manager or Special Servicer, may have with any Issuer,
any Tenant, any of their respective Affiliates or any other party to the Transaction Documents; (ii) the ownership of any Note
or Issuer Interest by the Property Manager or Special Servicer or any Affiliate of the Property Manager or Special Servicer, as
applicable; (iii) the Property Manager’s obligation to make Advances, incur servicing expenses or to direct the Indenture
Trustee to withdraw funds from the Collection Account to pay Emergency Property Expenses with respect to the Leases and Properties;
(iv) the Property Manager’s or Special Servicer’s right to receive compensation for its services or reimbursements
of the costs under this Agreement; (v) the ownership, servicing or management for others, by the Property Manager or Special Servicer
of any other leases or commercial real properties; (vi) the release, transfer or indemnification obligations of the Property Manager
or Special Servicer; or (vii) the existence of any loans made to a Tenant by the Property Manager or Special Servicer or any Affiliate
thereof.

 

“Servicing
Transfer Agreement”: As defined in Section 5.04.

 

“Servicing
Transfer Date”: As defined in Section 5.04.

 

“Servicing
Transfer Event”: With respect to any Property, the occurrence of any of the events described in clauses (i) through
(v) of the definition of “Specially Managed Unit.”

 

    	 	17	 

     

    

 

“Special
Servicer”: AF Properties, in its capacity as special servicer under this Agreement, or any successor special servicer
appointed as herein provided.

 

“Special
Servicer Additional Servicing Compensation”: The additional servicing compensation payable to the Special Servicer
pursuant to Section 3.09(d).

 

“Special
Servicer Report”: As defined in Section 4.01(b).

 

“Special
Servicing Fee”: With respect to each Specially Managed Unit, the monthly fee payable to the Special Servicer pursuant
to the first paragraph of Section 3.09(c) in amount equal to the product of (i) the Special Servicing Fee Rate and (ii) the aggregate
Allocated Loan Amount (as of the related Determination Date) of all Properties in the Collateral Pool that did not relate to Specially
Managed Units during the related Collection Period.

 

“Special
Servicing Fee Rate”: With respect to each Specially Managed Unit, a monthly rate equal to the product of (i) one-twelfth
and (ii) 0.75%.

 

“Specially
Managed Unit”: Any Property as to which any of the following events has occurred:

 

(i)          such
Property is a Delinquent Asset; or

 

(ii)         such
Property is a Defaulted Asset, with respect to which the related default materially and adversely affects the interests of the
applicable Issuer; or

 

(iii)        there
shall have been commenced in a court or agency or supervisory authority having jurisdiction an involuntary action against the Tenant
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, which action shall not have been dismissed for a period of 90 days, and the subject Lease
has not been rejected in any related proceeding; or the Tenant shall have consented 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 the Tenant or of or relating to all or substantially all of its property, and the subject Lease has not been rejected in any
related proceeding; or the Tenant shall have admitted in writing its inability to pay its debts generally as they become due, filed
a petition to take advantage of any applicable insolvency or reorganization statute, made an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations, and the subject Lease has not been rejected in any related proceeding;
or

 

(iv)        the
Lease has expired, been terminated, or rejected in any bankruptcy or related proceeding; or

 

(v)         the
Property Manager receives notice that a Tenant will no longer make Monthly Lease Payments under such Tenant’s Lease.

 

    	 	18	 

     

    

 

“Sub-Manager”:
Any Person with which the Property Manager or the Special Servicer has entered into a Sub-Management Agreement.

 

“Sub-Management
Agreement”: The written contract between the Property Manager or the Special Servicer, on the one hand, and any Sub-Manager,
on the other hand, relating to servicing and administration of Leases and Properties, as provided in Section 3.18.

 

“Successor
Property Manager”: As defined in Section 6.02.

 

“Successor
Special Servicer”: As defined in Section 6.02.

 

“Support
Provider”: AFOP or any successor support provider.

 

“Tenant”:
With respect to each Lease, the tenant under such Lease and any successor or assign thereof.

 

“Terminated
Lease Property”: A Property, the Lease with respect to which has expired, has been terminated or has been rejected
in a bankruptcy, insolvency or similar proceeding of the Tenant or from which the Tenant has been evicted or otherwise removed.

 

“Third Party
Option Price”: With respect to any Property pursuant to which a Third Party Purchase Option is exercised, the cash
price that is set forth in the related Lease.

 

“Third Party
Purchase Option”: The option under a Lease, whether conditional or otherwise, for the related Tenant or another third
party to purchase the related Property before or at the expiration of the term of the Lease for the Third Party Option Price.

 

“Title Companies”:
As defined in Section 2.03(a).

 

“Title Insurance
Policies”: With respect to each Property, an ALTA mortgagee title insurance policy in the customary form (or, if
any Property is in a state which does not permit the issuance of such ALTA policy, such form as shall be permitted in such state)
issued with respect to such Property and insuring the lien of the Mortgage encumbering such Property.

 

“Total Debt
Service”: The sum of (i) the Scheduled Principal Payments and all Note Interest with respect to each Class of Notes,
(ii) the scheduled principal payment and note interest with respect to all classes of Related Series Notes (in each case, less
any scheduled principal payment due on the Anticipated Repayment Date with respect to each Class of Notes or the applicable anticipated
repayment date with respect to any such Related Series Notes), (iii) the Property Management Fee, (iv) the Special Servicing Fee,
if any, (v) the Back-Up Fee, and (vi) the Indenture Trustee Fee, each as accrued during the related Collection Period. For the
purpose of calculation “Monthly DSCR,” the Note Interest component of Total Debt Service shall, for each Series, be
computed on the basis of a 360-day year consisting of twelve 30-day months. For the avoidance of doubt, any Interest Carry-Forward
Amount, Post-ARD Additional Interest and Deferred Post-ARD Additional Interest will not be included in the calculation of Total
Debt Service.

 

    	 	19	 

     

    

 

“Transfer
Date”: The date on which a Property is acquired by the applicable Issuer.

 

“Triple A
Notes”: Any Notes that have been issued pursuant to the Indenture and have received a rating of “AAA(sf)”
from the applicable Rating Agency.

 

“Triple A
Release Date” With respect to any Triple A Notes, as defined in the related Series Supplement.

 

“Triple A
Release Event”: If any Triple A Notes are Outstanding on their related Triple A Release Date and an Early Amortization
Period is in effect the Property Manager shall use commercially reasonable efforts to sell Properties in an amount equal to 35%
of the Aggregate Collateral Value, taking into account the sum of the Collateral Value of all Released Properties released since
the Initial Closing Date.

 

“UCC”:
The Uniform Commercial Code as in effect in any applicable jurisdiction.

 

“Unscheduled
Proceeds”: Collectively, without duplication, (i) Liquidation Proceeds and any other proceeds received by the Property
Manager or the Special Servicer with respect to the disposition of a Property that is a Defaulted Asset, (ii) Proceeds in connection
with a Condemnation or Insured Casualty to the extent deposited in the Collection Account, (iii) any Third Party Option Price received
as a result of the exercise of a Third Party Purchase Option (only up to the Collateral Value) to the extent deposited into the
Collection Account, (iv) Payoff Amounts received in connection with the release and sale of a Lease or a Property in relation to
a Collateral Defect, (v) any proceeds (other than Release Prices) derived from each un-leased Property (exclusive of related operating
costs, including certain reimbursements payable to the Property Manager in connection with the operation and disposition of such
un-leased Property), (vi) all amounts disbursed to the Payment Account from the DSCR Reserve Account during an Early Amortization
Period, (vii) any Release Price collected in connection with a Triple A Release Event and (vii) amounts disbursed from the Release
Account to the Collection Account during the related Collection Period.

 

“U.S. Credit
Risk Retention Rules”: The final rules adopted by the FDIC, the Federal Housing Finance Agency, the Office of the
Comptroller of the Currency of the Department of the Treasury, the SEC, the Board of Governors of the Federal Reserve System and
the U.S. Department of Housing and Urban Development implementing the credit risk retention requirements of Section 15G of the
Securities Exchange Act of 1934, as amended, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act.

 

“U.S. Risk
Retention Agreement”: The U.S. Credit Risk Retention Agreement, dated as of May 30, 2019, entered into by AFOP in
favor of the Indenture Trustee, as amended, restated, supplemented or otherwise modified from time to time.

 

“Weighted
Average FCCR”: An amount equal to the quotient of (i) the sum of the products of the FCCRs and the Allocated Loan
Amounts of each Property in the Collateral Pool and (ii) the aggregate Allocated Loan Amount of all Properties in the Collateral
Pool.

 

    	 	20	 

     

    

 

“Workout
Fee”: As defined in Section 3.09(g).

 

Section
1.02.         Other Definitional Provisions.

 

(a)          All
capitalized terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made
or delivered pursuant hereto unless otherwise defined therein.

 

(b)          As
used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms
not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement
or in any such certificate or other document, to the extent not defined, shall have the respective meanings given to them under
GAAP. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are
inconsistent with the meanings of such terms under GAAP, the definitions contained in this Agreement or in any such certificate
or other document shall control.

 

(c)          The
words “hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references
contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; a reference
to a subsection or other subdivision without further reference to a Section is a reference to such subsection or other subdivision
as contained in the Section in which the reference appears; and the words “include” and “including” shall
mean without limitation by reason of enumeration.

 

(d)          The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as the feminine and neuter genders of such terms.

 

(e)          Any
agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of
agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are
also to its permitted assignees.

 

Section
1.03.         Certain Calculations in Respect of the Leases.

 

(a)          All
amounts collected in respect of any Lease in the form of payments from the related Tenants, guaranties provided by related Lease
Guarantors, Unscheduled Proceeds or otherwise shall be applied to amounts due and owing under the Lease in accordance with the
express provisions of such Lease; in the absence of such express provisions, all amounts collected shall be applied for purposes
of this Agreement: first, as a recovery of any related and unreimbursed Advances; and second, in accordance with
the Servicing Standard, but subject to Section 1.03(c), as a recovery of any other amounts then due and owing under such Lease,
including, without limitation, Percentage Rent, Reimbursement Amounts and Default Interest. Any proceeds derived from an unleased
Property (exclusive of related operating costs, including reimbursement of Advances made by the Property Manager, the Special Servicer
or the Indenture Trustee in connection with the operation and disposition of such Property) shall be applied by the Property Manager
in the same manner as if they were Monthly Lease Payments due on the previously existing Lease for such Property until such Lease
becomes a Liquidated Lease pursuant to the terms of such Lease and the related Lease Documents.

 

    	 	21	 

     

    

 

(b)          [Reserved].

 

(c)          Insofar
as amounts received in respect of any Lease and allocable to fees and charges owing in respect of such Lease constituting Additional
Servicing Compensation payable to the Property Manager or Special Servicer are insufficient to cover the full amount of such fees
and charges, such amounts shall be allocated between such of those fees and charges as are payable to the Property Manager, on
the one hand, and as are payable to the Special Servicer, on the other, pro rata in accordance with their respective entitlements.

 

(d)          The
foregoing applications of amounts received in respect of any Lease shall be determined by the Property Manager and reflected in
the appropriate monthly Determination Date Report and any Modified Collateral Detail and Realized Loss Report.

 

(e)          Notwithstanding
the early termination of any Lease resulting from a default by the related Tenant, such Lease will be treated for purposes of determining
Servicing Fees, Liquidation Fees, Workout Fees and Indenture Trustee Fees as remaining in effect until such Lease becomes a Liquidated
Lease.

 

Section
1.04.         Fee Calculations.

 

The calculation of
the Servicing Fees shall be made in accordance with Section 3.09 and the payment of Indenture Trustee Fees shall be made pursuant
to the terms of the Indenture. All dollar amounts calculated hereunder shall be rounded to the nearest penny with one-half of one
penny being rounded up.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES; RECORDINGS

AND FILINGS; BOOKS AND RECORDS; DEFECT,

BREACH, CURE, REPURCHASE AND SUBSTITUTION

 

Section
2.01.         Representations and Warranties of AF Properties and the Back-Up
Manager.

 

(a)          AF
Properties represents and warrants to the other parties hereto, and for the benefit of the Issuers, and the Indenture Trustee for
the benefit of the Noteholders as of Series Closing Date:

 

(i)          AF
Properties is a limited liability company duly organized, validly existing, and in good standing under the laws of its state of
organization and is in compliance with the laws of each state (within the United States of America) in which any Property is located
to the extent necessary to its performance under this Agreement;

 

    	 	22	 

     

    

 

(ii)         The
execution and delivery of this Agreement by AF Properties, and the performance and compliance with the terms of this Agreement
by AF Properties, do not violate its organizational documents or constitute 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 by which it is bound;

 

(iii)        AF
Properties has the 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 each of the other parties hereto, constitutes a valid, legal and
binding obligation of AF Properties, enforceable against AF Properties in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, receivership, moratorium and 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;

 

(v)         AF
Properties is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with the
terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation is likely to affect materially
and adversely either the ability of AF Properties to perform its obligations under this Agreement or the financial condition of
AF Properties;

 

(vi)        No
litigation is pending or, to AF Properties’ knowledge, threatened against AF Properties that is reasonably likely to be determined
adversely to AF Properties and, if determined adversely to AF Properties, would prohibit AF Properties from entering into this
Agreement or that, in AF Properties’ good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of AF Properties to perform its obligations under this Agreement or the financial condition of AF Properties;

 

(vii)       No
consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery
and performance by AF Properties of, or the compliance by AF Properties with, this Agreement or the consummation of the transactions
of AF Properties contemplated by this Agreement, except for any consent, approval, authorization or order that has been obtained
or that if not obtained would not have a material and adverse effect on the ability of AF Properties to perform its obligations
hereunder; and

 

(viii)      Each
officer and employee of AF Properties that has responsibilities concerning the management, servicing and administration of Properties
and Leases is covered by errors and omissions insurance and the fidelity bond as and to the extent required by Section 3.06.

 

    	 	23	 

     

    

 

(b)          The
representations and warranties of AF Properties set forth in Section 2.01(a) shall survive the execution and delivery of this Agreement
and shall inure to the benefit of the Persons to whom and for whose benefit they were made until all amounts owed to the Noteholders
under or in connection with this Agreement, the Indenture and the Notes have been indefeasibly paid in full. Upon discovery by
any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall
give prompt written notice to the other parties.

 

(c)          Any
successor Property Manager or Special Servicer shall be deemed to have made, as of the date of its succession, each of the representations
and warranties set forth in Section 2.01(a), subject to such appropriate modifications to the representation and warranty set forth
in Section 2.01(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a corporation,
partnership, bank, association or other type of organization.

 

(d)          The
Back-Up Manager represents and warrants to the other parties hereto, and for the benefit of the Issuers, and the Indenture Trustee
on behalf of the Noteholders, as of each Series Closing Date:

 

(i)          The
Back-Up Manager is a national banking association duly organized, validly existing, and in good standing under the laws of the
United States of America and is in compliance with the laws of each state (within the United States of America) in which any Property
is located to the extent necessary to its performance under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Back-Up Manager, and the performance and compliance with the terms of this Agreement
by the Back-Up Manager, do not violate its organizational documents or constitute 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 by which it is bound;

 

(iii)        The
Back-Up Manager has the 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 each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Back-Up Manager, enforceable against the Back-Up Manager in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, receivership, moratorium and 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;

 

(v)         The
Back-Up Manager is not in violation of, and its execution and delivery of, this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation is likely to affect materially
and adversely either the ability of the Back-Up Manager to perform its obligations under this Agreement or the financial condition
of the Back-Up Manager;

 

    	 	24	 

     

    

 

(vi)        No
litigation is pending or, to the Back-Up Manager’s knowledge, threatened (in writing received by the Back-Up Manager) against
the Back-Up Manager, which if determined adversely to the Back-Up Manager, would prohibit the Back-Up Manager from entering into
this Agreement or that, in the Back-Up Manager’s good faith and reasonable judgment, is likely to materially and adversely
affect either the ability of the Back-Up Manager to perform its obligations under this Agreement or the financial condition of
the Back-Up Manager;

 

(vii)       No
consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery
and performance by the Back-Up Manager of, or the compliance by the Back-Up Manager with, this Agreement or the consummation of
the transactions contemplated by the Back-Up Manager by this Agreement, except for any consent, approval, authorization or order
that has been obtained or that if not obtained would not have a material and adverse effect on the ability of the Back-Up Manager
to perform its obligations hereunder; and

 

(viii)      Each
officer and employee of the Back-Up Manager that has responsibilities concerning the management, servicing and administration of
Properties and Leases is covered by errors and omissions insurance and the fidelity bond as and to the extent required by Section
3.06.

 

Section
2.02.         Representations and Warranties of the Issuer.

 

(a)          Each
Issuer hereby represents and warrants to each of the other parties hereto and for the benefit of the Indenture Trustee, on behalf
of the Noteholders as of the related Series Closing Date on or after the date on which such Issuer becomes a party to this Agreement:

 

(i)          Such
Issuer is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of Delaware
and is in compliance with the laws of each state (within the United States of America) in which any applicable Property is located
to the extent necessary to its performance under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by such Issuer, and the performance and compliance with the terms of this Agreement by
such Issuer, do not violate its organizational documents or constitute 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 by
which it is bound;

 

(iii)        Such
Issuer has the 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 any applicable
Joinder Agreement, and has duly executed and delivered this Agreement and any applicable Joinder Agreement;

 

    	 	25	 

     

    

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of such Issuer, enforceable against such Issuer in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, receivership, moratorium and 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;

 

(v)         Such
Issuer is not in violation of, and its execution and delivery of, this Agreement or any applicable Joinder Agreement and its performance
and compliance with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or
arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation
is likely to affect materially and adversely either the ability of such Issuer to perform its obligations under this Agreement
or the financial condition of such Issuer;

 

(vi)        No
litigation is pending or, to such Issuer’s knowledge, threatened against such Issuer that is reasonably likely to be determined
adversely to such Issuer and, if determined adversely to such Issuer, would prohibit such Issuer from entering into this Agreement
or that, in such Issuer’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability
of such Issuer to perform its obligations under this Agreement or the financial condition of such Issuer;

 

(vii)       No
consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery
and performance by such Issuer of, or the compliance by such Issuer with, this Agreement or the consummation of the transactions
of such Issuer contemplated by this Agreement, except for any consent, approval, authorization or order that has been obtained
or that if not obtained would not have a material and adverse effect on the ability of such Issuer to perform its obligations hereunder;
and

 

(viii)      To
such Issuer’s knowledge, each of the Properties owned by such Issuer is a commercial property.

 

The representations and warranties of each
Issuer set forth in this Section 2.02 shall survive the execution and delivery of this Agreement and shall inure to the benefit
of the Persons to whom and for whose benefit they were made for so long as such Issuer remains in existence. Upon discovery by
any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall
give prompt written notice to the other parties.

 

    	 	26	 

     

    

 

Section
2.03.         Recordings and Filings; Books and Records.

 

(a)          In
connection with the Grant made by each Issuer to the Indenture Trustee pursuant to the granting clause of the Indenture, each Issuer
shall cause the delivery of the applicable Lease Files for the applicable Leases to the Custodian in accordance with the Custody
Agreement (which may provide for electronic delivery with respect to certain items specified therein) for the benefit of the Indenture
Trustee in furtherance of such Grant and such Issuer shall cause (with respect to the Properties owned by such Issuer): (A) each
Mortgage referred to in the definition of “Lease File” herein to be submitted to the appropriate Title Company (as
defined below) on or before the applicable Series Closing Date or Transfer Date for recording or filing, as the case may be, in
the appropriate public office for real property records, at the expense of such Issuer and (B) each title insurance binder or commitment
referred to in the definition of “Lease File” herein to be issued as a Title Insurance Policy by the title companies
(the “Title Companies”) issuing the same. Each Mortgage shall reflect that, following recording, it should
be returned by the public recording office to the Custodian, on behalf of the Indenture Trustee (or to the Property Manager (or
its designee), who shall then deliver such recorded document to the Custodian); provided, that delivery of a copy of each
such Mortgage with recording information within 30 days of the Property Manager’s receipt of such recorded Mortgage shall
satisfy the foregoing. Each of the Title Companies issuing the Title Insurance Policies shall be instructed by the applicable Issuer
to deliver such policies to the Custodian (or to the Property Manager (or its designee), who shall then deliver such recorded document
to the Custodian), in each case for the benefit of the Indenture Trustee. The Property Manager, on behalf of the Indenture Trustee,
shall use reasonable efforts to diligently pursue with the Title Companies the return of each of the Mortgages from the appropriate
recording or filing offices and the delivery of the Title Insurance Policies by the related Title Company. If any such document
or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Indenture Trustee
or the Custodian shall notify the Property Manager and the Property Manager shall promptly prepare and cause to be executed a substitute
therefor or cure such defect, as the case may be, and thereafter, the Property Manager shall cause the same to be duly recorded.
The Indenture Trustee and the related Issuer shall cooperate as necessary for the Property Manager to perform such obligations.

 

(b)          Each
Issuer shall deliver to and deposit with, or cause to be delivered to and deposited with, the Property Manager all documents and
records in the possession of such Issuer or any related Originator that relate to the applicable Properties and Leases and that
are not required to be a part of a Lease File in accordance with the definitions thereof, and the Property Manager shall hold all
such documents and records in trust on behalf of the Indenture Trustee (in hard copy or electronic format). The Property Manager’s
possession of such documents and records shall be at the will of the related Issuer and the Indenture Trustee for the sole purpose
of facilitating the servicing of the applicable Leases and Properties pursuant to this Agreement and such possession by the Property
Manager shall be in a custodial capacity only on behalf of the Indenture Trustee. The ownership of such documents and records shall
be vested in each Issuer, as applicable, subject to the lien of the Indenture, and the ownership of all documents and records with
respect to the applicable Leases and Properties that are prepared by or which come into possession of the Property Manager or the
Special Servicer shall immediately vest in such Issuer, subject to the lien of the Indenture, and shall be delivered to and deposited
with the Property Manager, in the case of documents or records in the hands of the Special Servicer, and retained and maintained
in trust by the Property Manager in such custodial capacity only on behalf of the Indenture Trustee, except as otherwise provided
herein. All such documents and records shall be appropriately maintained in a manner to clearly reflect the ownership of such documents
and records by the applicable Issuer, subject to the lien of the Indenture, and that such documents and records are being held
on behalf of the Indenture Trustee, and the Property Manager shall release such documents and records from its custody only in
accordance with this Agreement.

 

    	 	27	 

     

    

 

(c)          If
any party hereto discovers that any document constituting a part of a Lease File has not been properly executed, is missing, contains
information that does not conform in any respect with the corresponding information set forth in the Property Schedule (and the
terms of such document have not been modified by written instrument contained in the Lease File) or does not appear to be regular
on its face (each, a “Document Defect”), such party shall give prompt written notice thereof to the other
parties thereto. Upon its discovery or receipt of notice of any such Document Defect, the Property Manager shall notify the Issuers
and any applicable Rating Agency. If the applicable Issuer does not correct any Document Defect within 60 days of its receipt of
such notice and such Document Defect materially and adversely affects the value of, or the interests of such Issuer or any Noteholder
in, the related Lease or Property, the Property Manager shall, on behalf of such Issuer, and subject to the provisions of Section
2.04, exercise such rights and remedies as such Issuer may have under Section 2.04 with respect to such Document Defect in such
manner as it determines, in its good faith and reasonable judgment, is in the best interests of such Issuer.

 

(d)          The
Property Manager shall monitor the delivery of the Lease Files to the Custodian, for the benefit of the Indenture Trustee.

 

Section
2.04.         Repurchase or Transfer and Exchange for Collateral Defects
and Breaches of Representations and Warranties.

 

(a)          If
any party hereto discovers or receives notice of any Document Defect (after the date the related document is required to be delivered)
or that there exists a breach of any representation or warranty relating to any Property or Lease set forth in Section 2.20 of
the Indenture and if such absence, deficiency or breach materially and adversely affects (a) the value of the related Property
or Lease or (b) the interests of the Issuers or any Noteholders in the related Property or Lease (any such document defect or breach,
a “Collateral Defect”), the party discovering such Collateral Defect shall give prompt written notice
thereof to the other parties hereto. Promptly upon becoming aware of any such Collateral Defect, the Property Manager shall request
that such Issuer shall, not later than 60 days from the receipt by such Issuer of such request, (i) cure such Collateral Defect
in all material respects, (ii) the Support Provider shall, pursuant to the Guaranty, purchase such Property and the related Lease
from the applicable Issuer in accordance with Section 7.04 of this Agreement, or (iii) the Issuers (or the Support Provider pursuant
to the Guaranty) shall substitute one or more Qualified Substitute Properties for the subject Property in accordance with the procedures
set forth in Section 7.01 of this Agreement; provided that if (i) such Collateral Defect is capable of being cured (including
by delivery of a missing document) but not within such 60-day period, (ii) such Issuer has commenced and is diligently proceeding
with the cure of such Collateral Defect (which may including the delivery of a missing document) within such 60-day period, and
(iii) such Issuer shall have delivered to the Property Manager and the Indenture Trustee a certification executed on behalf
of such Issuer by an officer thereof setting forth the reason such Collateral Defect is not reasonably capable of being cured within
an initial 60-day period and what actions such Issuer is pursuing in connection with the cure thereof and stating that such Issuer
anticipates that such Collateral Defect will be cured within an additional 60-day period, then such Issuer shall have an additional
60 days commencing on the 61st day from receipt by such Issuer of such request to complete such cure.

 

    	 	28	 

     

    

 

(b)          If
the Issuers have elected to substitute one or more of the Properties and the Property Manager and/or such Issuer has complied with
the applicable provisions of Section 7.01, the Property Manager shall, and is hereby authorized and empowered by such Issuer and
the Indenture Trustee to, prepare, execute and deliver in its own name, on behalf of such Issuer, the Indenture Trustee or any
of them, the endorsements, assignments and other documents contemplated by Section 7.01 necessary to effectuate an exchange or
release pursuant to Section 2.04(a) and such Issuer and the Indenture Trustee shall execute and deliver any limited powers of attorney
substantially in the form of Exhibit A prepared by the Property Manager and necessary to permit the Property Manager to
do so; provided, however, that none of the applicable Issuer, the applicable Issuer Member, the applicable Issuer
board of managers and the Indenture Trustee shall be held liable for any misuse of any such power of attorney by the Property Manager
and the Property Manager hereby agrees to indemnify such Issuer, such Issuer Member, such Issuer board of managers and the Indenture
Trustee against, and hold such Issuer, such Issuer Member, such Issuer board of managers and the Indenture Trustee harmless from,
any loss or liability arising from any misuse of such power of attorney. In connection with any such release or substitution by
an Issuer, the Property Manager or the Special Servicer, as appropriate, shall concurrently deliver the related Lease File to or
at the direction of such Issuer. For the avoidance of doubt, the Indenture Trustee shall execute and deliver a limited power of
attorney on or before June 30th of each year.

 

(c)          Subject
to the terms of the Guaranty, this Section 2.04 provides the sole remedies available to the Indenture Trustee and the Noteholders
with respect to any Collateral Defect. If both the applicable Issuer and the Support Provider default on their obligations to cure,
substitute or purchase as contemplated by Section 2.04(a) or the Guaranty, as the case may be, such default shall be deemed an
Event of Default under the Indenture and the Property Manager shall promptly notify the Issuers, the Back-Up Manager, the Indenture
Trustee and any applicable Rating Agency and shall take such actions with respect to the enforcement of such obligations, including
the institution and prosecution of appropriate proceedings, as the Property Manager shall determine, in its good faith and reasonable
judgment, are in the best interests of the applicable Issuer and the Noteholders, and the Property Manager shall notify the Noteholders
of each Series of any proposed action and, prior to the Property Manager taking such action, the Requisite Global Majority shall
consent to such action. Any and all expenses incurred by the Property Manager or the Indenture Trustee with respect to the foregoing
shall constitute Property Protection Advances in respect of the affected Property and neither the Property Manager nor the Back-Up
Manager shall have any obligation to advance any such expenses if it determines that such amounts would constitute Nonrecoverable
Advances.

 

Section
2.05.         Non Petition Agreement.

 

Each Issuer will cause
each party to any Property Transfer Agreement to covenant and agree that such party shall not institute against, or join any other
Person in instituting against, any Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or
any other proceeding under any federal or state bankruptcy or similar law.

 

    	 	29	 

     

    

 

ARTICLE
III

ADMINISTRATION AND SERVICING OF PROPERTIES AND LEASES

 

Section
3.01.         Administration of the Properties and Leases.

