<SEC-DOCUMENT>0001104659-25-110656.txt : 20251113
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<ACCEPTANCE-DATETIME>20251112205106
ACCESSION NUMBER:		0001104659-25-110656
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20251112
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Changes in Control of Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251113
DATE AS OF CHANGE:		20251112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Elme Communities
		CENTRAL INDEX KEY:			0000104894
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				530261100
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06622
		FILM NUMBER:		251475068

	BUSINESS ADDRESS:	
		STREET 1:		7550 WISCONSIN AVENUE
		STREET 2:		SUITE 900
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		2027743200

	MAIL ADDRESS:	
		STREET 1:		7550 WISCONSIN AVENUE
		STREET 2:		SUITE 900
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WASHINGTON REAL ESTATE INVESTMENT TRUST
		DATE OF NAME CHANGE:	19920703
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<p style="margin: 0">&#160;</p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PURSUANT TO SECTION&#160;13 OR 15(d)&#160;OF
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES EXCHANGE ACT OF 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address of principal executive office) (Zip
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registrant&#8217;s telephone number, including
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form&#160;8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_edei--WrittenCommunications_c20251112__20251112_z8UMx3sMdBvj" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-11-12" format="ixt:booleanfalse" id="Fact000022" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span>&#8239;Written
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_904_edei--SolicitingMaterial_c20251112__20251112_zskbaZWmhTH" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-11-12" format="ixt:booleanfalse" id="Fact000023" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span>&#8239;Soliciting
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90C_edei--PreCommencementTenderOffer_c20251112__20251112_zypLzNQsQGH7" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-11-12" format="ixt:booleanfalse" id="Fact000024" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span>&#8239;Pre-commencement
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_908_edei--PreCommencementIssuerTenderOffer_c20251112__20251112_zqzeUoiE73li" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-11-12" format="ixt:booleanfalse" id="Fact000025" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span>
Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Securities registered pursuant to Section&#160;12(b)&#160;of
the Act:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;&#8201;230.405 of this chapter) or Rule&#160;12b-2
of the Securities Exchange Act of 1934 (&#167;&#8201;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging growth company&#8239;<span id="xdx_90F_edei--EntityEmergingGrowthCompany_c20251112__20251112_z7iTLE4RsbUh" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-11-12" format="ixt:booleanfalse" id="Fact000029" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#8239;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Introductory Note</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&#160;12, 2025,
Elme Communities, a Maryland real estate investment trust (the &#8220;Company&#8221;), completed the transactions contemplated by that
certain a Purchase and Sale Agreement, dated August&#160;1, 2025 (the &#8220;Purchase Agreement&#8221;), by and among the Company, WashREIT
OP LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (&#8220;Seller&#8221;), Echo Sub LLC, a Delaware
limited liability company and wholly owned subsidiary of Seller (&#8220;Echo Sub&#8221;), CEVF VI Capitol Holdings, LLC, a Delaware limited
liability company (&#8220;Buyer&#8221;) and CEVF VI&#160;Co-Invest&#160;I Venture, LLC, a Delaware limited liability company (&#8220;Buyer
Parent&#8221; and together with Buyer, &#8220;Buyer Parties&#8221;). The Buyer Parties are affiliates of Cortland Partners, LLC. Pursuant
to the Purchase Agreement, Buyer acquired all of the equity interests of Echo Sub, for an aggregate purchase price of $1.606 billion
in cash, subject to customary adjustments (the &#8220;Portfolio Sale Transaction&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entry into a Material
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Loan Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&#160;12, 2025,
certain indirect subsidiaries of the Company, as borrowers (collectively, the &#8220;Borrowers&#8221;), and Goldman Sach Bank USA, as
lender (the &#8220;Lender&#8221;), entered into that certain Loan Agreement (the &#8220;Loan Agreement&#8221;) pursuant to which the
Lender has made a senior secured term loan of $520.0 million (the &#8220;Term Loan&#8221;) to the Borrowers. Pursuant to the Loan Agreement,
the Term Loan is secured by first priority mortgages and security interests on all 10 properties that remain under the Company following
the closing of the Portfolio Sale Transaction (the &#8220;Closing&#8221;) (which are directly owned by the Borrowers) and include: Riverside
Apartments, Elme Bethesda, Elme Germantown, Elme Watkins Mill, 3801 Connecticut Avenue, Kenmore Apartments, Elme Conyers, Elme Marietta,
Elme Sandy Springs, and Watergate 600 (the &#8220;Loan Collateral&#8221;). In addition, the Term Loan is secured by pledges of all equity
interests in the Borrowers, along with all other personal property of the Borrowers. The Company has provided a customary non-recourse
carveout guaranty. The Loan Agreement contains certain affirmative and negative covenants with which Borrowers must comply, including
maintenance of insurance, single-purpose bankruptcy, remote entity requirements, reporting requirements and restrictions on property
and equity transfers and the granting of liens. Customary events of default are included in the Loan Agreement, including nonpayment
of principal and other amounts when due, nonperformance of covenants, breach of representations and warranties, certain bankruptcy or
insolvency events and changes in control, the occurrence of which give Lender the right to accelerate repayment of the Term Loan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Term Loan matures on
November&#160;9, 2026, subject to a one-year Borrower&#8217;s extension option, which is subject to satisfaction of certain specified
conditions, including the payment of an extension fee equal to 0.25% of the then outstanding principal amount of the Term Loan and the
requirement that no more than $312 million of the Term Loan may be outstanding on the first day of the extended term. The Term Loan bears
interest at a per annum rate equal to the one-month term SOFR (subject to a term SOFR floor of 3.00%) plus the spread. The spread initially
at Closing is 2.25%, increasing starting in the 7<sup>th</sup> month from the date of Closing to 2.75% and further increasing to 4.00%
in the 19<sup>th</sup> month (if extended). The Borrowers have purchased an interest rate cap that effectively caps term SOFR at 5.00%
per annum. On February&#160;9, 2026, a duration fee equal to 0.20% of the then outstanding principal amount of the Term Loan is payable
to Lender.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Term Loan requires that
Borrower enter into cash management arrangements set forth in the certain cash management agreements pursuant to which Borrowers will
maintain a restricted account into which all revenue from the Loan Collateral will be deposited during the term of the Term Loan. Amounts
on deposit in the restricted account will be transferred: (a)&#160;weekly to an account under the sole control of Lender, and provided
an event of default is not continuing under the Term Loan, funds deposited in the account controlled by Lender will be applied to pay
items such as real estate taxes, insurance premiums, debt service obligations, Lender required reserves for budgeted capital expenditures
and operating expenses, with excess funds deposited available to pay general and administrative expenses subject to certain limitations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Excess cash remaining after
the sale of Loan Collateral and the payment of a release price paid to Lender to release the lien of its mortgages shall be deposited
with Lender as additional cash collateral unless certain conditions, including a minimum balance of $10 million in the shortfall account,
certain debt yield requirements, and no events of default, are met, in which case such excess cash may be disbursed to Borrowers for
distribution. The cash management agreement contains provisions for the cure of certain of these events.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Term Loan is intended
to be repaid with the net proceeds from one or more sales of the properties securing the Term Loan, and such properties shall be released
from the mortgages securing the Term Loan as they are sold, upon satisfaction of certain conditions and payment of a minimum release
price applied to the prepayment of the Term Loan. An exit fee equal to 0.50% of the principal amount of the Term Loan repaid is payable
with any prepayment or repayment of the Term Loan, including at maturity, provided, that no exit fee is payable (i)&#160;if the Term
Loan is refinanced by the Lender or its affiliates or (ii)&#160;if the Term Loan is repaid with the proceeds of an arm&#8217;s length
sale of one or more of the properties securing the Term Loan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Lender has provided and may in the future
provide certain commercial banking, financial advisory and investment banking services in the ordinary course of business for the Company
and its subsidiaries for which they receive customary fees and commissions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the Loan Agreement, which is filed
as Exhibit&#160;10.1 hereto and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Item
    1.02.</b></span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Termination
    of a Material Definitive Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
information provided in the Introductory Note and Item 2.01 of this Current Report on Form&#160;8-K is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">On
November&#160;12, 2025, in connection with the Closing, the Company caused the repayment in full of all indebtedness, liabilities and
other obligations under, and terminated, each of (i)&#160;the Third Amended and Restated Credit Agreement, dated July&#160;10, 2024,
by and among the Company, as borrower, the financial institutions party thereto as lenders, and Wells Fargo Bank, National Association,
as administrative agent, (ii)&#160;the Term Loan Agreement, dated January&#160;10, 2023, with Truist Bank, as administrative agent, and
the lenders party thereto, as amended, and (iii)&#160;the Note Purchase Agreement, dated September&#160;29, 2020, by and among the Company
and other parties named therein as purchasers. The Company did not incur any material early termination penalties as a result of such
terminations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">On
November&#160;12, 2025, in connection with the Closing, the Company provided notice to the holders of its 7.25% senior notes due 2028
(the &#8220;Senior Notes&#8221;) of its intention to redeem on December&#160;12, 2025 all of the outstanding $50 million aggregate principal
amount of Senior Notes at the applicable redemption price and on the terms set forth in the indenture, dated as of August&#160;1, 1996
(as amended or supplemented as of the date hereof, the &#8220;Indenture&#8221;), between the Company and The Bank of New York Mellon
Trust Company, N.A., as successor to The First National Bank of Chicago, as trustee (the &#8220;Trustee&#8221;). In connection with the
redemption of the Senior Notes, on November&#160;12, 2025, the Company caused funds sufficient to pay and discharge the entire indebtedness
on the Senior Notes and all other sums payable by the Company under the Indenture to be irrevocably deposited with the Trustee and, accordingly,
the Indenture with respect to the Senior Notes was satisfied and discharged, except with respect to those obligations under the Indenture
that expressly survive satisfaction and discharge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Item
    2.01.</b></span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Completion
    of Acquisition or Disposition of Assets.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
information provided in the Introductory Note of this Current Report on Form&#160;8-K is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
Portfolio Sale Transaction closed on November&#160;12, 2025. Immediately prior to the Closing, Echo Sub held all of the equity interests
of the Company&#8217;s subsidiaries that owned the following multifamily communities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">1.</td><td style="text-align: justify">Cascade at Landmark, 300 Yoakum Parkway,
                                            Alexandria, VA 22304</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">2.</td><td style="text-align: justify">Clayborne, 820 South Columbus Street,
                                            Alexandria, VA 22314</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">3.</td><td style="text-align: justify">Elme Alexandria, 205 Century Place, Alexandria,
                                            VA 22304</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">4.</td><td style="text-align: justify">Bennett Park, 1601 Clarendon Boulevard,
                                            Arlington, VA 22209</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">5.</td><td style="text-align: justify">Park Adams, 2000 N Adams Street, Arlington,
                                            VA 22201</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">6.</td><td style="text-align: justify">The Maxwell, 4200 North Carlin Springs
                                            Road, Arlington, VA 22203</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">7.</td><td style="text-align: justify">The Paramount, 1425 South Eads Street,
                                            Arlington, VA 22202</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">8.</td><td style="text-align: justify">The Wellington, 1850 Columbia Pike, Arlington,
                                            VA 22204</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">9.</td><td style="text-align: justify">Trove, 1201 South Ross St, Arlington,
                                            VA 22204</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">10.</td><td style="text-align: justify">Roosevelt Towers, 500 North Roosevelt
                                            Boulevard, Falls Church, VA 22044</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">11.</td><td style="text-align: justify">Elme Dulles, 13690 Legacy Circle, Herndon,
                                            VA 20171</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">12.</td><td style="text-align: justify">Elme Herndon, 2511 Farmcrest Drive,
                                            Herndon, VA 20171</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">13.</td><td style="text-align: justify">Elme Leesburg, 86 Heritage Way NE, Leesburg,
                                            VA 20176</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">14.</td><td style="text-align: justify">Elme Manassas, 10519 Lariat Lane, Manassas,
                                            VA 20109</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">15.</td><td style="text-align: justify">The Ashby at McLean, 1350 Beverly Road,
                                            McLean, VA 22101</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">16.</td><td style="text-align: justify">Yale West, 443 New York Avenue NW, Washington,
                                            DC 20001</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">17.</td><td style="text-align: justify">Elme Druid Hills, 2696 N Druid Hills
                                            Rd, Atlanta, GA 30329</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">18.</td><td style="text-align: justify">Elme Cumberland, 8 Cumberland Way SE,
                                            Smyrna, GA 30080</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">19.</td><td style="text-align: justify">Elme Eagles Landing, 860 and 900 Rock
                                            Quarry Road, Stockbridge, GA 30281</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
description of the Portfolio Sale Transaction and the Purchase Agreement contained in this Item 2.01 does not purport to be complete
and is subject to and qualified in its entirety by reference to the Purchase Agreement, which is filed as Exhibit&#160;2.1 hereto, and
is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Item
    2.03</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Creation
    of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
information provided in Item 1.01 of this Current Report on Form&#160;8-K is incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Item
    5.01.</b></span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Changes
    in Control of Registrant.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
information provided in the Introductory Note and Item 2.01 of this Current Report on Form&#160;8-K is incorporated herein by reference.
The Closing</span> constitutes a change in control under various Company compensation plans, for both officers and non-officers. The
Company&#8217;s trustees prior to Closing will remain the Company's trustees after Closing, and no change in the ownership of outstanding
common shares will occur pursuant to the Portfolio Sale Transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Item
    7.01.</b></span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Regulation
    FD Disclosure.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&#160;12, 2025,
the Company issued a press release announcing the Closing and the Loan Agreement. The full text of the press release is attached as Exhibit&#160;99.1
and is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This information is being
furnished pursuant to Item 7.01 of Form&#160;8-K. This information, including Exhibit&#160;99.1, shall not be deemed to be &#8220;filed&#8221;
for the purposes of Section&#160;18 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), or otherwise subject to
liabilities of that section, and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as
amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Item
    9.01</b></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Financial
    Statements and Exhibits.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#160;Pro Forma Financial Information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma financial
statements of the Company that gives effect to the Portfolio Sale Transaction described above and required to be filed by Item 9.01(b)&#160;of
Form&#160;8-K will be filed by amendment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#160;Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following exhibits are furnished with this
report on Form&#160;8-K:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&#160;No.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/104894/000119312525172118/d38155dex21.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1*</span></a></td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/104894/000119312525172118/d38155dex21.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase and Sale Agreement,
    dated August&#160;1, 2025, by and among the Company, WashREIT OP LLC, Echo Sub LLC, CEVF VI Capital Holdings, LLC and CEVF VI Co-Invest
    I Venture, LLC (incorporated by reference to Exhibit&#160;2.1 to the Company&#8217;s Form&#160;8-K filed on August&#160;4, 2025)</span></a></td></tr>
  <tr>
    <td style="text-align: justify"><a href="tm2530977d1_ex10-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1*</span></a></td>
    <td style="text-align: justify"><a href="tm2530977d1_ex10-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan Agreement, dated as
    of November&#160;12, 2025</span></a></td></tr>
  <tr>
    <td style="text-align: justify"><a href="tm2530977d1_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</span></a></td>
    <td style="text-align: justify"><a href="tm2530977d1_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release issued November&#160;12,
    2025</span></a></td></tr>
  <tr>
    <td style="text-align: justify">104</td>
    <td style="text-align: justify">Cover Page&#160;Interactive Data File (embedded within the Inline XBRL document).</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* Certain schedules and exhibits have been omitted
pursuant to Item 601(a)(5)&#160;of Regulation S-K. Elme Communities agrees to furnish supplementally to the SEC a copy of any omitted
schedule upon request by the SEC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    W. Drew Hammond</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Date)</span></td>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2530977d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 50%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LOAN AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 50%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of November&nbsp;12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">between</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>THE BORROWERS
NAMED HEREIN</B></FONT>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Borrower,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>GOLDMAN SACHS
BANK USA</B></FONT>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Lender</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Project Echo Portfolio</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table of Contents</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 77%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Page</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;I
    GENERAL TERMS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Loan; Term</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest and Principal</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Benchmark Transition
    Event</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method and Place of Payment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes; Regulatory Change</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Rate Cap Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;II
    VOLUNTARY PREPAYMENT AND ASSUMPTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voluntary Prepayment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property Releases</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exit Fee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers of Equity Interests
    in Borrower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;III
    ACCOUNTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Management Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions from Cash
    Management Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss Proceeds Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic Carrying Cost Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shortfall Reserve Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital Expenditure Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred Maintenance Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intentionally Omitted</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excess Cash Flow Reserve
    Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.10.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account Collateral</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.11.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bankruptcy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;IV
    REPRESENTATIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Conflicts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.5.</FONT></TD>
    <TD STYLE="text-align: justify; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforceable
    Obligations</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Law</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.10.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Company Act</FONT></TD>
    <TD STYLE="text-align: right">60</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.11.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Bankruptcy Filing</FONT></TD>
    <TD STYLE="text-align: right">60</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.12.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Debt</FONT></TD>
    <TD STYLE="text-align: right">60</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.13.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation</FONT></TD>
    <TD STYLE="text-align: right">60</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.14.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases; Material Agreements</FONT></TD>
    <TD STYLE="text-align: right">61</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.15.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full and Accurate Disclosure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.16.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Condition</FONT></TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.17.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Single-Purpose Requirements</FONT></TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.18.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Loan Proceeds</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.19.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Foreign Person</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.20.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor Matters</FONT></TD>
    <TD STYLE="text-align: right">63</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.21.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="text-align: right">63</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.22.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Encroachments</FONT></TD>
    <TD STYLE="text-align: right">63</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.23.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical Condition</FONT></TD>
    <TD STYLE="text-align: right">63</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.24.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fraudulent Conveyance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.25.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management; Leasing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.26.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condemnation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.27.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilities and Public Access</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.28.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.29.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assessments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.30.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Joint Assessment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.31.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separate Lots</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.32.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permits; Certificate of