 

(a)          Each
of the Property Manager and the Special Servicer shall service and administer the Properties and Leases that it is obligated to
service and administer pursuant to this Agreement on behalf of the Issuers and in the best interests and for the benefit of the
Noteholders and the holders of the Issuer Interests (as a collective whole), in accordance with any and all applicable laws and
the terms of this Agreement, the Property Insurance Policies and the respective Leases and, to the extent consistent with the foregoing,
in accordance with the Servicing Standard. Without limiting the foregoing, and subject to Section 3.18, (i) the Property Manager
shall service and administer each Lease (and each related Property) as to which no Servicing Transfer Event has occurred and each
Corrected Unit and (ii) the Special Servicer shall service and administer each Lease (and each related Property) as to which a
Servicing Transfer Event has occurred and that is not a Corrected Unit or has not been released from the Lien of the related Mortgage
in accordance with this Agreement and the other Transaction Documents; provided, however, that the Property Manager
shall continue to collect information and prepare and deliver all reports to the Indenture Trustee and each Issuer required hereunder
with respect to any Specially Managed Unit (and the related Leases), and further to render such incidental services with respect
to any Specially Managed Unit as are specifically provided for herein. No direction, consent or approval or lack of direction,
consent or approval of any Controlling Party or the Requisite Global Majority may (and the Special Servicer or the Property Manager
will ignore and act without regard to any such advice or approval or lack of approval that the Special Servicer or the Property
Manager has determined, in its reasonable, good faith judgment, would) (A) require or cause the Special Servicer or the Property
Manager to violate applicable law, the Servicing Standard or the terms of any Lease or (B) expand the scope of the Property Manager’s
or Special Servicer’s responsibilities under this Agreement. In addition, neither the Property Manager nor the Special Servicer,
acting in its individual capacity, shall take any action or omit to take any action as lessor of any Property if such action or
omission would materially and adversely affect the interests of the Noteholders or the Issuer Interests, or any Issuer. None of
the Property Manager, the Special Servicer or the Back-Up Manager shall be liable to the Indenture Trustee, any Noteholder or any
other Person for following any direction of a Controlling Party hereunder, and any action taken in accordance with such direction
shall be deemed to be in accordance with the Servicing Standard and deemed not to breach such party’s obligations hereunder.

 

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(b)          Subject
to Section 3.01(a), the Property Manager and the Special Servicer each shall have full power and authority, acting alone, to do
or cause to be done any and all things in connection with such servicing and administration in accordance with the Servicing Standard.
Without limiting the generality of the foregoing, each of the Property Manager and the Special Servicer, in its own name, with
respect to each of the Properties and Leases it is obligated to service or administer hereunder, is hereby authorized and empowered
by the applicable Issuer and the Indenture Trustee to execute and deliver, on behalf of each such Issuer and the Indenture Trustee:
(i) any and all Financing Statements, continuation statements and other documents or instruments necessary to maintain the lien
created by any Mortgage or other security document in the related Lease File on the related Collateral; (ii) in accordance with
the Servicing Standard and subject to Section 3.16, any and all modifications, waivers, amendments or consents to or with respect
to any documents contained in the related Lease File, other than the Transaction Documents; (iii) subject to the Servicing Standard,
all documents to be executed by the Indenture Trustee pursuant to the last sentence of the definition of Permitted Encumbrances;
and (iv) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable
instruments. Subject to Section 3.08, each applicable Issuer and the Indenture Trustee shall, at the written request of a Servicing
Officer of the Property Manager or the Special Servicer, execute and deliver to the Property Manager or the Special Servicer, as
the case may be, any limited powers of attorney (substantially in the form of Exhibit A attached hereto) and other documents
furnished by the Property Manager or the Special Servicer, as applicable, and necessary or appropriate to enable it to carry out
its servicing and administrative duties hereunder; provided, however, that none of the Issuers, the Issuer Members
or the Indenture Trustee shall be held liable for any misuse of any such power of attorney by the Property Manager or the Special
Servicer and each of the Property Manager and the Special Servicer hereby agree to indemnify each Issuer, the Issuer Members and
the Indenture Trustee against, and hold each Issuer, the Issuer Members and the Indenture Trustee harmless from, any cost, loss
or liability arising from any misuse of such power of attorney. Notwithstanding anything contained herein to the contrary, the
Property Manager shall not, without the Indenture Trustee’s written consent: (i) initiate any action, suit or proceeding
solely under the Indenture Trustee’s name without indicating the Indenture Trustee’s representative capacity or (ii)
take any action with the intent to cause, and which actually does cause, the Indenture Trustee to be registered to do business
in any state.

 

(c)          Promptly
after any request therefor, the Property Manager shall provide to the Indenture Trustee: (i) the most recent inspection report
prepared or obtained by the Property Manager or the Special Servicer in respect of each Property pursuant to Section 3.10(a); (ii)
the most recent available operating statement and financial statements of the related Tenant collected by the Property Manager
or the Special Servicer pursuant to Section 3.10(d), together with the accompanying written reports to be prepared by the Property
Manager or the Special Servicer, as the case may be, pursuant to Section 3.10(b); and (iii) any and all notices and reports with
respect to any Property as to which environmental testing is contemplated by this Agreement or the other Transaction Documents.

 

(d)          The
relationship of each of the Property Manager and the Special Servicer to each Issuer and the Indenture Trustee under this Agreement
is intended by the parties to be and shall be that of an independent contractor and not that of a joint venturer, partner or agent.

 

Section
3.02.         Collection of Monthly Lease Payments; General Receipts Accounts;
Collection Account; Release Account; Servicing Account.

 

(a)          Each
of the Property Manager and the Special Servicer shall undertake reasonable efforts to collect all payments called for under the
terms and provisions of the Leases it is obligated to service hereunder and shall, to the extent such procedures shall be consistent
with this Agreement, follow such collection procedures as it would follow were it the owner of such Leases. Consistent with the
foregoing and the Servicing Standard (and without regard to Section 3.16), the Special Servicer or the Property Manager, as the
case may be, may waive any Net Default Interest or late payment charge it is entitled to in connection with any delinquent payment
on a Lease it is obligated to service hereunder.

 

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(b)          The
Property Manager shall establish and maintain, or cause to be established and maintained, one or more accounts (each, a “General
Receipts Account”) with one or more banks (each, a “General Receipts Account Bank”). Each
General Receipts Account shall (i) be maintained at an institution that satisfies the institutional requirements of clauses (i)
or (ii) of the definition of Eligible Account or (ii) is otherwise acceptable to the Rating Agencies (as evidenced by written confirmation
from such Rating Agencies) and may be an account to which payments relating to other assets are paid; provided, that such
account shall be in the nature of a clearing account and, except as otherwise expressly permitted by this Agreement, the Property
Manager shall not have access to such account. Each of the Property Manager and the Special Servicer shall, on or prior to each
Series Closing Date (or, if applicable, such other date of acquisition), as to those Leases it is obligated to service hereunder,
instruct the related Tenant to make all Monthly Lease Payments to a General Receipts Account. With respect to amounts contained
in the General Receipts Account, the Property Manager or the Back-Up Manager shall at all times be able to readily identify any
amounts that constitute Collateral.

 

(c)          [Reserved].

 

(d)          The
Property Manager shall establish and maintain one segregated account in the name of the Issuers for the benefit Indenture Trustee
on behalf of the Noteholders for the collection of payments on and other amounts received in respect of the Leases and the Properties
(collectively, the “Collection Account”), which shall be established in such manner and with the type
of depository institution (the “Collection Account Bank”) specified in this Agreement that permits the
Collection Account to be an Eligible Account. Initially, the Collection Account Bank shall be KeyBank. The Collection Account shall
be an Eligible Account. If the Collection Account Bank is not the same depository institution as the Indenture Trustee, then the
Collection Account will be subject to an Account Control Agreement in form and substance reasonably satisfactory to the Indenture
Trustee pursuant to which the Collection Account Bank agrees to follow the instructions of the Indenture Trustee with respect to
the Collection Account and the amounts on deposit therein. Prior to the occurrence of an Event of Default, subject to Sections
3.03 and 3.04, neither the Property Manager nor any Issuer will have any right of withdrawal from the Collection Account, and the
Property Manager hereby covenants and agrees that it shall not withdraw, or direct any Person to withdraw, any funds from the Collection
Account. Following an Event of Default, neither the Property Manager nor any Issuer will have any right of withdrawal from the
Collection Account, and the Property Manager hereby covenants and agrees that it shall not withdraw, or direct any Person to withdraw,
any funds from the Collection Account. The Collection Account shall be maintained as a segregated account, separate and apart from
trust funds created for trust certificates or bonds of other series serviced and the other accounts of the Property Manager.

 

    	 	32	 

     

    

 

(e)          The
Property Manager and the Special Servicer shall deposit or cause to be deposited into the Collection Account, within two (2) Business
Days after receipt, the following payments and collections received or made by or on behalf of the Property Manager on or after
the later of the related Series Closing Date and the applicable Transfer Date (other than payments due before the applicable Series
Closing Date or Transfer Date) or, in the case of collections and payments to the General Receipts Account, on each Business Day,
the Property Manager shall instruct each General Receipts Account Bank to transfer the following amounts deposited in the General
Receipts Account prior to the end of such Business Day directly into the Collection Account, immediately after funds have been
identified, cleared and become available in accordance with the policies of the General Receipts Account Bank:

 

(i)          all
payments on account of Monthly Lease Payments;

 

(ii)         all
payments of other amounts payable by the Tenants on the Leases, except with respect to Escrow Payments, Lease Security Deposits,
Sales Tax Deposits and amounts in respect of Additional Servicing Compensation pursuant to Section 3.09;

 

(iii)        all
Insurance Proceeds up to the Collateral Value of such Property which shall not include (A) Insurance Proceeds applied to the restoration
of property or released to the related Tenant or related Issuer in accordance with this Agreement, or (B) Excess Proceeds;

 

(iv)        all
Condemnation Proceeds up to the Collateral Value of such Property, which shall not include (A) Condemnation Proceeds applied to
the restoration of property or released to the related Tenant or the related Issuer in accordance with this Agreement or (B) Excess
Proceeds;

 

(v)         except
as otherwise deposited into the Release Account as set forth herein, (A) all proceeds from the purchase or substitution of any
Released Property or Exchanged Property, (B) all proceeds from the purchase of a Property in connection with a Third Party Purchase
Option, (C) all proceeds from the purchase of Property related to a Defaulted Asset and (D) all proceeds received in connection
with a Voluntary Prepayment, Early Refinancing Prepayment or the release of the Properties following the termination of the Indenture
and the redemption of the Notes;

 

(vi)        any
amounts paid by any party to indemnify the Issuers pursuant to any provision of this Agreement, the Indenture or the Guaranty;

 

(vii)       any
Series Collateral Release Price received in connection with a Series Collateral Release; provided, that any amounts in excess of
the amount to be paid to Noteholders in connection with a Series Collateral Release will be deposited into the Release Account;

 

(viii)      any
amounts received by the Issuers on account of payments under the Guaranty or the Lease Guaranties; and

 

(ix)         any
other amounts required to be so deposited under this Agreement.

 

    	 	33	 

     

    

 

Upon direct receipt by
the Special Servicer of any of the amounts described in clauses (i) through (iii) above with respect to any Specially Managed Unit,
the Special Servicer shall promptly but in no event later than the second Business Day after receipt remit such amounts to the
Property Manager for deposit into the Collection Account in accordance with this Section 3.02(e), 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 reasonably 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 Property Manager and shall deliver promptly, but in no event later than one
(1) Business Day after receipt, any such check to the Property Manager by overnight courier, 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 reasonably appropriate reason.

 

(f)          The
Indenture Trustee shall establish and maintain, or cause to be established and maintained, a segregated account (the “Release
Account”) in the name of the Indenture Trustee, held for the benefit of the Noteholders. The Release Account shall
be an Eligible Account. Initially, the Release Account bank shall be Citibank, N.A. The funds held in the Release Account may be
held as cash or invested in Permitted Investments in accordance with the provisions of Section 3.05(a). All right, title and interest
of each Issuer in the Release Account and the amounts on deposit therein will be pledged to the Indenture Trustee under the Indenture.
The Property Manager will deposit or cause to be deposited in the Release Account, on the date of receipt, (i) the cash proceeds
from the sale or release of any Released Property (other than any Release Prices obtained in connection with a Triple A Release
Event, Liquidation Proceeds received with respect to Defaulted Assets, or any Series Collateral Release Prices) and (ii) to the
extent that proceeds in connection with an Insured Casualty or Condemnation exceeds the Collateral Value of the related Property,
such excess amounts (the “Excess Proceeds”). Pursuant to the Indenture, any excess proceeds remaining
after prepaying the applicable Series of Notes in connection with a Series Collateral Release will be remitted to the Release Account
as a Release Price.

 

(g)          Each
of the Property Manager and the Special Servicer shall, as to those Leases it is obligated to service hereunder, establish and
maintain, or cause to be established and maintained, one or more accounts (the “Servicing Accounts”),
and shall cause to be deposited from the General Receipts Account or otherwise into such Servicing Accounts all Escrow Payments,
security deposits received from Tenants pursuant to the Leases, subject to the Tenants’ rights to such amounts (“Lease
Security Deposits”), and amounts required to be paid by the applicable Issuers as lessors under the Leases in respect
of sales taxes (“Sales Tax Deposits”). Notwithstanding the foregoing, no Servicing Accounts shall be
established and maintained with respect to those Properties or Leases pursuant to which the Tenant is not required to make Escrow
Payments, Lease Security Deposit or Sales Tax Deposits. Each Servicing Account shall be an Eligible Account. Withdrawals of amounts
so collected from a Servicing Account (other than Lease Security Deposits) may be made only to: (i) effect payment of real estate
or personal property taxes, sales taxes, assessments, insurance premiums, ground rents (if applicable) and comparable items (including
taxes or other amounts that could constitute liens prior to or on parity with the lien of the related Mortgage); (ii) refund to
the related Tenant any sums as may be determined to be overages; (iii) pay interest, if required and as described below in clause
(h), to Tenants on balances in the Servicing Account; (iv) clear and terminate the Servicing Account at the termination of this
Agreement in accordance with Section 8.01; (v) withdraw any amounts deposited in error or (vi) for any other purpose required by
the applicable Lease; provided, however, that Lease Security Deposits may not be withdrawn for such purposes and
shall be withdrawn only in accordance with the terms of the related Lease, to be repaid to the related Tenant or applied in full
or partial satisfaction of the obligations of the related Tenant in accordance with the Servicing Standard (for application in
the same manner as payments in respect of such obligations). Any remaining portion of such Lease Security Deposit (after no further
allocations could be required pursuant to clauses (i) through (vi) above) shall be withdrawn by the Property Manager from the Servicing
Account and deposited into the Collection Account and shall constitute part of the Available Amount on the next Payment Date.

 

    	 	34	 

     

    

 

(h)          The
Property Manager and the Special Servicer shall each pay or cause to be paid to the applicable Tenant interest, if any, earned
on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Lease. If the
Property Manager or the Special Servicer shall deposit in a Servicing Account any amount not required to be deposited therein,
it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding.

 

Section
3.03.         Advances.

 

(a)          Each
of the Property Manager and the Special Servicer shall, as to those Properties it is obligated to service hereunder, maintain accurate
records with respect to each Property reflecting the status of real estate taxes, ground rents, assessments and other similar items
that are or may become a lien thereon, and the status of insurance premiums payable in respect thereof that, in each case, the
related Tenant is contractually or legally obligated to pay under the terms of the applicable Lease, and, subject to Section 3.03(c)
below, if any such amounts are not paid by the related Tenant, the Property Manager shall effect payment thereof, as a Property
Protection Advance or otherwise as payment of an Emergency Property Expense from funds on deposit in the Collection Account, as
described below, to the extent that the Property Manager or Special Servicer, as applicable, has received notice from any source
of such non-payment by such Tenant. For purposes of effecting any such payment, the Property Manager or the Special Servicer, as
the case may be, shall apply Escrow Payments as allowed under the terms of the related Lease or, if such Lease does not require
the related Tenant to escrow for the payment of real estate taxes, assessments and insurance premiums (or the amounts escrowed
are insufficient), each of the Property Manager and the Special Servicer shall, as to those Leases it is obligated to service hereunder,
enforce the requirement of the related Lease that such Tenant make payments in respect of such items at the time they first become
due.

 

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(b)          In
the event (i) a Monthly Lease Payment, or any portion thereof, on any Lease, has not been made on the related Due Date, (ii) the
Notes of any Series are not paid in full on the related Rated Final Payment Date or (iii) any Property has become untenanted, then
the Property Manager, subject to its determination that such amounts are not Nonrecoverable Advances, shall be required to make
a P&I Advance; provided, that the Property Manager will not be required to make any advance to cover (A) any resulting
shortfall in the scheduled payment of principal on any Class of Notes on or after the related Anticipated Repayment Date, (B) the
Make Whole Amount, (C) Interest Carry-Forward Amount, (D) Post-ARD Additional Interest or (E) Deferred Post-ARD Additional Interest.
The Property Manager will be required to deposit such P&I Advance into the Payment Account not later than 11:00 a.m. New York
time on the Remittance Date, in an amount equal to the excess of (x) the scheduled monthly amount required to be paid with respect
to principal and interest on the Notes on the related Payment Date, over (y) the amount on deposit in the Payment Account prior
to such deposit by the Property Manager, taking into account all amounts on deposit in the Collection Account that are required
to be transferred to the Payment Account for such Payment Date. If a late payment of a Monthly Lease Payment is received on or
prior to the Remittance Date, the Property Manager shall immediately set-off such late payment against such P&I Advance, and
no interest shall be payable on such P&I Advance unless such late payment shall have been received too late on the date of
its receipt for the Property Manager to invest such funds. On or before 5:00 p.m. New York time on the Remittance Date in the event
that that the full amount of any P&I Advance required to be made by the Property Manager has not been so made, the Indenture
Trustee shall provide notice of such failure to a Servicing Officer of the Property Manager and the Back-Up Manager. The Back-Up
Manager, as successor Property Manager, will be required to make any required P&I Advance by 11:00 a.m. New York City time
on the related Payment Date to the extent that any P&I Advance required to be made by the Property Manager pursuant to the
immediately preceding sentence is not made and the Back-Up Manager, as successor Property Manager, receives notice thereof, subject
to the Back-Up Manager’s sole discretion exercised in good faith and in accordance with Section 3.03(g) below, that the P&I
Advance will not be a Nonrecoverable Advance. If the Property Manager (including the Back-Up Property Manager, as successor Property
Manager) fails to make such Advance, the Indenture Trustee will be required to make any required P&I Advance by 3:00 p.m. New
York City time on the related Payment Date to the extent that any P&I Advance required to be made by the Property Manager pursuant
to the immediately preceding sentence is not made and the Indenture Trustee receives notice thereof, subject to the Indenture Trustee’s
sole discretion exercised in good faith, that the P&I Advance will ultimately be recoverable from subsequent payments or collections
on or in respect of Leases or the Properties.

 

(c)          In
accordance with the Servicing Standard, the Property Manager shall advance with respect to each Property any and all Property Protection
Advances; provided, that in no event shall the Property Manager be required to make any Property Protection Advance that
it determines would constitute a Nonrecoverable Advance in accordance with Section 3.03(f). The Property Manager shall not
have any obligation under this Section 3.03(c) to advance any funds in respect of real estate taxes or premiums on Insurance Policies
that the related Tenant or the applicable Issuer is not contractually or legally obligated to pay, nor shall it have any obligation
to monitor the timely payment of real estate taxes and insurance premiums the payment of which is the responsibility of a person
other than such Tenant or Issuer, unless it has actual knowledge of the non-payment of such items and would otherwise make such
advance in accordance with the Servicing Standard. The Back-Up Manager, as successor Property Manager, will be required to make
any required Property Protection Advance, in accordance with the Servicing Standard, to the extent that any Property Protection
Advance required to be made by the Property Manager pursuant to the immediately preceding sentence is not made and the Back-Up
Manager, as successor Property Manager, receives notice thereof, subject to the Back-Up Manager’s determination (in its sole
discretion exercised in good faith) that the Property Protection Advance will not be a Nonrecoverable Advance. The Indenture Trustee
will be required to make any required Property Protection Advance to the extent that any Property Protection Advance required to
be made by the Property Manager (or the Back-Up Manager, as successor Property Manager) pursuant to the immediately preceding sentence
is not made and the Indenture Trustee receives notice thereof, subject to the Indenture Trustee’s determination (in its sole
discretion exercised in good faith) that the Property Protection Advance will not be a Nonrecoverable Advance.

 

    	 	36	 

     

    

 

(d)          All
Advances, together with Advance Interest thereon, shall be reimbursable from collections from the Leases and Properties as provided
in Section 2.11(b) of the Indenture.

 

(e)          If,
prior to making any Property Protection Advance, the Property Manager shall have determined, in its commercially reasonable, good
faith business judgment and in accordance with the Servicing Standard, (i) that such Property Protection Advance, if made, would
constitute a Nonrecoverable Advance and (ii) that the payment of such cost, expense or other amount for which a Property Protection
Advance might be made is nonetheless in the best interest of the Noteholders, the Property Manager shall, in accordance with the
Servicing Standard, instruct the Indenture Trustee to withdraw funds from the Collection Account and use such funds in order to
pay such costs, expenses and other amounts (collectively, “Emergency Property Expenses”) to the extent
necessary to preserve the security interest in, and value of, any Property. Any such funds withdrawn from the Collection Account
to pay Emergency Property Expenses shall not constitute part of the Available Amount on any Payment Date and shall not be available
to make payments to the Noteholders or to pay any other expenses or obligations of the Issuers.

 

(f)          The
determination by the Property Manager (or the Back-Up Manager as successor Property Manager) that it has made a Nonrecoverable
Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be made in good faith and in accordance
with (i) with respect to Property Protection Advances, Section 3.03(g) below and the Servicing Standard and (ii) with respect to
P&I Advances, Section 3.03(h) below and the Servicing Standard, and, in each case, shall be evidenced by an Officer’s
Certificate delivered promptly to each Issuer and to the Indenture Trustee setting forth the basis for such determination. The
determination by the Indenture Trustee that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute
a Nonrecoverable Advance, shall be made in good faith. The Indenture Trustee may conclusively rely on any determination by the
Property Manager that an Advance, if made, would be a Nonrecoverable Advance.

 

(g)          In
making a nonrecoverability determination with respect to any Property Protection Advance, the Property Manager (or, if applicable,
the Back-Up Manager or Indenture Trustee) shall be entitled to (a) consider (among other things) the obligations of the Obligor
under the terms of the related Lease Documents as they may have been modified, (b) consider the related 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 Property Manager or the Back-Up Manager) regarding the possibility and effects of future adverse changes
with respect to such Properties, (c) estimate and consider (consistent with the Servicing Standard in the case of the Property
Manager or the Back-Up Manager) (among other things) future expenses, and (d) estimate and consider (consistent with the Servicing
Standard in the case of the Property Manager or the Back-Up Manager) (among other things) the timing of recoveries. In addition,
any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that a Property Protection Advance is a Nonrecoverable Advance). The determination by the Property Manager, the Back-Up Manager
or the Indenture Trustee, as the case may be, that it has made a Property Protection Advance that is a Nonrecoverable Advance or
that any proposed Property Protection Advance, if made, would constitute a Nonrecoverable Advance, or any updated or changed recoverability
determination, shall be conclusive and binding on the applicable Issuer, the Property Manager, the Noteholders the Back-Up Manager
and the Indenture Trustee. The Special Servicer shall promptly furnish any party required to make Property Protection Advances
hereunder with any information in its possession regarding the Specially Serviced Assets, as such party required to make Property
Protection Advances may reasonably request for purposes of making recoverability determinations.

 

    	 	37	 

     

    

 

(h)          In
making a nonrecoverability determination with respect to any P&I Advance, the Property Manager (or, if applicable, the Indenture
Trustee or the Back-Up Manager as successor Property Manager) may only consider the obligations of the Issuers under the terms
of the Transaction Documents as they may have been modified, the related Collateral in its “as is” or then current
conditions and the timing and availability of anticipated cash flows as modified by such party’s assumptions regarding the
possibility and effect of future adverse changes, together with such other factors, including but not limited to an estimate of
future expenses, timing of recovery, the inherent risk of a protracted period to complete liquidation or the potential inability
to liquidate Collateral as a result of intervening creditor claims or of a bankruptcy proceeding affecting any Issuer and the effect
thereof on the existence, validity and priority of any security interest encumbering the Collateral, the direct and indirect equity
interests in the Issuers, available cash on deposit in the Collection Account, the future allocations and disbursements of cash
on deposit in the Collection Account, and the net proceeds derived from any of the foregoing. Any such determination shall be conclusive
and binding on the applicable Issuer, the Property Manager, the Noteholders, the Back-Up Manager and the Indenture Trustee.

 

(i)          In
the event any Advances made by the Property Manager or the Indenture 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 first
entirely to Advances made by the Indenture Trustee (and the accrued and unpaid interest thereon) until such Advances made by the
Indenture Trustee (and the accrued and unpaid interest thereon) shall have been repaid in full and then to Advances made by the
Property Manager (and the accrued and unpaid interest thereon). Any costs or expenses in connection with any actions to be taken
by the Property Manager or Special Servicer pursuant to this paragraph shall be borne by the Property Manager or Special Servicer,
as applicable.

 

Section
3.04.         Withdrawals from the Collection Account.

 

The applicable Account
Control Agreement, if any, shall provide that on each Remittance Date, the Collection Account Bank shall deliver the Available
Amount by wire transfer of immediately available funds for deposit into the Payment Account for application by the Indenture Trustee
to make payments in accordance with the priorities set forth pursuant to Section 2.11(b) of the Indenture. The Property Manager
may instruct the Indenture Trustee to withdraw funds from the Collection Account to (i) on each Remittance Date, pay the Property
Management Fee, Back-Up Fee, Workout Fees, Liquidation Fees, Additional Servicing Compensation, any applicable Special Servicing
Fee due and payable to the Property Manager, Back-Up Manager and Special Servicer, and to reimburse any Advances (including Nonrecoverable
Advances) plus interest thereon (including to reimburse the Indenture Trustee therefor); (ii) on any date, pay any Emergency Property
Expenses (pursuant to Section 3.03(e)) and (iii) on any date, to remove amounts deposited in the Collection Account in error; provided,
however, that no other amounts may be withdrawn from the Collection Account by the Property Manager, except as otherwise
provided in this Agreement. Funds withdrawn by the Property Manager for any of the purposes set forth in clauses (i) through (iii)
above shall not constitute part of the Available Amount on any Payment Date.

 

    	 	38	 

     

    

 

Section
3.05.         Investment of Funds in the Collection Account and the Release
Account.

 

(a)          The
Property Manager shall direct the Collection Account Bank to invest the funds held in the Collection Account in one or more Permitted
Investments bearing interest or sold at a discount, and maturing, unless payable on demand, not later than the Business Day immediately
preceding the next succeeding Remittance Date, which may be in the form of a standing direction. The Property Manager may direct
any institution maintaining the Release Account to invest the funds held therein in one or more specific Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand, not later than the Business Day immediately preceding
the day such amounts are required to be distributed pursuant to this Agreement, which may be in the form of a standing direction.
The Property Manager may direct any institution maintaining the Servicing Accounts with respect to Lease Security Deposits to invest
the funds held therein in one or more specific Permitted Investments bearing interest or sold at a discount, and maturing, unless
payable on demand, not later than the Business Day immediately preceding the day such amounts are required to be distributed pursuant
to this Agreement, which may be in the form of a standing direction. The Property Manager shall promptly deliver to the Indenture
Trustee, and the Indenture Trustee shall maintain continuous possession of, any Permitted Investment that is either (i) a “certificated
security,” as such term is defined in the Uniform Commercial Code, or (ii) other property in which a secured party may perfect
its security interest by possession under the Uniform Commercial Code or any other applicable law. If amounts on deposit in the
Collection Account, the Servicing Accounts or the Release Account are at any time invested in a Permitted Investment payable on
demand, the Property Manager shall:

 

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

 

(ii)         demand
payment of all amounts due thereunder promptly upon determination by the Property Manager that such Permitted Investment would
not constitute a Permitted Investment in respect of funds thereafter on deposit in the Collection Account, the Servicing Accounts
or the Release Account, as applicable.