    Occupancy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.33.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flood Zone</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.34.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Deposits</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.35.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intentionally Deleted</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.36.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.37.</FONT></TD>
    <TD STYLE="text-align: justify; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Dealings</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.38.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estoppel Certificates</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.39.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.40.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual Property/Websites</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.41.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Credits; Rent Regulations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.42.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condominium</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.43.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;V
    AFFIRMATIVE COVENANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existence; Licenses; Tax
    Status</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Properties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Legal Requirements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impositions and Other Claims</FONT></TD>
    <TD STYLE="text-align: right">69</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access to Properties</FONT></TD>
    <TD STYLE="text-align: right">70</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cooperate in Legal Proceedings</FONT></TD>
    <TD STYLE="text-align: right">70</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases</FONT></TD>
    <TD STYLE="text-align: right">70</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan Assets, etc</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.10.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of Collateral</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.11.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Material Event</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.12.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual Financial Statements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.13.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly Financial Statements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.14.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monthly Financial Statements.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.15.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.16.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Casualty and Condemnation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.17.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual Property Budget</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.18.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Venture Capital Operating
    Companies; Nonbinding Consultation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.19.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Encumbrances
    and Material Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.20.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctioned Persons</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.21.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condominium</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;VI
    NEGATIVE COVENANTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liens on the Collateral</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.3.</FONT></TD>
    <TD STYLE="text-align: justify; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dissolution; Merger or
    Consolidation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Business</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt Cancellation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliate Transactions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Misapplication of Funds</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.10.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jurisdiction of Formation;
    Name</FONT></TD>
    <TD STYLE="text-align: right">90</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.11.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modifications and Waivers</FONT></TD>
    <TD STYLE="text-align: right">90</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.12.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA</FONT></TD>
    <TD STYLE="text-align: right">90</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.13.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance and Alterations</FONT></TD>
    <TD STYLE="text-align: right">91</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.14.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Single-Purpose Entity</FONT></TD>
    <TD STYLE="text-align: right">91</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.15.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zoning and Uses</FONT></TD>
    <TD STYLE="text-align: right">91</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.16.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waste</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.17.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Credits; Rent Regulations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;VII
    DEFAULTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Payments
    after an Event of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;VIII
    MISCELLANEOUS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNING LAW</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modification, Waiver in
    Writing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIAL BY JURY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings</FONT></TD>
    <TD STYLE="text-align: right">100</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment and Participation</FONT></TD>
    <TD STYLE="text-align: right">100</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferences; Waiver of
    Marshalling of Assets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.10.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies of Borrower</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.11.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offsets, Counterclaims
    and Defenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.12.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Joint Venture</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.13.</FONT></TD>
    <TD STYLE="text-align: justify; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict; Construction
    of Documents</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.14.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brokers and Financial Advisors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.15.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.16.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estoppel Certificates</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.17.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Indemnity; Payment
    of Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.18.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Third-Party Beneficiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.19.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recourse</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.20.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of Set-Off</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.21.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exculpation of Lender</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.22.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Servicer</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.23.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Fiduciary Duty</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.24.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower Information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.25.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PATRIOT Act Records</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.26.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledgement and Consent
    to Bail-In of Affected Financial Institutions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.27.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledgement Regarding
    Any Supported QFCs</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.28.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior Agreements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.29.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Publicity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.30.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay Not a Waiver</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.31.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Representations by Lender</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.32.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules Incorporated</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.33.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multi-Family Lending</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.34.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint and Several Liability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.35.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan Documents Not Secured</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: top">
    <TD STYLE="font-size: 6pt; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.36.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REMIC Savings Clause</FONT></TD>
    <TD STYLE="text-align: right">115</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Schedule A&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Properties<BR>
Schedule B<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Exception Report<BR>
Schedule C<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Deferred Maintenance Conditions<BR>
Schedule D<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Sample NOI Calculation<BR>
Schedule E<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Rent Roll<BR>
Schedule F<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Material Agreements<BR>
Schedule G<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Organizational Chart<BR>
Schedule H<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Form&nbsp;of Tenant Notice<BR>
Schedule I<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Allocated Loan Amounts<BR>
Schedule J<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Tax Forms<BR>
Schedule K<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Zoning Reports<BR>
Schedule L<FONT STYLE="font-size: 10pt">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Environmental Reports</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LOAN AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Loan Agreement is dated
November&nbsp;12, 2025 and is among <B>GOLDMAN SACHS BANK USA</B>, a New York state-chartered bank, as lender (together with its successors
and assigns, including any lawful holder of any portion of the Indebtedness, as hereinafter defined, &ldquo;<B>Lender</B>&rdquo;), and
each of the entities identified as a &ldquo;Borrower&rdquo; on the signature pages&nbsp;hereto, as borrower (individually or collectively,
as the context may require, jointly and severally, together with their respective permitted successors and assigns, &ldquo;<B>Borrower</B>&rdquo;
or &ldquo;<B>Borrowers</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Borrower desires to obtain
from Lender the Loan (as hereinafter defined) in connection with the financing of the Properties (as hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Lender is willing to make the
Loan on the terms and subject to the conditions set forth in this Agreement if Borrower joins in the execution and delivery of this Agreement,
the Note and the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In consideration of the agreements,
provisions and covenants contained herein and in the other Loan Documents, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Lender and Borrower agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>When
used in this Agreement, the following capitalized terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Acceptable Counterparty</B>&rdquo;
means any counterparty to an Interest Rate Cap Agreement that has and maintains (a)&nbsp;a long-term unsecured debt or counterparty rating
from S&amp;P of at least A+, (b)&nbsp;a long-term unsecured debt rating from Moody&rsquo;s of at least A3, and (c)&nbsp;a long-term unsecured
debt rating from Fitch of at least &ldquo;A&rdquo; or a short-term unsecured debt rating from Fitch of at least &ldquo;F1&rdquo;. The
required ratings set forth in (a)&nbsp;and (b)&nbsp;above may be satisfied by either (i)&nbsp;the counterparty itself or (ii)&nbsp;an
affiliate of the counterparty that guaranties all of the counterparty&rsquo;s present and future obligations under the applicable interest
rate hedge agreement, which guaranty shall otherwise be in form and substance reasonably acceptable to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Account Collateral</B>&rdquo;
means, collectively, the Collateral Accounts and all sums at any time held, deposited or invested therein pursuant to this Agreement,
together with any interest and other earnings thereon, and all securities and investment property credited thereto and all proceeds thereof
(including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments,
documents or securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Affected Financial
Institution</B>&rdquo; means (a)&nbsp;any EEA Financial Institution or (b)&nbsp;any UK Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Agent</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.7(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Agreement</B>&rdquo;
means this Loan Agreement, as the same may from time to time hereafter be amended, restated, replaced, supplemented or otherwise modified
in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Allocated Loan Amount</B>&rdquo;
means, with respect to each Property, the portion of the Loan Amount allocated thereto set forth in <U>Schedule I</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Alteration</B>&rdquo;
means any demolition, structural alteration, installation, improvement or expansion of or to any of the Properties or any portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Annual Capital Expenditure
Amount</B>&rdquo; means, on any date of determination, (x)&nbsp;with respect to each Multifamily Property, $300.00 per multifamily unit
(the number of multifamily units contained in each Multifamily Property is as set forth on <U>Schedule A</U>), and (y)&nbsp;with respect
to the Watergate Property, $0.25 per square foot of leasable square feet in such Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Annual G&amp;A Budget</B>&rdquo;
means Sponsor&rsquo;s annual budget of G&amp;A Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Annual Property Budget</B>&rdquo;
means a capital and operating expenditure budget for the Properties prepared by Borrower that specifies amounts sufficient to operate
and maintain the Properties for the applicable Fiscal Year at a standard at least equal to the annual budget maintained with respect
to the Properties on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Anti-Corruption
Obligations</B>&rdquo; means </FONT>the U.S. Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act of 2010 and all other applicable
anti-bribery and corruption laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Applicable Strike
Rate</B>&rdquo; means (x)&nbsp;during the initial term of the Loan, the Initial Term Strike Rate, and (y)&nbsp;during the Extension Term
(if any), the Extension Term Strike Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Appraisal</B>&rdquo;
means, with respect to each Property, an as-is appraisal of such Property that is prepared by a member of the Appraisal Institute selected
by Lender, meets the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title
XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (FIRREA) and complies with the Uniform Standards
of Professional Appraisal Practice (USPAP), which shall be in form and substance reasonably satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Appraised Value (Multifamily)</B>&rdquo;
means the aggregate &ldquo;as-is&rdquo; appraised value of the Multifamily Properties, each as determined by Appraisals dated not more
than 90 days prior to the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Approved Annual G&amp;A
Budget</B>&rdquo; has the meaning set forth in <U>Section&nbsp;5.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Approved Annual Property
Budget</B>&rdquo; has the meaning set forth in <U>Section&nbsp;5.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Approved Leasing
Agent</B>&rdquo; means Stream Realty Partners-DC, L.P., or any other leasing agent approved by Lender with respect to any Property, provided
the Rating Condition is satisfied with respect thereto, in each case unless and until Lender requests the termination of that management
company pursuant to <U>Section&nbsp;5.10(d)</U>&nbsp;or the applicable Approved Management Agreement terminates by its own terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Approved Leasing
Agreement</B>&rdquo; means that certain Exclusive Agency Agreement, dated as of June&nbsp;1, 2022, between Watergate Borrower and the
initial Approved Leasing Agent, and any other leasing agreement with an Approved Leasing Agent that is approved by Lender after the date
hereof with respect to any Property, in each case as the same may be amended, restated, replaced, supplemented or otherwise modified
in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Approved Management
Agreement</B>&rdquo; means that certain Management Agreement, dated as of June&nbsp;1, 2022, between Watergate Borrower and the initial
Approved Property Manager, and any other management agreement with an Approved Property Manager that is reasonably approved by Lender,
in each case as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Approved Parking
Management Agreement</B>&rdquo; means that certain Parking Facility Management agreement, dated as of May&nbsp;15, 2023, between Watergate
Borrower and the initial Approved Parking Manager, and any other management agreement with an Approved Parking Manager that is reasonably
approved by Lender, in each case as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Approved Parking
Manager</B>&rdquo; means ABM Parking Services, or any other parking management company reasonably approved by Lender and with respect
to which the Rating Condition is satisfied, in each case unless and until Lender requests the termination of that management company
pursuant to <U>Section&nbsp;5.10(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Approved Property
Manager</B>&rdquo; means Stream Realty Partners-DC, L.P., a Texas limited partnership, or any other management company reasonably approved
by Lender and with respect to which the Rating Condition is satisfied, in each case unless and until Lender requests the termination
of that management company pursuant to <U>Section&nbsp;5.10(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Assignment</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.7(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Assignment of Interest
Rate Cap Agreement</B>&rdquo; means each collateral assignment of an interest rate cap agreement executed by Borrower and an Acceptable
Counterparty in accordance herewith, each of which must be in the form executed by Borrower and the initial Acceptable Counterparty on
the Closing Date, as the same may from time to time be amended, restated, replaced, extended, renewed, supplemented or otherwise modified
in accordance with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Bail-in Action</B>&rdquo;
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Bail-In Legislation</B>&rdquo;
means (a)&nbsp;with respect to any EEA Member Country implementing Article&nbsp;55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation rule&nbsp;or requirement for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule and (b)&nbsp;with respect to the United Kingdom, Part&nbsp;I of
the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule&nbsp;applicable in the United
Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates
(other than through liquidation, administration or other insolvency proceedings).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Bankruptcy Code</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;7.1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Basic Carrying Cost
Account</B>&rdquo; has the meaning set forth in <U>Section&nbsp;3.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Basic Carrying Cost
Release Amount</B>&rdquo; has the meaning set forth in <U>Section&nbsp;3.4(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Benchmark</B>&rdquo;
means Term SOFR; <U>provided</U> that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to Term SOFR or the then-current Benchmark, then &ldquo;Benchmark&rdquo; means the applicable Benchmark Replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Benchmark Floor</B>&rdquo;
means 3.00% (300 basis points).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Benchmark Interim
Unavailability Period</B>&rdquo; means any Interest Accrual Period for which Lender determines that (a)&nbsp;adequate and reasonable
means do not exist for ascertaining the then-current Benchmark, unless and until a Benchmark Replacement has been implemented with respect
thereto pursuant to <U>Section&nbsp;1.3</U>, or (b)&nbsp;it is unlawful to use, or a change in law prohibits, restricts or limits the
use of, the then-current Benchmark to determine or maintain the applicable interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Benchmark Replacement</B>&rdquo;
means, with respect to any Benchmark Transition Event, the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
alternate benchmark rate of interest that has been selected by Lender as of the date the Loan is converted as the replacement for the
then-current Benchmark, giving due consideration to (i)&nbsp;any selection or recommendation of a replacement benchmark rate, or the
mechanism for determining such a rate, by the Relevant Governmental Body, and that is then, or Lender anticipates will be, generally
used by Lender in its syndicated floating rate commercial real estate loans (or, if the Loan has been securitized, used by the Servicer
on CMBS loans) similar to the subject Loan as an alternative to the then-current Benchmark, as determined by Lender in its sole but good
faith discretion, or (ii)&nbsp;any evolving or then-prevailing market convention for determining a benchmark rate of interest as a replacement
for the then-current Benchmark for U.S. dollar-denominated floating rate commercial mortgage loans at such time, and that is then, or
Lender reasonably anticipates will be, generally used by Lender in its syndicated floating rate commercial real estate loans (or, if
the Loan has been securitized, used by the Servicer on CMBS loans) similar to the subject Loan as an alternative to the then-current
Benchmark, as determined by Lender or the Servicer, as applicable, in its reasonable good faith discretion (the &ldquo;<B>Unadjusted
Benchmark Replacement</B>&rdquo;), and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Benchmark Replacement Adjustment; <FONT STYLE="font-size: 10pt"><U>provided that</U></FONT>, in no event shall the Benchmark Replacement
for any Interest Accrual Period be deemed to be less than the Benchmark Floor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Benchmark
Replacement Adjustment</B>&rdquo; means, with respect to any Unadjusted Benchmark Replacement, the spread adjustment or method for calculating
or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by Lender giving due
consideration to (a)&nbsp;any selection or recommendation by the Relevant Governmental Body or (b)&nbsp;any industry-accepted index rate
adjustment or evolving or then-prevailing market convention for calculating or determining such spread adjustment for the replacement
of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate commercial
mortgage loans at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Benchmark Replacement
Condition</B>&rdquo; means, with respect to any conversion of the Benchmark to a Benchmark Replacement, if the Loan is included in a
REMIC, either (i)&nbsp;receipt by Lender of an opinion of nationally recognized REMIC counsel, in form and substance reasonably acceptable
to Lender, that such conversion complies with the applicable REMIC requirements or (ii)&nbsp;formal guidance shall have been issued by
the IRS to the effect that such conversion will comply with such REMIC requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Benchmark Replacement
Conforming Changes</B>&rdquo; means, with respect to any Benchmark Replacement or conversion of the Loan to a Prime Rate, any technical,
administrative or operational changes (including changes to the definition of &ldquo;Interest Accrual Period&rdquo; and &ldquo;Payment
Date&rdquo;, timing and frequency of determining rates and making payments of interest, preceding and succeeding business day conventions,
rounding conventions and other administrative matters) that Lender determines may be appropriate or necessary to reflect the adoption
and implementation of such Benchmark Replacement or conversion to a Prime Rate and to permit the administration thereof by Lender in
a manner substantially consistent with market practice for floating rate commercial mortgage loans (or, if Lender decides that adoption
of any portion of such market practice is not administratively feasible or if Lender determines that no market practice for the administration
of the Benchmark Replacement exists, in such other manner of administration as Lender decides is reasonably necessary in connection with
the administration of this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Benchmark Replacement
Date</B>&rdquo; means the earliest to occur of the following events with respect to the then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239; &#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in the case of <U>clause &lrm;(1)</U>&nbsp;or <U>&lrm;(2)</U>&nbsp;of
the definition of &ldquo;Benchmark Transition Event,&rdquo; the later of (a)&nbsp;the date of the public statement or publication of