 

    	 	39	 

     

    

 

(b)          In
the event that (i) any Issuer elects to remove a Property from the Collateral Pool under Section 2.04, 7.01 or 7.04, or (ii) amounts
in connection with a Series Collateral Release are deposited into the Release Account pursuant to Section 7.10(c) and the
Indenture, in each case, amounts deposited in the Release Account shall be applied by the Property Manager (or the Indenture Trustee
based solely on the instructions of the Property Manager if the Property Manager is AF Properties), first, to reimburse
the Property Manager, the Special Servicer and the Indenture Trustee any amounts owed with respect to unreimbursed Extraordinary
Expenses, Advances (plus Advance Interest thereon) and Emergency Property Expenses related to such Lease or Property and to pay
the expenses related to such release and, second, either to (i) allow any Issuer to acquire a Qualified Substitute Property
within twelve (12) months following the removal of the related Released Property, or (ii) at the option of the Property Manager,
be deposited as Unscheduled Proceeds into the Collection Account. Any amounts remaining in the Release Account following the twelve
(12) month period described in clause (i) above shall be transferred as Unscheduled Proceeds into the Collection Account; provided,
that only the related Allocated Release Amount will be applied as Unscheduled Principal Payments. During an Early Amortization
Period, all amounts in the Release Account shall be deposited as Unscheduled Proceeds into the Collection Account and will be applied
on the Payment Date following the commencement of such Early Amortization Period.

 

(c)          Whether
or not the Property Manager directs the investment of funds in the Collection Account, the Release Account or the Servicing Accounts,
interest and investment income realized on funds deposited therein, to the extent of the Net Investment Earnings, if any, for the
Collection Account, the Servicing Accounts or the Release Account for each Collection Period, shall be added to the Available Amount
for such Collection Period. Except as provided in Section 5.03(a), the Property Manager shall have no liability for any investment
of funds in the Collection Account, the Release Account or Servicing Accounts.

 

(d)          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 Indenture Trustee may take such action
as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.

 

(e)          Notwithstanding
the investment of funds held in the Collection Account or the Release Account, for purposes of the calculations hereunder, including
the calculation of the Available Amount, the amounts so invested shall be deemed to remain on deposit in the Collection Account
or the Release Account, as applicable.

 

(f)          Any
actual losses sustained on the liquidation of a Permitted Investment in the Collection Account or the Release Account shall be
deposited by the applicable Issuer (out of funds not otherwise subject to the lien of the indenture) immediately, but in no event
later than one (1) Business Day following such liquidation, into the Collection Account or the Release Account, as applicable.

 

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Section
3.06.         Maintenance of Insurance Policies: Errors and Omissions and
Fidelity Coverage.

 

(a)          The
Property Manager (other than with respect to Specially Managed Units) and the Special Servicer (with respect to Specially Managed
Units) shall use reasonable efforts in accordance with the Servicing Standard to cause the related Tenant to maintain for each
Property all insurance coverage as is required under the terms of the related Lease (including for the avoidance of doubt, any
Environmental Policy or compliance with state insurance fund requirements); provided, that if and to the extent that any
such Lease permits the lessor thereunder any discretion (by way of consent, approval or otherwise) as to the insurance coverage
that the related Tenant is required to maintain, the Property Manager or the Special Servicer, as the case may be, shall exercise
such discretion in a manner consistent with the Servicing Standard. If such Tenant does not maintain the required insurance or,
with respect to any Environmental Policy in place as of the related Series Closing Date or Transfer Date, the Property Manager
will itself cause such insurance to be maintained with Qualified Insurers; provided, that the Property Manager shall not
be required to maintain such insurance if the Indenture Trustee (as mortgagee of record on behalf of the Noteholders) does not
have an insurable interest or the Property Manager has determined, in its reasonable judgment in accordance with the Servicing
Standard, that either (i) such insurance is not available at a commercially reasonable rate and the subject hazards are at the
time not commonly insured against by prudent owners of properties similar to the Property located in or around the region in which
such Property is located or (ii) such insurance is not available at any rate. The cost of any such insurance coverage obtained
by either the Property Manager or the Special Servicer shall be a Property Protection Advance to be paid by the Property Manager.
All such insurance policies shall contain (if they insure against loss to property) a “standard” mortgagee clause,
with loss payable to the Property Manager or an Emergency Protection Expense (subject to the limitations in Section 3.03), as agent
of and for the account of the applicable Issuer and the Indenture Trustee, and shall be issued by an insurer authorized under applicable
law to issue such insurance. Any amounts collected by the Property Manager or the Special Servicer under any such policies (other
than amounts to be applied to the restoration or repair of the related Property or amounts to be released to the related Tenant,
in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account, subject to withdrawal pursuant
to Section 2.11 of the Indenture.

 

(b)          The
Property Manager or Special Servicer may satisfy its obligations under Section 3.06(a) by obtaining, maintaining or causing to
be maintained a blanket or forced place insurance policy. If applicable, the Property Manager or the Special Servicer shall obtain
and maintain, or cause to be obtained and maintained on behalf of each applicable Issuer, a master forced place insurance policy
or a blanket policy (or an endorsement to an existing policy) insuring against hazard losses (not otherwise insured by a Tenant
due to a default by such Tenant under the insurance covenants of its Lease or because a Tenant permitted to self-insure fails to
pay for casualty losses) on the applicable Properties that it is required to service and administer, which policy shall (i) be
obtained from a Qualified Insurer having a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating
Guide and at least “A” by S&P and (ii) provide protection equivalent to the individual policies otherwise required
under Section 3.06(a). The Property Manager and the Special Servicer shall bear the cost of any premium payable in respect of any
such blanket policy without right of reimbursement; provided, that if the Property Manager or the Special Servicer, as the
case may be, causes any Property to be covered by such blanket policy, the incremental costs of such insurance applicable to such
Property shall constitute, and be reimbursable as, a Property Protection Advance to the extent that such blanket policy provides
insurance that the related Tenant has failed to maintain. If the Property Manager or Special Servicer, as applicable, causes any
Property to be covered by a force-placed insurance policy, the incremental costs of such insurance applicable to such Property
(which shall not include any minimum or standby premium payable for such policy whether or not any Property is covered thereby)
shall be paid as a Property Protection Advance. Such policy may contain a deductible clause (not in excess of a customary amount)
in which case the Property Manager or the Special Servicer, as appropriate, shall, if there shall not have been maintained on the
related Property a hazard insurance policy complying with the requirements of Section 3.06(a) and there shall have been one or
more losses that would have been covered by such policy, promptly deposit into the Collection Account from its own funds the amount
not otherwise payable under the blanket policy in connection with such loss or losses because of such deductible clause. The Property
Manager or the Special Servicer, as appropriate, shall prepare and present, on behalf of itself, the Indenture Trustee and the
applicable Issuer, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. Any payments
on such policy shall be made to the Property Manager as agent of and for the account of the applicable Issuer, the Noteholders
and the Indenture Trustee.

 

    	 	41	 

     

    

 

(c)          Each
of the Property Manager 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 in which Specially Managed Units exist as part of the Collateral) keep
in force with a Qualified Insurer having a claims paying ability rated at least “A:VIII” by A.M. Best’s Key Rating
Guide and at least “A” by S&P, a fidelity bond in such form and amount as would not adversely affect any rating
assigned by any Rating Agency to the Notes (as evidenced in writing from each Rating Agency; which, as of the Initial Closing Date,
shall be evidenced by the assignment of ratings to the Notes on the Initial Closing Date). Each of the Property Manager and the
Special Servicer 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 Property Manager or the Special Servicer,
as the case may be. Such fidelity bond shall provide that it may not be canceled without 10 days’ prior written notice to
each Issuer.

 

Each of the Property
Manager 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 in which Specially Managed Units exist as part of the Collateral) also keep in force
with a Qualified Insurer having a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide
and at least “A” by S&P, a policy or policies of insurance covering loss occasioned by the errors and omissions
of its officers, employees and agents in connection with its servicing obligations hereunder, which policy or policies shall be
in such form and amount as would not adversely affect any rating assigned by any Rating Agency to the Notes (as evidenced in writing
from each Rating Agency; which, as of the Initial Closing Date, shall be evidenced by the assignment of ratings to the Notes on
the Initial Closing Date). Each of the Property Manager and the Special Servicer 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 Property Manager or the Special Servicer, as the case may be. Any such errors and omissions policy shall provide
that it may not be canceled without 10 days’ prior written notice to each Issuer.

 

    	 	42	 

     

    

 

The Back-Up Manager (whether
as Back-Up Manager, Property Manager or Special Servicer) shall at all times during the term of this Agreement maintain insurance
in conformity with market requirements and shall keep in force with a Qualified Insurer having a claims paying ability rated by
at least one of the following Rating Agencies of at least (a) “A3” by Moody’s Investor Services, Inc., (b) “A-”
by S&P, (c) “A-” by Fitch Ratings Inc. or (d) “A:X” by A.M. Best Company, Inc., (i) a fidelity bond
(employee dishonesty insurance) in such form and amount as is consistent with the Servicing Standard and (ii) a policy or policies
of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its servicing
obligations hereunder, which policy or policies shall be in such form and amount as is consistent with the Servicing Standard.
The Back-Up Manager shall cause any awards or other amounts payable under such policy or policies that result from the errors or
omissions of its officers and employees in connection with its servicing obligations hereunder to be promptly remitted to the Indenture
Trustee for application in accordance with the Indenture. The Back-Up Manager shall be deemed to have complied with the foregoing
provision if an Affiliate thereof has such fidelity bond and/or errors and omissions coverage and, by the terms of such fidelity
bond and/or errors and omissions policy, the coverage afforded thereunder extends to the Property Manager or the Special Servicer,
as the case may be.

 

Each of the Property
Manager 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 in which Specially Managed Units exist as part of the Collateral) also, on behalf
of each Issuer, keep in force with a Qualified Insurer having a claims-paying ability rated at least “A:VIII” by A.M.
Best’s Key Rating Guide and at least “A” by S&P, a lessor’s general liability insurance policy or policies,
which policy or policies shall be in such form and amount as would not adversely affect any rating assigned by any Rating Agency
to the Notes without giving effect to any Insurance Policy (as evidenced in writing from each Rating Agency; which, as of the Initial
Closing Date, shall be evidenced by the assignment of ratings to the Notes on the Initial Closing Date). Any payments on such policy
shall be made to the Property Manager as agent of and for the account of any applicable Issuer and the Indenture Trustee.

 

If the Property Manager
(or its corporate parent), the Special Servicer (or its corporate parent) or the Back-Up Manager (or its corporate parent), as
applicable, are rated not lower than “A” by S&P, the Property Manager, the Special Servicer or the Back-Up Manager,
as applicable, may self-insure with respect to any insurance coverage or fidelity bond coverage required hereunder, in which case
it shall not be required to maintain an insurance policy with respect to such coverage; provided, that AF Properties may not self-insure
with respect to any such insurance coverage or fidelity bond.

 

Section
3.07.         DSCR Reserve Account.

 

On each Payment Date
occurring during any DSCR Sweep Period, the Indenture Trustee shall deposit funds into the DSCR Reserve Account in accordance with
Sections 2.11(b) and 2.18 of the Indenture. The DSCR Reserve Account shall be an Eligible Account. The Property Manager shall deliver
to the Indenture Trustee a calculation of the Monthly DSCR on or before each Remittance Date. The Issuers grant to the Indenture
Trustee a first-priority perfected security interest in the DSCR Reserve Account and any and all monies now or hereafter deposited
in the DSCR Reserve Account as additional security for payment of the Notes. Until disbursed or applied in accordance herewith,
the DSCR Reserve Account shall constitute additional security for the Notes. Upon the occurrence of an Event of Default, the Indenture
Trustee may, in addition to any and all other rights and remedies available to the Indenture Trustee, apply any sums then present
in the DSCR Reserve Account to the payment of the Notes in such order and priority as set forth in the Indenture.

 

    	 	43	 

     

    

 

Section
3.08.         Issuers, Custodian and Indenture Trustee to Cooperate; Release
of Lease Files.

 

(a)          If
from time to time, and as appropriate for servicing of any Lease, assumption of a Lease, modification of a Lease or the re-lease
or sale of any Property, the Property Manager or the Special Servicer shall otherwise require the use of any Lease File (or any
portion thereof), the Custodian shall release such Lease File (or portion thereof) in accordance with Section 3.5 of the Custody
Agreement.

 

(b)          Within
seven (7) Business Days of the Special Servicer’s request therefor (or, if the Special Servicer notifies each Issuer and
the Indenture Trustee of an exigency, within such shorter period as is reasonable under the circumstances), each of the applicable
Issuer and the Indenture Trustee shall execute and deliver to the Special Servicer, in the reasonable form supplied to such Issuer
and the Indenture Trustee by the Special Servicer, any court pleadings, leases, sale documents or other documents reasonably necessary
to the re-lease, foreclosure or sale in respect of any Property or to any legal action brought to obtain judgment against any Tenant
on the related Lease or to obtain a judgment against a Tenant, or to enforce any other remedies or rights provided by the Lease
or otherwise available at law or in equity or to defend any legal action or counterclaim filed against such Issuer, the Property
Manager or the Special Servicer; provided that each of such Issuer and the Indenture Trustee may alternatively execute and deliver
to the Special Servicer, in the form supplied to such Issuer and the Indenture Trustee by the Special Servicer, a limited power
of attorney substantially in the form of Exhibit A issued in favor of the Special Servicer and empowering the Special Servicer
to execute and deliver any or all of such pleadings or documents on behalf of such Issuer or the Indenture Trustee, as the case
may be; provided, however, that neither the applicable Issuer nor the Indenture Trustee shall be held liable for
any misuse of such power of attorney by the Special Servicer and the Special Servicer hereby agrees to indemnify such Issuer and
the Indenture Trustee against, and hold such Issuer and the Indenture Trustee harmless from, any loss or liability arising from
any misuse of such power of attorney. Notwithstanding anything to the contrary, the Special Servicer shall not, without the Indenture
Trustee’s written consent (i) initiate any action, suit or proceeding solely under the Indenture Trustee’s name without
indicating its representative capacity or (ii) take any action with the primary purpose of causing, and which actually does cause,
the Indenture Trustee to be registered to do business in any state. Together with such pleadings or documents (or such power of
attorney empowering the Special Servicer to execute the same on behalf of such Issuer and the Indenture Trustee), the Special Servicer
shall deliver to each of the applicable Issuer and the Indenture Trustee an Officer’s Certificate requesting that such pleadings
or documents (or such power of attorney empowering the Special Servicer to execute the same on behalf of such Issuer or the Indenture
Trustee, as the case may be) be executed by such Issuer or the Indenture Trustee and certifying as to the reason such pleadings
or documents are required.

 

(c)          With
respect to those Leases it is obligated to service hereunder, each of the Property Manager and the Special Servicer, on behalf
of the Issuers and the Indenture Trustee for the benefit of the holders of the Notes, shall enforce the restrictions contained
in the related Lease or in any other document in the related Lease File on transfers or further encumbrances of the related Property
and on transfers of interests in the related Tenant, unless it has determined, consistent with the Servicing Standard, that waiver
of such restrictions would be in accordance with the Servicing Standard. After having made any such determination, the Property
Manager or the Special Servicer, as the case may be, shall deliver to the Indenture Trustee (and the Property Manager in the case
of the Special Servicer) an Officer’s Certificate setting forth the basis for such determination. In connection with any
assignment or sublet by a Tenant of its interest under a Lease, the applicable Issuer shall not take any action to release such
Tenant from its obligations under such Lease unless a new Tenant approved by such Issuer assumes the obligations under such Lease
and any applicable requirements set forth in the applicable Lease have been satisfied.

 

    	 	44	 

     

    

 

Section
3.09.         Property Management Compensation: Interest on Advances.

 

(a)          As
compensation for its activities hereunder, the Property Manager shall be entitled to receive the Property Management Fee with respect
to each Property included in the Collateral Pool (excluding the Specially Managed Units, if any); provided, that, for so
long as AF Properties is the Property Manager, AF Properties shall waive the portion of the Property Management Fee that is in
excess of the amount to be paid to the Sub-Manager pursuant to the Sub-Management Agreement; provided, further, that
AF Properties may revoke such waiver of the Property Management Fee at any time. As to each such Property, the Property Management
Fee shall accrue daily at the related Property Management Fee Rate on the basis of the Allocated Loan Amount (as of the related
Determination Date) of each such Property. The Property Management Fee with respect to any Property shall cease to accrue if the
Property becomes a Specially Managed Unit. The right to receive the Property Management Fee may not be transferred in whole or
in part except in connection with the transfer of all of the Property Manager’s responsibilities and obligations under this
Agreement. Earned but unpaid Property Management Fees shall be distributable monthly on the Payment Date by the Indenture Trustee
from the Available Amount pursuant to Section 2.11(b) of the Indenture.

 

(b)          On
each Payment Date, the Property Manager shall be entitled to receive, and the Indenture Trustee shall distribute to the Property
Manager from the Payment Account (to the extent deposited therein), the Property Manager Additional Servicing Compensation, consisting
of (i) all transaction, returned check fees, assumption, modification and similar fees and late payment charges received with respect
to Properties that are not Specially Managed Units; and (ii) any Default Interest collected on a Lease, but only to the extent
that (x) such Default Interest is allocable to the period (not to exceed 60 days) when the related Property did not constitute
a Specially Managed Unit and (y) such Default Interest is not allocable to cover interest payable to the Property Manager, the
Back-Up Manager or the Indenture Trustee with respect to any Advances made in respect of the related Property.

 

(c)          As
compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect
to each Specially Managed Unit; provided, that, for so long as AF Properties is the Special Servicer, AF Properties shall
waive the Special Servicing Fee; provided, further, that AF Properties may revoke such waiver of the Special Servicing
Fee at any time. As to each Specially Managed Unit, the Special Servicing Fee shall accrue daily from time to time at the Special
Servicing Fee Rate on the basis of the Allocated Loan Amount (as of the related Determination Date) of each such Specially Managed
Unit. The Special Servicing Fee with respect to any Specially Managed Unit shall cease to accrue if (i) the related Property is
sold or exchanged for a Qualified Substitute Property or (ii) such Specially Managed Unit becomes a Corrected Unit. Earned
but unpaid Special Servicing Fees shall be distributable monthly on the Payment Date by the Indenture Trustee from the Available
Amount pursuant to Section 2.11(b) of the Indenture. The Special Servicer’s right to receive the Special Servicing Fee may
not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities
and obligations under this Agreement.

 

    	 	45	 

     

    

 

(d)          On
each Payment Date, the Special Servicer shall be entitled to receive, and the Indenture Trustee shall distribute to the Special
Servicer from the Payment Account (to the extent deposited therein), the Special Servicer Additional Servicing Compensation, consisting
of (i) all returned check fees, assumption, modification and similar fees and late payment charges received on or collected from
Tenants on the Specially Managed Units; and (ii) any Default Interest collected on or with respect to a Specially Managed Unit,
but only to the extent that such Default Interest is not allocable to reimburse Property Protection Advances cover interest payable
to the Property Manager or the Indenture Trustee with respect to any Advances made in respect of the related Property.

 

(e)          Except
as otherwise set forth herein, the Property Manager, Back-Up Manager and the Special Servicer shall each be required to pay all
ordinary expenses incurred by it in connection with its servicing activities under this Agreement, including fees of any subservicers
retained by it; provided, however, that the Property Manager or Special Servicer, in accordance with the Servicing Standard and
the terms of this Agreement, shall be permitted to engage third party valuation experts and other consultants to conduct appraisals
at the cost of the Issuers. As and to the extent permitted by Section 2.11(b) of the Indenture, the Property Manager and the Indenture
Trustee shall each be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount
of each Advance and unreimbursed Extraordinary Expenses made by it for so long as such Advance is outstanding.

 

(f)          As
compensation for its activities hereunder, the Back-Up Manager shall be entitled to receive the monthly Back-Up Fee with respect
to each Property included in the Collateral Pool. The right to receive the monthly Back-Up Fee may not be transferred in whole
or in part except in connection with the transfer of all of the Back-Up Manager’s responsibilities and obligations under
this Agreement. Earned but unpaid Back-Up Fees shall be payable monthly pursuant to Section 2.11(b) of the Indenture. For so long
as KeyBank is the Sub- Manager, KeyBank hereby waives its right to receive the Back-Up Fee.

 

(g)          A
Workout Fee shall be payable to the Special Servicer with respect to each Corrected Unit. As to each such Corrected Unit, the “Workout
Fee” will be payable out of, and will be calculated by application of 0.50% to, each collection of rents, interest
(other than any default interest) and principal (including scheduled payments, prepayments and payments at maturity) received on
the related Lease, so long as it remains a Corrected Unit; provided, that no Workout Fee will be payable from any Liquidation Proceeds
collected in connection with (i) the purchase of any Specially Managed Unit by the Property Manager or the Special Servicer or
(ii) the purchase of any Specially Managed Unit by the Support Provider due to a Collateral Defect within the period provided to
cure such Collateral Defect. The Workout Fee with respect to any related Lease will cease to be payable if such Lease again becomes
a Specially Managed Unit or the Property Manager determines in its good faith and reasonable judgement
that a default in making a Monthly Lease Payment is likely to occur within 30 days and is not likely to be remedied for 60 days
and no such default actually occurs or, if such default has occurred, is remedied within the 60 days provided; provided,
that a new Workout Fee will become payable if and when such Lease again ceases to be a Specially Managed Unit. For so long
as AF Properties is the Special Servicer, AF Properties shall waive any Workout Fee; provided, that AF Properties may revoke
such waiver of any Workout Fee at any time.

 

    	 	46	 

     

    

  

(h)          A
 “Liquidation Fee” shall be payable to the Special Servicer with respect to (i) each Lease or Property
purchased by the Support Provider due to a Collateral Defect if purchased after the applicable cure period, and shall equal the
product of (a) the purchase price with respect to any such purchase and (b) the Liquidation Fee Rate, (ii) any Specially Managed
Unit as to which the Special Servicer obtains a full, partial or discounted payoff for some or all of the Allocated Loan Amount
of the Property from the related Tenant, and shall equal the product of (a) the amount of such payoff and (b) the Liquidation Fee
Rate, or (iii) any Specially Managed Unit as to which the Special Servicer recovered any Liquidation Proceeds, and shall equal
the product of (i) the amount of such Liquidation Proceeds and (ii) the Liquidation Fee Rate; provided, that no Liquidation
Fee will be payable from any Liquidation Proceeds collected in connection with the purchase of any Specially Managed Unit by the
Property Manager or the Special Servicer. For so long as AF Properties is the Special Servicer, AF Properties shall waive any Workout
Fee; provided, that AF Properties may revoke such waiver of any Workout Fee at any time.

 

Section
3.10.         Property Inspections; Collection of Financial Statements;
Delivery of Certain Reports.

 

(a)          The
Property Manager shall obtain a physical inspection with respect to each Property (i) whose FCCR is below 1.5x on an annual basis
or (ii) with respect to which the Property Manager has received notice from the Tenant or has actual knowledge that the Tenant
is a non-renewal or termination risk, within a reasonable amount of time from receipt of such notice or knowledge. If a Lease becomes
a Specially Managed Unit, the Special Servicer shall perform or obtain a physical inspection of the related Property within six
(6) months after such Property becomes a Specially Managed Unit.

 

(b)          Following
the completion of a physical inspection pursuant to Section 3.10(a), if applicable, the Property Manager or the Special Servicer,
as applicable, shall prepare a written report of each such inspection performed by it. Such written report prepared by the Property
Manager or the Special Servicer or written report obtain by the Property Manager or the Special Servicer, as applicable, shall
set forth in detail the condition of the related Property and that specifies the condition of the related Property and the existence
of (i) any sale, transfer or abandonment of such Property, or (ii) any material change in the condition or value of such Property.
The Special Servicer shall deliver to each Issuer, the Back-Up Manager, the Indenture Trustee and the Property Manager a copy of
each such written report prepared by it during each calendar quarter within 15 days of the completion of each such inspection.

 

(c)          The
Special Servicer (i) shall receive reimbursement for reasonable out-of-pocket expenses related to any Property inspections and
(ii) shall be entitled to a reasonable inspection fee for any such inspection, in each case from the applicable Issuer pursuant
to Section 2.11(b) of the Indenture.

 

    	 	47	 

     

    

 

 

(d)          The
Special Servicer, in the case of any Specially Managed Unit, and the Property Manager, in the case of all other Leases, shall make
reasonable efforts to collect promptly from each related Tenant and review annual and quarterly financial statements of such Tenant
and the Properties it operates as the same are required to be delivered by the Tenant to the applicable Issuer under its Lease.

 

Section
3.11.         Statements as to Compliance.

 

Each of the Property
Manager and the Special Servicer shall deliver to the Issuers, the Indenture Trustee and, in the case of the Special Servicer,
the Property Manager, within 60 days after the end of the first three calendar quarters of each year and within 120 days after
the end of the fiscal year, an Officer’s Certificate stating, as to each signer thereof, that (i) a review of the activities
of the Property Manager and the Special Servicer throughout the preceding reporting period, and of its performance under this Agreement,
has been made under such officer’s supervision, and (ii) to the best of such officer’s knowledge, based on such review,
the Property Manager or the Special Servicer, as the case may be, complied in all material respects throughout such period with
the minimum servicing standards in this Agreement and fulfilled in all material respects throughout such period its obligations
under this Agreement or, if there was noncompliance with such standards or a default in the fulfillment of any such obligation
in any material respect, such Officer’s Certificate shall include a description of such noncompliance or specify each such
default, as the case may be, known to such officer and the nature and status thereof.

 

Section
3.12.         Reports by Independent Public Accountants.

 

On or before September
30 of each year, beginning September 30, 2020, each of the Property Manager and the Special Servicer, at its expense, shall cause
an independent, registered public accounting firm (which may also render other services to the Property Manager or the Special
Servicer, as the case may be) to furnish to each Issuer and the Indenture Trustee and, in the case of the Special Servicer, to
the Property Manager, a report containing such firm’s opinion that, on the basis of an examination conducted by such firm
substantially in accordance with standards established by the American Institute of Certified Public Accountants, the assertion
made pursuant to Section 3.11 regarding compliance by the Property Manager or the Special Servicer, as the case may be, with the
minimum servicing standards identified in the Uniform Single Attestation Program for Mortgage Bankers (to the extent applicable
to the servicing obligations set forth in this Agreement) during the preceding calendar year (or from the date hereof through August
30, 2020, in the case of the first such report) is fairly stated in all material respects, subject to such exceptions and other
qualifications that, in the opinion of such firm, such institute’s standards require it to report. In rendering such statement,
such firm may rely, as to matters relating to direct servicing of Leases by Sub-Managers, upon comparable reports for examinations
conducted substantially in accordance with such institute’s standards (rendered within one year of such report) of independent
public accountants with respect to the related Sub-Managers.

 

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Section
3.13.         Access to Certain Information; Delivery of Certain Information.

 

(a)          Each
of the Property Manager and the Special Servicer shall afford to the other, to the Issuers, the Indenture Trustee, the Back-Up
Manager and the Rating Agencies and to the Federal Deposit Insurance Corporation and any other banking or insurance regulatory
authority that may exercise authority over any Noteholder or holder of Issuer Interests, reasonable access to any documentation
regarding the Leases and Properties and its servicing thereof within its control, except to the extent it is prohibited from doing
so by applicable law, rule or regulation or contract or to the extent such information is subject to a privilege under applicable
law to be asserted on behalf of an Issuer, the Noteholders or the holders of Issuer Interests. Such access shall be afforded without
charge but only upon reasonable prior written request and during normal business hours at the offices of the Property Manager or
the Special Servicer, as the case may be, designated by it.

 

(b)          The
Property Manager or the Special Servicer shall notify the Indenture Trustee and the Back-Up Manager of any Property whose Tenant
has ceased to exercise its business activity on such Property within 30 days of becoming aware of such a circumstance.

 

Section
3.14.         Management of Properties Relating to Defaulted Assets.