information referenced therein and (b)&nbsp;the date on which the administrator of the Benchmark permanently or indefinitely ceases to
provide the Benchmark; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in the case of <U>clause (&lrm;3)</U> of the definition of &ldquo;Benchmark Transition Event,&rdquo;
the first date on which such Benchmark has been determined and announced by the regulatory supervisor for the administrator of such Benchmark
to be non-representative; <U>provided</U> that such non-representativeness will be determined by reference to the most recent statement
or publication referenced in such <U>clause (&lrm;3)</U> and even if any available tenor of such Benchmark (or such component thereof)
continues to be provided on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding the foregoing,
in no event shall the Benchmark Replacement Date occur prior to satisfaction of the Benchmark Replacement Condition or waiver thereof
by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Benchmark Transition
Event</B>&rdquo; means the occurrence of one or more of the following events with respect to the then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239; </FONT>&#8239;a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, <U>provided</U> that,
at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;
 &#8239;&#8239; &#8239;&#8239;&#8239; &#8239;</FONT> a public statement or publication of information by the regulatory supervisor for
the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over
the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or
an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator
of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, <U>provided</U> that, at the time of
such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239; &#8239;</FONT>&#8239;a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark announcing that the Benchmark is not, or as of a specified future date will not be, representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Bethesda Borrower</B>&rdquo;
means the individual Borrower that owns the Bethesda Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Bethesda Property</B>&rdquo;
means the Property identified as such on <U>Schedule A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Borrower</B>&rdquo;
or &ldquo;<B>Borrowers</B>&rdquo; has the meaning set forth in the first paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Breakage Costs</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;2.1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Budgeted Capital
Expenditures</B>&rdquo; means, with respect to any calendar month, without duplication, (i)&nbsp;an amount equal to the Capital Expenditures
budgeted for such calendar month as set forth in the then-applicable Annual Property Budget, or (ii)&nbsp;if requested by Borrower in
writing, such greater amount as shall equal Borrower&rsquo;s actual Capital Expenditures for such month, except that such greater amount
shall in no event exceed 110% (measured monthly on a rolling 3-month basis) of the amount specified in <U>clause&nbsp;(i)</U>&nbsp;of
this definition without the prior written consent of Lender, not to be unreasonably withheld, delayed or conditioned, <U>provided</U>
that no such consent shall be required in connection with expenditures for non-discretionary items and Capital Expenditures required
to be made by reason of the occurrence of any emergency (<U>i.e.</U>, an unexpected event that threatens imminent harm to persons or
property at the Property) and with respect to which it would be impracticable, under the circumstances, to obtain Lender&rsquo;s prior
consent thereto with written notice of such expenditure given to Lender promptly thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Budgeted Operating
Expenses</B>&rdquo; means, with respect to any calendar month, without duplication, (i)&nbsp;an amount equal to the Operating Expenses
budgeted for such calendar month as set forth in the then-applicable Annual Property Budget (excluding amounts budgeted in respect of
Property Taxes and insurance premiums), or (ii)&nbsp;if requested by Borrower in writing, such greater amount as shall equal Borrower&rsquo;s
actual Operating Expenses for such month (excluding Property Taxes and insurance premiums), except that such greater amount shall in
no event exceed 110% (measured monthly on a rolling 3-month basis) of the amount specified in <U>clause&nbsp;(i)</U>&nbsp;of this definition
without the prior written consent of Lender, not to be unreasonably withheld, delayed or conditioned, <U>provided</U> that no such consent
shall be required in connection with expenditures for non-discretionary items and expenditures required to be made by reason of the occurrence
of any emergency (<U>i.e.</U>, an unexpected event that threatens imminent harm to persons or property at the Property) and with respect
to which it would be impracticable, under the circumstances, to obtain Lender&rsquo;s prior consent thereto with written notice of such
expenditure given to Lender promptly thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Business Day</B>&rdquo;
means any day other than a Saturday, a Sunday or a day on which federally insured depository institutions in the State of New York are
authorized or obligated by law, governmental decree or executive order to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Capital Expenditure</B>&rdquo;
means, with respect to any Property, hard and soft costs incurred by Borrower with respect to replacements and capital repairs made to
such Property (including repairs to, and replacements of, structural components, roofs, building systems, parking garages and parking
lots), in each case to the extent capitalized in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Capital Expenditure
Account</B>&rdquo; has the meaning set forth in <U>Section&nbsp;3.6(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Cash Management Account</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;3.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Cash Management Agreement</B>&rdquo;
means that certain Cash Management Agreement, dated as of the Closing Date, among Borrower, the Eligible Institution that maintains the
Cash Management Account as of the Closing Date, and Lender and, as the same may from time to time be amended, restated, replaced, supplemented
or otherwise modified in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Casualty</B>&rdquo;
means a fire, explosion, flood, collapse, earthquake or other casualty affecting all or any portion of any Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Cause</B>&rdquo;
means, with respect to an Independent Director, (i)&nbsp;acts or omissions have been committed by such Independent Director that constitute
systematic and persistent willful disregard of such Independent Director&rsquo;s duties, (ii)&nbsp;such Independent Director has been
indicted or convicted for any crime or crimes of fraud or dishonesty or for any violation of any Legal Requirements, (iii)&nbsp;such
Independent Director no longer satisfies the requirements set forth in the definition of &ldquo;Independent Director&rdquo;, (iv)&nbsp;the
fees charged for the services of such Independent Director are materially in excess of the fees charged by the other providers of Independent
Directors listed in the definition of &ldquo;Independent Director&rdquo; or (v)&nbsp;any other reason for which the prior written consent
of Lender shall have been obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Certificates</B>&rdquo;
means, collectively, any senior and/or subordinate notes, debentures or pass-through certificates, or other evidence of indebtedness,
or debt or equity securities, or any combination of the foregoing, representing a direct or beneficial interest, in whole or in part,
in the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Closing Date</B>&rdquo;
means the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Closing Date Debt
Yield (Multifamily)</B>&rdquo; means 8.5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Code</B>&rdquo; means
the Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto, and
applicable U.S. Department of the Treasury regulations issued pursuant thereto in temporary or final form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Collateral</B>&rdquo;
means all assets owned from time to time by Borrower and Pledgor including the Properties, the Pledged Collateral, the Revenues and all
other tangible and intangible property of Borrower and Pledgor, all of which Borrower pledges to Lender pursuant to the Loan Documents,
and all proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Collateral Account</B>&rdquo;
means each of the accounts and sub-accounts established pursuant to <U>Article&nbsp;III</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Component Spread</B>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;1.1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Componentization</B>&rdquo;
means a bifurcation of the initial Note into multiple Notes or Note Components pursuant to <U>Section&nbsp;1.1(c)</U>&nbsp;(and the terms
 &ldquo;<B>Componentize</B>&rdquo; and &ldquo;<B>Componentized</B>&rdquo; have meanings correlative thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Componentization
Notice</B>&rdquo; has the meaning set forth in <U>Section&nbsp;1.1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Condemnation</B>&rdquo;
means a long-term taking or voluntary conveyance of all or part of any of the Properties or any interest in or right accruing to or use
of any of the Properties, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental
Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Condominium</B>&rdquo;
means each condominium governed by the Condominium Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Condominium Act</B>&rdquo;
means, collectively, all Legal Requirements applicable to the Condominium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Condominium Association</B>&rdquo;
means, with respect to each Condominium, the &ldquo;condominium association&rdquo; or the equivalent as set forth in the respective Condominium
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Condominium Documents</B>&rdquo;
means, collectively, with respect to each Condominium Property, the condominium declaration, the related condominium by-laws, any rules&nbsp;and
regulations promulgated thereunder, and any and all other documents and agreements binding upon, governing or otherwise pertaining to
the Condominium and/or the Condominium Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Condominium Property</B>&rdquo;
means the Bethesda Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Condominium Unit</B>&rdquo;
means each individual unit in a Condominium (together with all interests appurtenant thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Connection Income
Taxes</B>&rdquo; means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Contest Procedures</B>&rdquo;
means, with respect to any contested obligation of Borrower, that Borrower is contesting in good faith and with due diligence, the amount,
validity or application thereof by appropriate proceedings, at Borrower&rsquo;s sole cost and expense, <U>provided</U> in each case that
(i)&nbsp;such proceedings are conducted in accordance with all applicable Legal Requirements and contractual obligations and have the
effect of suspending collection and enforcement; (ii)&nbsp;no Property or part thereof or interest therein is in imminent danger of being
sold, forfeited, terminated, cancelled or lost; (iii)&nbsp;Borrower has notified Lender of such proceedings in writing, keeps Lender
reasonably apprised of the status thereof, and promptly responds to any reasonable informational requests from Lender with respect thereto;
(iv)&nbsp;promptly upon final determination thereof, Borrower pays any amount determined under such proceedings to be payable and complies
with any obligation determined thereunder to be valid or applicable; and (v)&nbsp;Borrower furnishes to Lender such security as may be
reasonably requested by Lender to insure compliance with the contested obligations, together with all interest and penalties payable
in connection therewith (and Lender may apply any such security as necessary to cause compliance with such obligations at any time when,
in the reasonable judgment of Lender, the amount determined to be due and payable or the validity, applicability or violation of such
obligations is finally established, or any Property or part thereof or interest therein, is in imminent danger of being sold, forfeited,
terminated, cancelled or lost).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Contingent Obligation</B>&rdquo;
means, with respect to any Person, any obligation of such Person directly or indirectly guaranteeing any Debt of any other Person in
any manner and any contingent obligation to purchase, to provide funds for payment, to supply funds to invest in any other Person or
otherwise to assure or indemnify a creditor against loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Control</B>&rdquo;
of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such entity, whether through the ability to exercise voting power, by contract or otherwise (and the terms &ldquo;<B>Controlled</B>&rdquo;
and &ldquo;<B>Controlling</B>&rdquo; have meanings correlative thereto). Control shall not be deemed absent solely because one or more
members, partners or shareholders (whether managing or not) shall have veto or consent rights with respect to major decisions of such
entity. A change in control shall not be deemed to have occurred as a result of any change in the composition of the Board of Directors
or any officers managing any entity that is an indirect owner of any Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Cooperation Agreement</B>&rdquo;
means that certain Mortgage Loan Cooperation Agreement, dated as of the Closing Date, by Borrower and Sponsor for the benefit of Lender,
as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Damages</B>&rdquo;
to a Person means any and all liabilities, obligations, losses, demands, damages, penalties, assessments, actions, causes of action,
judgments, proceedings, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever actually incurred (including
reasonable attorneys&rsquo; fees and other costs of defense and/or enforcement whether or not suit is brought), fines, charges, fees,
settlement costs and disbursements imposed on, actually incurred by or asserted against such party, whether based on any federal, state,
local or foreign laws, statutes, rules&nbsp;or regulations (including securities and commercial laws, statutes, rules&nbsp;or regulations
and Environmental Laws), on common law or equitable cause or on contract or otherwise; provided, however, that &ldquo;<I>Damages</I>&rdquo;
shall not include special, consequential or punitive damages, except to the extent imposed upon Lender by one or more unaffiliated third
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>DBRS Morningstar</B>&rdquo;
means DBRS,&nbsp;Inc., and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Debt</B>&rdquo; means,
on any date of determination, with respect to any Person, without duplication:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all indebtedness of such Person to any other party (regardless of whether such indebtedness
is evidenced by a written instrument such as a note, bond or debenture), including indebtedness for borrowed money or for the deferred
purchase price of property or services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
unreimbursed amounts drawn under letters of credit issued for the account of such Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
indebtedness secured by a Lien on any property owned by such Person (whether or not such indebtedness has been assumed) except obligations
for impositions that are not yet due and payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
Contingent Obligations of such Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
payment obligations of such Person under any interest rate protection agreement (including any interest rate swaps, floors, collars or
similar agreements) and similar agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
PACE Debt; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
material actual or contingent liability to any Person or Governmental Authority with respect to any employee benefit plan (within the
meaning of Section&nbsp;3(3)&nbsp;of ERISA) subject to Title IV of ERISA, Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Debt Yield (Multifamily)</B>&rdquo;
means, as of the date of determination, the percentage obtained by dividing Net Operating Income (Multifamily) by the Principal Indebtedness.
Lender&rsquo;s determination of the Debt Yield (Multifamily) shall be dispositive absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Debt Yield (Multifamily)
Threshold</B>&rdquo; means, with respect to any release of a Property, the greater of (x)&nbsp;the Closing Date Debt Yield (Multifamily)
and (y)&nbsp;the Debt Yield (Multifamily) immediately prior to such release. Lender&rsquo;s determination of the Debt Yield (Multifamily)
Threshold shall be dispositive absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Default</B>&rdquo;
means the occurrence of any event that, but for the giving of notice or the passage of time, or both, would be an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Default Rate</B>&rdquo;
means with respect to any Indebtedness, 300 basis points per annum in excess of the interest rate otherwise applicable thereto; <U>provided</U>
that, if the foregoing would result in an interest rate in excess of the maximum rate permitted by applicable law, the Default Rate shall
be limited to the maximum rate permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Deferred Maintenance
Account</B>&rdquo; has the meaning set forth in <U>Section&nbsp;3.7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Deferred Maintenance
Amount</B>&rdquo; means $916,072.50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Deferred Maintenance
Conditions</B>&rdquo; means those items described in <U>Schedule C</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Deposit Account Control
Agreement</B>&rdquo; has the meaning set forth in <U>Section&nbsp;3.1(a</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Disbursement Request</B>&rdquo;
means a written request for a disbursement from a Collateral Account, accompanied by (1)&nbsp;an itemized list of all costs to be paid
with the proceeds of such disbursement, (2)&nbsp;an Officer&rsquo;s Certificate confirming that all such costs have been paid by Borrower
or will be paid with the proceeds of such disbursement, whereupon no amounts due and payable by Borrower in connection therewith will
remain unpaid, and that all amounts previously received by Borrower from the Collateral Accounts have been applied by Borrower toward
the costs for which they were requested, and (3)&nbsp;in the case of any disbursement in excess of $50,000, copies of all related invoices
and, if applicable, at Lender&rsquo;s written request therefore, copies of lien releases or waivers from any contractors or subcontractors
with respect to the work for which reimbursement is being sought (which releases and waivers may be conditioned on payment of the requested
disbursements and may be partial in that they relate solely to the work for which payment is being made).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Distributable Excess
Release Proceeds</B>&rdquo; has the meaning set forth in <U>Section&nbsp;2.2(a)(ii</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>DSCR</B>&rdquo; means,
as of the date of determination, the quotient obtained by dividing (i)&nbsp;Net Operating Income as of the determination date, by (ii)&nbsp;the
aggregate debt service payable in respect of the Loan during the succeeding 12-month period, calculated as if Term SOFR or the Unadjusted
Benchmark Replacement, as applicable, were equal to the Applicable Strike Rate and assuming that there will be no prepayments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>EEA Financial Institution</B>&rdquo;
means (a)&nbsp;any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in
<U>clause&nbsp;(a)</U>&nbsp;of this definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a
subsidiary of an institution described in <U>clauses (a)</U>&nbsp;or <U>(b)</U>&nbsp;of this definition and is subject to consolidated
supervision with its parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>EEA Member Country</B>&rdquo;
means any of the member states of the European Union,&nbsp;Iceland, Liechtenstein, and Norway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>EEA Resolution Authority</B>&rdquo;
means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Eligible Account</B>&rdquo;
means an account or book-entry subaccount maintained with a federal or state-chartered depository institution or trust company that complies
with the definition of &ldquo;Eligible Institution&rdquo;, or (ii)&nbsp;a segregated trust account or account maintained with the corporate
trust department of a federal depository institution or state-chartered depository institution that has an investment-grade rating and
is subject to regulations regarding fiduciary funds on deposit under, or similar to, Title 12 of the Code of Federal Regulations Section&nbsp;9.10(b)&nbsp;that,
in either case, has corporate trust powers, acting in its fiduciary capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Eligible Institution</B>&rdquo;
means an institution (i)&nbsp;whose commercial paper, short-term debt obligations or other short-term deposits are rated at least &ldquo;A&ndash;1&rdquo;
by S&amp;P, &ldquo;P&ndash;1&rdquo; by Moody&rsquo;s and &ldquo;F&ndash;1&rdquo; by Fitch, and whose long-term senior unsecured debt
obligations are rated at least &ldquo;A-&rdquo; by S&amp;P, &ldquo;A&rdquo; by Fitch, and &ldquo;A2&rdquo; by Moody&rsquo;s and whose
deposits are insured by the FDIC or (ii)&nbsp;an institution with respect to which the Rating Condition is satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Environmental Claim</B>&rdquo;
means any written notice, claim, proceeding, notice of proceeding, investigation, demand, abatement order or other order or directive
by any Person or Governmental Authority alleging or asserting liability with respect to Borrower or any Property arising out of, based
on, in connection with, or resulting from (i)&nbsp;the actual or alleged presence, Use or Release of any Hazardous Substance, (ii)&nbsp;any
actual or alleged violation of any Environmental Law, or (iii)&nbsp;any actual or alleged injury or threat of injury to property, health
or safety, natural resources or to the environment caused by Hazardous Substances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Environmental Indemnity</B>&rdquo;
means that certain Environmental Indemnity Agreement executed by Borrower and Sponsor as of the Closing Date, as the same may from time
to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Environmental Laws</B>&rdquo;
means any and all present and future federal, state and local laws, statutes, ordinances, orders, rules, regulations and the like, as
well as common law, any judicial or administrative orders, decrees or judgments thereunder, and any permits, approvals, licenses, registrations,
filings and authorizations, in each case as now or hereafter in effect, relating to (i)&nbsp;the pollution, protection or cleanup of
the environment, (ii)&nbsp;the impact of Hazardous Substances on property, health or safety, (iii)&nbsp;the Use or Release of Hazardous
Substances, (iv)&nbsp;occupational safety and health, industrial hygiene or the protection of human, plant or animal health or welfare
or (v)&nbsp;the liability for or costs of other actual or threatened danger to health or the environment. The term &ldquo;Environmental
Law&rdquo; includes, but is not limited to, the following statutes, as amended, any successors thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Materials
Transportation Act; the Resource Conservation and Recovery Act (including Subtitle I relating to underground storage tanks); the Clean
Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act;
the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National
Environmental Policy Act; and the River and Harbors Appropriation Act. The term &ldquo;<B>Environmental Law</B>&rdquo; also includes,
but is not limited to, any present and future federal state and local laws, statutes ordinances, rules, regulations and the like, as
well as common law, conditioning transfer of property upon a negative declaration or other approval of a Governmental Authority of the
environmental condition of a property; or requiring notification or disclosure of Releases of Hazardous Substances or other environmental
conditions of a property to any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest
in property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Environmental Reports</B>&rdquo;
means &ldquo;Phase I Environmental Site Assessments&rdquo; as referred to in the ASTM Standard Practice for Environmental Site Assessments
E&nbsp;1527-21 (and, if necessary, &ldquo;Phase II Environmental Site Assessments&rdquo;), prepared by an independent environmental auditor
approved by Lender and delivered to Lender in connection with the Loan and any amendments or supplements thereto delivered to Lender,
and shall also include any other environmental reports delivered to Lender pursuant to this Agreement and the Environmental Indemnity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>ERISA</B>&rdquo;
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>ERISA Affiliate</B>&rdquo;
means, at any time, each trade or business (whether or not incorporated) that would, at the time, be treated together with Borrower as
a single employer under Title IV or Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>EU Bail-In Legislation
Schedule</B>&rdquo; means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as
in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Event of Default</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;7.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Exception Report</B>&rdquo;
means the report prepared by Borrower and attached to this Agreement as <U>Schedule B</U>, setting forth any exceptions to the representations
set forth in <U>Article&nbsp;IV</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Excess Cash Flow
Reserve Account</B>&rdquo; has the meaning set forth in <U>Section&nbsp;3.9(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Excess Release Proceeds</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;2.2(a)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Excluded Taxes</B>&rdquo;
means any of the following Taxes imposed on or with respect to a Lender or required to be withheld or deducted from a payment to a Lender,
(a)&nbsp;Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;imposed
as a result of such Lender being organized under the laws of, or having its principal office or its applicable lending office located
in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii)&nbsp;that are Other Connection Taxes, (b)&nbsp;U.S.
federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the
Loan pursuant to a law in effect on the date on which (i)&nbsp;such Lender acquires such interest in the Loan or (ii)&nbsp;such Lender
changes its lending office, except in each case to the extent that, pursuant to <U>Section&nbsp;1.5</U>, amounts with respect to such
Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately
before it changed its lending office, (c)&nbsp;Taxes attributable to such Lender&rsquo;s failure to comply with Section<U>&nbsp;1.5(e)(i)</U>&nbsp;and
(d)&nbsp;any Taxes imposed under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Exculpated Person</B>&rdquo;
means each Person that is an affiliate, equity holder, beneficiary, trustee, member, officer, director, agent, manager, independent manager,
employee or partner of Borrower, Pledgor or Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Exit Fee</B>&rdquo;
means an amount equal to 0.50% of any Principal Indebtedness that is being or is required to be repaid, which amount shall be due and
payable upon each such actual or required repayment (including on the Maturity Date), subject to <U>Section&nbsp;2.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Extension Term</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;1.1(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Extension Term Strike
Rate</B>&rdquo; means, with respect to the Extension Term, the lesser of (x)&nbsp;the Initial Term Strike Rate, and (y)&nbsp;the strike
rate that, when added to the Spread and any applicable Benchmark Replacement Adjustment, would result in a DSCR of 1.10, calculated as
if Term SOFR or the Unadjusted Benchmark Replacement, as applicable, were equal to such strike rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>FATCA</B>&rdquo;
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreement entered into pursuant to Section&nbsp;1471(b)(1)&nbsp;of the Code, and any fiscal or regulatory legislation, rules&nbsp;or
practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Fiscal Quarter</B>&rdquo;
means each 3-month period ending on March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 of each year, or such other fiscal
quarter of Borrower as Borrower may select from time to time with the prior consent of Lender, such consent not to be unreasonably withheld,
delayed or conditioned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Fiscal Year</B>&rdquo;
means the 12-month period ending on December&nbsp;31 of each year, or such other fiscal year of Borrower as Borrower may select from
time to time with the prior consent of Lender, not to be unreasonably withheld, delayed or conditioned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Fitch</B>&rdquo;
means Fitch Ratings,&nbsp;Inc. and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Force Majeure</B>&rdquo;
means a delay due to acts of God, pandemic, governmental restrictions, stays, judgments, orders, decrees, enemy actions, civil commotion,
fire, casualty, strikes, work stoppage, shortages of labor or materials or similar causes beyond the reasonable control of Borrower;
<U>provided</U> that (1)&nbsp;any period of Force Majeure shall apply only to performance of the obligations necessarily affected by
such circumstance and shall continue only so long as Borrower is continuously and diligently using all reasonable efforts to minimize
the effect and duration thereof; and (2)&nbsp;Force Majeure shall not include the unavailability or insufficiency of funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Foreign
Investment Regulation</B>&rdquo; means any federal law regarding foreign investment in the United States, including (i)&nbsp;the Defense
Production Act of 1950, as amended from time to time (50 U.S.C. &sect;4565), and any successor legislation, (ii)&nbsp;the Foreign Investment
Risk Review Modernization Act of 2018, as amended from time to time, and any successor legislation, (iii)&nbsp;any enabling legislation
or executive order relating to the foregoing, and (iv)&nbsp;any rules, regulations, mandates, powers and requirements that are imposed
by or exercised under any of the foregoing or that are implemented by or otherwise relate to the </FONT>Committee on Foreign Investment
in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Foreign Lender</B>&rdquo;
means a Lender that is not a U.S. Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Full Shortfall Reserve
Amount</B>&rdquo; means (x)&nbsp;$10,000,000 until the Principal Indebtedness has been reduced to $260,000,000, or (y)&nbsp;$5,000,000
after the Principal Indebtedness has been reduced to $260,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>G&amp;A Expense Distribution
Cap</B>&rdquo; has the meaning set forth in <U>Section&nbsp;3.5(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>G&amp;A Expenses</B>&rdquo;
means general administrative expenses of Sponsor as necessary for the Sponsor to operate in the ordinary course of business and maintain
its corporate existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>GAAP</B>&rdquo; means
generally accepted accounting principles in the United States of America, consistently applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Governmental Authority</B>&rdquo;
means any federal, state, county, regional, local or municipal government, any bureau, department, agency or political subdivision thereof
and any Person with jurisdiction exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining
to government (including any court).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Guaranty</B>&rdquo;
means that certain Guaranty, dated as of the Closing Date, executed by Sponsor for the benefit of Lender, as the same may be amended,
restated, replaced, supplemented or otherwise modified in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Hazardous Substances</B>&rdquo;
means any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes,
hazardous substances, hazardous materials, extremely hazardous wastes, toxic substances, toxic pollutants, contaminants, pollutants or
words of similar meaning or regulatory effect under any present or future Environmental Laws or the presence of which on, in or under
any of the Properties is prohibited or requires monitoring, investigation or remediation under Environmental Law, including petroleum
and petroleum by-products, asbestos and asbestos-containing materials, toxic mold, polychlorinated biphenyls, lead and radon, and compounds
containing them (including gasoline, diesel fuel, oil and lead-based paint), pesticides and radioactive materials, flammables and explosives
and compounds containing them, but excluding those substances commonly used in the operation and maintenance of properties of kind and
nature similar to those of the Properties that are used at the Properties in compliance with all Environmental Laws and in a manner that
does not result in contamination of any Property or in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Increased Costs</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;1.5(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Indebtedness</B>&rdquo;
means the Principal Indebtedness, together with interest and all other sums due from Borrower under the Loan Documents, including the
Exit Fee, the Duration Fee, and all transaction costs, late fees and other amounts due or to become due to Lender pursuant to this Agreement,
under the Notes or in accordance with any of the other Loan Documents, and all other amounts, sums and expenses reimbursable by Borrower
to Lender hereunder or pursuant to the Notes or any of the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Indemnified Parties</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Indemnified Taxes</B>&rdquo;
means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
Borrower under any Loan Document and (b)&nbsp;to the extent not otherwise described in <U>(a)</U>, Other Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Independent Director</B>&rdquo;
of any limited liability company means an individual who is provided by CT Corporation, Corporation Service Company, Delaware Trust,
National Registered Agents,&nbsp;Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation, Cogency Global,&nbsp;Inc.,
or, if none of those companies is then providing professional independent directors or managers, another nationally-recognized company
reasonably approved by Lender, in each case that is not an affiliate of Borrower or Pledgor and that provides professional independent
directors or managers and other corporate services in the ordinary course of its business, and which individual is duly appointed as
a member of the board of directors of such limited liability company or as a &ldquo;manager&rdquo; of such limited liability company
within the meaning of Section&nbsp;18-101 of the Delaware Limited Liability Company Act and is not, and has never been, and will not
while serving as Independent Director be, any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a member (other than an independent, non-economic &ldquo;springing&rdquo; member),
partner, equity holder, manager, director, officer or employee of such limited liability company or any of its equity holders or affiliates
(other than as an independent director or independent manager of such limited liability company or an affiliate of such limited liability
company that is not in the direct chain of ownership of such limited liability company and that is required by a creditor to be a single
purpose bankruptcy remote entity, provided that such independent director or manager is employed by a company that routinely provides
professional independent directors or managers);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;</FONT>a creditor, supplier or service provider (including provider of professional services) to such limited
liability company or any of its equity holders or affiliates (other than a nationally recognized company that routinely provides professional
independent managers or directors and that also provides lien search and other similar services to such limited liability company or
any of its equity holders or affiliates in the ordinary course of business);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
family member of any such member, partner, equity holder, manager, director, officer, employee, creditor, supplier or service provider;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
Person that controls (whether directly, indirectly or otherwise) any of <U>&lrm;(i)</U>, <U>&lrm;(ii)</U>&nbsp; or <U>&lrm;(iii)</U>&nbsp;
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A natural person who otherwise
satisfies the foregoing definition other than subparagraph (i)&nbsp;by reason of being an independent director or independent manager
of a Single-Purpose Entity affiliated with the limited liability company in question shall not be disqualified from serving as an Independent
Director of such limited liability company, provided that the fees that such natural person earns from serving as independent director
or independent manager of affiliates of such limited liability company in any given year constitute in the aggregate less than five percent
of such natural person&rsquo;s annual income for that year. The same natural persons may not serve as Independent Directors of a limited
liability company and, at the same time, serve as independent directors or independent managers of an equity holder or member of such
limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Initial
Term Strike Rate</B>&rdquo; means (x)&nbsp;for so long as the Benchmark is Term SOFR, 5.00%, and (y)&nbsp;following a Benchmark Replacement
Date, the amount obtained by subtracting the Benchmark Replacement Adjustment from the Initial Term Strike Rate set forth in <U>clause&nbsp;(x)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Insurance Requirements</B>&rdquo;
means, collectively, (i)&nbsp;all material terms of any insurance policy required pursuant to this Agreement and (ii)&nbsp;all material
regulations and then-current standards applicable to or affecting any of the Properties or any portion thereof or any use or condition
thereof, which may, at any time, be recommended by the board of fire underwriters, if any, having jurisdiction over any of the Properties,
or any other body exercising similar functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Interest Accrual
Period</B>&rdquo; means each period from and including the 15th day of a calendar month through and including the 14th day of the immediately
succeeding calendar month; <U>provided</U>, that, prior to a Securitization, Lender shall have the right, in connection with a change
in the Payment Date in accordance with the definition thereof, to make a corresponding change to the Interest Accrual Period. Notwithstanding
the foregoing, the first Interest Accrual Period shall commence on and include the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Interest Determination
Date</B>&rdquo; means, for each Interest Accrual Period, (x)&nbsp;if the Benchmark is Term SOFR, the day that is two U.S. Government
Securities Business Days prior to the first day of such Interest Accrual Period and (y)&nbsp;if the Benchmark is not Term SOFR, the date
and time determined by Lender in accordance with the Benchmark Replacement Conforming Changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Interest Rate Cap
Agreement</B>&rdquo; means an interest rate cap confirmation between an Acceptable Counterparty and Borrower, relating to the initial
term of the Loan or the Extension Term, as applicable, in form and substance reasonably acceptable to Lender (together with an interest
rate cap agreement and schedules relating thereto, which are consistent in form and substance with the terms set forth in such confirmation),
that hedges against increases in Term SOFR or the Unadjusted Benchmark Replacement, as applicable, above the Applicable Strike Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>IRS</B>&rdquo; means
the United States Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>KBRA</B>&rdquo; means
Kroll Bond Rating Agency,&nbsp;Inc., and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Lease</B>&rdquo;
means any lease, license, letting, concession, occupancy agreement, sublease to which Borrower is a party or has a consent right, or
other agreement under which Borrower is a lessor, sublessor, licensor or other grantor existing as of the Closing Date or thereafter
entered into by Borrower, in each case pursuant to which any Person is granted a possessory interest in, or right to use or occupy all
or any portion of any space in any of the Properties, and every modification or amendment thereof, and every guarantee of the performance
and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Leasing Commissions</B>&rdquo;
means leasing commissions required to be paid by Borrower in connection with the leasing of space to Tenants at any of the Properties
pursuant to Leases entered into by Borrower in accordance herewith and payable in accordance with third-party/arms&rsquo;-length written
brokerage agreements or in accordance with the Approved Management Agreement, <U>provided</U> that the commissions payable pursuant thereto
are commercially reasonable based upon the then current brokerage market for property of a similar type and quality to such Property
in the geographic market in which such Property is located (or, in the case of leasing commissions payable pursuant to an Approved Management
Agreement or Approved Leasing Agreement, not in excess of the leasing commissions set forth in such Approved Management Agreement or
Approved Leasing Agreement as of the Closing Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Legal Requirements</B>&rdquo;
means all governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities
(including Environmental Laws, zoning restrictions and Foreign Investment Regulations) affecting Borrower, Pledgor, Sponsor, the Property,
the Pledged Collateral or any other Collateral or any portion thereof or the construction, ownership, use, alteration or operation thereof,
or any portion thereof (whether now or hereafter enacted and in force), and all permits, licenses and authorizations and regulations
relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Lender</B>&rdquo;
has the meaning set forth in the first paragraph of this Agreement and in <U>Section&nbsp;8.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Lender
125% Determination</B>&rdquo; means a determination by Lender that, based on a current or updated appraisal, a broker&rsquo;s price opinion
or other written determination of value using a valuation method satisfactory to Lender, the fair market value of the Property securing
the Loan at the time of such determination (but excluding any value attributable to property that is not an interest in real property
within the meaning of section 860G(a)(3)(A)&nbsp;of the Code and reducing the fair market value of the Property by the amount of any
lien on the Property that is senior to the applicable portion of the Loan that is held in the REMIC) is at least 80% of the adjusted
issue price (within the meaning of the Code) of the applicable portion of the Loan that is held in the REMIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Lending Parties</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.23(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Lien</B>&rdquo; means
any mortgage, lien (statutory or other), pledge, hypothecation, assignment, priority, security interest, restrictive covenant, easement,
encumbrance or charge (including any conditional sale or other title retention agreement, any sale-leaseback, any financing lease or
similar transaction having substantially the same economic effect as any of the foregoing, the filing of any financing statement or similar
instrument under the Uniform Commercial Code or comparable law of any other jurisdiction, domestic or foreign, and mechanics&rsquo;,
materialmen&rsquo;s and other similar liens and encumbrances, as well as any option to purchase, right of first refusal, right of first
offer or similar right).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Liquidation
Plan</B>&rdquo; means the Elme Communities Plan of Sale and Liquidation, which became effective on October&nbsp;30, 2025, a copy of which
is filed at <A HREF="https://www.sec.gov/Archives/edgar/data/104894/000119312525172118/d38155dex22.htm" STYLE="-sec-extract: exhibit">SEC.Gov</A>.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Loan</B>&rdquo; has
the meaning set forth in <U>Section&nbsp;1.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Loan Amount</B>&rdquo;
means $520,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Loan Documents</B>&rdquo;
means this Agreement, the Note, each of the Mortgages (and related financing statements), the Environmental Indemnity, the Subordination
of Property Management and Leasing Agreement, the Subordination of Parking Management Agreement, the Cash Management Agreement, the Deposit
Account Control Agreement, the Cooperation Agreement, the Guaranty, each Assignment of Interest Rate Cap Agreement, the Pledge Agreement, the Watergate Affiliate Loan Subordination Agreement, and all other agreements, instruments, certificates and documents
necessary to effectuate the granting to Lender of Liens on the Collateral or otherwise in satisfaction of the requirements of this Agreement
or the other documents listed above or hereafter entered into by Lender and Borrower in connection with the Loan, as all of the aforesaid
may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Loan to Value Ratio
(Multifamily)</B>&rdquo; means, as of any date, the ratio, as determined by Lender, of (a)&nbsp;the Principal Indebtedness to (b)&nbsp;the
Appraised Value (Multifamily).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Lockbox Account</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;3.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Lockbox Bank</B>&rdquo;
means an Eligible Institution chosen by Borrower and reasonably satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Loss Proceeds</B>&rdquo;
means amounts, awards or payments payable to Borrower or Lender in respect of all or any portion of any Property in connection with a
Casualty or Condemnation thereof (after the deduction therefrom and payment to Borrower and Lender, respectively, of any and all reasonable
expenses incurred by Borrower and Lender in the recovery thereof, including all attorneys&rsquo; fees and disbursements, the fees of
insurance experts and adjusters and the costs incurred in any litigation or arbitration with respect to such Casualty or Condemnation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Loss Proceeds Account</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;3.3(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Major Lease</B>&rdquo;
means any non-residential Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Major Tenant</B>&rdquo;
means a Tenant under a Major Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Material Adverse
Effect</B>&rdquo; means a material adverse effect upon (i)&nbsp;Borrower&rsquo;s title to any Property and/or Pledgor&rsquo;s title to
any Pledged Collateral, (ii)&nbsp;the ability of the Properties to generate net cash flow sufficient to service the Loan, (iii)&nbsp;the
ability of Borrower, Pledgor or Sponsor to perform any material provision of any Loan Document, (iv)&nbsp;Lender&rsquo;s ability to enforce
and derive the principal benefit of the security intended to be provided by the Mortgages, the Pledge Agreement and the other Loan Documents,
or (v)&nbsp;the value, use or enjoyment of any individual Property or the operation or occupancy thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Material Agreements</B>&rdquo;
means each contract and agreement (other than Leases) relating to the Properties, or otherwise imposing obligations on Borrower, under
which Borrower would have the obligation to pay more than $250,000 per annum or that cannot be terminated by Borrower without cause upon
60 days&rsquo; notice or less without payment of a termination fee, or that is with an affiliate of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Material Alteration</B>&rdquo;
means any Alteration to be performed by or on behalf of Borrower at any of the Properties that (a)&nbsp;is reasonably expected to result
in a Material Adverse Effect with respect to the applicable Property, (b)&nbsp;is reasonably expected to cost in excess of the Threshold
Amount, as determined by an independent architect (except for Alterations in connection with (i)&nbsp;Tenant Improvements under and pursuant
to Leases existing as of the Closing Date (pursuant to the terms thereof in existence as of the Closing Date) or Leases thereafter entered
into in accordance with this Agreement, (ii)&nbsp;the remediation of any Deferred Maintenance Condition in accordance with this Agreement,
(iii)&nbsp;restoration of a Property following a Casualty or Condemnation in accordance with this Agreement, and (iv)&nbsp;any work performed
on an emergency basis (i.e. without sufficient time to comply with the provisions of this Agreement applicable to Alterations) to remedy
a situation imposing imminent threat to human health or safety), or (c)&nbsp;is reasonably expected to permit (or is reasonably likely
to induce) any Tenant to terminate its Lease or abate rent in any material respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Maturity Date</B>&rdquo;
means the Payment Date in November, 2026, as same may be extended in accordance with <U>Section&nbsp;1.1(d)</U>, or such earlier date
as may result from acceleration of the Loan in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Maximum Management
Fee</B>&rdquo; means 3.00% of the gross revenues of the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Moody&rsquo;s</B>&rdquo;
means Moody&rsquo;s Investors Service,&nbsp;Inc. and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Mortgage</B>&rdquo;
means, with respect to each Property, that certain Mortgage, Deed of Trust or Deed to Secure Debt (as the case may be), Assignment of
Rents and Leases, Collateral Assignment of Property Agreements, Security Agreement and Fixture Filing encumbering such Property, executed
by Borrower as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified
in accordance herewith. Each Mortgage shall secure the entire Indebtedness, provided that in the event that the jurisdiction in which
the Property is located imposes a mortgage recording, intangibles or similar tax and does not permit the allocation of indebtedness for
the purpose of determining the amount of such tax payable, the principal amount secured by such Mortgage shall be equal to the greater
of (x)&nbsp;125% of such Property&rsquo;s Allocated Loan Amount and (y)&nbsp;the appraised value of such Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Multi-Asset Person</B>&rdquo;
means a Person that derives less than 20% of its aggregate gross income, and less than 20% of its net worth, from its direct or indirect
interest in the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Multifamily Percentage</B>&rdquo;
means the percentage obtained by dividing (i)&nbsp;the sum of the Allocated Loan Amounts for the Multifamily Properties by (ii)&nbsp;the
sum of the Allocated Loan Amounts for all Properties. Lender&rsquo;s determination of the Multifamily Percentage shall be dispositive
absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Multifamily Property</B>&rdquo;
or &ldquo;<B>Multifamily Properties</B>&rdquo; means those certain Properties set forth on <U>Schedule A</U> designated as &ldquo;Multifamily&rdquo;
under the &ldquo;Property Type&rdquo; column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Net Operating Income</B>&rdquo;
means, as of any date of determination, (i)&nbsp;Operating Income during the Fiscal Quarter then most recently ended (excluding revenue
from Tenants that are in monetary default or in material non-monetary default continuing in excess of 60 days after the date such payment
or performance was due) times four, <U>minus</U> (ii)&nbsp;Operating Expenses during the four Fiscal Quarters then most recently ended.
For the avoidance of doubt, Net Operating Income shall exclude extraordinary or non-recurring income and expenses. Lender&rsquo;s calculation
of Net Operating Income as of the Closing Date, based on information provided by Borrower, is set forth in <U>Schedule D</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Net Operating Income
(Multifamily)</B>&rdquo; means the Net Operating Income generated solely by the Multifamily Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Net Sales Proceeds</B>&rdquo;
means, in respect of any bona fide sale of a Property to an unaffiliated third party, an amount equal to (a)&nbsp;the gross sales price
and all other consideration received from such sale, less (b)&nbsp;the sum of (i)&nbsp;all reasonable, customary market closing costs,
fees and expenses paid to unaffiliated third parties (including transfer taxes), and (ii)&nbsp;any advisory fees payable to Lender or
its affiliates, in each case, to the extent incurred in connection with the closing of such sale, as calculated by Borrower and verified
by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Non-Consolidation
Opinion</B>&rdquo; means the opinion letter, dated the Closing Date, delivered by Borrower&rsquo;s counsel to Lender and addressing issues
relating to substantive consolidation in bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Note(s)</B>&rdquo;
means that certain Promissory Note, dated as of the Closing Date, made by Borrower to Lender to evidence the Loan, as such note may be
Componentized and as otherwise assigned (in whole or in part), amended, restated, replaced, supplemented or otherwise modified in accordance
herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Note Component</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;1.1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Officer&rsquo;s Certificate</B>&rdquo;
means a certificate delivered to Lender that is signed by an authorized officer of Borrower and certifies the information therein to
the best of such officer&rsquo;s knowledge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Operating Account</B>&rdquo;
means an Eligible Account maintained by the Approved Property Manager or Borrower at an Eligible Institution, which account shall only
contain amounts in respect of Operating Expenses for one or more of the Properties and amounts permitted to be distributed to or paid
on behalf of Sponsor in respect of G&amp;A Expenses in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Operating Expenses</B>&rdquo;
means, for any period, all operating, renting, administrative, management, legal and other ordinary expenses of Borrower and the Properties
during such period, determined in accordance with generally accepted accounting standards utilized by Borrower and reasonably approved
by Lender; <U>provided</U>, <U>however</U>, that such expenses shall not include (i)&nbsp;depreciation, amortization or other non-cash
items, (ii)&nbsp;interest, principal or any other sums due and owing with respect to the Loan, (iii)&nbsp;income taxes or other Taxes
in the nature of income taxes, (iv)&nbsp;Capital Expenditures, or (v)&nbsp;any other extraordinary or non-recurring items, including
any actual Capital Expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Operating Income</B>&rdquo;
means, for any period, all operating income from each of the Properties during such period, determined in accordance with GAAP (but without
straight-lining of rents), other than (i)&nbsp;Loss Proceeds (but Operating Income will include rental loss insurance proceeds to the
extent allocable to such period), (ii)&nbsp;any revenue attributable to a Lease to the extent it is paid more than 30 days prior to the
due date, (iii)&nbsp;any interest income from any source, (iv)&nbsp;any repayments received from any third party of principal loaned
or advanced to such third party by Borrower, (v)&nbsp;any proceeds resulting from the Transfer of all or any portion of the Collateral,
(vi)&nbsp;sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any government or governmental
agency, (vii)&nbsp;Termination Proceeds, and (viii)&nbsp;any other extraordinary or non-recurring items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Other Connection
Taxes</B>&rdquo; means, with respect to any Lender, Taxes imposed as a result of a present or former connection between such Lender and
the jurisdiction imposing such Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant
to or enforced any Loan Document, or sold or assigned an interest in the Loan or any Loan Document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Other Taxes</B>&rdquo;
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Overpaying Borrower</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.34</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Ownership Control</B>&rdquo;
of any entity means the ownership, directly or indirectly, of 100% of the equity interests in, and the right to 100% of the distributions
from, such entity coupled with Control of such entity (and the terms &ldquo;<B>Ownership Controlled</B>&rdquo; and &ldquo;<B>Ownership
Controlling</B>&rdquo; have meanings correlative thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>PACE Debt</B>&rdquo;
means any amounts owed in respect of energy retrofit lending programs, commonly known as &ldquo;PACE loans&rdquo;. For avoidance of doubt,
PACE Debt is not Permitted Debt and Liens securing PACE Debt are not Permitted Encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Participation</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.7(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>PATRIOT Act</B>&rdquo;
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III
of Pub. L. 107-56) (signed into law October&nbsp;26, 2001), as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Payment Date</B>&rdquo;
means, with respect to each Interest Accrual Period, the ninth (9<SUP>th</SUP>) day of the calendar month in which such Interest Accrual
Period ends; <U>provided</U>, that prior to a Securitization, Lender shall have the right to change the Payment Date upon prior written
notice to Borrower, so long as a corresponding change to the Interest Accrual Period is also made. Whenever a Payment Date is not a Business
Day, the entire amount that would have been due and payable on such Payment Date shall instead be due and payable on the immediately
preceding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Permits</B>&rdquo;
means all licenses, permits, variances and certificates used in connection with the ownership, operation, use or occupancy of each of
the Properties (including certificates of occupancy, business licenses, state health department licenses, licenses to conduct business
and all such other permits, licenses, consents, approvals and rights, obtained from any Governmental Authority or private Person concerning
ownership, operation, use or occupancy of such Property).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Permitted Debt</B>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
respect to Borrower:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Indebtedness;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Property
Taxes not yet delinquent or being contested in good faith in compliance with the Contest Procedures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>tenant
allowances and Capital Expenditure costs required under Leases or otherwise permitted to be incurred under the Loan Documents that are
paid on or prior to the date when due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Watergate Affiliate Loan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>debt
secured by mechanics&rsquo;, materialmen&rsquo;s or similar Liens, if any, and Liens for delinquent Taxes or impositions, in each case
only if being diligently contested in good faith in compliance with the Contest Procedures; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Trade
Payables not represented by a note, customarily paid by Borrower within 60 days of incurrence and in fact not more than 60 days outstanding,
that are incurred in the ordinary course of Borrower&rsquo;s ownership and operation of the Properties, in amounts reasonable and customary
for similar properties and not exceeding 2.0% of the sum of the Allocated Loan Amounts of the then-remaining Properties in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
respect to Pledgor, Pledgor&rsquo;s obligations pursuant to the Pledge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
respect to Watergate Borrower only, in addition to &lrm;(A)&nbsp; above, the Watergate Affiliate Loan, so long as such loan is unsecured,
subordinated to the repayment of the Loan pursuant to the Watergate Affiliate Loan Subordination Agreement, and pledged to Lender by
the Watergate Affiliate Lender pursuant to the Pledge Agreement (which pledge is perfected by Lender&rsquo;s physical possession of the
related Promissory Note).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Permitted
Encumbrances</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Liens created by the Loan Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
Liens and other matters specifically disclosed on Schedule B of the Title Insurance Policy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Liens,
if any, for Taxes that are not yet delinquent or are being diligently contested in good faith in compliance with the Contest Procedures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>mechanics&rsquo;,
materialmen&rsquo;s or similar Liens, if any, in each case only if being diligently contested in good faith in compliance with the Contest
Procedures or bonded or discharged within 30 days after Borrower first receives written notice of such Lien;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>rights
of existing and future Tenants as tenants only pursuant to written Leases entered into in conformity with the provisions of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>easements,
restrictive covenants or other similar encumbrances entered into for traffic circulation, ingress, egress, parking, utilities and other
similar purposes that would not be reasonably expected to have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>existing
Leases set forth on <U>Schedule E</U>, and new Leases entered into in accordance with this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
other Liens as Lender shall approve in writing, which approval shall not be unreasonably withheld, conditioned or delayed if no Event
of Default is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Permitted Equity
Transfer</B>&rdquo; means the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;</FONT>transfers of shares in (A)&nbsp;Sponsor on a nationally-recognized stock exchange, or (B)&nbsp;if
the Sponsor is no longer publicly traded at any time during the term of the Loan, transfers of shares in Sponsor through over-the-counter
exchanges or otherwise, provided no Prohibited Change of Control occurs, or (C)&nbsp;Sponsor or any successor to Sponsor following its
conversion to a liquidating entity in accordance with the Liquidation Plan, provided no Prohibited Change of Control occurs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>transfers
of public shares in Sponsor pursuant to customary officer, director and employee compensation arrangements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
connection with any sale of all or any portion of the Properties, the transfer, at any time during the term of the Loan, by Sponsor or
any of its Affiliates owning 100% of the membership or partnership interests in any or all of the individual Pledgors or Borrowers, of
such membership or partnership interests to a wholly owned subsidiary of Sponsor (which may have elected to be treated as a &ldquo;real
estate investment trust&rdquo; in accordance with Section&nbsp;856 through 860 of the Internal Revenue Code), <U>provided</U> (1)&nbsp;no
Prohibited Change of Control occurs; (2)&nbsp;such transfer does not affect the liability of any Pledgor (unless replaced in accordance
herewith) or Borrower, the continuing existence, priority or perfection of any lien or security interest created under this Agreement
or any other Loan Document to which any Pledgor or Borrower is a party, or the enforceability hereof or thereof with respect to all or
any portion of the Obligations; (3)&nbsp;in the case of any transfer of interests in any Borrower, Lender receives replacement pledges
of such interests from one or more Successor Pledgors that have executed and delivered to Lender pledge agreements in the same form as
the existing Pledge Agreements, and such replacement pledges are duly perfected through the filing of UCC financing statements and the
delivery of certificated membership interests, in each case in the same manner as the pledges being replaced; (4)&nbsp;Lender receives
legal opinions of counsel reasonably acceptable to Lender that are equivalent in scope and substance to the opinions delivered on the
Closing Date, including updated nonconsolidation, Delaware, authority and enforceability opinions, each in form and substance reasonably
satisfactory to Lender; and (5)&nbsp;Borrower and the Successor Pledgors shall have delivered such other documents, certificates and
legal opinions as Lender shall reasonably request in connection with the foregoing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>either
(a)&nbsp;a transfer by Sponsor of all of its direct or indirect equity interests in the individual Pledgors to a liquidating trust vehicle,
together with the contemporaneous transfer of the equity interests in such liquidating trust vehicle to Sponsor&rsquo;s shareholders,
pursuant to the Liquidation Plan; or (b)&nbsp;the conversion of Sponsor or any subsidiary of Sponsor (other than Pledgor or Borrower)
into a liquidating trust vehicle pursuant to the Liquidation Plan; <U>provided</U> in each case, that (1)&nbsp;such liquidating trust
vehicle assumes, pursuant to documentation acceptable to Lender, all obligations of Sponsor under this Agreement and the other Loan Documents,
including the Guaranty and the Environmental Indemnity (or enters into replacement agreements on the same terms), (2)&nbsp;the beneficial
ownership of such liquidating trust vehicle is substantially the same as the beneficial ownership of Sponsor immediately prior to such
transaction, and (3)&nbsp;no Prohibited Change of Control occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Permitted Investments</B>&rdquo;
means the following, subject to the qualifications hereinafter set forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;</FONT>all direct obligations of the U.S. government, and all obligations that are fully guaranteed by the
U.S. government, that in each case have maturities not in excess of one year;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>federal
funds, unsecured certificates of deposit, time deposits, banker&rsquo;s acceptances, and repurchase agreements, each having maturities
of not more than 90 days, of any commercial bank organized under the laws of the United States of America or any state thereof or the
District of Columbia, the short-term debt obligations of which are rated A-1+ by S&amp;P, F1+ by Fitch and P-1 by Moody&rsquo;s (and
if the term is between one and three months, a long term rating of A1 and a short term rating of P-1 by Moody&rsquo;s) and, if it has
a term in excess of three months, the long-term debt obligations of which are rated AAA (or the equivalent) by each of the Rating Agencies,
and that (a)&nbsp;is at least &ldquo;adequately capitalized&rdquo; (as defined in the regulations of its primary Federal banking regulator)
and (b)&nbsp;has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>deposits
that are fully insured by the Federal Deposit Insurance Corp. (FDIC);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>commercial
paper rated A&ndash;1+ by S&amp;P, F1+ by Fitch and P-1 by Moody&rsquo;s (and if the term is between one and three months, a long term
rating of A1 and a short term rating of P-1 by Moody&rsquo;s) and having a maturity of not more than 90 days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any money market fund that (a)&nbsp;has substantially all of its assets invested continuously
in the types of investments referred to in <U>clause&nbsp;&lrm;(i)</U>&nbsp; above, (b)&nbsp;has net assets of not less than $5,000,000,000,
and (c)&nbsp;has a rating of AAAm by S&amp;P, Aaa by Moody&rsquo;s and the highest rating obtainable by Fitch; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
other investments as to which the Rating Condition has been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, &ldquo;Permitted
Investments&rdquo; (i)&nbsp;shall exclude any security with the Standard&nbsp;&amp; Poor&rsquo;s &ldquo;r&rdquo; symbol (or any other
Rating Agency&rsquo;s corresponding symbol) (indicating high volatility or dramatic fluctuations in their expected returns because of
market risk) or any other qualifying suffix attached to the rating (with the exception of ratings with regulatory indicators, such as
the (sf) subscript, and unsolicited ratings), as well as any mortgage-backed securities and any security of the type commonly known as
 &ldquo;strips&rdquo;; (ii)&nbsp;shall not have maturities that exceed the time periods set forth above; (iii)&nbsp;shall be limited to
those instruments that have a predetermined fixed dollar of principal due at maturity that cannot vary or change; and (iv)&nbsp;shall
exclude any investment where the right to receive principal and interest derived from the underlying investment provides a yield to maturity
in excess of 120% of the yield to maturity at par of such underlying investment. Interest on Permitted Investments may either be fixed
or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if any), and move proportionately
with that index. No Permitted Investments shall require a payment above par for an obligation if the obligation may be prepaid at the
option of the issuer thereof prior to its maturity. Except as expressly provided for above, all Permitted Investments shall mature or
be redeemable upon the option of the holder thereof on or prior to the earlier of (x)&nbsp;three months from the date of their purchase
or (y)&nbsp;the Business Day preceding the day before the date such amounts are required to be applied hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Person</B>&rdquo;
means any natural person, corporation, limited liability company, partnership, joint venture, estate, trust, unincorporated association
or Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Plan Assets</B>&rdquo;
means assets of any (i)&nbsp;employee benefit plan (as defined in Section&nbsp;3(3)&nbsp;of ERISA) subject to Title&nbsp;I of ERISA,
(ii)&nbsp;plan (as defined in Section&nbsp;4975(e)(1)&nbsp;of the Code) subject to Section&nbsp;4975 of the Code, or (iii)&nbsp;governmental
plan (as defined in Section&nbsp;3(32) of ERISA) subject to federal, state or local laws, rules&nbsp;or regulations substantially similar
to Title I of ERISA or Section&nbsp;4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Pledge Agreement</B>&rdquo;
means that certain Pledge and Security Agreement dated as of the date hereof, made by Pledgor in favor of Lender, as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Pledged Collateral</B>&rdquo;
shall have the meaning ascribed to the term &ldquo;Collateral&rdquo; in the Pledge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Pledgor</B>&rdquo;
means, individually and/or collectively as the context may require, each entity listed on <U>Schedule A</U> under the &ldquo;Pledgor&rdquo;
column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Policies</B>&rdquo;
has the meaning set forth in <U>&lrm;Section&nbsp;5.15(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Prime Rate</B>&rdquo;
means the &ldquo;prime rate&rdquo; published in the &ldquo;Money Rates&rdquo; section of The Wall Street Journal. If The Wall Street
Journal ceases to publish the &ldquo;prime rate,&rdquo; then Lender shall select an equivalent publication that publishes such &ldquo;prime
rate,&rdquo; and if such &ldquo;prime rate&rdquo; is no longer generally published or is limited, regulated or administered by a governmental
or quasi-governmental body, then Lender shall reasonably select a comparable interest rate index. Notwithstanding the foregoing, in no
event shall the Prime Rate be deemed to be less than the Benchmark Floor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Principal Indebtedness</B>&rdquo;
means, as of any date of determination, the then-outstanding principal balance of the Loan on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Prior Loan</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;4.17(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Prohibited Change
of Control</B>&rdquo; means the occurrence of any of the following: (i)&nbsp;the failure of Borrower and Pledgor to be Ownership Controlled
by Sponsor, or (ii)&nbsp;the failure of any other Required SPE to be Ownership Controlled by Sponsor, or (iii)&nbsp;with respect to the
Sponsor, any &ldquo;person&rdquo; or &ldquo;group&rdquo; (as such terms are used in Sections 13(d)&nbsp;and 14(d)&nbsp;of the Securities
Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;)), is or becomes the &ldquo;beneficial owner&rdquo; (as defined
in Rule&nbsp;13d-3 and 13d-5 under the Exchange Act, except that a person will be deemed to have &ldquo;beneficial ownership&rdquo; of
all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, of more than 50.0% of the total voting power of the then outstanding voting stock of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Prohibited Equity
Pledge</B>&rdquo; means the existence of a Lien on any equity interest in, or right to distributions from, a Restricted Person, other
than Permitted Encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Prohibited Preferred
Equity</B>&rdquo; means preferred equity that is issued by a Restricted Person and has (i)&nbsp;a hard coupon, minimum return or the
equivalent, (ii)&nbsp;a mandatory redemption date or the equivalent, with consequences for failure to meet <U>(i)</U>&nbsp;or <U>(ii)</U>,
such as a change in control or the triggering of buy-sell mechanisms; provided that any direct or indirect owner of a Required SPE that
is not itself a Required SPE may issue up to $125,000 in preferred equity interests on customary terms in connection with an election
to be treated as a &ldquo;real estate investment trust&rdquo; in accordance with Section&nbsp;856 through 860 of the Internal Revenue
Code, provided Sponsor directly or indirectly owns 100% of the outstanding common equity interests in the issuer and has management control
of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Properties</B>&rdquo;
means the real property described in <U>Schedule A</U> hereto and in <U>Exhibit&nbsp;A</U> to each Mortgage, together with all buildings
and other improvements thereon and all personal property appurtenant thereto; and &ldquo;<B>Property</B>&rdquo; means an individual property
included in the Properties or all Properties collectively, as the context may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Property Condition
Report</B>&rdquo; means a structural and seismic Property Condition Report or reports (including a &ldquo;probable maximum loss&rdquo;
calculation, if applicable) with respect to the Property prepared by an independent engineer approved by Lender and delivered to Lender
in connection with the Loan, and any amendments or supplements thereto delivered to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Property Release</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;2.2</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Property Taxes</B>&rdquo;
means all real estate and personal property taxes, assessments, fees, Taxes on rents or rentals, water rates or sewer rents, facilities
and other governmental, municipal and utility district charges or other similar Taxes or assessments now or hereafter levied or assessed
or imposed against the Properties or Borrower with respect to the Properties or rents therefrom or that may become Liens upon any of
the Properties, without deduction for any amounts reimbursable to Borrower by third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Proportional Amount</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.33</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Rating Agency</B>&rdquo;
means, prior to the final Securitization of the Loan, each of S&amp;P, Moody&rsquo;s, Fitch, DBRS Morningstar and KBRA, or any other
nationally-recognized statistical rating agency that has been designated by Lender and, after the final Securitization of the Loan, shall
mean any of the foregoing that have rated and continue to rate any of the Certificates (excluding unsolicited ratings).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Rating Condition</B>&rdquo;
means, with respect to any proposed action, the receipt by Lender of confirmation in writing from each of the Rating Agencies that such
action shall not result, in and of itself, in a downgrade, withdrawal, or qualification of any rating then assigned to any outstanding
Certificates; except that if all or any portion of the Loan has not been Securitized pursuant to a Securitization rated by the Rating
Agencies, then &ldquo;Rating Condition&rdquo; shall instead mean the receipt of prior written approval of both (x)&nbsp;the applicable
Rating Agencies (if and to the extent that any portion of the Loan has been Securitized pursuant to a Securitization or series of Securitizations
rated by such Rating Agencies), and (y)&nbsp;Lender in its reasonable discretion. No Rating Condition shall be regarded as having been
satisfied unless and until any conditions imposed on the effectiveness of any confirmation from any Rating Agency shall have been satisfied.