 

(a)          At
any time that a Property is not subject to a Lease or is subject to a Lease that is (or relates to) a Defaulted Asset, the Special
Servicer’s decision as to how such Property shall be managed and operated shall be based on the good faith and reasonable
judgment of the Special Servicer as to the best interest of the applicable Issuer and the Noteholders by maximizing (to the extent
commercially feasible) the net after-tax revenues received by the applicable Issuer with respect to such property and, to the extent
consistent with the foregoing, in the same manner as would commercial lease servicers and asset managers operating property comparable
to the respective Property under the Servicing Standard. The applicable Issuer, the Indenture Trustee and the Special Servicer
may consult with counsel at the expense of the applicable Issuer in connection with determinations required under this Section
3.14(a). None of the Indenture Trustee, the Property Manager or the Special Servicer shall be liable to any Issuer, the Noteholders,
the other parties hereto or each other, nor shall any Issuer be liable to any Noteholders or to the other parties hereto, for errors
in judgment made in good faith in the exercise of their discretion while performing their respective responsibilities under this
Section 3.14(a). Nothing in this Section 3.14(a) is intended to prevent the sale, release or re-lease of a Property pursuant
to the terms and conditions contained elsewhere in this Agreement.

 

(b)          With
respect to any Property not subject to a Lease, the Special Servicer shall manage, conserve, protect and operate such Property
for the benefit of the Issuers in accordance with the Servicing Standard. Subject to the foregoing, however, the Special Servicer
shall have full power and authority to do any and all things in connection therewith as are consistent with the Servicing Standard
and, consistent therewith, shall direct that the Property Manager make, and the Property Manager shall make, Property Protection
Advances, or pay Emergency Property Expenses from funds on deposit in the Collection Account, necessary for the proper operation,
management, maintenance and disposition of such Property to the extent required pursuant to Section 3.03.

 

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(c)          The
Special Servicer shall submit requests to make Property Protection Advances to the Property Manager not more than once per month
unless the Special Servicer determines on an emergency basis in accordance with the Servicing Standard that earlier payment is
required to protect the interests of each Issuer and the Noteholders. If the Property Manager fails to make any Property Protection
Advance pursuant to this Section 3.14(b), the Back-Up Manager and the Indenture Trustee will have the same obligation to advance
as described in Section 3.03(c). Notwithstanding the foregoing, none of the Property Manager, the Back-Up Manager or the Indenture
Trustee shall have any obligation to make any such Property Protection Advance if (as evidenced by an Officer’s Certificate
delivered to the applicable Issuer and the Indenture Trustee) if such party determines, in accordance with the Servicing Standard,
that such payment would be a Nonrecoverable Advance.

 

Section
3.15.         Release, Sale and Exchange of Defaulted Assets and Terminated
Lease Properties.

 

(a)          Subject
to any additional requirements set forth in any applicable Series Supplement, the Property Manager, the Special Servicer and the
applicable Issuer may sell or purchase, or permit the release, sale or purchase of, a Property only on the terms and subject to
the conditions set forth in this Section 3.15 and Section 7.07 or as otherwise expressly provided in or contemplated by Section
2.04 and Article VII or elsewhere in this Agreement.

 

(b)          The
Special Servicer and the Property Manager, as applicable, shall exercise reasonable efforts, to the extent consistent with the
Servicing Standard, to enforce remedies with respect to a Defaulted Asset, including, without limitation, the commencement and
prosecution of any eviction or foreclosure proceedings, as to which no satisfactory arrangements can be made for collection of
delinquent payments. In the event any Property becomes a Terminated Lease Property, the Special Servicer shall use reasonable efforts,
consistent with the Servicing Standard, to (i) with respect to such Terminated Lease Property, attempt to induce another Tenant
to assume the obligations under the existing Lease, with or without modification, (ii) lease the Terminated Lease Property under
a new Lease on economically desirable terms or (iii) dispose of such Property. The decision to enter into a lease assumption or
re-lease the Terminated Lease Property shall be made by the Special Servicer in accordance with the Servicing Standard. The Special
Servicer shall pay all costs and expenses (other than costs or expenses that would, if incurred, constitute a Nonrecoverable Advance)
incurred by it in connection with the foregoing as a Property Protection Advance, and shall be entitled to reimbursement therefor
as provided herein. If the Special Servicer is successful in leasing the Terminated Lease Property, a new Appraised Value will
be obtained by the Special Servicer for the Terminated Lease Property in the Special Servicer’s discretion, and the costs
of any such appraisal shall be a Property Protection Advance. If the Special Servicer leases any Terminated Lease Property, the
Property Manager shall deliver to the applicable Rating Agency, the Indenture Trustee and the Issuers an amended Property Schedule
reflecting the addition of such Lease to the Collateral Pool. Monthly Lease Payments on the modified or new Lease will be applied
pursuant to the Indenture. For the avoidance of doubt, if the Special Servicer determines that a lease assumption with modification,
or re-lease, of a Defaulted Asset would maximize revenue received by the related Issuer, and the terms of such new lease will produce
rent that is 60% or less than the rent from the Defaulted Asset, then the Special Servicer shall enter into any such lease for
no more than 10 years, so long as the Special Servicer determines that entering into such reduced lease term would be in accordance
with the Servicing Standard and in the best interests of the Noteholders.

 

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(c)          If
the Lease has not been assumed or the Terminated Lease Property has not been leased to a new tenant and the Terminated Lease Property
has not been released from the lien of the Mortgage pursuant to Section 3.15(h) below within twenty-four (24) months of becoming
a Terminated Lease Property, the Special Servicer may offer to sell the Terminated Lease Property pursuant to this Section 3.15,
for a fair price, free and clear of the lien of the related Mortgage, if and when the Special Servicer determines, consistent
with the Servicing Standard, that such a sale would be in the best interests of the Noteholders. No Interested Person shall be
obligated to submit a bid to purchase any such Terminated Lease Property. The Liquidation Proceeds shall be deposited into the
Collection Account and applied as set forth herein.

 

(d)          If
and when the Special Servicer deems it necessary and prudent for purposes of establishing a fair price for any Terminated Lease
Property for purposes of conducting a sale of such Terminated Lease Property pursuant to subsection (c) above, the Special Servicer
is authorized to have an appraisal conducted by an Independent MAI-designated appraiser or other expert (the cost of which appraisal
shall constitute a Property Protection Advance).

 

(e)          Whether
any cash bid constitutes a fair price for any Terminated Lease Property for purposes of Section 3.15(c) shall be determined by
the Special Servicer or, if such cash bid is from an Interested Person, by the Indenture Trustee or, if the expected Liquidation
Proceeds with respect to such Terminated Lease Property would be insufficient to provide reimbursement for all unreimbursed Advances
made with respect to the subject Terminated Lease Property, together with any related Advance Interest thereon, by the Property
Manager. In determining whether any bid received from an Interested Person represents a fair price for any Terminated Lease Property,
the Indenture Trustee shall be supplied with and may conclusively rely on the most recent appraisal conducted in accordance with
Section 3.15(d) within the preceding 12-month period or, in the absence of any such appraisal, on a narrative appraisal prepared
by an Independent MAI-designated appraiser or other expert retained by the Special Servicer, at Issuer’s cost or as a Property
Protection Advance. Such appraiser shall be selected by the Special Servicer if the Special Servicer is not bidding with respect
to a Terminated Lease Property and shall be selected by the Property Manager if the Special Servicer is bidding, provided that
if the Property Manager and the Special Servicer are the same Person and such Person is bidding, then such appraiser shall be selected
by the Indenture Trustee. In determining whether any bid constitutes a fair price for any such Terminated Lease Property, the Special
Servicer, the Indenture Trustee (if applicable) or the Property Manager, as applicable, shall take into account, among other factors,
the occupancy status and physical condition of the Terminated Lease Property, the state of the local economy, and, with respect
to Terminated Lease Properties, the period and amount of any delinquency on the effected Lease. In connection therewith, the Special
Servicer may charge prospective bidders fees that approximate the Special Servicer’s actual costs in the preparation and
delivery of information pertaining to such sales or evaluating bids without obligation to deposit such amounts into the Collection
Account.

 

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(f)          The
Special Servicer shall act on behalf of the applicable Issuer and the Indenture Trustee in negotiating and taking any other action
necessary or appropriate in connection with the sale of any Terminated Lease Property and the collection of all amounts payable
in connection therewith. The Special Servicer shall take such actions as it determines in accordance with the Servicing Standard
will be in the best interests of the applicable Issuer and the Indenture Trustee on behalf of the Noteholders. Any sale of a Terminated
Lease Property shall be free and clear of the lien of the Indenture and shall be final and without recourse to the applicable Issuer
or the Indenture Trustee. If such sale is consummated in accordance with the terms of this Agreement, none of the Property Manager,
the Special Servicer or the Indenture Trustee shall have any liability to any Issuer or any Noteholder with respect to the purchase
price therefor accepted by the Property Manager, the Special Servicer or the Indenture Trustee, as the case may be.

 

(g)          The
Special Servicer shall accept the first (and, if multiple bids are received contemporaneously, highest) cash bid received from
any Person that constitutes a fair price for such Terminated Lease Property. Notwithstanding the foregoing, the Special Servicer
shall not be obligated to accept the highest cash bid if the Special Servicer determines, in accordance with the Servicing Standard,
that rejection of such bid would be in the best interests of the Noteholders, and the Special Servicer may accept a lower cash
bid if it determines, in accordance with the Servicing Standard, that acceptance of such bid would be in the best interests of
the Noteholders (for example, if the prospective buyer making the lower bid is more likely to perform its obligations or the terms
offered by the prospective buyer making the lower bid are more favorable).

 

(h)          At
any time that a Terminated Lease Property has not already been sold or leased pursuant to the terms hereof, the related Issuer
may at its option (i) release the lien of the Indenture and the related Mortgage from such Terminated Lease Property pursuant to
Section 7.04 or (ii) exchange one or more Qualified Substitute Properties for the subject Terminated Lease Property pursuant to
Section 7.01.

 

(i)          The
Special Servicer shall, and is hereby authorized and empowered by the Issuers and the Indenture Trustee to, prepare, execute and
deliver in its own name, on behalf of the Issuers and the Indenture Trustee or any of them, the endorsements, assignments and other
documents necessary to effectuate a sale of a Terminated Lease Property pursuant to this Section 3.15, and the Issuers and the
Indenture Trustee shall execute and deliver any limited powers of attorney substantially in the form of Exhibit A necessary
to permit the Special Servicer to do so; provided, however, that none of the Issuers, the Issuer Members or the Indenture
Trustee shall be held liable for any misuse of any such power of attorney by the Special Servicer and the Special Servicer hereby
agrees to indemnify the Issuers, the Issuer Members and the Indenture Trustee against, and hold the Issuers, the Managers and the
Indenture Trustee harmless from, any loss or liability arising from any misuse in the exercise of such power of attorney.

 

(j)          The
Special Servicer shall give the applicable Issuer, the Indenture Trustee and the Property Manager not less than five (5) Business
Days’ prior written notice of its intention to sell any Terminated Lease Property pursuant to this Section 3.15.

 

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Section
3.16.         Renewals, Modifications, Waivers, Amendments; Consents and
Other Matters.

 

(a)          The
applicable Issuer and the Property Manager may enter into renewals of Leases and new Leases that provide for rental rates comparable
to existing local market rates and are on commercially reasonable terms. All Leases executed after the Initial Closing Date shall
provide that they are subordinate to the Mortgage encumbering the applicable Property and that the lessee agrees to attorn to the
Indenture Trustee or any purchaser at a sale by foreclosure or power of sale. The Indenture Trustee shall, at the request of the
related Issuer or the Property Manager, enter into an SNDA with the Tenant under a Lease to the extent such Lease does not contain
provisions subordinating such Lease to the lien of the related Mortgage and requiring the related Tenant to attorn and recognize
the holders of the beneficial interests under such Mortgage or such other party as may acquire title to the related Property by
foreclosure, deed-in-lieu thereof or otherwise. The Property Manager shall observe and perform the obligations imposed upon the
lessor under the Leases in accordance with the Servicing Standard. The applicable Issuer shall execute and deliver, or cause to
be executed and delivered, at the request of any party hereto all such further assurances, confirmations and assignments in connection
with the Leases as may be required by such party.

 

(b)          Except
as specifically set forth herein, the Property Manager shall: (i) not (A) amend or modify in any material respect, or terminate
(other than in connection with a bona fide default by the Tenant thereunder beyond any applicable notice or grace period or with
respect to the Lease Transfer Properties) any Lease; provided, however, a reduction in rent with respect to a Lease will
not be deemed to be a material modification if (1) the Monthly Lease Payment following such reduction is consistent with market
prices for similar leases, (2) such reduction is in exchange for an extended lease term and (3) the Property Manager reasonably
determines that such modification will not materially and adversely affect the interests of the applicable Issuer, (B) unless permitted
by the related Lease and remitted and initiated thereunder by the related Tenant, collect rents more than one (1) month in advance
(other than security deposits), or (C) execute any other Tenant assignment; and (ii) execute and deliver all such further assurances,
confirmations and assignments as the Indenture Trustee shall reasonably require.

 

(c)          Notwithstanding
the foregoing:

 

(i)          Each
of the Issuers, the Property Manager and the Special Servicer may, consistent with the Servicing Standard, agree to any modification,
waiver or amendment of any term of, forgive any payment on, and permit the release of the Tenant on or any Lease Guarantor, and
approve of the assignment of a Tenant’s interest in its Lease or the sublease of all or a portion of a Property (each, an
 “Amendment”) without the consent of the Indenture Trustee, the Back-Up Manager, any Noteholder or any
other Person, provided that the Property Manager certifies to the Indenture Trustee that:

 

(A)         such
Amendment is entered into for a commercially reasonable purpose in an arm’s-length transaction on market terms; and

 

(B)         subject
to the provisions below, such Amendment shall not cause the Monthly DSCR to be less than 1.35; and

 

(C)         in
the reasonable judgment of the party agreeing to the Amendment, such Amendment is in the best interest of the Noteholders and (other
than in connection with a Tenant default or with respect to Lease Transfer Properties) will not have an adverse effect on the Collateral
Value of the related Property;

 

    	 	53	 

     

    

 

provided, that
any such Amendment (x) in connection with a Delinquent Asset or Defaulted Asset, (y) that is required by the terms of the applicable
Lease or (z) with respect to which the Rating Condition is satisfied, shall not be subject to the foregoing restrictions set forth
in (A), (B) or (C) above.

 

Any Amendment that would
cause the Monthly DSCR to fall below 1.35 shall require the approval of the Property Manager, if the Property Manager is not also
the Special Servicer, in accordance with the Servicing Standard after notice thereof to the Indenture Trustee and Back-Up Manager.
In the event that Property Manager shall fail to respond to any request for approval hereunder within such ten (10) Business Day
period, the applicable Issuer may send a second notice, which shall state in capitalized, bold faced 16 point type at the top of
the first page that: “If the Property Manager fails to approve or disapprove the proposed Amendment within ten (10) Business
Days, the Amendment shall be deemed approved, and if the Property Manager shall fail to respond to such second request within such
ten (10) Business Day period, the Amendment shall be deemed approved by the Property Manager.”

 

(ii)         Any
Amendment (A) in connection with a bona fide default by the Tenant, (B) that is required by the terms of any Lease or is solely
within any Tenant’s control or (C) with respect to which the Rating Condition is satisfied, shall not be subject to the foregoing
terms of this Section 3.16. The Property Manager or Special Servicer shall endeavor to cause the
costs related to requesting and receiving any such Rating Condition to be paid by the Tenant; provided, that if the Property Manager
or the Special Servicer is unable to cause the Tenant to pay such expenses, such expenses shall constitute an Extraordinary Expense
of the Issuers. Regardless of whether any Amendment is material or not, the Property Manager
will give the Indenture Trustee prompt written notice thereof and shall indicate whether such action is being taken pursuant to
the preceding sentence and upon request will deliver a copy of any documents executed in connection therewith to the Rating Agencies
and the Indenture Trustee.

 

(iii)        To
the extent that the applicable Issuer is not entitled, under the terms of any Lease, to withhold its consent to an assignment,
subletting or assumption thereunder, the granting of such consent shall not be restricted by this Section 3.16.

 

(iv)        The
limitations, conditions and restrictions set forth in Section 3.16(c)(i) above shall not apply to any Lease with respect to which
there exists a bona fide default by the related Tenant, any Amendment or other action with respect to any Lease that is required
under the terms of such Lease or that is solely within the control of the related Tenant.

 

(v)         Neither
the Property Manager nor the Special Servicer shall be required to oppose the confirmation of a plan in any bankruptcy or similar
proceeding involving a Tenant if in their reasonable and good faith judgment such opposition would not ultimately prevent the confirmation
of such plan or one substantially similar.

 

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(vi)        The
limitations, conditions and restrictions set forth in Section 3.16(c)(i) above shall not apply to the Property Manager’s
or the Special Servicer’s ability to terminate a Lease in accordance with the terms thereof.

 

(d)          The
Property Manager and the Special Servicer shall have no liability to the Issuers, the Indenture Trustee, the Noteholders or to
any other Person if its analysis and determination that the Amendment or other action contemplated by Section 3.16(c) would not
materially reduce the likelihood of timely payment of amounts due thereon, or that such Amendment or other action is reasonably
likely to produce a greater recovery to the related Issuer on a present value basis than would liquidation, should prove to be
wrong or incorrect, so long as the analysis and determination were made on a reasonable basis in accordance with the Servicing
Standard in good faith by the applicable Issuer, the Property Manager or the Special Servicer, as the case may be.

 

(e)          The
Property Manager and the Special Servicer each may, as a condition to its granting any request by a Tenant for consent, modification,
waiver or indulgence or any other matter or thing, the granting of which is within the Property Manager’s or Special Servicer’s,
as the case may be, discretion pursuant to the terms of the instruments evidencing or securing the related Lease and is permitted
by the terms of this Agreement, require that such Tenant, to the extent permitted by the subject Lease, or, if not so permitted,
the related Issuer, pay to the Property Manager or Special Servicer, as applicable, as additional servicing compensation a reasonable
or customary fee for the additional services performed in connection with such request, together with any related costs and expenses
incurred by it.

 

(f)          All
modifications, waivers, amendments and other actions entered into or taken in respect of a Lease pursuant to this Section 3.16
shall be in writing. Each of the Property Manager and the Special Servicer shall notify the other such party and each Issuer, the
Back-Up Manager, the applicable Rating Agencies and the Custodian, in writing, of any modification, waiver, amendment or other
action entered into or taken in respect of any Lease pursuant to this Section 3.16 and the date thereof, and shall deliver to the
Custodian for deposit in the related Lease File an original counterpart of the agreements relating to such modification, waiver,
amendment or other action, promptly (and in any event within ten (10) Business Days) following the execution thereof. In addition,
following any Amendment or other action agreed to by the Property Manager or the Special Servicer pursuant to Section 3.16(c) above,
the Property Manager or the Special Servicer, as the case may be, shall deliver to each Issuer, to the Indenture Trustee and, in
the case of the Special Servicer, to the Property Manager, an Officer’s Certificate certifying compliance with such subsection
(c).

 

(g)          From
time to time, subject to the Servicing Standard, the Property Manager or Special Servicer, as applicable, shall be entitled (on
behalf of the Issuer and the Indenture Trustee) to release an immaterial portion of any Property that it is then administering
from the lien of the Indenture and the Mortgage (and simultaneously release the Issuer’s interest in such portion of such
Property) or consent to, or make, an immaterial modification with respect to any Property that it is then administering; provided,
that, such Property Manager or Special Servicer shall have delivered an Officer’s Certificate to the Indenture Trustee (upon
which the Indenture Trustee shall be entitled to conclusively rely) that it reasonably believes that such release or modification
(both individually and collectively with any other similar releases or modifications with respect to such Property) will not materially
adversely affect (i) the Appraised Value of such Property or (ii) the Noteholders’ or the holders’ of the Related Series
Notes interests in such Property. Following the Indenture Trustee’s receipt of such Officer’s Certificate, the Indenture
Trustee shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse, as shall
be provided to it and are reasonably necessary to effect such release or modification.

 

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Section
3.17.         Transfer of Servicing Between Property Manager and Special
Servicer; Record Keeping.

 

(a)          Upon
determining that a Servicing Transfer Event has occurred with respect to any Lease and if the Property Manager is not also the
Special Servicer, the Property Manager shall immediately give notice thereof, and shall deliver the related Servicing File, to
the Special Servicer, the Indenture Trustee and the Back-Up Manager and shall provide the Special Servicer with all information,
documents (or copies thereof) and records (including records stored electronically on computer tapes, magnetic discs and the like)
relating to such Lease and reasonably requested by the Special Servicer to the extent in Property Manager’s possession, to
enable it to assume its functions hereunder with respect thereto without acting through a Sub-Manager. The Property Manager shall
use its best efforts to comply with the preceding sentence within five (5) Business Days of its receipt of Special Servicer’s
request following the occurrence of each related Servicing Transfer Event.

 

Upon determining that
a Specially Managed Unit has become a Corrected Unit and if the Property Manager is not also the Special Servicer, the Special
Servicer shall immediately give notice thereof, and shall return the related Servicing File, to the Property Manager and, upon
giving such notice and returning such Servicing File, to the Property Manager, (i) the Special Servicer’s obligation to service
such Lease shall terminate, (ii) the Special Servicer’s right to receive the Special Servicing Fee with respect to such
Lease shall terminate and (iii) the obligations of the Property Manager to service and administer such Lease shall resume, in each
case, effective as of the first day of the calendar month following the calendar month in which such notice was delivered and effected.

 

(b)          In
servicing any Specially Managed Unit, the Special Servicer shall provide to the Custodian, for the benefit of the Indenture Trustee,
originals of documents included within the definition of “Lease File” for inclusion in the related Lease File (with
a copy of each such original to the Property Manager) to the extent any such documents come into its possession, and copies of
any additional related Lease information, including correspondence with the related Tenant.

 

(c)          Notwithstanding
anything in this Agreement to the contrary, in the event that the Property Manager and the Special Servicer are the same Person,
all notices, certificates, information and consents required to be given by the Property Manager to the Special Servicer or vice
versa shall be deemed to be given without the necessity of any action on such Person’s part.

 

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Section
3.18.         Sub-Management Agreements.

 

(a)          The
Property Manager and the Special Servicer may enter into Sub-Management Agreements to provide for the performance by third parties
of any or all of their respective obligations hereunder; provided, that, in each case, the Sub-Management Agreement: (i)
is consistent with this Agreement in all material respects and requires the Sub-Manager to comply with all of the applicable conditions
of this Agreement; (ii) provides that if the Property Manager or the Special Servicer, as the case may be, shall for any reason
no longer act in such capacity hereunder (including by reason of a Servicer Replacement Event), the Back-Up Manager (or if the
Back-Up Manager is then terminated and another successor has not been named, the Indenture Trustee) may thereupon assume all of
the rights and, except to the extent they arose prior to the date of assumption, obligations of the Property Manager or the Special
Servicer, as the case may be, under such agreement or, alternatively, may terminate such Sub-Management Agreement without cause
and without payment of any penalty or termination fee; (iii) provides that each Issuer, the Back-Up Manager, the Indenture Trustee,
the other parties hereto and, as and to the extent provided herein, the third party beneficiaries hereof shall be third party beneficiaries
under such agreement, but that (except to the extent the Indenture Trustee, Back-Up Manager or their respective designees assume
the obligations of the Property Manager or the Special Servicer, as the case may be, thereunder as contemplated by the immediately
preceding clause (ii) and, in such case, only from the date of such assumption) none of any Issuer, the Indenture Trustee, the
Back-Up Manager, any other party hereto, any successor Property Manager or Special Servicer, as the case may be, any Noteholder
or holder of Issuer Interests or any other third party beneficiary hereof shall have any duties under such agreement or any liabilities
arising therefrom; (iv) permits any purchaser of a Property pursuant to this Agreement to terminate such agreement with respect
to such purchased Property at its option and without penalty; (v) does not permit the Sub-Manager to enter into or consent to any
modification, waiver or amendment or otherwise take any action on behalf of the Property Manager or Special Servicer, as the case
may be, contemplated by Section 3.16 hereof without the written consent of the Property Manager or Special Servicer, as the case
may be; and (vi) does not permit the Sub-Manager any rights of indemnification that may be satisfied out of the Collateral (it
being understood that any Sub-Manager shall be entitled to recover amounts in respect of Property Protection Advances as described
in the following paragraph). In addition, each Sub-Management Agreement entered into by the Property Manager shall provide that
such agreement shall terminate with respect to any Lease and Property serviced thereunder at the time such Property becomes a Specially
Managed Unit, and each Sub-Management Agreement entered into by the Special Servicer shall relate only to Specially Managed Units
and shall terminate with respect to any such Property that ceases to be a Specially Managed Unit.

 

The Property Manager
and the Special Servicer shall each deliver to each Issuer and the Indenture Trustee copies of all Sub-Management Agreements, and
any amendments thereto and modifications thereof, entered into by it promptly upon its execution and delivery of such documents.
References in this Agreement to actions taken or to be taken by the Property Manager or the Special Servicer include actions taken
or to be taken by a Sub-Manager on behalf of the Property Manager or the Special Servicer, as the case may be, and in connection
therewith, all amounts advanced by any Sub-Manager to satisfy the obligations of the Property Manager or Special Servicer hereunder
to make Advances shall be deemed to have been advanced by the Property Manager or Special Servicer out of its own funds and, accordingly,
such Advances shall be recoverable by such Sub-Manager in the same manner and out of the same funds as if such Sub-Manager were
the Property Manager or Special Servicer. For so long as they are outstanding, Advances shall accrue Advance Interest in accordance
with Sections 3.09(e), such interest to be allocable between the Property Manager and such Sub-Manager as they may agree. For purposes
of this Agreement, the Property Manager and the Special Servicer each shall be deemed to have received any payment, and shall be
obligated to handle such payment in accordance with the terms of this Agreement, when a Sub-Manager retained by it receives such
payment. The Property Manager and the Special Servicer each shall notify the other, each Issuer, the Indenture Trustee and the
Back-Up Manager in writing promptly of the appointment by it of any Sub-Manager.

 

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(b)          The
Property Manager shall have determined to its commercially reasonable satisfaction that each Sub-Manager is authorized to transact
business, and has obtained all necessary licenses and approvals, in each jurisdiction in which the failure to be so authorized
or qualified or to have obtained such licenses would adversely affect such Sub-Manager’s ability to carry out its obligations
under the Sub-Management Agreement to which it is a party.

 

(c)          The
Property Manager and the Special Servicer, for the benefit of each Issuer, shall (at no expense to an Issuer or the Indenture Trustee)
monitor the performance and enforce the obligations of their respective Sub-Managers under the related Sub-Management Agreements.
Such enforcement, including the legal prosecution of claims, termination of Sub-Management 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 the Property Manager or the Special Servicer, as applicable, in its good faith and reasonable judgment, would require
were it the owner of the Properties. Subject to the terms of the related Sub-Management Agreement, the Property Manager and the
Special Servicer shall each have the right to (in its sole discretion and without the consent of any other person) remove a Sub-Manager
retained by it at any time it considers such removal to be in the best interests of each Issuer.

 

(d)          In
the event that the Back-Up Manager has succeeded to the rights and assumed the obligations hereunder of the Property Manager or
the Special Servicer, then the Back-Up Manager shall succeed to the rights and assume the obligations of the Property Manager or
the Special Servicer, as applicable, under any Sub-Management Agreement, unless the Back-Up Manager or the Indenture Trustee elects
to terminate any such Sub-Management Agreement in accordance with its terms. In any event, if a Sub-Management Agreement is to
be assumed by the Back-Up Manager, then the Property Manager or the Special Servicer, as applicable, at its expense shall, upon
request of the Back-Up Manager or the Indenture Trustee, deliver to the Back-Up Manager all documents and records relating to such
Sub-Management Agreement and the Properties then being serviced thereunder and an accounting of amounts collected and held on behalf
of it thereunder, and otherwise use its commercially reasonable efforts to effect the orderly and efficient transfer of the Sub-Management
Agreement to the assuming party.

 

(e)          Notwithstanding
any Sub-Management Agreement, the Property Manager and the Special Servicer shall remain obligated and liable to each Issuer, the
Noteholders, the Indenture Trustee and each other for the performance of their respective obligations and duties under this Agreement
in accordance with the provisions hereof to the same extent and under the same terms and conditions as if each alone were servicing
and administering the Properties and Leases for which it is responsible.

 

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(f)          Except
as otherwise expressly provided for herein, the Property Manager or the Special Servicer, as applicable, will be solely liable
for all fees owed by it to any Sub-Manager, irrespective of whether its compensation pursuant to this Agreement is sufficient to
pay such fees, and in no event shall such Sub-Manager have any claim against the Collateral with respect to such fees.

 

(g)          Each
of the Property Manager and the Special Servicer shall have all the limitations upon liability and all the indemnities for the
actions and omissions of any such Sub-Manager retained by it that it has for its own actions hereunder.

 

Section
3.19.         Casualty.

 

(a)          If
any Property or Improvements thereon shall be materially damaged or destroyed, in whole or in part, by fire or other casualty (an
 “Insured Casualty”), the Issuers shall give prompt written notice thereof to the Indenture Trustee and
the Property Manager and shall delivery any and all related document to both parties.

 

(b)          Following
the occurrence of an Insured Casualty, the Property Manager shall (in its sole discretion and in accordance with the Servicing
Standard) either (i) make available or direct the Indenture Trustee to make available all related Insurance Proceeds to the applicable
Issuer for the purposes of restoring, repairing, replacing or rebuilding to the extent required by the Lease Documents, or (ii)
deposit such Insurance Proceeds in the Collection Account to be applied in accordance with the Indenture; provided, that Excess
Proceeds will instead be deposited into the Release Account.

 

(c)          If
the Property Manager directs the Indenture Trustee to make Insurance Proceeds available to the related Issuer, such Issuer may
make available to the related Tenant or the Property Manager such Insurance Proceeds for the purposes of restoring, repairing,
replacing or rebuilding the Property or the portion thereof subject to an Insured Casualty.

 

Section
3.20.         Condemnation.

 

(a)          The
Issuers shall promptly give the Indenture Trustee and the Property Manager written notice of the actual or threatened commencement
of any condemnation or eminent domain proceeding of which any Issuer receives notice (a “Condemnation”)
and shall deliver to the Indenture Trustee and the Property Manager copies of any and all papers served upon such Issuer in connection
with such Condemnation.

 

(b)          Following
the occurrence of a Condemnation, the Property Manager shall (in its sole discretion and in accordance with the Servicing Standard)
either (i) make available or direct the Indenture Trustee to make available all related Condemnation Proceeds to the applicable
Issuer for the purposes of restoring, repairing, replacing or rebuilding to the extent required by the Lease Documents, or (ii)
deposit such Insurance Proceeds in the Collection Account to be applied in accordance with the Indenture; provided, that Excess
Proceeds will instead be deposited into the Release Account.

 

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(c)          If
the Property Manager directs the Indenture Trustee to make Condemnation Proceeds available to the related Issuer, such Issuer may
make available to the related Tenant or the Property Manager such Condemnation Proceeds for the purposes of restoring, repairing,
replacing or rebuilding the Property or the portion thereof subject to a Condemnation.

 

Section
3.21.         Separateness Provisions.

 

(a)          So
long as AF Properties or an Affiliate of the Issuers is the Property Manager, the Property Manager shall at all times take all
steps necessary and appropriate to maintain its own separateness from each Issuer, and maintain the separateness of all Affiliates
of the Property Manager and other properties that the Property Manager manages from the Issuers and from the Properties. Without
limiting the foregoing: (i) the Property Manager will not hold its credit out as available to pay or support (as guarantor or otherwise)
any of the Issuers’ obligations and it will not pay any such Issuer’s obligations or expenses from the Property Manager’s
funds (other than expenses or advances required by this Agreement to be made by the Property Manager), (ii) the Property Manager
will not make any loans to or borrow any funds from any Issuer (except as provided in clause (i) above), (iii) the Property Manager
will not permit the Issuers’ assets to be included in or consolidated within the Property Manager’s financial statements
without including a note indicating that the assets and credit of the Issuers are not available to pay the debts of the Property
Manager and that its liabilities do not constitute obligations of any Issuer. Notwithstanding the foregoing, the Property Manager
or its Affiliates may make capital contributions, on a non-regular basis, to any of the Issuers.

 

(b)          Notwithstanding
any provisions to the contrary contained in the Agreement and so long as AF Properties or an Affiliate of any Issuer is the Property
Manager, the Property Manager agrees that each Issuer is a “single purpose entity” and that each Issuer must maintain
such status so long as the Notes remain outstanding as set forth in such Issuer’s organizational documents. Accordingly,
the Property Manager shall:

 

(i)           hold
itself out to the public as the ultimate parent of each Issuer, legally distinct from such Issuer, and shall conduct its duties
and obligations on behalf of such Issuer in its own name and shall correct any known misunderstanding regarding its separate identity
from such Issuer, and shall not identify itself as a department or division of such Issuer or such Issuer as a division or department
of the Property Manager;

 

(ii)          in
the management, servicing and administration of the Properties and Leases, use the related Issuer’s separate stationery,
invoices or checks for letters, invoices or checks to be signed by such Issuer; and

 

(iii)         shall
pay each Issuer’s liabilities solely from such Issuer’s funds (except that the Property Manager shall make all Advances
required to be made by the Property Manager by this Agreement).

 

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(c)          So
long as AF Properties or an Affiliate of any Issuer is the Property Manager, the Property Manager shall bring any legal proceedings
to collect rent or other income from the Properties, or to oust or dispossess a Tenant or other Person from a Property, only in
the name of the related Issuer and at such Issuer’s expense.

 

Section
3.22.         Estoppels.

 

(a)          The
Property Manager shall deliver or cause to be delivered to the Indenture Trustee, promptly upon request but in no event later than
twenty (20) days following receipt by Property Manager of any estoppel, from each applicable Issuer, certifications, duly acknowledged
and certified, setting forth (i) the original Series Principal Balance of each Series of Notes, (ii) the outstanding Series Principal
Balance of each Series of Notes, (iii) the applicable Note Rate of each Class of Notes in each Series, (iv) the last Payment Date,
(v) any offsets or defenses to the payment of the Notes, if any, and (vi) that the Notes, this Indenture, the Mortgages, the organizational
documents of such Issuer and the other Transaction Documents are valid, legal and binding obligations and have not been modified
or, if modified, giving particulars of such modification.

 

Section
3.23.         Environmental Matters.

 

(a)          So
long as an Issuer owns or is in possession of each Property, each such Issuer shall, or shall cause the Property Manager to, promptly
notify the Indenture Trustee in writing if such Issuer or the Property Manager shall become aware of the presence of any hazardous
and/or toxic, dangerous and/or regulated, substances, wastes, materials, raw materials which include hazardous constituents, pollutants
or contaminants including without limitation, petroleum, tremolite, anthlophylie, actinolite or polychlorinated biphenyls and any
other substances or materials which are included under or regulated by Environmental Laws (collectively, “Hazardous
Substances”) to the extent that such Hazardous Substances are in violation of any Environmental Law. If such Issuer
or the Property Manager shall become aware that any such Property is in direct violation of any Environmental Laws or if such Issuer
or the Property Manager shall become aware of any condition on or near any such Property which violates any Environmental Laws,
in each case the Property Manager shall cause such Issuer to cure such violations of such Environmental Law as shall be reasonably
required by the Property Manager in accordance with reasonable commercial lending standards and practices, at such Issuer’s
sole expense. Notwithstanding anything to the contrary in this paragraph, each such Issuer and its related Tenants may use and
store Hazardous Substances at each Property if such use or storage is in connection with the ordinary operation, cleaning and maintenance
of each Property so long as such use and storage is in compliance with any applicable Environmental Laws. Nothing herein shall
prevent such Issuer from recovering such expenses from any other party that may be liable for such removal or cure.

 

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(b)          Each
Issuer shall, or shall cause the Property Manager to, give prompt written notices to the Indenture Trustee and the Property Manager,
as the case may be, of any of the following: (i) any demand, notice of any violation, notice of any potential responsibility, proceeding
or official inquiry by any Governmental Authority with respect to the presence of any Hazardous Substance or asbestos or any substance
or material containing asbestos (“Asbestos”) on, under, from or about any Property; (ii) all claims made
by any third party against such Issuer or any Property relating to any loss or injury resulting from any Hazardous Substance or
Asbestos; and (iii) such Issuer’s or the Property Manager’s discovery of any occurrence or condition on any real property
adjoining or in the vicinity of any Property, in each case, that causes such Property to be subject to any official investigation
or cleanup pursuant to any Environmental Law. Subject to the rights of the applicable Tenant under the related Lease, each Issuer
shall permit the Indenture Trustee to join and participate in, as a party if it so elects, any legal proceedings or actions initiated
with respect to any Property in connection with any Environmental Law or Hazardous Substance and in such an instance, the Issuers
and the Indenture Trustee shall be represented by the same counsel; provided, however, that, if a conflict of interest arises between
any Issuer and the Indenture Trustee because potential claims could be brought against the Indenture Trustee, then the Indenture
Trustee shall be represented by its own counsel and such Issuer shall pay all reasonable attorney’s fees and disbursements
incurred by the Indenture Trustee in connection therewith.

 

(c)          Upon
the Property Manager’s request and subject to the rights of the Tenants under the Leases, at any time and from time to time
while this Indenture is in effect, when (x) the Property Manager has determined (in the exercise of its good faith judgment) that
reasonable cause exists for the performance of an environmental inspection or audit of any Property or (y) an Event of Default
exists, each Issuer shall, or shall cause the Property Manager to, provide at such Issuer’s sole expense, (I) an inspection
or audit of each such Property prepared by a licensed hydrogeologist or licensed environmental engineer indicating the presence
or absence of Hazardous Substances on, in or near each such Property, and (II) an inspection or audit of such Property prepared
by a duly qualified engineering or consulting firm, indicating the presence or absence of Asbestos on such Property. If such Issuer
fails to provide such inspection or audit within 30 days after such request, the Property Manager, at such Issuer’s sole
expense, which shall be deemed a Property Protection Advance, may order the same, and such Issuer hereby grants to the Property
Manager and its employees and agents access to each Property and a license to undertake such inspection or audit in each case subject
to the rights of the Tenants under the Leases. In the event that any environmental site assessment report prepared in connection
with such inspection or audit reasonably recommends that an operations and maintenance plan be implemented for Asbestos or any
Hazardous Substance, the related Issuer shall, to the extent permitted under the related Lease, cause such operations and maintenance
plan to be prepared and implemented at such Issuer’s expense upon request of the Property Manager. In the event that any
investigation, site monitoring, containment, cleanup, removal, restoration, or other work of any kind is reasonably necessary under
an applicable Environmental Law (the “Remedial Work”), each Issuer shall, or shall cause the Property
Manager to, promptly commence and thereafter diligently prosecute, or cause any related Tenant to commence and thereafter diligently
prosecute, to completion all such Remedial Work after written demand by the Property Manager for performance thereof. All Remedial
Work shall be performed by contractors, and under the supervision of a consulting engineer. All costs and expenses of such Remedial
Work shall be paid by the related Issuer. In the event such Issuer shall fail to timely commence, or cause to be commenced, or
fail to diligently prosecute to completion, such Remedial Work, the Property Manager may, but shall not be required to, cause such
Remedial Work to be performed, and all costs and expenses thereof, or incurred in connection therewith, shall be deemed a Property
Protection Advance.

 

(d)          The
Property Manager shall enforce or pursue in accordance with the Servicing Standard any claim for payment, indemnity or reimbursement
available to any of the Issuers or the Indenture Trustee in respect of any liabilities, losses, claims, costs or expenses in respect
of Hazardous Substances including, without limitation, any right to payment under the Guaranty.

 

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Section
3.24.         Appraised Values. The Property Manager may, if directed
by the Issuers and if it determines in accordance with the Servicing Standard that obtaining a new appraisal is necessary, obtain
a new appraisal for any Property following the Series Closing Date.

 

ARTICLE
IV

REPORTS

 

Section
4.01.         Reports to the Issuers and the Indenture Trustee.

 

(a)          Not
later than 3:00 p.m. (New York City time), three (3) Business Days prior to each Payment Date, the Property Manager shall deliver
to each Issuer, the Indenture Trustee, the Back-Up Manager and each Rating Agency a report containing the information specified
on Exhibit D hereto, and such other information with respect to the Leases and Properties as the Indenture Trustee may reasonably
request (such report, the “Determination Date Report”) in a mutually agreeable electronic format, reflecting
as of the close of business on the last day of the related Collection Period, the information required for purposes of making the
payments required by Section 2.11(b) of the Indenture and the calculations and reports referred to in Section 6.01 of the Indenture,
including, but not limited to, the maturity date and the required monthly rent of each Lease. So long as AF Properties or another
Affiliate of an Issuer is the Property Manager, the Determination Date Report shall also contain a certification by the Property
Manager that each Issuer has not incurred any indebtedness except indebtedness permitted by the Transaction Documents. The initial
Determination Date Report shall also contain information necessary to comply with Section 4(c)(ii) of the U.S. Credit Risk Retention
Rules. Such information shall be delivered by the Property Manager to each Issuer and the Indenture Trustee in such form as may
be reasonably acceptable to each Issuer and the Indenture Trustee, as applicable. The Special Servicer shall from time to time
(and, in any event, as may be reasonably required by the Property Manager) provide the Property Manager with such information regarding
the Specially Managed Units as may be necessary for the Property Manager to prepare each Determination Date Report and any supplemental
information to be provided by the Property Manager to each Issuer or the Indenture Trustee.

 

(b)          Not
later than 3:00 p.m. (New York City time) three (3) Business Days prior to each Payment Date, the Special Servicer shall deliver
to the Property Manager, the Indenture Trustee and each Rating Agency a report containing such information relating to the Specially
Managed Units and in such form as the Indenture Trustee may reasonably request (such report, the “Special Servicer
Report”) reflecting information as of the close of business on the last day of the immediately preceding Collection
Period.

 

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(c)          Not
later than the 45th day following the end of each calendar quarter, commencing with the quarter ended June 30, 2019 the Special
Servicer shall deliver to the Indenture Trustee, the Rating Agencies and the Property Manager with respect to each Specially Managed
Unit (A) a report containing such information and in such form as the Indenture Trustee may reasonably request (such report, a
 “Modified Collateral Detail and Realized Loss Report”) with respect to all renewals, modifications, waivers,
security deposits paid or rental concessions made pursuant to Section 3.16 as of such calendar quarter and (B) subject to Section
6.03(a) of the Indenture, upon the reasonable request of the Indenture Trustee, the Rating Agencies or the Property Manager, operating
statements and other financial information collected or otherwise obtained by the Special Servicer during such calendar quarter
(together with copies of the operating statements and other financial information on which it is based) to the extent such information
is not prohibited from being disclosed or restricted by confidentiality under the terms of the applicable Lease Documents.

 

(d)          The
Property Manager or the Special Servicer, to the extent received by such party, shall deliver to the Indenture Trustee and each
applicable Rating Agency:

 

(i)           within
sixty (60) days after the end of each calendar quarter the following items received by it, each executed by a Responsible Officer
of each applicable Issuer or the applicable Issuer Manager on behalf of such Issuer as being true and correct: (A) a written statement
dated as of the last day of each such calendar quarter identifying to its knowledge any defaults under a Lease which continues
after the expiration of applicable cure periods and not otherwise included in the Special Servicer Report, in each case as of the
last day of such calendar quarter, and (B) the principal amount, aggregate unfunded loan commitments and maturity dates of all
credit and loan facilities then in place as of the last day of such calendar quarter relating to the Support Provider or any of
its subsidiaries so long as the maturity date of such indebtedness is scheduled to occur within 365 days of the end of such calendar
quarter, which shall be calculated by the Support Provider; and

 

(ii)          within
sixty (60) days after the end of each of the first three fiscal quarters of each year the following items received by it, each
executed by a Responsible Officer of each applicable Issuer as being true and correct (A) consolidated financial statements of
the related Issuer’s (consolidated with any co-Issuer) financial affairs and condition for each such fiscal quarter, including
a balance sheet and statement of profit and loss for the related Issuers (prepared on a consolidated basis for all Issuers) in
such detail as the Indenture Trustee may request for the Issuers, in each case, for the immediately preceding calendar quarter,
which statements shall be prepared by such Issuers, (B) consolidated financial statements of AF Properties’ financial affairs
and condition, including a balance sheet, a cash flow summary report for the Support Provider and an operating statement including
detailed income and expense statement, in each case in such detail as the Indenture Trustee may request for the Support Provider,
in each case, for the immediately preceding calendar quarter, which statements shall be prepared by the Support Provider, and (C)
the Net Worth of the Support Provider at the end of the immediately preceding calendar quarter, which shall be calculated by the
Support Provider; and

 

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(iii)        within
one hundred fifty (150) days after the end of each calendar year, (A) consolidated financial statements of the financial affairs
and condition of the related Issuer (consolidated with any co-Issuer), including a balance sheet and statement of profit and loss
prepared on a consolidated basis for all Issuers, in such detail as the Indenture Trustee may reasonably request, in each case,
for the immediately preceding calendar year, audited in conjunction with the audit of the Support Provider by a “Big Four”
accounting firm or other nationally recognized independent certified public accountant reasonably acceptable to the Indenture Trustee
and (B) consolidated financial statements of the Support Provider’s financial affairs and condition and all related footnotes,
audited in conjunction with the audit of the Support Provider by a “Big Four” accounting firm, or other nationally
recognized independent certified public accountant reasonably acceptable to the Indenture Trustee, for the immediately preceding
calendar year, and (C) the Net Worth of the Support Provider at the end of the immediately preceding year, which shall be calculated
by the Support Provider; and

 

(iv)        within
forty-five (45) days after the end of each calendar quarter copies of notices of defaults under, or any material modifications
to, any of the Leases, in each case, for such calendar quarter; and

 

(v)         subject
to Section 6.03(a) of the Indenture, at any time and from time to time such other financial data as the Indenture Trustee or its
agents shall reasonably request with respect to the Support Provider or any of its subsidiaries or the ownership, maintenance,
use and operation of the Properties and servicing and administration of the Leases, to the extent such information is not prohibited
from being disclosed or restricted by confidentiality under the terms of the applicable Lease documents.

 

(e)          The
Indenture Trustee and Property Manager shall have the right, during the continuance of an Event of Default exists, upon reasonable
notice to the Issuers and during normal business hours at the Issuers’ principal place of business, to conduct an inspection
or review, at the Issuers’ expense, of the Issuers’ books and records. Each Issuer shall cooperate, and shall cause
its agents and employees to cooperate in the conduct of any such inspection or review.

 

(f)          The
Indenture Trustee shall have no obligations or duties (i) to monitor AFOP’s compliance with the U.S. Risk Retention Agreement
or (ii) to verify, recalculate or confirm any of the information contained in the Determination Date Report with respect to the
U.S. Risk Retention Agreement.

 

Section
4.02.         Use of Agents.

 

The Property Manager
may at its own expense utilize agents or attorneys-in-fact, including Sub-Managers, in performing any of its obligations under
this Article IV, but no such utilization shall relieve the Property Manager from any of such obligations, and the Property Manager
shall remain responsible for all acts and omissions of any such agent or attorney-in-fact. The Property Manager shall have all
the limitations upon liability and all the indemnities for the actions and omissions of any such agent or attorney-in-fact that
it has for its own actions hereunder pursuant to Article V hereof, and any such agent or attorney-in-fact shall have the benefit
of all the limitations upon liability, if any, and all the indemnities provided to the Property Manager under Section 5.03. Such
indemnities shall be expenses, costs and liabilities of each Issuer, and any such agent or attorney-in-fact shall be entitled to
be reimbursed therefor (to the same extent the Property Manager would be entitled to be reimbursed) as provided in Section 2.11(b)
of the Indenture.

 

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ARTICLE
V

THE PROPERTY MANAGER, THE SPECIAL SERVICER AND THE BACK-UP MANAGER

 

Section
5.01.         Liability of the Property Manager, the Special Servicer and
the Back-Up Manager.

 

The Property Manager,
the Special Servicer and the Back-Up Manager shall be liable in accordance herewith only to the extent provided in Section 5.03
with respect to the obligations specifically imposed upon and undertaken by the Property Manager, the Special Servicer and the
Back-Up Manager, respectively, herein.

 

Section
5.02.         Merger, Consolidation or Conversion of the Property Manager,
the Special Servicer and the Back-Up Manager.

 

Subject to the following
paragraph, the Property Manager, the Special Servicer and the Back-Up Manager shall each keep in full effect its existence, rights
and franchises as a partnership, corporation, bank or association under the laws of the jurisdiction of its formation, and each
will obtain and preserve its qualification to do business as a foreign partnership, corporation, bank or association in each jurisdiction
in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the
Leases and the Loans and to perform its respective duties under this Agreement.

 

Each of the Property
Manager, the Special Servicer and the Back-Up Manager may be merged or consolidated with or into any Person, or may transfer all
or substantially all of its assets to any Person, in which case any Person resulting from any merger or consolidation to which
the Property Manager, the Special Servicer or the Back-Up Manager is a party, or any Person succeeding to the business of the Property
Manager, the Special Servicer or the Back-Up Manager, will be the successor Property Manager, the successor Special Servicer or
the successor Back-Up Manager, as the case may be, hereunder, and each of the Property Manager, the Special Servicer and the Back-Up
Manager may transfer any or all of its rights and obligations under this Agreement to any Person; provided, however,
that no transferee (other than with respect to KeyBank, if the transferee is affiliated with KeyBank) will succeed to the rights
of the Property Manager or the Special Servicer unless (i) the Rating Condition is satisfied or (ii) such successor is (x) an affiliate
of the Property Manager or the Special Servicer, as applicable, (y) the obligations of such successor hereunder are guaranteed
by the Support Provider, and (z) such successor shall furnish evidence to the Issuers and the Indenture Trustee that it is regularly
engaged in the management, ownership or operation of commercial real estate properties and of comparable or better experience to
the Property Manager or the Special Servicer, as applicable.

 

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Section
5.03.         Limitation on Liability of the Property Manager, the Special
Servicer and the Back-Up Manager.

 

None of the Property
Manager, the Special Servicer or the Back-Up Manager or any director, officer, employee, agent or Control Person of any of them
shall be under any liability to the Issuers, the Indenture Trustee, the Custodian or the Noteholders or the holders of the Issuer
Interests or to any other Person for any action taken, or not taken, in good faith pursuant to this Agreement, or for errors in
judgment; provided, however, that none of the Property Manager, the Special Servicer or the Back-Up Manager shall
be protected against any liability that would otherwise be imposed by reason of misfeasance, bad faith or negligence in the performance
(including the failure to perform) of obligations or duties hereunder. The Property Manager, the Special Servicer and the Back-Up
Manager and any director, officer, employee, agent or Control Person of any of them shall be entitled to indemnification by the
Issuers, payable, subject to Section 2.11(b) of the Indenture, out of the Payment Account, against any claim, loss, liability or
expense incurred in connection with any legal action that relates to this Agreement, the Issuer LLC Agreements, the Issuer Interests,
the Indenture or the Notes or any other Transaction Document; provided, however, that such indemnification shall
not extend to any loss, liability or expense incurred by reason of misfeasance, bad faith or negligence in the performance (including
the failure to perform) of obligations or duties under this Agreement. None of the Property Manager, the Back-Up Manager or the
Special Servicer shall be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its
respective responsibilities under this Agreement and that in its opinion may involve it in any expense or liability; provided,
however, that each of the Property Manager, the Special Servicer and the Back-Up Manager shall be permitted, at its sole
discretion, to undertake any such action necessary or desirable with respect to the enforcement or protection of the rights and
duties of the parties hereto or the interests of the Issuers 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 Issuers as an Extraordinary Expense and
the Property Manager, the Special Servicer, or the Back-Up Manager as the case may be, shall be entitled to be reimbursed therefor
from the Payment Account, pursuant to Section 2.11(b) of the Indenture.

 

Section
5.04.         Term of Service; Property Manager and Special Servicer Not
to Resign.

 

(a)          Each
Issuer may, upon written consent by the Indenture Trustee (acting at the direction of the Requisite Global Majority) and written
notice (without any requirement of consent) to the Property Manager and the Special Servicer, transfer the servicing duties and
obligations of the Property Manager and the Special Servicer to a new servicer. The Indenture Trustee’s written consent to
any such transfer shall be contingent upon receipt by the Indenture Trustee of: (1) satisfaction of the Rating Condition; (2) the
replacement Property Manager and Special Servicer of its acceptance of its appointment; and (3) consent by the Requisite Global
Majority. The Issuers and the replacement Property Manager and Special Servicer shall execute and deliver a transfer agreement
(the “Servicing Transfer Agreement”) mutually agreed upon in advance and effective on the transfer date
(the “Servicing Transfer Date”), whereby the replacement Property Manager and the Special Servicer will
agree to perform all of the duties and obligations of the Property Manager and the Special Servicer under this Agreement. Each
Servicing Transfer Agreement shall include any additional terms and provisions that the parties to this Agreement reasonably determine
are necessary or appropriate and which additional terms and provisions shall be approved by all the parties to the Servicing Transfer
Agreement, which approvals shall not be unreasonably withheld. The Transfer Agreement shall contain a provision stating that the
former Property Manager and Special Servicer is relieved from all liability under this Agreement for acts or omissions occurring
after the Servicing Transfer Date.

 

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(b)          None
of the Property Manager or the Special Servicer (subject to Section 5.02) shall resign from the obligations and duties hereby imposed
on it, except upon determination that the performance of its duties hereunder are no longer permissible under applicable law or
are in material conflict by reason of applicable law with any other activities carried on by it, the other activities of the Property
Manager or the Special Servicer, as the case may be, so causing such a conflict being of a type and nature carried on by the Property
Manager or the Special Servicer, as the case may be, at the date of this Agreement. Any such determination permitting the resignation
of the Property Manager or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel to such effect that
shall be delivered to each Issuer and the Indenture Trustee. No such resignation shall become effective until the Back-Up Manager
or another successor shall have assumed the responsibilities and obligations of the resigning party hereunder. If within 120 days
of the date of such determination, no successor shall have assumed the applicable responsibilities and obligations of the resigning
party, Property Manager or Special Servicer, as applicable, shall be permitted to petition a court of competent jurisdiction to
appoint a successor.

 

(c)          Notwithstanding
the foregoing, each of the Property Manager and the Special Servicer may cause all or part of the obligations and duties imposed
on it by this Agreement to be assumed by, and may assign part or all of its rights, benefits or privileges hereunder to, with the
prior written approval of each Issuer and the Indenture Trustee, which approval shall not be unreasonably withheld, conditioned
or delayed, to any Person, upon its delivery to each Issuer and the Indenture Trustee of evidence of satisfaction of the Rating
Condition, and the assumption by the assignee of all of the obligations and duties of the Property Manager and/or the Special Servicer,
as applicable. Upon any such assignment and assumption by the assignee of all or a part of the obligations of the Property Manager
and/or the Special Servicer, the assignor (or its successor acting prior to such assignment), shall be relieved from all liability
hereunder for acts or omissions of the Property Manager and/or the Special Servicer, as applicable, occurring after the date of
the assignment and assumption.

 

(d)          Except
as expressly provided herein, neither the Property Manager nor the Special Servicer shall assign or transfer any of its rights,
benefits or privileges hereunder to any other Person or delegate to or subcontract with, or authorize or appoint, any other Person
to perform any of the duties, covenants or obligations to be performed by it hereunder, or cause any other Person to assume such
duties, covenants or obligations. If, pursuant to any provision hereof, the duties and obligations of the Property Manager or the
Special Servicer are transferred by an assignment and assumption to a successor thereto, the entire amount of compensation payable
to the Property Manager or the Special Servicer, as the case may be, that accrues pursuant hereto from and after the date of such
transfer shall be payable to such successor.

 

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Section
5.05.         Rights of Certain Persons in Respect of the Property Manager
and the Special Servicer.

 

Each of the Property
Manager and the Special Servicer shall afford to the other and, also, to each Issuer, the Indenture Trustee and the Back-Up Manager,
upon reasonable notice, during normal business hours (a) access to all records maintained by it relating to the Properties and
Leases included in the Collateral Pool and in respect of its rights and obligations hereunder, to the extent not prohibited by
confidentiality (including attorney-client privilege), contract or applicable law, and (b) access to such of its officers as are
responsible for such obligations. Upon reasonable request, the Property Manager and the Special Servicer shall each furnish the
Issuers and the Indenture Trustee with its most recent financial statements and such other information as it possesses, and which
it is not prohibited by confidentiality (including attorney-client privilege), applicable law or contract from disclosing, regarding
its business, affairs, property and condition, financial or otherwise. Each Issuer may, but is not obligated to, enforce the obligations
of the Property Manager and the Special Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform,
any defaulted obligation of the Property Manager or the Special Servicer hereunder, or, in connection with any such defaulted obligation,
exercise the related rights of the Property Manager or the Special Servicer hereunder; provided, however, that neither
the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance
by any such Issuer or its designee. The Issuers shall not have any responsibility or liability for any action or failure to act
by or with respect to the Property Manager or the Special Servicer.