Lender shall have the right in its sole discretion to waive a Rating Condition requirement with respect to any Rating Agency that Lender
determines has declined to review the applicable proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Regulatory Change</B>&rdquo;
means any change after the Closing Date in federal, state or foreign laws or regulations or the adoption or the making, after such date,
of any interpretations, directives or requests applying to a class of banks or companies controlling banks, including Lender, of or under
any federal, state or foreign laws or regulations (whether or not having the force of law) by any court or governmental or monetary authority
charged with the interpretation or administration thereof. Notwithstanding anything herein to the contrary, (a)&nbsp;the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (b)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant
to Basel III, shall in each case be deemed to be a &ldquo;Regulatory Change&rdquo;, regardless of the date enacted, adopted or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Release</B>&rdquo;
with respect to any Hazardous Substance means any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating,
injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances into the indoor or outdoor
environment (including the movement of Hazardous Substances through ambient air, soil, surface water, ground water, wetlands, land or
subsurface strata) unless the same has occurred in the ordinary course in compliance with applicable Environmental Laws, and &ldquo;<B>Released</B>&rdquo;
has the meaning correlative thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Release ALA Percentage</B>&rdquo;
means 110%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Release NSP Percentage</B>&rdquo;
means, with respect to the release of any Property, 95%; <U>provided</U> that if Lender determines in its reasonable discretion at the
time of such release that the Excess Cash Flow Reserve Account and the Shortfall Reserve Account do not contain adequate and appropriate
amounts to assure payment of Property-level expenses and G&amp;A Expenses on a going-forward basis, then Lender shall have the right
to decrease the Release NSP Percentage for such release to 90%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Release Price</B>&rdquo;
means, with respect to the release of any Property, the greatest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
product of (x)&nbsp;such Property&rsquo;s Allocated Loan Amount times (y)&nbsp;the Release ALA Percentage;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Release NSP Percentage of the Net Sales Proceeds; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
amount of the repayment that is required in order for the Debt Yield (Multifamily), after giving effect to such release and such repayment,
to be no less than the greater of (x)&nbsp;the Closing Date Debt Yield (Multifamily) and (y)&nbsp;the Debt Yield (Multifamily) immediately
prior to such Property Release as calculated by Lender and verified by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Relevant Governmental
Body</B>&rdquo; means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>REMIC</B>&rdquo;
means a &ldquo;real estate mortgage investment conduit&rdquo; as defined in Section&nbsp;860D of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Rent Roll</B>&rdquo;
has the meaning set forth in Section<U>&nbsp;4.14(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Representative Borrower</B>&rdquo;
has the meaning set forth in Section<U>&nbsp;8.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Required SPE</B>&rdquo;
means each individual Borrower, each individual Pledgor and each Single-Purpose Equity Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Resolution Authority</B>&rdquo;
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Restricted Person</B>&rdquo;
means each Required SPE and each of its direct and indirect equity holders that is not a Multi-Asset Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Revenues</B>&rdquo;
means all rents (including percentage rent), moneys payable as damages pursuant to a Lease or in lieu of rent (including all Termination
Proceeds), royalties (including all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues (for
the avoidance of doubt, including parking revenues), deposits (including security, utility and other deposits), accounts, cash, issues,
profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account
of or benefit of Borrower from any and all sources, including any obligations now existing or hereafter arising or created out of the
sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of property or rendering of services
by Borrower and proceeds, if any, from business interruption or other loss of income insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Riverside Property</B>&rdquo;
means the Property identified as such on <U>Schedule A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Riverside Reimbursable
Security Deposit</B>&rdquo; means, at any time, the security deposit of a residential Tenant at the Riverside Property that was previously
remitted into the Lockbox Account in accordance herewith and is required to be reimbursed to such residential Tenant at such time in
accordance with the terms of its Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>S&amp;P</B>&rdquo;
means S&amp;P Global Ratings, a division of S&amp;P Global Inc., and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Sanctioned Person</B>&rdquo;
means any Person with whom or which dealings are restricted or prohibited under any Sanctions, including as a result of that Person (a)&nbsp;being
named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Department of the Treasury&rsquo;s Office
of Foreign Assets Control, or any other list of Persons subject to Sanctions, (b)&nbsp;being located, organized, or resident in, or owned
or controlled by the government of, a Sanctioned Territory or the Government of Venezuela, or (c)&nbsp;having any relationship of ownership,
control, or agency with, or any commercial dealings with, a Person described in <U>(a)</U>&nbsp;or <U>(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Sanctioned Territory</B>&rdquo;
means any country or territory with which dealings are broadly and comprehensively prohibited by any country- or territory-wide Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Sanctions</B>&rdquo;
means any law, regulation, or other act with force of law of the United States, the European Union, the United Kingdom, or United Nations
Security Council resolutions imposing trade and economic sanctions including embargoes, the freezing or blocking of assets of targeted
Persons, or other similar restrictions on exports, imports, investment, payments or other transactions, including any laws threatening
to impose such trade and economic sanctions on any person for engaging in targeted behavior.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Securitization</B>&rdquo;
means a transaction in which all or any portion of the Loan is deposited into one or more trusts or entities that issue Certificates
to investors, or a similar transaction (and the terms &ldquo;<B>Securitize</B>&rdquo; and &ldquo;<B>Securitized</B>&rdquo; have meanings
correlative thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Servicer</B>&rdquo;
means the entity or entities duly appointed by Lender from time to time to serve as servicer and/or special servicer of the Loan. If
at any time no entity is so appointed, the term &ldquo;Servicer&rdquo; shall be deemed to refer to Lender. The initial Servicer shall
be Berkadia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Severed Loan Documents</B>&rdquo;
has the meaning set forth in <U>Section&nbsp;7.2(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Single-Purpose Entity</B>&rdquo;
means a limited liability company or limited partnership that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>was
formed under the laws of the State of Delaware solely for the purpose of acquiring, owning, holding, leasing, subleasing, financing,
operating, managing, maintaining, developing, improving, selling and/or otherwise disposing of an ownership interest in one or more of
the Properties, or in the case of a Single-Purpose Equity Holder or Pledgor, an ownership interest in Borrower(s);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(i)&nbsp;with
regard to Borrower, does not engage in any business unrelated to the applicable Property and (ii)&nbsp;with regard to Pledgor, does not
engage in any business other than the ownership of the Pledged Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(i)&nbsp;with
regard to Borrower, does not own any assets other than those related to its interest in the applicable Property (and does not and will
not own any assets on which Lender does not have a Lien, other than excess cash that has been released to Borrower pursuant hereto) and
(ii)&nbsp;with regard to Pledgor, does not own any assets other than the applicable Pledged Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>does
not have any Debt other than Permitted Debt, or in the case of a Single-Purpose Equity Holder or Pledgor, reasonable and customary administrative
expenses and state franchise taxes;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>maintains
books, accounts, records and financial statements that are separate and apart from those of any other Person (except that such Person&rsquo;s
financial position, assets, results of operations and cash flows may be included in the consolidated financial statements of an affiliate
of such Person, provided that (i)&nbsp;appropriate notation shall be made on such consolidated financial statements to indicate the separateness
of such Person from such Affiliate and to indicate that such Person&rsquo;s assets and credit are not available to satisfy the debts
and other obligations of such Affiliate or any other Person (other than as contemplated by the Loan Documents with respect to co-Borrowers)
and (ii)&nbsp;such assets shall also be listed on such Person&rsquo;s own separate balance sheet);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>is
subject to and complies in all material respects with all of the limitations on powers and separateness requirements set forth in the
organizational documentation of such Person as of the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>holds
itself out to the public as a legal entity separate and distinct from any other Person and not as a division or part of another Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>conducts
its business solely in its own name;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>exercises
reasonable efforts to correct any misunderstanding actually known to it regarding its separate identity, maintains an arms&rsquo;-length
relationship with its affiliates and only enters into a contract or agreement with an affiliate in the ordinary course of business and
upon terms and conditions that are intrinsically fair, commercially reasonable and substantially similar to those that would be available
on an arms&rsquo;-length basis with unaffiliated third parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>pays
its own liabilities solely out of its own funds (to the extent of available net cash flow from each Property), including the salaries
of its own employees, if any (provided that the foregoing shall not require such Person&rsquo;s equityholders to make any additional
capital contributions to such Person) and reasonably allocates any overhead that is shared with an affiliate, including paying for shared
office space and services performed by any officer or employee of an affiliate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>maintains
a sufficient number of employees, if any, in light of its contemplated business operations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>conducts
its business so that the assumptions made with respect to it that are contained in the Non-consolidation Opinion shall at all times be
true and correct in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>maintains
its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those
of any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>observes
all applicable entity-level formalities in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>does
not commingle its assets with those of any other Person, and holds all of its assets solely in its own name;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>does
not assume, guarantee or become obligated for the debts of any other Person, and does not hold out its credit as being available to satisfy
the obligations or securities of others or allow its affiliates to hold out their credit as being available to satisfy its obligations
or securities (except pursuant to the Loan Documents);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>does
not acquire obligations or securities of its direct or indirect equity holders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>does
not pledge its assets for the benefit of any other Person and does not make any loans or advances to any other Person other than as contemplated
by the Loan Documents with respect to co-Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>intends
to maintain adequate capital in light of its contemplated business operations (provided that the foregoing shall not require such Person&rsquo;s
partners, members or shareholders to make any additional capital contributions to such Person);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>has
two Independent Directors, or has a Single-Purpose Equity Holder with two Independent Directors, and has organizational documents that
(i)&nbsp;provide that the Independent Directors shall consider only the interests of Borrower, including its creditors, and shall have
no fiduciary duties to Borrower&rsquo;s equity holders (except to the extent of their respective interests in Borrower), and (ii)&nbsp;prohibit
the replacement of any Independent Director without Cause and without giving at least two Business Days&rsquo; prior written notice to
Lender and the Rating Agencies (except in the case of the death, legal incapacity, or voluntary non-collusive resignation of an Independent
Director, in which case no prior notice to Lender or the Rating Agencies shall be required in connection with the replacement of such
Independent Director with a new Independent Director that is provided by any of the companies listed in the definition of &ldquo;Independent
Director&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
it is a limited liability company, has organizational documents that provide that upon the occurrence of any event that causes it to
have no members while the Loan is outstanding, at least one of its Independent Directors shall automatically be admitted as its sole
member and shall preserve and continue its existence without dissolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>files
its own tax returns separate from those of any other Person, except to the extent it is treated as a &ldquo;disregarded entity&rdquo;
for tax purposes and is not required to file tax returns under applicable law, and pays any Taxes required to be paid under applicable
law only from its own funds; it being acknowledged that all Borrowers other than the Watergate Borrower are disregarded entities for
U.S. Federal income tax purposes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>has
by-laws or an operating agreement, or has a Single-Purpose Equity Holder with by-laws or an operating agreement, that provides that,
for so long as the Loan is outstanding, such Person shall not take or consent to any of the following actions except to the extent expressly
permitted in this Agreement and the other Loan Documents or otherwise consented to by Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
dissolution, liquidation, consolidation, merger or sale of all or substantially all of its assets (and, in the case of a Single-Purpose
Equity Holder, the assets of Borrower) or the division or conversion of such Person into multiple entities or series pursuant to Sections
18-215, 18-217 or 18-218 of the Delaware Limited Liability Company Act or Sections 17-218, 17-220, or 17-221 of the Delaware Limited
Partnership Act, or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
engagement by such Person (and, in the case of a Single-Purpose Equity Holder, the engagement by Borrower) in any business other than
the acquisition, development, management, leasing, ownership, maintenance and operation of the applicable Property and activities incidental
thereto (and, in the case of a Single-Purpose Equity Holder or Pledgor, activities incidental to the acquisition and ownership of its
interest in Borrower); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
amendment or modification of any provision of its (and, in the case of a Single-Purpose Equity Holder, Borrower&rsquo;s) organizational
documents relating to qualification as a &ldquo;Single-Purpose Entity&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>has
by-laws or an operating agreement, or has a Single-Purpose Equity Holder with by-laws or an operating agreement, that provides that,
for so long as the Loan is outstanding, such Person shall not take or consent to the filing, or consent to the filing, of a bankruptcy
or insolvency petition, any general assignment for the benefit of creditors or the institution of any other insolvency proceeding, the
seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official
in respect of such Person, admitting in writing in a judicial proceeding such Person&rsquo;s inability to pay its debts generally as
they become due (unless required to do so by applicable law), or the taking of any action in furtherance of any of the foregoing, in
each case, in respect of itself or, in the case of a Single-Purpose Equity Holder, in respect of Borrower, without the prior unanimous
written consent of all of its Independent Directors; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>uses
separate stationery, invoices and checks bearing its own name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Single-Purpose Equity
Holder</B>&rdquo; means a Single-Purpose Entity that (x)&nbsp;is a limited liability company formed under the laws of the State of Delaware,
(y)&nbsp;owns a direct equity interest in Borrower, and (z)&nbsp;serves as the general partner or managing member of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Sponsor</B>&rdquo;
means Elme Communities, a Maryland real estate investment trust, or pursuant to, an in accordance with <U>clause (iii)</U>&nbsp;of the
definition of &ldquo;Permitted Equity Transfer,&rdquo; any such liquidating trust vehicle that becomes a replacement of the Sponsor in
accordance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Spread</B>&rdquo;
means (x)&nbsp;prior to any Componentization,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>from
the Closing Date through the end of the 6th full Interest Accrual Period (<I>i.e.</I>, through and including May&nbsp;14, 2026), 2.25%
(225 basis points);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>during
the 7th through 9th full Interest Accrual Periods, 2.75% (275 basis points);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>during
the 10th through 12th full Interest Accrual Periods, 3.00% (300 basis points);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>during
the 13th through 15th full Interest Accrual Periods, 3.50% (350 basis points);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>during
the 16th through 18th full Interest Accrual Periods, 3.75% (375 basis points); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>thereafter,
4.00% (400 basis points); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>following
any Componentization, with respect to each Note or Note Component, its Component Spread, which shall step up over time in the same basis
point increments and on the same dates as set forth in clause (x)&nbsp;(for the avoidance of doubt, by 50 basis points on May&nbsp;15,
2026, by an additional 25 basis points on August&nbsp;15, 2026, and so on).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Subordination of
Parking Management Agreement</B>&rdquo; means that certain Consent and Agreement of Parking Manager and Subordination of Parking Facility
Management Agreement executed by Borrower and the Approved Parking Manager as of the Closing Date, as the same may from time to time
be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Subordination of
Property Management and Leasing Agreement</B>&rdquo; means that certain Consent and Agreement of Manager and Subordination of Management
Agreement and Exclusive Agency Agreement executed by Borrower, the Approved Property Manager and the Approved Leasing Agent as of the
Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Successor Pledgor</B>&rdquo;
means a Single-Purpose Entity that is wholly owned, directly or indirectly, by Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Survey</B>&rdquo;
means, with respect to each Property, a current land title survey thereof, certified to Borrower, the title company issuing the applicable
Title Insurance Policy and Lender and their respective successors and assigns, in form and substance reasonably satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Taxes</B>&rdquo;
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Tenant</B>&rdquo;
means any Person liable by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits) pursuant
to a Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Tenant Improvements</B>&rdquo;
means, collectively, (i)&nbsp;tenant improvements to be undertaken for any Tenant that are required to be completed by or on behalf of
Borrower pursuant to the terms of such Tenant&rsquo;s Lease, and (ii)&nbsp;tenant improvements paid or reimbursed through allowances
to a Tenant pursuant to such Tenant&rsquo;s Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Term
SOFR</B>&rdquo; means, for each Interest Accrual Period, the forward-looking term rate for a one-month period that is based on the secured
overnight financing rate of the Federal Reserve Bank of New York (or its successor), as published by the Term SOFR Administrator</FONT>
on the Term SOFR Administrator&rsquo;s Website on the applicable Interest Determination Date; <U>provided</U>, that if, as of 5:00 p.m.&nbsp;(New
York City time) on any Interest Determination Date, such rate has not been published by the Term SOFR Administrator and a Benchmark Replacement
Date with respect to Term SOFR has not occurred, then Term SOFR will be determined as of the first preceding U.S. Government Securities
Business Day for which such rate was published by the Term SOFR Administrator, so long as such first preceding U.S. Government Securities
Business Day is not more than three U.S. Government Securities Business Days prior to such Interest Determination Date, and if such Term
SOFR for a one-month period was last published by the Term SOFR Administrator more than three U.S. Government Securities Business Days
prior to such Interest Determination Date then a Benchmark Interim Unavailability Period with respect to Term SOFR will be deemed to
have occurred. Notwithstanding the foregoing, in no event will Term SOFR be deemed to be less than the Benchmark Floor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Term SOFR Administrator</B>&rdquo;
means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of Term SOFR as determined by Lender in its reasonable
discretion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Term SOFR Administrator&rsquo;s
Website</B>&rdquo; means the website of the Term SOFR Administrator, currently at https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html,
or any successor source for Term SOFR identified as such by the Term SOFR Administrator from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Termination Proceeds</B>&rdquo;
means any payment, fee, damages, forfeited security deposit, or proceeds of any bond or letter of credit given as security, that Borrower
receives or is permitted to retain whenever a Lease is terminated in whole or in part, whether by buy-out, cancellation, default, rejection
or otherwise, or the Tenant thereunder defaults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Test Period</B>&rdquo;
means each 12-month period ending on the last day of a Fiscal Quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Threshold Amount</B>&rdquo;
means, with respect to each Property, an amount equal to 5.0% of such Property&rsquo;s Allocated Loan Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Title Insurance Policy</B>&rdquo;
means, with respect to each Property, an American Land Title Association lender&rsquo;s title insurance policy or a comparable form of
lender&rsquo;s title insurance policy approved for use in the applicable jurisdiction, in form and substance reasonably satisfactory
to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Trade Payables</B>&rdquo;
means unsecured amounts payable by or on behalf of Borrower for or in respect of the operation and maintenance of the Properties in the
ordinary course and that would under GAAP be regarded as ordinary expenses, including amounts payable to suppliers, vendors, contractors,
mechanics, materialmen or other Persons providing property or services to the Properties or Borrower and the capitalized amount of any
ordinary-course financing leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Transaction</B>&rdquo;
means, collectively, the transactions contemplated and/or financed by the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Transaction Agreement</B>&rdquo;
means that certain Purchase and Sale Agreement, dated as of August&nbsp;1, 2025 (the &ldquo;Transaction Agreement&rdquo;) entered into
by and among Elme Communities, WASHREIT OP LLC, Echo Sub LLC, CEVF VI Capitol Holdings, LLC, and CEVF VI Co-Invest I Venture, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Transfer</B>&rdquo;
means the sale or other whole or partial conveyance of all or any portion of the Collateral or any direct or indirect interest therein
to a third party, including the granting of any purchase options, any division or conversion of a limited liability company into multiple
entities or series pursuant Sections 18-215, 18-217 or 18-218 of the Delaware Limited Liability Company Act or Sections 17-218, 17-220,
or 17-221 of the Delaware Limited Partnership Act or otherwise with an allocation of Collateral to any such entity or series, any rights
of first refusal, rights of first offer or similar rights in respect of any portion of the Collateral or the subjecting of any portion
of the Collateral to restrictions on transfer; except that the conveyance of a Permitted Encumbrance, including a Lease at any Property
in accordance herewith shall not constitute a Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>UK Financial Institution</B>&rdquo;
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>UK Resolution Authority</B>&rdquo;
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Unadjusted Benchmark
Replacement</B>&rdquo; has the meaning set forth in the definition of &ldquo;Benchmark Replacement&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>U.S. Government Securities
Business Day</B>&rdquo; means any day except for (i)&nbsp;a Saturday, (ii)&nbsp;a Sunday or (iii)&nbsp;a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>U.S. Person</B>&rdquo;
means any Person that is a &ldquo;United States Person&rdquo; as defined in Section&nbsp;7701(a)(30) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>U.S. Tax Compliance
Certificate</B>&rdquo; has the meaning specified in <U>Section&nbsp;1.5(e)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Use</B>&rdquo; means,
with respect to any Hazardous Substance, the generation, manufacture, processing, distribution, handling, possession, use, discharge,
placement, treatment, disposal, disposition, removal, abatement, recycling or storage of such Hazardous Substance or transportation of
such Hazardous Substance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Waste</B>&rdquo;
means any material abuse or destructive use (whether by action or inaction) of any Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Watergate Affiliate
Lender</B>&rdquo; means WashREIT OP LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Watergate Affiliate
Loan</B>&rdquo; means that certain loan in the amount of $44,100,000 made by Watergate Affiliate Lender to Watergate Borrower pursuant
to that certain Promissory Note, dated as of April&nbsp;4, 2017, made by Watergate Borrower for the benefit of Watergate Affiliate Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Watergate Affiliate
Loan Subordination Agreement</B>&rdquo; means that certain Subordination and Standstill Agreement re Affiliate Loan by and among Lender,
Watergate Affiliate Lender and Watergate Borrower with respect to the Watergate Affiliate Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Watergate Borrower</B>&rdquo;
has the meaning set forth on <U>Schedule A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Watergate Property</B>&rdquo;
means the Property identified as such on <U>Schedule A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Withholding Agent</B>&rdquo;
means the Borrower and, if one has been appointed, the Servicer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Write-Down
and Conversion Powers</B>&rdquo; means (a)&nbsp;with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion </FONT>powers are described in the EU Bail-In Legislation Schedule, and (b)&nbsp;with respect to the United Kingdom, any
powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability
into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have
effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under
that Bail-In Legislation that are related to or ancillary to any of those powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Zoning Reports</B>&rdquo;
shall mean, collectively, all the zoning reports of each Property delivered to Lender in connection with the closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Rules&nbsp;of
Construction</U>. Unless otherwise specified, (i)&nbsp;all references to sections, schedules and exhibits are to sections, schedules
and exhibits in or to this Agreement, (ii)&nbsp;all meanings attributed to defined terms in this Agreement shall be equally applicable
to both the singular and plural forms of the terms so defined, (iii)&nbsp;&ldquo;including&rdquo; means &ldquo;including, but not limited
to&rdquo;, (iv)&nbsp;&ldquo;mortgage&rdquo; means a mortgage, deed of trust, deed to secure debt or similar instrument, as applicable,
and &ldquo;mortgagee&rdquo; means the secured party under a mortgage, deed of trust, deed to secure debt or similar instrument, (v)&nbsp;the
words &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereby,&rdquo; &ldquo;hereunder&rdquo; and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision, article, section or other subdivision
of this Agreement, (vi)&nbsp;unless otherwise indicated, all references to &ldquo;this Section&rdquo; shall refer to the Section&nbsp;of
this Agreement in which such reference appears in its entirety and not to any particular clause or subsection of such Section, (vii)&nbsp;the
use of the phrases &ldquo;an Event of Default exists&rdquo;, &ldquo;during the continuance of an Event of Default&rdquo; or similar phrases
in the Loan Documents shall not be deemed to grant Borrower any right to cure an Event of Default, and each Event of Default shall continue
unless and until the same is waived by Lender in writing in accordance with the requirements of the Loan Documents, (viii)&nbsp;the use
of the phrase &ldquo;paid in full&rdquo; or similar phrases in the Loan Documents shall mean paid by Borrower in full in cash, and (ix)&nbsp;terms
used herein and defined by cross-reference to another agreement or document shall have the meaning set forth in such other agreement
or document as of the Closing Date, notwithstanding any subsequent amendment or restatement of or modification to such other agreement
or document. Except as otherwise indicated, all accounting terms not specifically defined in this Agreement shall be construed in accordance
with GAAP, as the same may be modified in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GENERAL
TERMS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>The
Loan; Term</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Closing Date, subject to the terms and conditions of this Agreement, Lender shall make a loan to Borrower (the &ldquo;<B>Loan</B>&rdquo;)
in an amount equal to the Loan Amount. The Loan shall initially be represented by one or more Notes that shall bear interest as provided
in <U>Section&nbsp;1.2(a)</U>. All interest payable hereunder shall be computed on the basis of a 360-day year and the actual number
of days in the related Interest Accrual Period. All dollar amounts resulting from calculations hereunder will be rounded upward to the
nearest cent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Loan shall be secured by the Collateral pursuant to the Mortgages, the Pledge Agreement and the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
prior written notice (which may be delivered by e-mail) from Lender to Borrower from time to time (a &ldquo;<B>Componentization Notice</B>&rdquo;),
any one or more of the Notes will be deemed to have been subdivided into multiple components (&ldquo;<B>Note Components</B>&rdquo;).