 

Section
5.06.         [Reserved].

 

Section
5.07.         Property Manager or Special Servicer as Owner of Notes.

 

Subject to Section 3.17
herein and the terms of the Indenture, if, at any time during which an Affiliate of the Property Manager or the Special Servicer
is the holder of any Note or Issuer Interests the Property Manager or the Special Servicer proposes to take or omit to take action
(i) which action or omission is not expressly prohibited by the terms hereof and would not, in the Property Manager or the Special
Servicer’s good faith judgment, violate the Servicing Standard, and (ii) which action, if taken, or omission, if made, might
nonetheless, in the Property Manager’s or the Special Servicer’s good faith judgment, be considered by other Persons
to violate the Servicing Standard, the Property Manager or the Special Servicer may, but need not, seek the approval of the Noteholders
and the holders of the Issuer Interests to such action or omission by delivering to each Issuer and the Indenture Trustee a written
notice that (a) states that it is delivered pursuant to this Section 5.07, (b) identifies the portion of Notes and Issuer Interests
beneficially owned by an Affiliate Party, and (c) describes in reasonable detail the action that the Property Manager or the Special
Servicer, as the case may be, proposes to take or omit. If, at any time, the holders of Issuer Interests representing greater than
50% of the Issuer Interests and a Requisite Global Majority (calculated in accordance with the terms of the Indenture) separately
consent in writing to the proposal described in the related notices, and if the Property Manager or the Special Servicer, as the
case may be, takes action or omits to take action as proposed in such notices, such action or omission will be deemed to comply
with the Servicing Standard. It is not the intent of the foregoing provision that the Property Manager or the Special Servicer
be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder, but rather in
the case of unusual circumstances.

  

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ARTICLE
VI

SERVICER REPLACEMENT EVENTS

 

Section
6.01.         Servicer Replacement Events.

 

(a)         “Servicer
Replacement Event” wherever used herein with respect to the Property Manager or Special Servicer, means any one of
the following events:

 

(i)          any
failure by the Property Manager or the Special Servicer to remit to the Collection Account, the Release Account or the Payment
Account (or to the Indenture Trustee for deposit into the Payment Account) any amount as and when required to be so remitted pursuant
to the terms of this Agreement or the Indenture, which failure remains unremedied for two (2) business days after the earlier of
(x) the date on which notice of such failure, requiring the same to be remedied, is given to the Property Manager or Special Servicer,
as applicable, by the Indenture Trustee or (y) actual knowledge of such failure by such Property Manager or Special Servicer, as
applicable; or

 

(ii)         the
Property Manager fails to make any P&I Advance as required by the Indenture or this Agreement; or

 

(iii)        the
Property Manager fails to make any Property Protection Advance as required by the Indenture or this Agreement, which failure remains
unremedied for four (4) Business Days following the date on which Property Manager or Special Servicer
receives of notice of (or obtains actual knowledge of) any such failure;

 

(iv)        any
failure on the part of the Property Manager or the Special Servicer to observe or perform in any material respect any other of
the covenants or agreements on the part of the Property Manager or the Special Servicer, as the case may be, contained in this
Agreement which failure continues unremedied for a period of 30 days (or such longer period as is reasonably required to cure the
subject matter provided that (A) the Property Manager or the Special Servicer shall diligently prosecute such cure, (B) such extended
cure period does not have a material adverse effect on the Issuers, the Noteholders or the Properties and (C) such longer period
shall not exceed 60 days) after the date on which written notice of such failure, requiring the same to be remedied, shall have
been given to the Property Manager and the Special Servicer by any other party hereto or the Property Manager or the Special Servicer
otherwise has notice of such failure; or

 

(v)         any
breach on the part of the Property Manager or the Special Servicer of any representation or warranty contained in this Agreement
that materially and adversely affects the interests of the Issuers, which remains unremedied for 30 days after the date on which
written notice of such breach, requiring the same to be remedied, shall have been given to the Property Manager and the Special
Servicer by any other party hereto; provided, however, that if the breach is capable of being cured and such Property
Manager or Special Servicer is diligently pursuing that cure, the 30 day period will be extended for another 30 days; or

 

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(vi)        there
shall have been commenced before a court or agency or supervisory authority having jurisdiction an involuntary proceeding against
the Property Manager or the Special Servicer 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, which
action shall not have been dismissed for a period of 90 days; provided, that if any decree or order cannot be discharged,
dismissed or stayed within the 90-day period, such Property Manager or Special Servicer will have an additional 30 days to effect
the discharge, so long as it commenced proceedings to have the decree or order dismissed within the initial 90-day period and it
is continuing to pursue the discharge; or

 

(vii)       either
the Property Manager or the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or
similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings
of or relating to it or of or relating to all or substantially all of its property; or

 

(viii)      either
the Property Manager or the Special Servicer shall admit in writing its inability to pay its debts generally as they become due,
file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the
benefit of its creditors; or

 

(ix)         either
the Property Manager or the Special Servicer assigns any of its obligations under this Agreement to any third party other than
as permitted under this Agreement or any other Transaction Document; or

 

(x)          either
the Property Manager or the Special Servicer fails to observe reporting requirements, which failure remains unremedied for five
(5) days after the date on which written notice of such breach, requiring the same to be remedied, shall have been given to the
Property Manager and the Special Servicer; provided, that with respect to the delivery of the Determination Date report, such period
shall be for one (1) day after such notice; or

 

(xi)         (xi)
AR Global Investments LLC, shall cease to own a majority of the equity interests (whether directly or indirectly) of AF Properties
or American Finance Advisors, LLC without the consent of the Requisite Global Majority, or AF Properties shall cease to be the
property manager for AFOP; or

 

(xii)        the
Issuers or the Indenture Trustee shall have received confirmation in writing from any Rating Agency that the failure to remove
the Property Manager or the Special Servicer in such capacity would in and of itself cause a downgrade, qualification or withdrawal
of any of the ratings then assigned by such Rating Agency to the Notes; or

 

(xiii)       an
Event of Default under Section 4.01(a), (b), (c), (f), (g) or (j) of the Indenture shall have occurred; or

 

(xiv)      any
other Event of Default under the Indenture, other than an Event of Default under Section 4.01(a), (b), (c), (f), (g) or (j) thereof,
shall have occurred and the Indenture Trustee shall have accelerated the Notes; or

 

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(xv)       the
Monthly DSCR shall be less than 1.20x for three (3) consecutive Payment Dates and such reduction in Monthly DSCR is reasonably
determined by the Back-Up Manager (unless the Back-Up Manager is then serving as Property Manager or Special Servicer) or the Requisite
Global Majority to be primarily attributable to acts or omissions of the Property Manager.

 

(b)          Each
of the Property Manager and the Special Servicer will notify the Indenture Trustee and the Back-Up Manager in writing of the occurrence
of a Servicer Replacement Event or an event that, with the giving of notice or the expiration of any cure period, or both, would
constitute a Servicer Replacement Event promptly upon obtaining actual knowledge thereof.

 

Section
6.02.         Termination of Property Manager and Special Servicer and
appointment of Successor.

 

(a)          If
any Servicer Replacement Event (other than under clauses (ii) or (iii) of Section 6.01 above) with respect to AF Properties as
the initial Property Manager or the initial Special Servicer (in either case, for purposes of this Section 6.02, the “Defaulting
Party”) of which a responsible officer of the Indenture Trustee shall have actual knowledge shall occur and be continuing,
then, and in each and every such case, subject to the remainder of this Section 6.02, the Indenture Trustee shall deliver a notice
in writing to the Noteholders (with a copy of such notice to the Defaulting Party) advising the Noteholders of their right to approve
the removal of the Defaulting Party or to waive such Servicer Replacement Event. In the event that the Noteholders representing
the Requisite Global Majority have either approved of the removal of the Defaulting Party or not waived the occurrence of such
Servicer Replacement Event within thirty (30) days of such notice, the Indenture Trustee shall (by notice in writing to the Defaulting
Party and each other party hereto) cause such Defaulting Party to be immediately replaced with the Back-Up Manager and terminate
all of the rights and obligations accruing from and after such notice of the Defaulting Party under this Agreement and in and to
the Collateral (other than as a holder of any Note or Issuer Interest). All notices by the Indenture
Trustee of a Servicer Replacement Event shall be delivered to the Noteholders together with a request that the Noteholders either
waive such Servicer Replacement Event or consent to the termination of the Property Manager or the Special Servicer. Upon the occurrence
of a Servicer Replacement Event under clause (ii) or (iii) with respect to the Defaulting Party (provided that the Defaulting
Party is the initial Property Manager or Special Servicer), the Indenture Trustee shall immediately terminate the Property Manager
and/or the Special Servicer and replace them with the Back-Up Manager. When a single entity acts as Property Manager and Special
Servicer, a Servicer Replacement Event in one capacity shall constitute a Servicer Replacement Event in each capacity; provided,
however, that, subject to Section 6.01(b), the Indenture Trustee shall upon direction from the Requisite Global Majority
elect to terminate the Property Manager or the Special Servicer in one or the other capacity rather than both such capacities.

 

Except as provided in
the immediately preceding paragraph, upon the occurrence of a Servicer Replacement Event with respect to the Property Manager or
the Special Servicer, the Indenture Trustee (i) may (with the consent of the Requisite Global Majority) cause the Property Manager
and/or the Special Servicer to be replaced with a successor Property Manager (the “Successor Property Manager”)
and/or successor Special Servicer (the “Successor Special Servicer”), and (ii) shall (at the direction
of the Requisite Global Majority) cause the Property Manager and/or the Special Servicer to be replaced with a Successor Property
Manager and/or Successor Special Servicer.

 

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(b)          From
and after the termination of the Property Manager or Special Servicer, all authority and power of the terminated Property Manager
or Special Servicer under this Agreement, whether with respect to the Issuers (other than as a holder of any Note or Issuer Interest)
or the Leases or Properties or otherwise, shall pass to and be vested in the Back-Up Manager or the applicable Successor Property
Manager or Successor Special Servicer pursuant to and under this Section, and, without limitation, the Back-Up Manager or the applicable
Successor Property Manager or Successor Special Servicer is hereby authorized and empowered to execute and deliver, on behalf of
and at the expense of the terminated Property Manager or Special Servicer, 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 Leases, Properties and related documents,
or otherwise.

 

(c)          The
appointment of a Successor Property Manager or Successor Special Servicer will be subject to, among other things, (i) the satisfaction
of the Rating Condition and (ii) the written agreement of the Successor Property Manager or Successor Special Servicer to be bound
by the terms and conditions of this Agreement, together with an Opinion of Counsel regarding the enforceability of such agreement.
Subject to the foregoing, any person, including any holder of Notes or Issuer Interests or any Affiliate thereof, may be appointed
as the Successor Property Manager or Successor Special Servicer.

 

(d)          Each
of the Property Manager and the Special Servicer agrees that, if it is terminated pursuant to this Section 6.02, it shall promptly
provide the Indenture Trustee and the Back-Up Manager (or such other applicable successor) with all documents and records in its
possession requested thereby to enable the Back-Up Manager (or such other applicable successor) to assume the Property Manager
or Special Servicer’s, as the case may be, functions hereunder, and shall cooperate with the Back-Up Manager (or such other
applicable successor) in effecting the termination of the Property Manager or Special Servicer’s, as the case may be, responsibilities
and rights hereunder. The terminated Property Manager or Special Servicer and its directors, officers, employees and agents shall
continue to be entitled to the benefits of Section 5.03 notwithstanding any such termination). The Back-Up Manager (or such other
applicable successor) shall use reasonable efforts to diligently complete the physical transfer of servicing from the terminated
Property Manager or Special Servicer, as applicable, with the cooperation of such Property Manager or Special Servicer.

 

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Section
6.03.         Back-Up Manager.

 

(a)          The
Back-Up Manager shall maintain current servicing records and systems concerning the Properties and the Leases in order to enable
it to timely and efficiently assume the responsibilities of the Property Manager and/or Special Servicer in accordance with the
Servicing Standard and otherwise in accordance with the terms and conditions of this Agreement.

 

(b)          Subject
to Section 6.02, following the appointment of the Back-Up Manager as successor Property Manager, the initial Property Manager shall
arrange for the delivery to the Back-Up Manager of all Servicing Files related to Properties that are not Specially Managed Units,
which Servicing Files shall contain sufficient data (as determined by the initial Property Manager in the exercise of its good
faith judgment) to permit the Back-Up Manager to assume the duties of the Property Manager hereunder without delay. Subject to
Section 6.02, following the appointment of the Back-Up Manager as successor Special Servicer, the initial Special Servicer shall
arrange for the delivery to the Back-Up Manager of all Servicing Files related to Specially Managed Units, which Servicing Files
shall contain sufficient data (as determined by the initial Special Servicer in the exercise of its good faith judgment) to permit
the Back-Up Manager to assume the duties of the Property Manager hereunder without delay.

 

(c)          Subject
to Section 6.02, following a Servicer Replacement Event, the Back-Up Manager shall use reasonable efforts to diligently complete
the physical transfer of servicing from the terminated Property Manager or Special Servicer with the cooperation of such Defaulting
Party. From and after the date physical transfer of servicing is completed (the “Back-Up Servicing Transfer Date”),
the Back-Up Manager shall service and/or specially service the Properties and Leases in accordance with the provisions of this
Agreement with all the rights and obligations of the Property Manager and the Special Servicer and shall have no liability or responsibility
with respect to any obligations of each Defaulting Party, arising or accruing prior to the Back-Up Servicing Transfer Date. Each
Issuer, if it determines in its reasonable discretion that enforcement rights and/or remedies are available to the Noteholders
against the terminated Property Manager or Special Servicer and it is prudent under the circumstances to enforce such rights, agree
to enforce their rights under this Agreement against the terminated Property Manager or Special Servicer, including any rights
they have to enforce each Defaulting Party’s obligation to fully cooperate in the orderly transfer and transition of servicing
and otherwise comply with the terms of this Agreement. In the event that the Back-Up Manager discovers or becomes aware of any
errors in any records or data of each Defaulting Party which impairs its ability to perform its duties hereunder, the Back-Up Manager
shall notify each Issuer and the Indenture Trustee in writing of such errors and shall, at each Defaulting Party’s expense
(or, if not paid by such party, as a Property Protection Advance) and upon the Issuers’ direction, undertake to correct or
reconstruct such records or data.

 

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(d)          From
and after the date of this Agreement until the Back-Up Servicing Transfer Date, the Property Manager shall provide or cause to
be provided to the Back-Up Manager on or before the 20th day of each month, in electronic form, a complete data tape
of the Loan Schedule, the Owned Property Schedule and such other information as any Issuer may reasonably deem necessary, including
all information necessary to determine the Release Price and original purchase price paid by the applicable Issuer, and shall make
available to the Back-Up Manager a copy of each Determination Date Report and any Special Servicer Report. In addition, the Property
Manager shall provide all other documents and materials as are reasonably requested by the Back-Up Manager. The Back-Up Manager
will perform an initial comprehensive data integrity review and a monthly review of this information to determine whether it provides
adequate information to enable the Back-Up Manager to perform its obligations hereunder as the Back-Up Manager. To the extent that
the Back-Up Manager determines within ten (10) calendar days of its receipt of such information that such information is inadequate
for the Back-Up Manager to perform its obligations as the Back-Up Manager, the Back-Up Manager will provide prompt written notice
to each Issuer, the Indenture Trustee and the Property Manager identifying any deficiencies in such information that do not enable
the Back-Up Manager to perform its obligations as the Back-Up Manager. The Property Manager shall use its best efforts to provide
any such deficient information to the Back-Up Manager within ten (10) calendar days of receipt of such notice from the Back-Up
Manager.

 

(e)          Within
ten (10) Business Days of the date of receipt from the Property Manager, the Back-Up Manager shall, in order to understand the
purpose of each data field (and the interrelationships among such data fields), review the form of Determination Date Report and
the Special Servicer Report, each in the form agreed to by the Property Manager, the Indenture Trustee and the Back-Up Manager.
Provided the data in the Determination Date Report and the Special Servicer Report are in a format readable by the Back-Up Manager,
the Back-Up Manager shall create a set of conversion routines and database mapping programs, as necessary, that will enable the
Back-Up Manager to (i) receive such data from the Property Manager on a monthly basis and to ensure that the data is readable,
and (ii) independently generate such Determination Date Reports and Special Servicer Reports, as applicable, following the Back-Up
Servicing Transfer Date; provided, however, that the Back-Up Manager shall have no obligations with respect to the information
contained in the Determination Date Report with respect to the U.S. Risk Retention Agreement.

 

(f)           On
a monthly basis, the Back-Up Manager shall (x) verify receipt of the Determination Date Report and the Special Servicer Report
required to be delivered by the Property Manager and (y) verify that such records and data are in a readable format.

 

(g)          The
Back-Up Manager (subject to Section 5.02) may resign from its obligations under this Agreement (i) with the consent of the Requisite
Global Majority, (ii) upon determination that the performance of its duties hereunder are no longer permissible under applicable
law or are in material conflict by reason of applicable law with any other activities carried on by it, the other activities of
the Back-Up Manager so causing such a conflict being of a type and nature carried on by the Back-Up Manager at the date of this
Agreement, (iii) if the Back-Up Manager identifies a successor back-up manager who agrees to undertake the obligations of the Back-Up
Manager under this Agreement and provides the Indenture Trustee with written confirmation of satisfaction of the Rating Condition,
and (iv) upon 60 day’s written notice to the Issuers, the Support Provider and the Indenture Trustee, if at any time KeyBank
is terminated as Sub-Manager under the Sub-Management Agreement; provided, that no such resignation pursuant to this clause (iv)
shall become effective until a successor shall have been appointed by the Issuers and assumed the responsibilities and obligations
of the resigning Back-Up Manager. If within 60 days of the date of such notice of resignation, no successor shall have assumed
the responsibilities and obligations of the resigning Back-Up Manager, the resigning Back-Up Manager shall be permitted to petition
a court of competent jurisdiction to appoint a successor.

 

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(h)          Notwithstanding
the foregoing, the Back-Up Manager may cause all or part of the obligations and duties imposed on it by this Agreement to be assumed
by, and may assign part or all of its rights, benefits or privileges hereunder to, with the prior written approval of each Issuer,
which approval shall not be unreasonably withheld, conditioned or delayed, to any Person, upon its delivery to each Issuer and
the Indenture Trustee of evidence of satisfaction of the Rating Condition, and the assumption by the assignee of all of the obligations
and duties of the Back-Up Manager. Upon any such assignment and assumption by the assignee of all or a part of the obligations
of the Back-Up Manager, the assignor (or its successor acting prior to such assignment), shall be relieved from all liability hereunder
for acts or omissions of the Back-Up Manager occurring after the date of the assignment and assumption

 

Section
6.04.         Additional Remedies of Issuers and the Indenture Trustee
upon a Servicer Replacement Event.

 

During the continuance
of any Servicer Replacement Event, so long as such Servicer Replacement Event shall not have been remedied, in addition to the
rights specified in Section 6.01, each Issuer shall have the right, and the Indenture Trustee shall have the right, in its own
name and 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 Noteholders (including the institution
and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection
therewith). 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 Replacement
Event.

 

ARTICLE
VII

TRANSFERS AND EXCHANGES OF PROPERTIES BY ISSUERS; RELEASE OF PROPERTIES BY ISSUERS

 

Section
7.01.         Exchange of Properties.

 

(a)          Each
Issuer may remove an Exchanged Property from the Collateral Pool in exchange for the addition of one or more Qualified Substitute
Properties to the Collateral Pool; provided, that, after giving effect to a substitution or exchange pursuant to this Section 7.01,
(i) the sum of the Collateral Value of all Released Properties and Exchanged Properties released or exchanged since the most recent
Series Closing Date shall not exceed 35% of the Aggregate Collateral Value as of such Series Closing Date; and (ii) the sum of
the Collateral Value of all Released Properties released since the most recent Series Closing Date by paying the Release Price
shall not exceed 25% of the Aggregate Collateral Value as of such Series Closing Date. Notwithstanding the foregoing, (i) a release
or exchange of a Property in connection with a Collateral Defect, a Third Party Purchase Option, a Risk-Based Substitution or a
Qualified Deleveraging Event, (ii) the release or exchange of a Terminated Lease Property, Delinquent Asset or Defaulted Asset,
(iii) releases during the Disposition Period, (iv) releases as a result of a Triple A Release, (v) releases in connection with
a Series Collateral Release or (vi) a transfer of lease terms to a Lease Transfer Property shall not be taken into consideration
for purposes of the 35% maximum described in the prior sentence. No Property will constitute a Qualified Substitute Property unless,
after giving effect to the transfer of such Property to the related Issuer, either (i) a Maximum Property Concentration is not
exceeded, or (ii) if, prior to such substitution, an existing Maximum Property Concentration is already exceeded, the addition
of such Qualified Substitute Property will reduce the Maximum Property Concentration or such Maximum Property Concentration will
remain unchanged after giving effect to such substitution. In addition, no exchange of a Property or Lease may occur (other than
pursuant to a Third Party Purchase Option or release due to a Collateral Defect) if an Early Amortization Period would occur as
a result of such exchange.

 

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(b)          In
the event that any Issuer elects to substitute one or more Qualified Substitute Properties pursuant to this Section 7.01, the Property
Manager shall require such Issuer to deliver to the Custodian all documents as specified in the definition of “Lease File”
in Section 1.01 with respect to each Qualified Substitute Property in accordance with this Agreement. Monthly Lease Payments due
with respect to Qualified Substitute Properties in the month of substitution shall not be part of the Collateral and will be retained
by the Property Manager and remitted by the Property Manager to such Issuer on the next succeeding Payment Date. For the month
of substitution, the Available Amount shall include the Monthly Lease Payment due on the Lease for the Removed Property for such
month and, thereafter, the applicable Issuer designee shall be entitled to retain all amounts received in respect of such Lease.
On or prior to the effective date of any such substitution, the Property Manager shall deliver to the Custodian and each Issuer
an amended Property Schedule reflecting the addition to the Collateral of each new Qualified Substitute Property and related Lease
and the removal from the Collateral of each Removed Property and related Lease. Upon such substitution, each Qualified Substitute
Property shall be subject to the terms of this Agreement in all respects, and the applicable Issuer shall be deemed to have made
the representations and warranties contained in Section 2.20 of the Indenture with respect to each Qualified Substitute Property,
and the applicable Issuer shall deliver to the Indenture Trustee a certificate in the form of Exhibit C attached hereto
certifying to the Indenture Trustee that such exceptions as have been proposed by the Property Manager or the Issuers are materially
consistent with the underwriting criteria for existing Properties.

 

(c)          Each
Issuer shall effect such substitution by having each Qualified Substitute Property deeded (or, with respect to Qualified Substitute
Properties, having the leasehold interest in the ground lease therein assigned) to such Issuer and distributing or otherwise transferring
the Removed Property to a designee of the Issuer Manager and delivering to and depositing with the Custodian (i) the deed (or assignment
of ground lease), if applicable, and any other transfer documents transferring such Qualified Substitute Property (or leasehold
interest in the ground lease) to such designee, (ii) the deed (or assignment of ground lease), if applicable, and any other transfer
documents transferring such Removed Property (or leasehold interest in the ground lease) to a designee of the applicable Issuer
Manager, or the entity purchasing the Removed Property, (iii) the Lease Files for such Qualified Substitute Properties, all of
which shall meet the Lease File requirements for such Qualified Substitute Property, and (iv) an Officer’s Certificate certifying
that all of the taxes (including transfer taxes with respect to Qualified Substitute Property) in connection with the acquisition
of the Qualified Substitute Property and the transfer of the Removed Property have been paid.

 

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(d)          Upon
receipt of an Officer’s Certificate from the Property Manager or the applicable Issuer to the effect that all requirements
with respect to any substitution pursuant to the foregoing terms of this Section 7.01 have been satisfied, which Officer’s
Certificate shall be furnished by the Property Manager upon becoming appropriate, and upon which the Indenture Trustee shall be
permitted to fully rely and shall have no liability for so relying without any obligation to confirm or verify, (i) the Indenture
Trustee shall release or cause to be released to such Issuer’s designee the related Lease File for the Removed Property (ii)
each of the Indenture Trustee and such Issuer shall execute and deliver such instruments of release, transfer or assignment, in
each case without recourse, as shall be provided to it and are reasonably necessary to vest in such Issuer’s designee the
ownership of the Removed Property and the related Lease and to release any Mortgage or other lien or security interest in such
Removed Property or the related Lease. In connection with any such release or transfer, the Special Servicer shall deliver the
related Servicing File to such Issuer’s designee. Simultaneously with any substitution made pursuant to this Section 7.01,
such Issuer shall distribute or transfer the Removed Property and Lease at the direction of the applicable Issuer Manager.

 

(e)          Any
Release Price received by the applicable Issuer in connection with the release of a Released Property pursuant to this Section
7.01 or the other terms and provisions of this Agreement (other than any Release Prices obtained in connection with a Triple A
Release Event, Liquidation Proceeds received with respect to Defaulted Assets, or any Series Collateral Release Prices) shall first
be deposited into the Release Account and, after payment of any unreimbursed Extraordinary Expenses, Advances and Emergency Protection
Expenses (plus Advance Interest thereon) related to such Released Property and the expenses related to such release, shall either
(i) be applied by such Issuer to acquire a Qualified Substitute Property within twelve (12) months following the related release
or (ii) at the option of the Property Manager, be deposited as Unscheduled Proceeds into the Collection Account. Any amounts relating
to such a Released Property remaining in the Release Account following such twelve (12) month period will be transferred as Unscheduled
Proceeds into the Collection Account; provided, that only the related Allocated Release Amount will be applied as Unscheduled Principal
Payments. Notwithstanding the foregoing, during an Early Amortization Period, all amounts on deposit in the Release Account will
be transferred as Unscheduled Proceeds into the Collection Account and applied as Unscheduled Principal Payments on the Payment
Date following the commencement of such Early Amortization Period.

 

(f)          No
exchange of a Property may occur if an Early Amortization Period would commence as a result of such exchange.

 

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Section
7.02.         Sale Pursuant to Third Party Purchase Option.

 

(a)          If
any Person shall exercise its Third Party Purchase Option prior to the Rated Final Payment Date, the applicable Issuer shall, simultaneously
with the transfer of the applicable Property pursuant to the Third Party Purchase Option, deposit the Third Party Option Price
into the Release Account, and upon receipt of an Officer’s Certificate from the Property Manager or the Issuers to the effect
that such deposit has been made (which the Property Manager shall deliver to the Indenture Trustee and the Issuers promptly upon
such deposit being made and upon which Officer’s Certificate the Indenture Trustee shall be permitted to fully rely and shall
have no liability for so relying without any obligation to confirm or verify), the Indenture Trustee shall release to such Issuer
or its designee the related Lease File and execute and deliver such instruments of release, transfer or assignment, in each case
without recourse, that shall be provided by such Issuer or the Property Manager and reasonably necessary to release the subject
Mortgage and the other liens and security interests in such Property and the related Lease.

 

(b)          After
such release, the released Property shall not be deemed to be a Property (except for the purposes of obligations under the Transaction
Documents that are expressly provided to survive repayment in full of the Notes and satisfaction of the Mortgage).

 

Section
7.03.         Transfer of Lease to New Property.

 

In the event a Tenant
under a Lease requests that such Lease be modified to apply to a different Property (the “Lease Transfer Property”)
owned by such Tenant or substituted for a Lease on a different Property owned by such Tenant, the related Issuer may, with the
approval of the Property Manager or the Special Servicer, as applicable, to the extent permitted under the subject Lease or imposed
by the Property Manager, approve such transfer. Each of the Property Manager, the Special Servicer and the applicable Issuer has
covenanted that it will not give its consent to a transfer unless: (i) the substituted property is a Qualified Substitute Property;
(ii) all Advances, Extraordinary Expenses and Emergency Property Expenses related to the Property being transferred are reimbursed;
and (iii) such Lease will not be treated as a new Lease but instead will be treated as a modification of the original Lease. Such
Qualified Substitute Property will be included in the Collateral Pool and pledged to the Indenture Trustee to secure the Notes.
Upon the Indenture Trustee’s receipt of an Officer’s Certificate (upon which the Indenture Trustee shall be entitled
to conclusively rely) from the Property Manager or the Special Servicer to the effect that such modification or substitution has
been completed in accordance with the terms hereof, including satisfaction of the Required Conditions (which shall include a certification
that such Issuer has executed and delivered a Mortgage or, within 60 days of the Property Manager’s receipt of the related
recorded Mortgage, will deliver a copy thereof with recording information) with respect thereto to the Indenture Trustee), the
Indenture Trustee shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse,
as shall be provided to it by such Issuer and are reasonably necessary to release any lien or security interest in the original
Property and related Lease, whereupon such original Property shall be free and clear of the lien of the Indenture and any Mortgage
and the other Transaction Documents. Any proceeds of such sale, transfer or other disposition shall not constitute part of the
Collateral and shall not be deposited in the Collection Account or the Release Account, as applicable.