Each Note Component shall have such notional balance as Lender shall specify in the most recent Componentization Notice and an interest
rate equal to the sum of the Benchmark plus such amount (the &ldquo;<B>Component Spread</B>&rdquo;) as Lender shall specify in such Componentization
Notice (which shall increase over time in the manner set forth in the definition of &ldquo;Spread&rdquo;), <U>provided</U> that the sum
of the principal balances of all Note Components and all other Notes shall equal the then-current Principal Indebtedness, and the weighted
average of the Component Spreads and the Spreads of all other Notes, weighted on the basis of their respective principal balances, shall
initially equal the percentage set forth in the then-applicable subclause of <U>clause&nbsp;(x)</U>&nbsp;of the definition of &ldquo;Spread&rdquo;.
Borrower shall be treated as the obligor with respect to each of the Note Components and acknowledges that each Note Component may be
individually beneficially owned by a separate Person. A Componentization Notice need not be countersigned by Borrower to be effective,
but Borrower shall countersign any Componentization Notice if requested by Lender. The Note Components need not be represented by separate
physical Notes, but if requested by Lender each Note Component shall be represented by a separate physical Note, in which case Borrower
shall execute and return to Lender each such replacement Note, in substantially the same form as the Note executed and delivered on the
Closing Date, promptly following Borrower&rsquo;s receipt of an execution copy thereof. Voluntary and involuntary prepayments of principal
on the Loan shall be applied to the Notes or Note Components in the manner specified by Lender in the Componentization Notice which may
increase the weighted average interest rate of the Notes or Note Components (with the result that the monthly interest payment owed by
Borrower might increase). Apart from the foregoing, such Componentization shall not result in the modification of any other material
economic terms of the Loan, or any decrease in any of Borrower&rsquo;s rights or increase in Borrower&rsquo;s obligations under the Loan
Documents, in any material respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall have the option to extend the scheduled Maturity Date of the Loan to the Payment Date in the month containing the one-year anniversary
of the Maturity Date as theretofore in effect (such extension, the &ldquo;<B>Extension Term</B>&rdquo;), provided that as a condition
to the Extension Term, (i)&nbsp;Borrower shall deliver to Lender written notice of such extension at least 30 days and not more than
60 days prior to the Maturity Date as theretofore in effect; (ii)&nbsp;no Event of Default shall be continuing on either the date of
such notice or the Maturity Date as theretofore in effect; (iii)&nbsp;Borrower shall have obtained an Interest Rate Cap Agreement for
the Extension Term and collaterally assigned such Interest Rate Cap Agreement to Lender pursuant to an Assignment of Interest Rate Cap
Agreement; (iv)&nbsp;Borrower shall have paid an extension fee in an amount equal to 0.25% of the Principal Indebtedness; (v)&nbsp;the
Loan Amount shall have been partially repaid in accordance herewith such that the Principal Indebtedness upon commencement of the Extension
Term is no more than $312,000,000; (vi)&nbsp;the Loan to Value Ratio (Multifamily), based on new Appraisals reasonably acceptable to
Lender, shall not exceed 60%, and (vii)&nbsp;Borrower shall have reimbursed Lender for all reasonable and documented out-of-pocket expenses
incurred by Lender in connection with such extension. If Borrower fails to exercise any extension option in accordance with the provisions
of this Agreement, such extension option will automatically cease and terminate. For avoidance of doubt, no such extension shall be subject
to any conditions other than those expressly set forth in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Interest
and Principal</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
each Payment Date, Borrower shall pay to Lender interest on the outstanding principal balance of each Note or Note Component for the
entire applicable Interest Accrual Period at a rate per annum equal to the sum of the Benchmark for such Interest Accrual Period plus
the applicable Spread. Notwithstanding the foregoing, interest shall be payable on the Indebtedness, including due but unpaid interest,
at the Default Rate with respect to any portion of such Interest Accrual Period occurring during the continuance of an Event of Default.
On the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period
in lieu of making such payment on the first Payment Date following the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
prepayments of the Loan shall be permitted except for (i)&nbsp;prepayments made pursuant to <U>Section&nbsp;2.1</U> and (ii)&nbsp;prepayments
resulting from Casualty or Condemnation as described in <U>Section&nbsp;5.16</U>. The entire outstanding Principal Indebtedness, together
with all interest thereon through the end of the Interest Accrual Period in which the Maturity Date falls (calculated as if such Principal
Indebtedness were outstanding for the entire Interest Accrual Period) and all other amounts then due under the Loan Documents shall be
due and payable by Borrower to Lender on the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>From
and after the occurrence and during the continuance of an Event of Default, at the election of Lender, the Indebtedness shall bear interest
at the applicable Default Rate and, in the case of all amounts not paid when due hereunder, Borrower shall pay to Lender a late fee in
an amount equal to the lesser of five percent (5.0%) of such unpaid sum and the maximum amount permitted by applicable law, in order
to defray a portion of the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for
the loss of the use of such delinquent payment (except that no late fee shall be payable in respect of a late payment of the Principal
Indebtedness on the Maturity Date, whether or not accelerated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Payment Date in February, 2026, Borrower shall pay to Lender a fee (the &ldquo;<B>Duration Fee</B>&rdquo;) in an amount equal to
0.20% of the Principal Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Effect
of Benchmark Transition Event</B>. Notwithstanding anything to the contrary herein or in any other Loan Document:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Interest Determination Date for any
Interest Accrual Period, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan
Document in respect of such determination and all determinations on all subsequent dates, without any amendment to, or further action
or consent of any other party to, this Agreement, subject to <U>Section&nbsp;1.3(d)</U>&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
connection with the implementation of a Benchmark Replacement or the Prime Rate, Lender will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Borrower, subject
to <U>Section&nbsp;1.3(d)</U>&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
any Benchmark Interim Unavailability Period, the component of the interest rate based on the then-current Benchmark shall be replaced
by the Prime Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
will promptly notify Borrower (which notice may be by e-mail) of (i)&nbsp;the Benchmark Replacement Date, (ii)&nbsp;the implementation
of any Benchmark Replacement, (iii)&nbsp;the effectiveness of any Benchmark Replacement Conforming Changes, and/or (iv)&nbsp;any Benchmark
Interim Unavailability Period. Any determination, decision or election that may be made by Lender pursuant to this Section, including
any determination with respect to a rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any
decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be
made in its sole discretion exercised in good faith and without consent from Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
the Servicer nor Lender warrants or accepts responsibility for, and shall not have any liability with respect to (a)&nbsp;the continuation
of, administration of, submission of, calculation of or any other matter related to Term SOFR, or any component definition thereof or
rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement
or conversion of the Loan to a Prime Rate), including whether the composition or characteristics of any such alternative, successor or
replacement rate (including any Benchmark Replacement or Prime Rate) will be similar to, or produce the same value or economic equivalence
of, or have the same volume or liquidity as, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b)&nbsp;the
effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Servicer and Lender may select information
sources or services in its reasonable discretion to ascertain Term SOFR, the Prime Rate or any other Benchmark, in each case pursuant
to the terms of this Loan Agreement, and shall have no liability to the Borrower or any other person or entity for damages of any kind,
including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract
or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such
information source or service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
hereby agrees promptly to pay Lender (within 30 days of Lender&rsquo;s written demand therefor) any additional amounts necessary to reimburse
Lender for any reasonable out of pocket costs and expenses incurred by Lender in making any conversion in accordance with this Agreement,
including, without limitation, any interest or fees payable by Lender to lenders of funds obtained by it in order to make or maintain
the Loan hereunder and/or fees or expenses of legal counsel. Lender&rsquo;s notice of such costs, as certified to Borrower, shall be
conclusive absent manifest error. Failure or delay on the part of any Lender to demand compensation pursuant to this Section&nbsp;shall
not constitute a waiver of such Lender&rsquo;s right to demand such compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Method
and Place of Payment</B>. Except as otherwise specifically provided in this Agreement, all payments and prepayments under this Agreement
and the Notes (including any deposit into the Cash Management Account pursuant to <U>Section&nbsp;3.2(b)</U>) shall be made to Lender
not later than 3:00 p.m., New York City time, on the date when due and shall be made in lawful money of the United States of America
by wire transfer in federal or other immediately available funds to the account specified from time to time by Lender. Any funds received
by Lender after such time shall be deemed to have been paid on the next succeeding Business Day unless otherwise agreed to by Lender
in its sole discretion. Lender shall notify Borrower in writing of any changes in the account to which payments are to be made. If the
amount received from Borrower (or from the Cash Management Account pursuant to <U>Section&nbsp;3.2(a)</U>) is less than the sum of all
amounts then due and payable hereunder, such amount shall be applied, at Lender&rsquo;s sole discretion, either toward the components
of the Indebtedness (<U>e.g.</U>, interest, principal and other amounts payable hereunder) and the Notes and Note Components, in such
sequence as Lender shall elect in its sole discretion, and/or toward the payment of Property expenses. Whenever any payment to be made
hereunder or under any other Loan Document shall be stated to be due on a day which is not a Business Day, the due date thereof shall
be deemed to be the immediately preceding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Taxes;
Regulatory Change</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payments
Free of Taxes</U>. Any and all payments by or on account of any obligation of Borrower under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith
discretion of Withholding Agent) requires the deduction or withholding of any Tax from any such payment by Withholding Agent, then Withholding
Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall
be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable
to additional sums payable under this Section) the applicable Lender receives an amount equal to the sum it would have received had no
such deduction or withholding been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payment
of Other Taxes by Borrower</U>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law
any Other Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Indemnification
by Borrower</U>. The Borrower shall indemnify each Lender, within&nbsp;10&nbsp;days after written demand therefor, for the full amount
of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable
or paid by such Lender or required to be withheld or deducted from a payment to such Lender and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to Borrower by a Lender shall be conclusive absent manifest
error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Evidence
of Payments</U>. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section,
Borrower shall deliver to Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Status
of Lenders</U>. (1)&nbsp;Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document shall deliver to Withholding Agent, at the time or times reasonably requested by Withholding Agent, such properly
completed and executed documentation reasonably requested by Withholding Agent as will permit such payments to be made without withholding
or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Withholding Agent, shall deliver such other
documentation prescribed by applicable law or such other documents reasonably requested by Withholding Agent as will enable Withholding
Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in <U>paragraphs&nbsp;&lrm;(i)(ii)(A)</U>, <U>&lrm;(ii)(B)</U>&nbsp;and <U>&lrm;(ii)(D)</U>&nbsp;of this Section)
shall not be required if in Lender&rsquo;s reasonable judgment such completion, execution or submission would subject such Lender to
any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Without
limiting the generality of the foregoing,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Lender that is a U.S. Person shall deliver to Borrower, upon the reasonable request of Borrower, executed copies of IRS Form&nbsp;W-9
certifying that such Lender is exempt from U.S.&nbsp;federal backup withholding Tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number of copies as shall be requested
by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
and in any event upon the reasonable request of Borrower), whichever of the following is applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x)&nbsp;with respect
to payments of interest under any Loan Document, executed copies of IRS Form&nbsp;W-8BEN or IRS Form&nbsp;W-8BEN-E establishing an exemption
from, or reduction of, U.S.&nbsp;federal withholding Tax pursuant to the &ldquo;interest&rdquo; article of such tax treaty and (y)&nbsp;with
respect to any other applicable payments under any Loan Document,&nbsp;IRS Form&nbsp;W-8BEN or IRS Form&nbsp;W-8BEN-E establishing an
exemption from, or reduction of, U.S.&nbsp;federal withholding Tax pursuant to the &ldquo;business profits&rdquo; or &ldquo;other income&rdquo;
article of such tax treaty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>executed
copies of IRS Form&nbsp;W-8ECI;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section&nbsp;881(c)&nbsp;of the Code,
(x)&nbsp;a certificate substantially in the form of <U>Schedule J-1</U> to the effect that such Foreign Lender is not a &ldquo;bank&rdquo;
within the meaning of Section&nbsp;881(c)(3)(A)&nbsp;of the Code, a &ldquo;10&nbsp;percent shareholder&rdquo; of Borrower within the
meaning of Section&nbsp;871(h)(3)(B)&nbsp;of the Code, or a &ldquo;controlled foreign corporation&rdquo; related to Borrower as described
in Section&nbsp;881(c)(3)(C)&nbsp;of the Code (a &ldquo;<B>U.S.&nbsp;Tax Compliance Certificate</B>&rdquo;) and (y)&nbsp;executed copies
of IRS Form&nbsp;W-8BEN or IRS Form&nbsp;W-8BEN-E; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form&nbsp;W-8IMY, accompanied by IRS Form&nbsp;W-8ECI,&nbsp;IRS
Form&nbsp;W-8BEN,&nbsp;IRS Form&nbsp;W-8BEN-E, a U.S.&nbsp; Tax Compliance Certificate substantially in the form of <U>Schedule J-2</U>
or <U>Schedule J-3</U>,&nbsp;IRS Form&nbsp;W-9, and/or other certification documents from each beneficial owner, as applicable; <U>provided</U>
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S.&nbsp; Tax Compliance Certificate substantially in the form of <U>Schedule
J-4</U> on behalf of each such direct and indirect partner;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number of copies as shall be requested
by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of Borrower), executed copies of any other form prescribed by applicable law as a basis for claiming exemption
from or a reduction in U.S.&nbsp;federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed
by applicable law to permit Borrower to determine the withholding or deduction required to be made; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(D)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b)&nbsp;or 1472(b)&nbsp;of
the Code, as applicable), such Lender shall deliver to Borrower at the time or times prescribed by law and at such time or times reasonably
requested by Borrower such documentation prescribed by applicable law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i)&nbsp;of
the Code) and such additional documentation reasonably requested by Borrower as may be necessary for Borrower to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender&rsquo;s obligations under FATCA or to determine the amount,
if any, to deduct and withhold from such payment. Solely for purposes of this <U>clause&nbsp;&lrm;(D)</U>, &ldquo;FATCA&rdquo; shall
include any amendments made to FATCA after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Lender agrees that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form
or certification or promptly notify Borrower in writing of its legal inability to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Treatment
of Certain Refunds</U>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section&nbsp;(including by the payment of additional amounts pursuant to this
Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section&nbsp;with respect to the Taxes giving rise to such refund), net of all reasonable and documented out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party
the amount paid over pursuant to this <U>paragraph&nbsp;&lrm;(f)</U>&nbsp; (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this <U>paragraph&nbsp;&lrm;(f)</U>, in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this <U>paragraph&nbsp;&lrm;(f)</U>&nbsp; the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available
its tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Survival</U>.