 

    	 	79	 

     

    

 

Section
7.04.         Release of Property by an Issuer.

 

(a)          Except
in connection with the release or encumbrance of an immaterial portion of any Property pursuant to Section 3.16(g), and subject
to Section 7.08, 7.10 and 7.11, the applicable Issuer shall have the right to have released from the lien of the related Mortgage
and the Indenture any Property and related Leases (following such release, a “Released Property”, as
applicable) by depositing or causing to be deposited in the Release Account an amount equal to the Release Price in immediately
available funds for the Released Property and satisfying the Required Conditions. Upon the Indenture Trustee’s receipt of
an Officer’s Certificate by the applicable Issuer or Property Manager certifying that all conditions set forth herein have
been satisfied, the Indenture Trustee shall release to such Issuer or its designee the related Lease File and execute and deliver
such instruments of release, transfer or assignment, in each case without recourse, that shall be provided to it by such Issuer
and are reasonably necessary to release any Mortgage or other lien or security interest in such Property and the related Lease
from the lien of the Indenture.

 

(b)          No
release of a Property (other than pursuant to a Third Party Purchase Option or release due to a Collateral Defect) may occur if
an Early Amortization Period would occur as a result of such release.

 

Section
7.05.         Terminated Lease Property.

 

An Issuer may remove
a Terminated Lease Property from the Collateral Pool in exchange for the addition of one or more Qualified Substitute Properties
to the Collateral Pool pursuant to the provisions of Section 7.01.

 

Section
7.06.         Risk-Based or Credit Risk Substitution.

 

Each applicable Issuer
may, with respect to a Lease, remove a Property from the Collateral Pool in exchange for the addition of one or more Qualified
Substitute Properties to the Collateral Pool; provided that: (i) the remaining term to maturity of the related Lease is less than
three (3) years from the date of the proposed substitution and the Property Manager, in accordance with the Servicing Standard,
determines that there is a reasonable risk of non-renewal of such Lease (“Non-Renewal Risk”); (ii) based
on written communications from the Tenant under such Lease, the Property Manager, in accordance with the Servicing Standard, determines
that there is a Non-Renewal Risk; (iii) the applicable Issuer has received from the Tenant under the related Lease for such Property
written notice of the non-renewal of such Lease; or (iv) the Property Manager, in accordance with the Servicing Standard,
determines that there is a reasonable risk of monetary default by the Tenant under such Lease (“Credit Risk”
and any substitution related to clauses (i), (ii), (iii) or (iv), collectively, a “Risk-Based Substitution”).
In addition, the Property Manager or the applicable Issuer shall provide to the Indenture Trustee an explanation of the Non-Renewal
Risk or Credit Risk, including, if applicable, a copy of any written communication from the Tenant related to such Non-Renewal
Risk or Credit Risk, as well as a summary description of the anticipated Qualified Substitute Property.

 

Section
7.07.         Disposition Period.

 

During the Disposition
Period, the Property Manager will be required to utilize efforts consistent with the Servicing Standard to cause all of the Properties
and related Leases to be released from the Collateral Pool prior the Rated Final Payment Date by receiving payment of the Release
Price for such Properties and Leases through the sale of such Properties.

 

Section
7.08.         [Reserved].

 

    	 	80	 

     

    

 

Section
7.09.         [Reserved].

 

Section
7.10.         Series Collateral Release.

 

(a)          In
accordance with Article VII of the Indenture and subject to Section 7.01(a) and 7.10(b), one or more Issuers may sell any Property
and the related Lease in connection with a prepayment in full of a Series of Notes (a “Series Collateral Release”).
Any Series Collateral Release Price received in connection with a Series Collateral Release shall be deposited into the Collection
Account and applied by the Indenture Trustee on the date of such Series Collateral Release, in accordance with the terms of the
Indenture. For the avoidance of doubt, AFOP or an Affiliate may elect to make a capital contribution to one or more Issuers for
the purposes of paying the applicable Series Collateral Release Price and the related Released Properties may be distributed by
the applicable Issuer to AFOP or an Affiliate.

 

(b)          No
Series Collateral Release shall occur unless (i) the Rating Condition is satisfied, (ii) no Early Amortization Period will occur
following such Series Collateral Release and (iii) no Maximum Property Concentration will be exceeded (or, if prior to such Series
Collateral Release, an existing Maximum Property Concentration is already exceeded, the release of such Released Properties will
reduce such Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to
such release).

 

(c)          Any
Series Collateral Release Prices that are required to be transferred from the Collection Account to the Release Account pursuant
to the Indenture shall be treated as a “Release Price” and applied in accordance with Section 3.05(b).

 

(d)          Any
Released Property sold in connection with a Series Collateral Release shall not be taken into consideration for the purposes of
the limitations set forth in Section 7.01(a).

 

(e)          In
connection with a release of Properties pursuant to Section 7.10(a), upon the Indenture Trustee’s receipt of an Officer’s
Certificate by the applicable Issuer or Property Manager, certifying that all conditions set forth herein have been satisfied,
upon which the Indenture Trustee shall be permitted to fully rely and shall have no liability for so relying without any obligation
to confirm or verify, the Indenture Trustee shall release to such Issuer or its designee the related Lease File and execute and
deliver such instruments of release, transfer or assignment, in each case without recourse, that shall be provided to it by such
Issuer and are reasonably necessary to release any Mortgage or other lien or security interest in such Property and the related
Lease from the lien of the Indenture.

 

    	 	81	 

     

    

 

Section
7.11.         Qualified Deleveraging Event.

 

In connection with an
Early Refinancing Prepayment as permitted pursuant to the terms of any applicable Series Supplement, an Issuer may release Properties
with an aggregate Allocated Loan Amount not to exceed the Qualified Release Amount; provided, that, after giving effect
to a substitution or exchange pursuant to this Section 7.11, (i) the sum of the Collateral Value of all Released Properties and
Exchanged Properties released or exchanged since the most recent Series Closing Date shall not exceed 35% of the Aggregate Collateral
Value as of such Series Closing Date; and (ii) the sum of the Collateral Value of all Released Properties released since the most
recent Series Closing Date by paying the Release Price shall not exceed 25% of the Aggregate Collateral Value as of such Series
Closing Date. Notwithstanding the foregoing, (i) a release or exchange of a Property in connection with a Collateral Defect, a
Third Party Purchase Option, a Risk-Based Substitution or a Qualified Deleveraging Event, (ii) the release or exchange of a Terminated
Lease Property, Delinquent Asset or Defaulted Asset, (iii) releases during the Disposition Period, (iv) releases as a result of
a Triple A Release, (v) releases in connection with a Series Collateral Release or (vi) a transfer of lease terms to a Lease Transfer
Property shall not be taken into consideration for purposes of either maximum described in the prior sentence. In addition, with
respect to any release of Properties in connection with a Qualified Deleveraging Event, no Make Whole Amount shall be due with
respect to such release.

 

Section
7.12.         Triple A Release Event.

 

Notwithstanding anything
to the contrary herein, if any Triple A Notes are Outstanding on their related Triple A Release Date, the Property Manager shall
use commercially reasonable efforts to sell Properties in an amount equal to 35% of the Aggregate Collateral Value, taking into
account the aggregate Collateral Value of all Released Properties released since the Initial Closing Date. Any Release Price collected
in connection with a Triple A Release Event shall be deposited as Unscheduled Proceeds into the Collection Account and shall be
included in the Available Amount on the following Payment Date.

 

ARTICLE
VIII

TERMINATION

 

Section
8.01.         Termination.

 

The respective obligations
and responsibilities under this Agreement of the Property Manager, the Special Servicer, the Back-Up Manager and each Issuer shall
terminate upon the earlier of (i) liquidation or final payment under the last remaining Lease with respect to a Property included
in the Collateral Pool and (ii) satisfaction of the indebtedness evidenced by the Notes, whereupon the Indenture Trustee shall
execute and deliver to the Issuers such instruments of release, transfer or assignment, in each case without recourse, as shall
be provided to it by the Issuers and reasonably necessary to release any lien or security interest in the subject Properties and
Leases.

 

ARTICLE
IX

MISCELLANEOUS PROVISIONS

 

Section
9.01.         Amendment.

 

Subject to the provisions
of the Indenture governing amendments, supplements and other modifications to this Agreement, this Agreement may be amended by
the parties hereto from time to time but only by the mutual written agreement signed by the parties hereto. The Property Manager
shall furnish to each party hereto and to each Issuer a fully executed counterpart of each amendment to this Agreement.

 

    	 	82	 

     

    

 

The parties hereto agree
that no modifications or amendments will be made to the Indenture, any Series Supplement or other Transaction Documents without
the consent of the Property Manager, the Special Servicer or the Back-Up Manager, as applicable, if such person would be materially
adversely affected by such modification or amendment, regardless of whether such person is a party to such agreement. In addition,
the parties hereto agree that no modifications or amendments will be made to the definition of “Lease File” herein
without the written consent of the Custodian.

 

Section
9.02.         Counterparts.

 

This Agreement may be
executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall
constitute a single Agreement. 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
9.03.         Governing Law.

 

THIS AGREEMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN
SUCH STATE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section
9.04.         Notices.

 

All notices, requests
and other communications hereunder shall be in writing and, unless otherwise provided herein, shall be deemed to have been duly
given if delivered by courier or mailed by first class mail, postage prepaid, or if transmitted by facsimile and confirmed in a
writing delivered or mailed as aforesaid, to:

 

(a)          in
the case of AF Properties, as the initial Property Manager and initial Special Servicer, 405 Park Avenue, 3rd Floor,
New York, New York 10022, Attention: Legal Department;

 

(b)          in
the case of any Issuer, 7627 Little Avenue, Suite 200, Charlotte, North Carolina 28226, Attention: Legal Department, or such address
as provided in any Joinder Agreement;

 

(c)          in
the case of the Indenture Trustee, Citibank, N.A., 388 Greenwich St., New York, New York 10013, Attention: Agency & Trust –
AFIN 2019-1 or call 888-855-9695 to ask for the deal administrator’s E-mail address;

 

(d)          in
the case of the applicable Rating Agency, as provided in each outstanding Series Supplement; and

 

    	 	83	 

     

    

 

(e)          in
the case of the Back-Up Manager, KeyBank National Association, 11501 Outlook St., Suite 300, Overland Park, KS 66211, Attention:
W. Todd Reynolds, E-mail: Todd_Reynolds@keybank.com;

 

or, as to each such Person, to such other
address and facsimile number as shall be designated by such Person in a written notice to parties hereto. Any notice required or
permitted to be delivered to a holder of Issuer Interests or Notes shall be deemed to have been duly given if mailed by first class
mail, postage prepaid, at the address of such holder as shown in the register maintained for such purposes under the applicable
Issuer LLC Agreement and the Indenture, respectively. Any notice so mailed within the time prescribed in this Agreement shall conclusively
be presumed to have been duly given, whether or not such holder receives such notice.

 

Section
9.05.         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 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.

 

Section
9.06.         Effect of Headings and Table of Contents.

 

The article and section
headings and the table of contents herein are for convenience of reference only and shall not limit or otherwise affect the construction
hereof.

 

Section
9.07.         Notices to the Rating Agencies and Others.

 

(a)       The
Indenture Trustee shall promptly provide notice to the applicable Rating Agency with respect to each of the following of which
the Indenture Trustee has actual knowledge:

 

(i)          any
material change or amendment to this Agreement;

 

(ii)         the
occurrence of any Servicer Replacement Event that has not been cured; and

 

(iii)        the
resignation or termination of the Property Manager or the Special Servicer and the appointment of a successor.

 

(b)          The
Property Manager shall promptly provide notice to the applicable Rating Agency with respect to each of the following of which it
has actual knowledge:

 

(i)          the
resignation or removal of the Indenture Trustee and the appointment of a successor;

 

(ii)         any
change in the location of the Collection Account;

 

    	 	84	 

     

    

 

(iii)        any
change in the identity of a Tenant; and

 

(iv)        any
addition or removal of a Property from the Collateral.

 

(c)         Each
of the Property Manager and the Special Servicer, as the case may be, shall furnish the applicable Rating Agency such information
with respect to the Leases and Properties as such Rating Agency shall reasonably request and that the Property Manager or the Special
Servicer, as the case may be, can reasonably provide.

 

(d)         Each
of the Property Manager and the Special Servicer, as the case may be, shall promptly furnish the applicable Rating Agency and the
Issuers with copies of the following items:

 

(i)          each
of its quarterly statements as to compliance described in Section 3.11; and

 

(ii)         each
report prepared by it pursuant to Section 4.01.

 

(e)         [Reserved]:

 

(f)          Any
Officer’s Certificate, Opinion of Counsel, report, notice, request or other material communication prepared by the Property
Manager, the Special Servicer, each Issuer, the Issuer Members on behalf of the Issuers, or the Indenture Trustee, or caused to
be so prepared, for dissemination to any of the parties to this Agreement or any holder of Notes or Issuer Interests shall also
be concurrently forwarded by such Person to the Issuers and the Initial Purchasers to the extent not otherwise required to be so
forwarded. Any Officer’s Certificate delivered under this Agreement or any other Transaction Document shall be deemed to
have been delivered by the Person which is a party to this Agreement with respect to which the same was delivered, and under no
circumstances shall the officer or other person executing the same have any personal liability under or in connection with any
Officer’s Certificate executed by it.

 

Section
9.08.         Successors and Assigns: Beneficiaries.

 

The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and the respective successors and assigns of the
parties hereto, and all such provisions shall inure to the benefit of each Issuer and the Noteholders. No other person, including
any Tenant, shall be entitled to any benefit or equitable right, remedy or claim under this Agreement.

 

Section
9.09.         Complete Agreement.

 

This Agreement embodies
the complete agreement among the parties with respect to the subject matter hereof and may not be varied or, other than pursuant
to Section 8.01, terminated except by a written agreement conforming to the provisions of Section 9.01. All prior negotiations
or representations of the parties are merged into this Agreement and shall have no force or effect unless expressly stated herein.

 

    	 	85	 

     

    

 

Section
9.10.         Consent to Jurisdiction.

 

Any action or proceeding
against any of the parties hereto relating in any way to this Agreement may be brought and enforced in the courts of the State
of New York sitting in the borough of Manhattan or of the United States District Court for the Southern District of New York and
each of the parties hereto irrevocably submits to the jurisdiction of each such court in respect of any such action or proceeding.
Each of the parties hereto hereby waives, to the fullest extent permitted by law, any right to remove any such action or proceeding
by reason of improper venue or inconvenient forum.

 

Section
9.11.         No Proceedings.

 

The Property Manager,
the Special Servicer, each Issuer (with respect to any other Issuer) and the Back-Up Manager hereby covenant and agree that, prior
to the date which is two years and thirty-one days after the payment in full of the latest maturing Note, it will not institute
against, or join with, encourage or cooperate with any other Person in instituting, against an Issuer any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law;
provided, however, that nothing in this Section 9.11 shall constitute a waiver of any right to indemnification,
reimbursement or other payment from the Issuer pursuant to the Indenture. In the event that any such Person takes action in violation
of this Section 9.11, the applicable Issuer, shall file or cause to be filed an answer with the bankruptcy court or otherwise
properly contesting the filing of such a petition by any such Person against such Issuer or the commencement of such action and
raising the defense that such Person has agreed in writing not to take such action and should be estopped and precluded therefrom
and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.11 shall survive
the termination of this Agreement, and the resignation or removal of any party hereto. Nothing contained herein shall preclude
participation by any Person in the assertion or defense of its claims in any such proceeding involving an Issuer.

 

The obligations of each
Issuer under this Agreement are solely the obligations of such Issuer. No recourse shall be had for the payment of any amount owing
in respect of any fee hereunder or any other obligation or claim arising out of or based upon this Agreement against any member,
employee, officer or director of such Issuer. Fees, expenses, costs or other obligations payable by an Issuer hereunder shall be
payable by such Issuer solely to the extent that funds are then available or thereafter become available for such purpose pursuant
to Section 2.11 of the Indenture. In the event that sufficient funds are not available for their payment pursuant to Section 2.11
of the Indenture, the excess unpaid amount of such fees, expenses, costs or other obligations shall in no event constitute a claim
(as defined in Section 101 of the Bankruptcy Code) against, or corporate obligation of, such Issuer.

 

Section
9.12.         Cooperation.

 

Each party hereto hereby
agrees to act diligently in responding to a request made by any other party to this Agreement and agrees to reasonably cooperate
with the requesting party in connection with the subject matter.

 

Section
9.13.         Acknowledgment of Receipts by Indenture Trustee.

 

Upon request, within
ten (10) Business Days after its receipt of any notice, document or other delivery pursuant to any Transaction Document, the Indenture
Trustee shall acknowledge its receipt of the same in writing delivered to the party that delivered the same to the Indenture Trustee. 

 

    	 	86	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective officers or representatives all as of the
day and year first above written.

 

	 	American Finance Properties, LLC, as
	 	Property Manager and Special Servicer
	 	 	 
	 	 	By:	/s/ Michael R. Anderson
	 	 	Name:	Michael R. Anderson
	 	 	Title:	Authorized Signatory

 

	 	AFN ABSPROP001, LLC, a Delaware limited liability company, as an Issuer
	 	 	 	 	 
	 	 	By:  American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	 	By: American Finance Trust, Inc., a Maryland corporation, its general partner
	 	 	 	 	 
	 		 	By:	/s/ Michael R. Anderson
	 	 	 	 	Name: Michael R. Anderson
	 	 	 	 	Title: Authorized Signatory

 

	 	AFN ABSPROP001-A, LLC, a Delaware limited liability company, as an Issuer
	 	 	 	 	 
	 	 	By:  American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	 	By: American Finance Trust, Inc., a Maryland corporation, its general partner
	 	 	 	 	 
	 		 	By:	/s/ Michael R. Anderson
	 	 	 	 	Name: Michael R. Anderson
	 	 	 	 	Title: Authorized Signatory

  

Signature Page
to Property Management Agreement (AFIN 2019-1)

 

     

     

    

 

	 	AFN ABSPROP001-B, LLC, a Delaware limited liability company, as an Issuer
	 	 	 	 	 
	 	 	By:  American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	 	By: American Finance Trust, Inc., a Maryland corporation, its general partner
	 	 	 	 	 
	 		 	By:	/s/ Michael R. Anderson
	 	 	 	 	Name: Michael R. Anderson
	 	 	 	 	Title: Authorized Signatory

 

	 	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	By:	/s/ James Polcari
	 	Name:	James Polcari
	 	 	Senior Trust Officer
	 	 	Authorized Signatory

 

	 	KEYBANK NATIONAL ASSOCIATION,
	 	as Back-Up Manager
	 	 	 
	 	By:	/s/ W. Todd Reynolds
	 	Name:	W. Todd Reynolds
	 	Title:	Vice President

 

Signature Page
to Property Management Agreement (AFIN 2019-1)EX-4.2

 Exhibit 4.2 

Final 
 KARUNA
THERAPEUTICS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 15th day of March, 2019, by
and among Karuna Therapeutics, Inc., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an
“Investor.” 
 RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Preferred Stock and/or shares of Common Stock
and possess registration rights, information rights, rights of first offer and other rights pursuant to that certain Investors’ Rights Agreement dated as of August 1, 2018, by and among the Company and such Existing Investors (the
“Prior Agreement”); 
 WHEREAS, the Prior Agreement may be amended, and any provision therein waived, with the consent of
the Company and (a) the holders of at least a majority of the outstanding Series Seed Preferred Stock of the Company and (b) the holders of at least two-thirds of the outstanding Series A Preferred
Stock of the Company; 
 WHEREAS, the undersigned Existing Investors, as (i) holders of least a majority of the outstanding Series Seed
Preferred Stock of the Company, and (ii) holders of at least two-thirds of the outstanding Series A Preferred Stock of the Company, desire to terminate the Prior Agreement and to accept the rights created
pursuant hereto in lieu of the rights granted to them under the Prior Agreement; 
 WHEREAS, the Company and certain of the Investors (the
“New Investors”) are parties to that certain Series B Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”); and 

WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce the New Investors to invest funds in the Company
pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain
information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement. 

NOW, THEREFORE, the parties hereby agree as follows: 

1.    Definitions. For purposes of this Agreement: 

“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more
general partners or managing members of, or shares the same management company with, such Person. 

 “Board of Directors” means the board of directors of the Company. 

“Certificate of Incorporation” means the Company’s Second Amended and Restated Certificate of Incorporation, as amended
and/or restated from time to time. 
 “Common Stock” means shares of the Company’s common stock, par value $0.0001 per
share. 
 “Competitor” means a Person engaged, directly or indirectly (including through any partnership, limited liability
company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in developing therapies for psychosis, cognition and pain but shall not include any passive financial investment firm or collective investment
vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the board of directors of any
Competitor; provided that none of PureTech, ARCH, Pivotal, Fidelity, Sands, PFM or Eventide shall be deemed to be a Competitor. 

“Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the
Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a
material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the
Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case,
directly or indirectly), Common Stock, including options and warrants. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Excluded Registration” means (i) a
registration relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction;
(iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the
only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

  
 2 

 “FOIA Party” means a Person that, in the reasonable determination of the
Board of Directors, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552
(“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement. 

“Form S-1” means such form under the Securities Act as in effect on the date hereof
or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 “Form
S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of
substantial information by reference to other documents filed by the Company with the SEC. 
 “GAAP” means generally
accepted accounting principles in the United States as in effect from time to time. 
 “Holder” means any holder of
Registrable Securities who is a party to this Agreement. 
 “Immediate Family Member” means a child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person
referred to herein. 
 “Initiating Holders” means, collectively, Major Investors who properly initiate a registration
request under this Agreement. 
 “IPO” means the Company’s first underwritten public offering of its Common Stock
under the Securities Act. 
 “Key Employee” means any executive level employee (including division director and vice
president level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement). 

“Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least
300,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification after the date hereof). 

“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

  
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 “Person” means any individual, corporation, partnership, trust, limited
liability company, association or other entity. 
 “Preferred Stock” means shares of the Company’s Preferred Stock,
par value $0.0001 per share. 
 “Qualified IPO” shall have the meaning set forth in the Certificate of Incorporation. 

“Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock
(ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; and (iii) any Common Stock
issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses
(i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to
Subsection     , and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of
this Agreement. 
 “Registrable Securities then outstanding” means the number of shares determined by adding the number of
shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

“Restricted Securities” means the securities of the Company required to be notated with the legend set forth in
Subsection 2.12(b) hereof. 
 “SEC” means the Securities and Exchange Commission. 

“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of
Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

“Wellcome Trust” means The Wellcome Trust Limited as Trustee of the Wellcome Trust. 

  
 4 

 2.    Registration Rights. The Company covenants and agrees as
follows: 
 2.1    Demand Registration. 

(a)    Form S-1 Demand. If at any time after the earlier of (i) five
(5) years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from the Holders of a majority of the Registrable
Securities held by Major Investors then outstanding that the Company file a Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or a
lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $10 million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand
Notice”) to all Major Investors other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in
such registration by any other Major Investors, as specified by notice given by each such Major Investor to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of
Subsections 2.1(c) and 2.3. 
 (b)    Form S-3 Demand. If at
any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Major Investors holding Registrable Securities then outstanding having an anticipated aggregate
offering price, net of Selling Expenses, of at least $5 million that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Major Investors, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Major Investors other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five
(45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in
such registration by any other Major Investors, as specified by notice given by each such Major Investor to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of
Subsections 2.1(c) and 2.3. 
 (c)    Notwithstanding the foregoing obligations, if the Company furnishes
to Major Investors requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental
to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would
(i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business
purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any
time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than one hundred twenty (120) days after the request 

  
 5 

 
of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12)-month
period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such one hundred twenty (120) day period other than an Excluded Registration. 

(d)    The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Subsection 2.1(a)(i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a
Company-initiated registration, provided that (i) the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two
registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant
to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty
(30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively
employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month
period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared
effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to
Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d); provided, that if such withdrawal is during a period the Company has
deferred taking action pursuant to Subsection 2.1(c), then the Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this
Subsection 2.1(d). 
 2.2    Company Registration. If the Company proposes to register (including,
for this purpose, a registration effected by the Company for stockholders other than the Major Investors) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an
Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject
to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling
Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 

  
 6 

 2.3    Underwriting Requirements. 

(a)    If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s)
will be selected by the Initiating Holders, subject only to the reasonable approval of the Company. In such event, the right of any Major Investor to include such Major Investor’s Registrable Securities in such registration shall be conditioned
upon such Major Investor’s participation in such underwriting and the inclusion of such Major Investor’s Registrable Securities in the underwriting to the extent provided herein. All Major Investors proposing to distribute their securities
through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other
provision of this Subsection 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so
advise all Major Investors that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Major Investors, including the Initiating Holders, in
proportion (as nearly as practicable) to the number of Registrable Securities owned by each Major Investor or in such other proportion as shall mutually be agreed to by all such selling Major Investors provided, however, that the
number of Registrable Securities held by the Major Investors to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance
with the above provisions, the Company or the underwriters may round the number of shares allocated to any Major Investor to the nearest one hundred (100) shares. 

(b)    In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to
Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its
underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by
stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company
shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the
underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in
proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance
with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of
Registrable Securities included in the offering be reduced unless all other 

  
 7 

 
securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced
below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no
other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation,
the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of
any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all
Persons included in such “selling Holder,” as defined in this sentence. 
 (c)    For purposes of
Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3, fewer than fifty percent (50%) of the total number of
Registrable Securities that Major Investors have requested to be included in such registration statement are actually included. 

2.4    Obligations of the Company. Whenever required under this Section 2 to effect the registration of
any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a)    prepare and file with
the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed;
provided, however, that such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the
Company, from selling any securities included in such registration; 
 (b)    prepare and file with the SEC such
amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by
such registration statement; 
 (c)    furnish to the selling Holders such numbers of copies of a prospectus, including a
preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d)    use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the 

  
 8 

 
Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in
such jurisdiction and except as may be required by the Securities Act; 
 (e)    in the event of any underwritten public
offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering; 

(f)    use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration
statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and
provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h)    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration
statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

(j)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the
Company amend or supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any
registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under
Rule 10b5-1 of the Exchange Act. 
 2.5    Furnish Information. It shall
be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

  
 9 

 2.6    Expenses of Registration. All expenses (other than Selling
Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for
the Company; and the reasonable fees and disbursements of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for
any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Major Investors holding a majority of the Registrable Securities to be registered
(in which case all selling Major Investors shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Major Investors holding a majority of the Registrable
Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse
change in the condition, business, or prospects of the Company from that known to the Major Investors at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Major Investors
shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this
Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7    Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8    Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a)    To the extent permitted by law, the Company will indemnify and hold harmless each
selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if
any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal
or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the
Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration. 

  
 10 

 (b)    To the extent permitted by law, each selling Holder, severally
and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal
counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages,
in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection
with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from
which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if
such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or
contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c)    Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement
of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any
other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties
that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a
reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying
party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8. 

(d)    To provide for just and equitable contribution to joint liability under the Securities Act in any case in which
either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of
competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this 

  
 11 

 
Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification
is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such
proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense,
as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of
a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity
to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered
and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such
Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in
the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f)    Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public
offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 
 2.9    Reports Under Exchange Act. With a view to making available to the
Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a)    make and keep available adequate current
public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b)    use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required
of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

  
 12 

 (c)    furnish to any Holder, so long as the Holder owns any Registrable
Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the
registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold
pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company;
and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject
to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10    Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall
not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that (i) allow such holder or
prospective holder to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such
securities will not reduce the number of the Registrable Securities of the Holders that are included or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective
holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. 

2.11    “Market Stand-off Agreement. Each Holder hereby agrees that it
will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company for its own behalf of shares of its Common Stock or any other
equity securities under the Securities Act on a registration statement on Form S-1, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred
eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and
opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto) or such other period as may be requested by the Company or an underwriter to
accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE
Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to
purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date
of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such

  
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transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this
Subsection 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder
or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be
applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%)
of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such registration are intended third-party beneficiaries of this
Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters
in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the
Company or the underwriters shall apply pro rata to all Company stockholders that are subject to such agreements, based on the number of shares subject to such agreements. 

2.12    Restrictions on Transfer. 

(a)    The Preferred Stock and Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company
shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with
the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b)    Each certificate, instrument, or book entry
representing the Preferred Stock and the Registrable Securities shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

  
 14 

 The Holders consent to the Company making a notation in its records and giving instructions
to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c)    The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with
the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder
thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if
reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the
Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted
Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed
sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in
accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction
in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument,
or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b),
except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions
of the Securities Act. 
 2.13    Termination of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a)    the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation; and 

(b)    the fifth (5th) anniversary of the IPO. 

  
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 3.    Information and Observer Rights. 

3.1    Delivery of Financial Statements. The Company shall deliver to each Major Investor and each Investor advised
or subadvised by Fidelity Management & Research Company or its affiliate (each such Investor, a “Fidelity Investor”), provided that the Board of Directors has not reasonably determined that such Major Investor is a
Competitor: 
 (a)    as soon as practicable, but in any event within ninety (90) days after the end of each fiscal
year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial
statements audited and certified by independent public accountants of nationally recognized standing selected by the Company; 

(b)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three
(3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all
prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in
accordance with GAAP); 
 (c)    as soon as practicable, but in any event within forty-five (45) days after the end
of each of the first three (3) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock
outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of
shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors and Fidelity Investors to calculate their respective percentage equity ownership in the
Company, and certified by the chief financial officer or chief executive officer of the Company as being true, complete, and correct; 

(d)    as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and
business plan for the next fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and,
promptly after prepared, any other budgets or revised budgets prepared by the Company; 
 (e)    with respect to the
financial statements called for in Subsection 3.13, Subsection 3.1(b) and Subsection 3.1(d), an instrument executed by the chief financial officer or, if no one is currently serving in such role, the chief
executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (except as otherwise set forth in Subsection 3.1(b) and
Subsection 3.1(d) and fairly present the financial condition of the Company and its results of operation for the periods specified therein; and 

(f)    such other information relating to the financial condition, business, prospects, or corporate affairs of the Company
as any Major Investor or Fidelity Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information (i) that the Company
reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the
attorney-client privilege between the Company and its counsel. 

  
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 If, for any period, the Company has any subsidiary whose accounts are consolidated with
those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in
this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the
SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its
commercially reasonable efforts to cause such registration statement to become effective. 
 3.2    Inspection.
The Company shall permit each Major Investor and Fidelity Investor (provided that the Board of Directors has not reasonably determined that such Investor is a Competitor) or its designated representatives or agents, for so long as it holds shares of
Preferred Stock, and at such Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, directors, and
accountants, at any reasonable time as may be reasonably requested by the Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in
good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege
between the Company and its counsel. 
 3.3    Observer Rights. The Company shall invite a representative of the
Wellcome Trust to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors;
provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any
information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in
disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the Company. 

3.4    Termination of Information Rights. The covenants set forth in Subsection 3.1,
Subsection 3.2 and Subsection 3.3 shall terminate and be of no further force or effect (i) upon the consummation of a Qualified IPO or (ii) upon the closing of a Deemed Liquidation Event, as such term is defined in
the Certificate of Incorporation, in which the consideration received by Company stockholders is cash or marketable securities, whichever event occurs first. 

  
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 3.5    Confidentiality. Each Investor agrees that such Investor
will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of
the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such
Investor), (b) is or has been independently developed or conceived by such Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to such Investor by a third party without a
breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the
extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the
provisions of this Subsection 3.5; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs
such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided that such Investor
promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure, provided, however that any Fidelity Investor may identify the Company and the value of such Fidelity Investor’s
security holdings in the Company in accordance with applicable investment reporting and disclosure regulations or internal policies and respond to examinations, demands, requests or reporting requirements of a regulatory authority without prior
notice to or consent from the Company. 
 4.    Rights to Future Stock Issuances. 

4.1    Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable
securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor and Fidelity Investor (each an “Offeree,” and collectively, the
“Offerees”). An Offeree shall be entitled to apportion the right of first offer hereby granted to it, in such proportions as it deems appropriate, among (i) itself, (ii) its Affiliates, and (iii) its beneficial
interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Offeree
(“Offeree Beneficial Owners”); provided that each such Affiliate or Offeree Beneficial Owner, as applicable, (x) is not a Competitor or FOIA Party, unless such party’s purchase of New Securities is otherwise consented to
by the Board of Directors, (y) agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors
and the other parties named therein, as an “Investor” under each such agreement (provided that any Competitor or FOIA Party shall not be entitled to any rights as an Investor under Subsections 3.1, 3.2, 3.3 and
4.1 hereof), and (z) agrees to purchase at least such number of New Securities as are allocable hereunder to the Major Investor holding the fewest number of shares of Preferred Stock and any other Derivative Securities. 

  
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 (a)    The Company shall give notice (the “Offer
Notice”) to each Offeree, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New
Securities. 
 (b)    By notification to the Company within twenty (20) days after the Offer Notice is given, each
Offeree may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Offeree (including all
shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Offeree) bears to the total Common Stock of the Company then
outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities. At the expiration of such twenty (20) day period, the Company shall promptly notify each Offeree that elects to
purchase or acquire all the shares available to it (each, a “Fully Exercising Offeree”) of any other Offeree’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each
Fully Exercising Offeree may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Offerees were entitled to subscribe but that were
not subscribed for by the Offerees which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities
then held, by such Fully Exercising Offeree bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all
Fully Exercising Offerees who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the
date of initial sale of New Securities pursuant to Subsection 4.1(c). 
 (c)    If all New Securities
referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in
Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If
the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be
revived and such New Securities shall not be offered unless first reoffered to the Offerees in accordance with this Subsection 4.1. Notwithstanding anything to the contrary, the rights set forth in Subsection 4.1 may not be
amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Offeree without the written consent of such Offeree, unless such amendment or waiver applies to all Offerees in the same fashion (it being
agreed that a waiver of the provisions of Subsection 4.1 with respect to a particular transaction shall not be deemed to apply to all Offerees in the same fashion if the Offerees approving such waiver remain able to purchase securities
in such transaction, either directly or by assignment of such purchase right to their affiliate(s), where another Offerees is no longer able to purchase securities in such transaction as a result of such waiver). 

  
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 (d)    The right of first offer in this Subsection 4.1 shall
not be applicable to (i) Exempted Securities (as defined in the Certificate of Incorporation); (ii) shares of Common Stock issued in a Qualified IPO; and (iii) the issuance of shares of Preferred Stock to a Purchaser pursuant to the
Purchase Agreement. 
 4.2    Termination. The covenants set forth in Subsection 4.1 shall terminate
and be of no further force or effect (i) upon the consummation of a Qualified IPO, or (ii) upon the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first. 

5.    Additional Covenants Insurance. The Company shall use its commercially reasonable efforts to obtain, within
ninety (90) days of the date hereof, from financially sound and reputable insurers, Directors and Officers liability insurance on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable efforts to cause
such insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. The policy shall not be cancelable by the Company without prior approval by the Board of Directors. 

5.2    Employee Agreements. The Company will cause (i) each person now or hereafter employed by it or by any
subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement; and
(ii) each Key Employee to enter into a one (1) year noncompetition and nonsolicitation agreement, substantially in the form approved by the Board of Directors. In addition, the Company shall not amend, modify, terminate, waive, or
otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and a Key Employee without the consent of the Board of Directors. 

5.3    Employee Stock. Unless otherwise approved by the Board of Directors, all future employees and consultants of
the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for
(i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly
installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11.
Without the prior approval by the Board of Directors, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock purchase, stock restriction or option agreement with any existing employee or service
provider if such amendment would cause it to be inconsistent with this Subsection 5.3. In addition, unless otherwise approved by the Board of Directors, the Company shall retain (and not waive) a “right of first refusal” on
employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 

  
 20 

 5.4    Qualified Small Business Stock. The Company shall use
commercially reasonable efforts to cause the shares of Series Seed Preferred Stock and Series A Preferred Stock of the Company, as well as any shares into which such shares are converted, within the meaning of Section 1202(f) of the Internal
Revenue Code (the “Code”), to constitute “qualified small business stock” as defined in Section 1202(c) of the Code; provided, however, that such requirement shall not be applicable if the Board of Directors
determines, in its good-faith business judgment, that such qualification is inconsistent with the best interests of the Company. The Company shall submit to its stockholders (including the Investors) and to the Internal Revenue Service any reports
that may be required under Section 1202(d)(1)(C) of the Code and the regulations promulgated thereunder. In addition, within twenty (20) business days after any Investor’s written request therefor, the Company shall, at its option,
either (i) deliver to such Investor a written statement indicating whether (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code
or (ii) deliver to such Investor such factual information in the Company’s possession as is reasonably necessary to enable such Investor to determine whether (and what portion of) such Investor’s interest in the Company constitutes
“qualified small business stock” as defined in Section 1202(c) of the Code. 
 5.5    Board
Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the nonemployee
directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board
of Directors. 
 5.6    Successor Indemnification. If the Company or any of its successors or assignees
consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the
Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, the Certificate
of Incorporation, or elsewhere, as the case may be. 
 5.7    Expenses of Counsel. In the event of a transaction
which is a Sale of the Company (as defined in the Voting Agreement of even date herewith among the Investors, the Company and the other parties named therein), the reasonable fees and disbursements of one counsel for the Investors (“Investor
Counsel”), in their capacities as stockholders, shall be borne and paid by the Company. At the outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share
with the Investor Counsel (and such counsel’s clients) and shall share the confidential information (including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction
documents and related noncompete, employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the
Company. The Company shall be obligated to share (and cause the Company’s counsel and investment bankers to share) such materials when distributed to the Company’s executives and/or any one or more of the other parties to such
transaction(s). In the 

  
 21 

 
event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their
communications and other reviewed materials under the attorney client privilege, the Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably
acceptable to Investor Counsel. In the event that one or more of the other party or parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive
such information, then the Company shall share whatever information can be shared without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into
the appropriate agreement(s) without undue burden to the clients of Investor Counsel. 
 5.8    Indemnification
Matters. The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board of Directors by the Investors (each an “Investor Director”) may have certain rights to indemnification,
advancement of expenses and/or insurance provided by one or more of the Investors and certain of their affiliates (collectively, the “Investor Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first
resort (i.e., its obligations to any such Investor Director are primary and any obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Investor Director
are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Investor Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on
behalf of any such Investor Director to the extent legally permitted and as required by the Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Investor Director), without regard to any rights such
Investor Director may have against the Investor Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor Indemnitors for contribution, subrogation or any
other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf of any such Investor Director with respect to any claim for which such Investor Director has sought
indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Investor Director
against the Company. The Investor Directors and the Investor Indemnitors are intended third-party beneficiaries to this Subsection 5.8 and shall have the right, power and authority to enforce the provisions of this
Subsection 5.8 as though they were a party to this Agreement. 
 5.9    Right to Conduct Activities.

 (a)    The Company hereby agrees and acknowledges that Puretech Health LLC (together with its Affiliates,
“PureTech”) is a healthcare business, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted).
The Company hereby agrees that, to the extent permitted under applicable law, PureTech shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by PureTech in any entity competitive with the Company, or
(ii) actions taken by any partner, officer or other representative of PureTech to assist any such competitive company, whether or 

  
 22 

 
not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided,
however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any
director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

(b)    The Company hereby agrees and acknowledges that ARCH Venture Fund IX, L.P. and ARCH Venture Fund IX Overage, L.P.
(together with their Affiliates, “ARCH”) are professional investment funds, and as such invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as
currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, ARCH shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by ARCH in any entity
competitive with the Company, or (ii) actions taken by any partner, officer or other representative of ARCH to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive
company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized
disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

(c)    The Company hereby agrees and acknowledges that Pivotal bioVenture Partners (“Pivotal”) is a
professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees
that, to the extent permitted under applicable law, Pivotal shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Pivotal in any entity competitive with the Company, or (ii) actions taken by
any partner, officer or other representative of Pivotal to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a
detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained
pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

(d)    The Company hereby agrees and acknowledges that the Fidelity Investors (together with their Affiliates,
“Fidelity”) are professional investment funds, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be
conducted). The Company hereby agrees that, to the extent permitted under applicable law, Fidelity shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Fidelity in any entity competitive with the
Company, or (ii) actions taken by any partner, officer or other representative of Fidelity to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or
otherwise, and 

  
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whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated
with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.

 (e)    The Company hereby agrees and acknowledges that Partner Fund Management, L.P. (together with its Affiliates,
“PFM”) is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be
conducted). The Company hereby agrees that, to the extent permitted under applicable law, PFM shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by PFM in any entity competitive with the Company,
or (ii) actions taken by any partner, officer or other representative of PFM to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and
whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s
confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

(f)    The Company hereby agrees and acknowledges that Sands Capital Life Sciences Pulse Fund, L.P.
(“Sands”) is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be
conducted). The Company hereby agrees that, to the extent permitted under applicable law, Sands shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Sands in any entity competitive with the
Company, or (ii) actions taken by any partner, officer or other representative of Sands to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise,
and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the
Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

(g)    The Company hereby agrees and acknowledges that Eventide Healthcare & Life Sciences Fund
(“Eventide”) is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be
conducted). The Company hereby agrees that, to the extent permitted under applicable law, Eventide shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Eventide in any entity competitive with the
Company, or (ii) actions taken by any partner, officer or other representative of Eventide to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or
otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the
Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

  
 24 

 5.10    FCPA. The Company represents that it shall not (and shall
not permit any of its subsidiaries or affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute
any item of value to, directly or indirectly, to any third party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the
“FCPA”)), in each case, in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries and
affiliates to) cease all of its or their respective activities, as well as remediate any actions taken by the Company, its subsidiaries or affiliates, or any of their respective directors, officers, managers, employees, independent contractors,
representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries and affiliates to) maintain
systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Upon
request, the Company agrees to provide responsive information and/or certifications concerning its compliance with applicable anti-corruption laws. The Company shall promptly notify each Investor if the Company becomes aware of any Enforcement
Action (as defined in the Purchase Agreement). The Company shall, and shall cause any direct or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. The Company shall use its best
efforts to cause any direct or indirect subsidiary, whether now in existence or formed in the future, to comply in all material respects with all applicable laws. 

5.11    Tax Reporting. The Company will comply with any obligation imposed on the Company to make any filing
(including any filing on Internal Revenue Service Form 5471) as a result of any interest that the Company holds in a non-U.S. Person or any activities that the Company conducts outside of the U.S. and shall
include in such filing any information necessary to obviate (to the extent possible) any similar obligation to which any Major Investor would otherwise be subject with respect to such interest or such activity. The Company shall promptly provide
each Major Investor with a copy of any such filing. 
 5.12    Termination of Covenants. The covenants set forth
in this Section 5, except for Subsections 5.6, 5.8 and 5.9, shall automatically terminate upon the earlier of (a) the consummation of a Qualified IPO; and (b) the consummation of a Deemed Liquidation Event
(as defined in the Certificate of Incorporation). 
 6.    Miscellaneous. 

6.1    Successors and Assigns. The rights under this Agreement may be assigned (but only with all related
obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family 

  
 25 

 
Members; or (iii) after such transfer, holds at least 100,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other
recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such
rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For
the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or
(3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify
individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this
Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2    Governing Law. This Agreement and any controversy arising out of or relating to this Agreement shall be
governed by and construed in accordance with the internal laws of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. 

6.3    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

6.4    Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not
to be considered in construing or interpreting this Agreement. 
 6.5    Notices. 

(a)    All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent
during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day
after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the
respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief 

  
 26 

 
Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this
Subsection 6.5(a). If notice is given to the Company, a copy shall also be sent to Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210, Attention: James T. Barrett, Esq. and if notice is given to the Investors, a copy shall also
be given to Morrison Foerster LLP, 200 Clarendon Street, Floor 20, Boston, MA 02116, Attn: Ori Solomon, ori@mofo.com. 

(b)    Each Investor consents to the delivery of any stockholder notice pursuant to the Delaware General Corporation Law
(the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address or the facsimile number set forth below such
Investor’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any
reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given. Each Investor agrees
to promptly notify the Company of any change in its electronic mail address, and that failure to do so shall not affect the foregoing. 

6.6    Amendments and Waivers. Any term of this Agreement may be amended, modified or terminated and the observance
of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the shares of Series A Preferred
Stock and Series B Preferred Stock then outstanding, voting together as a single class on an as-converted basis; provided that the Company may in its sole discretion waive compliance with
Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further
that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, (i) the definition of “Competitor” in Section 1 and
Section 5.9(a) may not be amended with respect to PureTech without the written consent of PureTech; (ii) the definition of “Competitor” in Section 1 and Section 5.9(b) may not be amended with
respect to ARCH without the written consent of ARCH; (iii) the definition of “Competitor” in Section 1 and Section 5.9(c) may not be amended with respect to Pivotal without the written consent of Pivotal;
(iv) (x) the definition of “Competitor” in Section 1 and Section 5.9(d), (y) Subsections 3.1 and 3.2, or (z) Subsection 2.11 may not be adversely amended (with respect
to clause (x) above, solely with respect to Fidelity) without the written consent of Fidelity; (v) the definition of “Competitor” in Section 1 and Section 5.9(e) may not be amended with respect to PFM
without the written consent of PFM; (vi) the definition of “Competitor” in Section 1 and Section 5.9(f) may not be amended with respect to Sands without the written consent of Sands; (vii) the definition
of “Competitor” in Section 1 and Section 5.9(g) may not be amended with respect to Eventide without the written consent of Eventide; (viii) this Agreement may not be amended, modified or terminated and the
observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, modification, termination, or waiver applies to all Investors in the same fashion (it being agreed that
a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms; (ix) Subsections 3.1 and 3.2,
Section 4 and any 

  
 27 

 
other section of this Agreement applicable to the Major Investors (including this clause (ix) of this Subsection 6.6) may not be amended, modified, terminated or waived without
the written consent of the holders of at least a majority of the Registrable Securities then outstanding and held by the Major Investors and (x) Subsection 3.3 shall may not be amended, modified or waived without the written consent
of the Wellcome Trust. Notwithstanding the foregoing, (x) Schedule A hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of
the other parties; and Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this Agreement
in accordance with Subsection 6.9; and (y) if after giving effect to any amendment, modification, termination or waiver of Section 4 with respect to or for the purpose of facilitating any financing, a Major Investor or
its Affiliate purchases securities in such financing (such Investor, a “Participating Major Investor”), then each Major Investor shall have the right to purchase a portion of the securities sold in such financing equal to the
product of (A) such Major Investor’s pro rata share (determined substantially in accordance with Subsection 4.1(b)) and (B) a fraction, the numerator of which is the amount of securities actually purchased by the
Participating Major Investor in such financing, and the denominator of which is the amount of securities such Participating Major Investor would have purchased in such financing if such Participating Major Investor had purchased its full pro rata
share (determined substantially in accordance with Subsection 4.1(b)) in such financing; provided, for clarity, that if there is more than one Participating Major Investor, then the largest fraction obtained pursuant to clause (B)
above shall apply. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver
effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in
any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7    Severability. In case any one or more of the provisions contained in this Agreement is for any reason held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so
that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8    Aggregation of
Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as
among themselves in any manner they deem appropriate. 
 6.9    Additional Investors. Notwithstanding anything to
the contrary contained herein, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an
additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional
Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

  
 28 

 6.10    Entire Agreement. This Agreement (including any Schedules
hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled. 
 6.11    Dispute Resolution. Any unresolved controversy or claim arising out of or relating to this
Agreement, except as (i) otherwise provided in this Agreement, or (ii) any such controversies or claims arising out of either party’s intellectual property rights for which a provisional remedy or equitable relief is sought, shall be
submitted to arbitration by one arbitrator mutually agreed upon by the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by the American Arbitration Association (the
“AAA”), then by one arbitrator having reasonable experience in corporate finance transactions of the type provided for in this Agreement and who is chosen by the AAA. The arbitration shall take place in Boston, Massachusetts, in
accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having jurisdiction thereof. There shall be limited discovery prior to the arbitration hearing as
follows: (a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated, (b) depositions of all party witnesses and (c) such other depositions as may be allowed
by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with the Delaware Code of Civil Procedure, the arbitrator shall be required to provide in writing to the parties the basis for the award or order of such
arbitrator, and a court reporter shall record all hearings, with such record constituting the official transcript of such proceedings. 
 WAIVER OF JURY
TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT
CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO
HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

6.12    Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party
under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any
such 

  
 29 

 
breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or
thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

6.13    Acknowledgment. The Company acknowledges that certain of the Investors are in the business of venture
capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in
this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company. 

6.14    Termination of Prior Agreement. Upon the effectiveness of this Agreement, the Prior Agreement shall
terminate and be of no further force and effect, and shall be superseded and replaced in its entirety by this Agreement. 
 [Remainder of
Page Intentionally Left Blank] 

  
 30 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	KARUNA THERAPEUTICS, INC.
		
	By:	 	/s/ Andrew Miller
	 Name: Andrew Miller

	Title: Chief Operating Officer

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	PURETECH HEALTH LLC
		
	By:	 	/s/ Stephen Muniz
	Name:	 	Stephen Muniz
	Title:	 	Chief Operating Officer
	
	 Address for notices:
  

501 Boylston Street
 Boston, MA 02116

Attn: Stephen Muniz
 Phone: (617)
456-0042
 Email: sm@puretechhealth.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	ARCH VENTURE FUND IX, L.P.
	
	By: ARCH Venture Partners IX, L.P., its General Partner
	
	By: ARCH Venture Partners IX, LLC, its General Partner
		
	By:	 	/s/ Mark McDonnell
	Name: Mark McDonnell
	Title: Managing Director
	
	 Addresses for notices:
  

c/o ARCH Venture Partners
 8755 W. Higgins Road, Suite 1025

Chicago, IL 60631
 Attn: Mark McDonnell

Phone: (773) 380-6600

Email: mmcdonnell@archventure.com
  

With a mandatory copy, which shall not constitute notice, to:
  

Morrison Foerster LLP
 200 Clarendon Street, Floor 20

Boston, MA 02116
 Attn: Ori Solomon

Phone: (617) 648-4710

Email: ori@mofo.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	ARCH VENTURE FUND IX OVERAGE, L.P.
	
	By: ARCH Venture Partners IX Overage, L.P., its General Partner
	
	By: ARCH Venture Partners IX, LLC, its General Partner
		
	By:	 	/s/ Mark McDonnell
	Name: Mark McDonnell
	Title: Managing Director
	
	 Addresses for notices:
  

c/o ARCH Venture Partners
 8755 W. Higgins Road, Suite 1025

Chicago, IL 60631
 Attn: Mark McDonnell

Phone: (773) 380-6600

Email: mmcdonnell@archventure.com
  

With a mandatory copy, which shall not constitute notice, to:
  

Morrison Foerster LLP

200 Clarendon Street, Floor 20

Boston, MA 02116
 Attn:
Ori Solomon
 Phone: (617) 648-4710

Email: ori@mofo.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	PIVOTAL BIOVENTURE PARTNERS FUND I, L.P.
	
	By: Pivotal bioVenture Partners Fund I G.P., L.P., its general partner
	
	By: Pivotal bioVenture Partners Fund I U.G.P. Ltd, its general partner
		
	By:	 	/s/ Heather Preston M.D.
	Name:	 	Heather Preston, M.D.
	Title:	 	Managing Partner
	
	 Address for notices:
  

c/o Pivotal bioVenture Partners
 501 Second Street, Suite 216

San Francisco, CA 94107
 Attn: Heather Preston, M.D.

Email: heather@pivotalbiovp.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH COMPANY FUND
		
	By:	 	/s/ Colm Hogan
	Name:	 	Colm Hogan
	Title:	 	Authorized Signatory
	
	 Address for notices:
  

BNY MELLON
 One Bny Mellon Center

00 Grant Street Aim 151-2700

Pittsburgh, PA 15258
  

With a mandatory copy, which shall not constitute notice, to:
  

Morrison & Foerster LLP
 200 Clarendon Street, 20th Floor
| Boston, MA 02116
 Attn: Ori Solomon
 Phone: (617) 648-4710
 Email: ori@mofo.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	FIDELITY MT. VERNON STREET TRUST: FIDELITY SERIES GROWTH COMPANY FUND
		
	By:	 	/s/ Colm Hogan
	Name:	 	Colm Hogan
	Title:	 	Authorized Signatory
	
	 Address for notices:
  

State Street Bank & Trust
 PO Box 5756

Boston, Massachusetts 02206
 Attn: WAVELENGTH + CO Fidelity Mt.
Vernon
 Street Trust: Fidelity Series Growth Company Fund

Email: SSBCORPACTIONS@StateStreet.com
 Fax number: 617-988-9110
  

With a mandatory copy, which shall not constitute notice, to:
  

Morrison & Foerster LLP
 200 Clarendon Street, 20th Floor
| Boston, MA 02116
 Attn: Ori Solomon
 Phone: (617) 648-4710
 Email: ori@mofo.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	FIDELITY GROWTH COMPANY COMMINGLED POOL
	
	By: Fidelity Management Trust Company, as Trustee
		
	By:	 	/s/ Colm Hogan
	Name:	 	Colm Hogan
	Title:	 	Authorized Signatory
	
	 Address for notices:
  

Mag & Co.
 c/o Brown Brothers Harriman & Co.

Attn: Corporate Actions /Vault
 140 Broadway New York, NY
10005
 BBH.Fidelitv.CA.Notifications@BBH.com
  

With a mandatory copy, which shall not constitute notice, to:
  

Morrison & Foerster LLP
 200 Clarendon Street, 20th Floor
| Boston, MA 02116
 Attn: Ori Solomon Phone: (617) 648-4710

Email: ori@mofo.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	PFM HEALTHCARE MASTER FUND, L.P.
	
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	/s/ Yuan DuBord
	Name:	 	Yuan DuBord
	Title:	 	CFO
	
	 Address for notices:
  

4 Embarcadero Center, Suite 3500 San Francisco, CA 94111

	
	PFM HEALTHCARE EMERGING GROWTH MASTER FUND, L.P.
	
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	/s/ Yuan DuBord
	Name:	 	Yuan DuBord
	Title:	 	CFO
	
	 Address for notices:
  

4 Embarcadero Center, Suite 3500 San Francisco, CA 94111

	
	PFM THERAPEUTICS MASTER FUND, L.P.
	
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	/s/ Yuan DuBord
	Name:	 	Yuan DuBord
	Title:	 	CFO
	
	 Address for notices:
  

4 Embarcadero Center, Suite 3500 San Francisco, CA 94111

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	PFM HEALTHCARE PRINCIPALS FUND, L.P.
	
	By: Partner Investment Management, L.P., its investment adviser
		
	By:	 	/s/ Yuan DuBord
	Name:	 	Yuan DuBord
	Title:	 	CFO
	
	 Address for notices:
  

4 Embarcadero Center, Suite 3500 San Francisco, CA 94111

	
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	/s/ Yuan DuBord
	Name:	 	Yuan DuBord
	Title:	 	CFO
	
	 Address for notices:
  

4 Embarcadero Center, Suite 3500 San Francisco, CA 94111

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	SANDS CAPITAL LIFE SCIENCES PULSE FUND, L.P.
		
	By:	 	Sands Capital Life Sciences Pulse Fund-GP, L.P., its general partner
		
	By:	 	Sands Capital Life Sciences Pulse Fund-GP, LLC, its general partner
		
	By:	 	/s/ Jonathan Goodman
		 	Name: Jonathan Goodman
		 	Title: General Counsel

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	THE WELLCOME TRUST LIMITED
		
	By:	 	/s/ Tim Knott
	Name:	 	Tim Knott
	Title:	 	Programme Head, Innovations
	
	Address for notices:

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTOR:
	
	ALEXANDRIA VENTURE INVESTMENTS, LLC, a Delaware limited liability company
	
	By: ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland corporation, managing member
		
	By:	 	/s/ Aaron Jacobson
	Name:	 	Aaron Jacobson
	Title:	 	SVP – Venture Counsel

  

			
	Address:	 	385 E. Colorado Blvd., Suite 299 Pasadena, CA 91101

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTOR:
	
	/s/ Steven Paul
	Steven Paul, M.D.

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT

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