Each party&rsquo;s obligations under <U>Section&nbsp;1.5(a)</U>&nbsp;through <U>Section&nbsp;1.5(f)</U>&nbsp;shall survive any assignment
of rights by, or the replacement of, a Lender, the expiration and termination of this Agreement and the repayment, satisfaction or discharge
of all obligations under any Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Increased
Costs</U>. If, as a result of any Regulatory Change, any reserve, special deposit or similar requirements relating to any extensions
of credit or other assets of, or any deposits with, Lender or any holder of all or a portion of the Loan is imposed, modified or deemed
applicable and the result is to increase the cost (excluding any (A)&nbsp;Indemnified Taxes, (B)&nbsp;Taxes described in <U>clauses (b)</U>&nbsp;through
<U>(d)</U>&nbsp;of the definition of &ldquo;Excluded Taxes&rdquo;, (C)&nbsp;Connection Income Taxes) to such Lender or such holder of
making or holding the Loan, or to reduce the amount receivable by Lender or such holder hereunder in respect of any portion of the Loan
by an amount deemed by Lender or such holder to be material (such increases in cost and reductions in amounts receivable, &ldquo;<B>Increased
Costs</B>&rdquo;), then Borrower agrees that it will pay to Lender or such holder upon Lender&rsquo;s or such holder&rsquo;s request
such additional amount or amounts as will compensate Lender and/or such holder for such Increased Costs to the extent that such Increased
Costs are reasonably allocable to the Loan. Lender will notify Borrower in writing of any event occurring after the Closing Date that
will entitle Lender or any holder of the Loan to reimbursement pursuant to this Section&nbsp;as promptly as practicable after it obtains
knowledge thereof and determines to request such reimbursement and will designate a different lending office if such designation will
avoid the need for, or reduce the amount of, such compensation and will not, in the reasonable judgment of such Lender, be otherwise
disadvantageous to such Lender. If such Lender shall fail to notify Borrower of any such event within 9 months following the end of the
month during which such event occurred, then Borrower&rsquo;s liability for any amounts described in this Section&nbsp;incurred by such
Lender as a result of such event shall be limited to those attributable to the period occurring subsequent to the date that is 9 months
prior to the date upon which such Lender actually notified Borrower of the occurrence of such event. Notwithstanding the foregoing, in
no event shall Borrower be required to reimburse Lender or any holder of the Loan for any Taxes described in <U>clauses (b)</U>&nbsp;through
<U>(d)</U>&nbsp;of the definition of &ldquo;Excluded Taxes&rdquo;, whether or not attributable to payments made by Borrower. If a Lender
requests reimbursement under this Section, Lender shall furnish to Borrower a statement setting forth in reasonable detail the basis
for requesting such reimbursement and the method for determining the amount thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Interest
Rate Cap Agreements</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
or prior to the Closing Date, Borrower shall obtain, and thereafter maintain in effect, an Interest Rate Cap Agreement, which shall be
coterminous with the initial term of the Loan and have a notional amount equal to the Loan Amount. The initial Interest Rate Cap Agreement
shall have a strike rate equal to the Initial Term Strike Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
Borrower exercises any of its options to extend the term of the Loan pursuant to <U>Section&nbsp;1.1(d)</U>, then on or prior to the
commencement of the Extension Term, Borrower shall obtain, and thereafter maintain in effect, an Interest Rate Cap Agreement having (x)&nbsp;a
term coterminous with the Extension Term, (y)&nbsp;a notional amount at least equal to the Principal Indebtedness as of the first day
of the Extension Term, and (z)&nbsp;a strike rate equal to the Extension Term Strike Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall collaterally assign to Lender pursuant to an Assignment of Interest Rate Cap Agreement all of its right, title and interest in
any and all payments under each Interest Rate Cap Agreement and shall deliver to Lender an executed counterpart of such Interest Rate
Cap Agreement and obtain the consent of the Acceptable Counterparty to such collateral assignment (as evidenced by the Acceptable Counterparty&rsquo;s
execution of such Assignment of Interest Rate Cap Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall comply with all of its obligations under the terms and provisions of each Interest Rate Cap Agreement. All amounts paid under an
Interest Rate Cap Agreement shall be deposited directly into the Lockbox Account. Borrower shall take all actions reasonably requested
by Lender to enforce Lender&rsquo;s rights under the Interest Rate Cap Agreement in the event of a default by the counterparty thereunder
and shall not waive, amend or otherwise modify any of its rights thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If,
at any time during the term of the Loan, the counterparty to the Interest Rate Cap Agreement then in effect ceases to be an Acceptable
Counterparty and thereafter fails to abide by the requirements set forth in such Interest Rate Cap Agreement with respect to ratings
downgrades, then Borrower shall promptly but in any event no later than 30 days after notice thereof by Lender obtain a replacement Interest
Rate Cap Agreement satisfying the requirements set forth in <U>paragraph &lrm;(a)</U>&nbsp; or <U>&lrm;(b)</U>&nbsp; above, as applicable,
with a counterparty that is an Acceptable Counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Closing Date and at any time that Borrower obtains a replacement Interest Rate Cap Agreement pursuant to this Section, Borrower shall
deliver to Lender a legal opinion or opinions from counsel to the applicable Acceptable Counterparty (which counsel may be internal counsel)
in form and substance satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Promptly
following the occurrence of a Benchmark Replacement Date, Borrower shall obtain (or modify the existing Interest Rate Cap Agreement),
and thereafter maintain in effect, an Interest Rate Cap Agreement that hedges against increases in the Unadjusted Benchmark Replacement,
having (x)&nbsp;a strike rate that is equal to or less than the Applicable Strike Rate, determined as of the Benchmark Replacement Date,
(y)&nbsp;a term through the end of the Interest Accrual Period containing the then applicable Maturity Date, and (z)&nbsp;a notional
amount at least equal to the Principal Indebtedness. If such an Interest Rate Cap Agreement is not then commercially available, then
Borrower may propose for Lender&rsquo;s reasonable approval an alternative hedging instrument that would afford Lender substantially
equivalent protection from increases in the interest rate; provided, however, that if Lender rejects Borrower&rsquo;s proposal, then
Lender will direct the alternative and Borrower shall comply in all material respects with such directive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If,
at any time, the notional amount of an Interest Rate Cap Agreement is higher than the Principal Indebtedness, Borrower shall be permitted
to release or transfer, free and clear of the Lien of the Loan Documents, a portion of the notional amount of such Interest Rate Cap
Agreement in an amount equal to the amount of such excess, provided that any proceeds of such transaction actually realized by Borrower
shall be remitted to Lender for deposit into the Shortfall Reserve Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Release</B>.
Upon payment of the Indebtedness in full when permitted or required hereunder, Lender shall execute instruments prepared by Borrower
and reasonably satisfactory to Lender, which, at Borrower&rsquo;s election and at Borrower&rsquo;s sole cost and expense, either (a)&nbsp;release
and discharge all Liens on all Collateral securing payment of the Indebtedness (subject to Borrower&rsquo;s obligation to pay any associated
costs and expenses), including all balances in the Collateral Accounts; or (b)&nbsp;assign such Liens (and the Loan Documents) to a new
lender designated by Borrower. Any release or assignment provided by Lender pursuant to this Section&nbsp;shall be without recourse,
representation or warranty of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>VOLUNTARY
PREPAYMENTS AND EQUITY TRANSFERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Voluntary
Prepayment</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall have the right, at its option, upon 15 days&rsquo; prior written notice (or such lesser days&rsquo; notice as is acceptable to
Lender) to Lender, to prepay the Loan in whole or, solely in connection with a Property Release pursuant to the terms of this Agreement,
in part, on any Business Day, provided that Borrower shall pay to Lender simultaneously with each such prepayment the applicable Exit
Fee (if any) payable in respect of the amount so prepaid, plus any actual Breakage Costs. Each such prepayment that is made on a Payment
Date shall be accompanied by all interest that (x)&nbsp;following a Securitization, would otherwise have been due on such Payment Date
had the prepayment not occurred and (y)&nbsp;prior to a Securitization, accrues through the applicable prepayment date, and each such
prepayment that is not made on a Payment Date shall be accompanied by all interest that (x)&nbsp;following a Securitization, would have
been due on the next succeeding Payment Date had the prepayment not occurred (with mutually acceptable escrow and true-up arrangements
if such amount is not yet known because the applicable Interest Determination Date has not yet occurred), and (y)&nbsp;prior to a Securitization,
accrues through the applicable prepayment date. Any partial prepayment shall be applied to the last payments of principal due under the
Loan. Borrower&rsquo;s notice of prepayment shall create an obligation of Borrower to prepay the Loan as set forth therein, but may be
rescinded with five days&rsquo; written notice to Lender (subject to payment of any reasonable and documented out-of-pocket costs and
expenses incurred by Lender as a result of such rescission).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Note has been Componentized, all prepayments of the Loan shall be applied to the Notes or Note Components in the sequence set forth
in the Componentization Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall indemnify Lender and hold Lender harmless from any loss or expense that Lender sustains or actually incurs as a result of any prepayment
of the Loan on a day that is not a Payment Date, including such loss or expense arising from interest or fees payable by Lender to lenders
of funds obtained by it in order to maintain the Loan hereunder (collectively, the &ldquo;<B>Breakage Costs</B>&rdquo;) upon written
notice thereof to Borrower accompanied by a reasonable explanation and calculation of such Breakage Costs demanded by Lender. This provision
shall survive payment of the Note in full and the satisfaction of all other obligations of Borrower under this Agreement and the other
Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Property
Releases</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Provided
no Event of Default is then continuing and all amounts then due and owing to Lender as of the date of release have been paid in full,
Borrower shall have the right, at its option, on not less than 15 days&rsquo; prior written (or such lesser days&rsquo; notice as is
acceptable to Lender) to Lender, to obtain the release of one or more of the Properties (a &ldquo;<B>Property Release</B>&rdquo;) from
the Liens of the Loan Documents in connection with a bona-fide sale to an unaffiliated third party, provided that the following conditions
shall have been satisfied, to Lender&rsquo;s reasonable satisfaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall prepay the Loan, in accordance with <U>Section&nbsp;2.1</U>, in an amount equal to the applicable Release Price, which prepayment
shall be accompanied by the other amounts specified in <U>Section&nbsp;2.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
100% of the Net Sales Proceeds exceeds the Release Price, Borrower shall remit such excess (&ldquo;<B>Excess Release Proceeds</B>&rdquo;)
to Lender for deposit into the Shortfall Reserve Account unless all of the following conditions are satisfied: (A)&nbsp;the amount then
contained in the Shortfall Reserve Account is equal to or greater than the Full Shortfall Reserve Amount, (B)&nbsp;the Debt Yield (Multifamily)
is greater than 10%, and (C)&nbsp;no Event of Default is continuing. If all of the foregoing conditions <U>(A)</U>&nbsp;through <U>(C)</U>&nbsp;are
satisfied, such Excess Release Proceeds (&ldquo;<B>Distributable Excess Release Proceeds</B>&rdquo;) shall not be required to be deposited
into the Shortfall Reserve Account, shall not be subject to the prohibition against distributions by Borrower hereunder, and may be distributed
by Borrower to Sponsor for any purpose, including special dividends, or used to pay the Duration Fee and/or the Extension Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
released Property shall be conveyed by deed to a third party that is not an affiliate of Sponsor, Pledgor or Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Loan has been securitized in a REMIC, then after giving effect to the release of the Property or Properties, the Lender 125% Determination
shall have been satisfied or, if the same is not so satisfied, then Borrower shall have prepaid the Loan in an amount equal to the lesser
of (x)&nbsp;the fair market value of the Property or Properties so released (as determined by Lender in its sole discretion using any
commercially reasonable method permitted to a REMIC and excluding the value attributable to any property that is not an interest in real
property within the meaning of Section&nbsp;860(G)(a)(3)(A)&nbsp;of the Code) and (y)&nbsp;the amount necessary to obtain a Lender 125%
Determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Loan has been Securitized in a REMIC, Borrower shall deliver to Lender an opinion of counsel in form and substance which would be
acceptable to a prudent lender of securitized commercial mortgage loans acting reasonably, stating, among other things, that any REMIC
trust formed pursuant to a Securitization will not fail to maintain its status as a REMIC as a result of such release and will not be
subject to tax on any &ldquo;prohibited transactions&rdquo; or &ldquo;prohibited contributions&rdquo; as a result of such release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
request from Lender, Borrower shall have delivered to Lender an Officer&rsquo;s Certificate confirming Borrower&rsquo;s calculation of
the applicable Release Price, the Debt Yield (Multifamily) Threshold, and the recalculated Debt Yield (Multifamily) described in <U>clause&nbsp;<I>&lrm;</I>(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall reimburse Lender for any actual reasonable and documented out-of-pocket costs and expenses incurred by Lender in connection with
this <U>Section&nbsp;2.2</U> (including the reasonable fees and expenses of legal counsel and the reasonable and documented out-of-pocket
expenses of the Servicer).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
satisfaction of the requirements set forth in this Section, Lender will execute and deliver to Borrower such instruments, prepared by
Borrower and reasonably approved by Lender, as shall be necessary to release the applicable Property from the Liens of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Exit
Fee</B>. Upon any repayment or prepayment of the Loan (or any portion thereof), or earlier occurrence of the Maturity Date, Borrower
shall pay to Lender on the date of such repayment or prepayment or Maturity Date, as applicable, the Exit Fee (if any) applicable thereto.
All Exit Fees hereunder shall be deemed to be earned by Lender upon the funding of the Loan. Notwithstanding the foregoing, no Exit Fee
shall be due in connection with a repayment or prepayment of the Loan (or any portion thereof) paid by proceeds from (a)&nbsp;a financing
provided by Goldman Sachs Bank USA or an affiliate thereof (provided that for the avoidance of doubt neither Goldman Sachs Bank USA nor
any affiliate thereof shall have any obligation to offer to provide any such financing) or (b)&nbsp;an arm&rsquo;s length sale of one
or more of the Properties to a third-party unaffiliated with Borrower, Pledgor or Sponsor in accordance with <U>Section&nbsp;2.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Transfers
of Equity Interests in Borrower</B>. No direct or indirect equity interests in any Borrower shall be conveyed or otherwise transferred
to any Person unless the following conditions are satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;</FONT>With respect to any Person that, as a result of such transfer, will Control Borrower or Pledgor or will hold 10%
or more of the direct or indirect interest in Borrower or in any Person that Controls Borrower or Pledgor, Lender&rsquo;s standard &ldquo;know-your-customer&rdquo;
requirements shall have been satisfied. Lender shall use diligent and commercially reasonable efforts to complete its &ldquo;know your
customer&rdquo; diligence within 30 days after receiving the information necessary to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
Prohibited Change of Control, Prohibited Equity Pledge or Prohibited Preferred Equity shall occur or exist as a result thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Such
Transfer is a Permitted Equity Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
such conveyance or transfer results in any Person acquiring more than 49% of the direct or indirect equity interest in any Required SPE
(even if not constituting a Prohibited Change of Control), Borrower shall have delivered to Lender with respect to such Person a new
non-consolidation opinion that in Lender&rsquo;s reasonable judgment satisfies the then-current criteria of the Rating Agencies (and,
to the extent that the criteria of the Rating Agencies has not changed in any material respect since the Closing Date, Lender&rsquo;s
approval of any such non-consolidation opinion that is in substantially the form of the Non-Consolidation Opinion shall not be unreasonably
withheld, delayed or conditioned).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall have reimbursed Lender for its reasonable and documented out-of-pocket costs and expenses, including amounts actually owed to the
Rating Agencies in connection with such transfer (but no fee shall be charged by Lender or any Servicer except for the transfer fee described
herein, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
shall have received 10 days&rsquo; advance written notice of any conveyance or transfer of 10% or more of the direct or indirect equity
interests in, or Control of, Borrower or Pledgor or for which a new non-consolidation opinion is required under <U>clause&nbsp;<I>&lrm;</I>(iv)</U>&nbsp;
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;III</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ACCOUNTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Cash
Management Account</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Lockbox Bank one or more lockbox accounts into
which all Revenues from the Properties will be deposited (the &ldquo;<B>Lockbox Account</B>&rdquo;). As a condition precedent to the
closing of the Loan, Borrower shall cause the Lockbox Bank to execute and deliver an agreement (as modified or replaced in accordance
herewith, a &ldquo;<B>Deposit Account Control Agreement</B>&rdquo;) which provides, <U>inter alia</U>, that Borrower shall have no access
to funds in the Lockbox Account and that on a weekly basis (or such greater frequency as may be requested by Borrower), the Lockbox Bank
will remit all amounts contained therein directly into an account specified by Lender. Lender shall specify Lender&rsquo;s cash management
account (the &ldquo;<B>Cash Management Account</B>&rdquo;) for such remittance by the Lockbox Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall cause all cash Revenues and all other money received by Borrower or the Approved Property Manager (other than tenant security deposits
to the extent they are required to be held in segregated escrow accounts in accordance herewith) to be deposited in the Lockbox Account
either directly or within three business days after collection by (or, in the case of the Watergate Property, Borrower&rsquo;s receipt
from) an Approved Property Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
shall have the right at any time and from time to time in its sole discretion to change the Eligible Institution at which any one or
more of the Collateral Accounts (other than the Lockbox Account) is maintained (and in the case of any such change in respect of the
Cash Management Account, Lender shall deliver not less than five Business Days&rsquo; prior written notice thereof to Borrower and the
Lockbox Bank). In addition, during the continuance of an Event of Default, or if the Lockbox Bank fails to comply in all material respects
with the Deposit Account Control Agreement or ceases to be an Eligible Institution (as reasonably determined by Lender), Lender shall
have the right at any time, upon not less than 30 days&rsquo; prior written notice to Borrower, to replace the Lockbox Bank with any
Eligible Institution at which Eligible Accounts may be maintained that will promptly execute and deliver to Lender a Deposit Account
Control Agreement satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall maintain at all times an Operating Account into which amounts shall be deposited from time to time pursuant hereto. Borrower shall
not permit any amounts unrelated to a Property and amounts permitted to be distributed to or paid on behalf of Sponsor in respect of
G&amp;A Expenses in accordance herewith to be commingled with amounts on deposit in the Operating Account and shall cause all amounts
payable with respect to Operating Expenses for the Properties to be paid from the Operating Account or the Cash Management Account (to
the extent required or permitted hereunder) and from no other account. Borrower shall deliver to Lender each month the monthly bank statement(s)&nbsp;related
to such Operating Account. Borrower shall be permitted to withdraw amounts from the Operating Account solely for the purpose of paying
bona fide Property expenses incurred in accordance with this Agreement and to distribute to, or pay on behalf of Sponsor, amounts in
respect of G&amp;A Expenses (in each case, up to the respective amount remitted by Lender to the Operating Account for such purpose).
During the continuance of an Event of Default, all amounts contained in the Operating Account shall be remitted to the Cash Management
Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall not make any distributions or payments to its affiliates except as permitted by <U>Section&nbsp;6.9</U> and <U>Section&nbsp;2.2(a)(ii)</U>&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Distributions
from Cash Management Account</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
each Payment Date, starting with the Payment Date in December&nbsp;2025, provided no Event of Default is then continuing (and, if and
to the extent Lender so elects in its sole discretion, during the continuance of an Event of Default until the Loan has been accelerated),
Lender shall transfer amounts from the Cash Management Account, to the extent available therein, to make the following payments in the
following order of priority:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to the Basic Carrying Cost Account, the amounts then required to be deposited
therein pursuant to <U>Section&nbsp;3.4</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
Lender, the amount of all scheduled or delinquent interest and principal on the Loan and all other amounts then due and payable under
the Loan Documents (with any amounts in respect of principal paid last);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
the Operating Account, an amount equal to the Budgeted Operating Expenses for the month in which such Payment Date occurs, <U>provided</U>
that the amounts disbursed to such account pursuant to this <U>clause&nbsp;<I>&lrm;</I>(iii)</U>&nbsp; shall be used by Borrower solely
to pay Budgeted Operating Expenses for such month (Borrower agreeing that, in the event that such Budgeted Operating Expenses exceed
the actual operating expenses for such month, such excess amounts shall be remitted by Borrower to the Cash Management Account, to the
extent of available funds in the Operating Account, prior to the next succeeding Payment Date) and <U>provided further</U> that no amounts
will be disbursed to the Operating Account in respect of the fees of the Approved Property Manager to the extent such fees exceed the
Maximum Management Fee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
the Operating Account, an amount equal to the Budgeted Capital Expenditures for the month in which such Payment Date occurs, provided
that the amounts disbursed to such account pursuant to this <U>clause&nbsp;<I>&lrm;</I>(iv)</U>&nbsp; shall be used by Borrower solely
to pay Budgeted Capital Expenditures for such month (Borrower agreeing that, in the event that such Budgeted Capital Expenditures exceed
the actual Capital Expenditures for such month, such excess amounts shall be remitted by Borrower to the Cash Management Account prior
to the next succeeding Payment Date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
the Operating Account, an amount equal to the Budgeted G&amp;A Expenses for the month in which such Payment Date occurs, subject to the
G&amp;A Expense Distribution Cap; <U>provided</U> that the amounts disbursed to such account pursuant to this clause <I>&lrm;</I>(v)&nbsp;shall
be used by Borrower solely to remit such amounts to Sponsor for payment of Budgeted G&amp;A Expenses for such month or to pay such Budgeted
G&amp;A Expenses directly, at Sponsor&rsquo;s direction (Borrower agreeing on behalf of itself and Sponsor that in the event that such
Budgeted G&amp;A Expenses exceed the actual G&amp;A Expenses for such month, such excess amounts shall be remitted by Sponsor and Borrower,
as applicable, to the Cash Management Account prior to the next succeeding Payment Date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
the Capital Expenditure Account, the amount, if any, required to be deposited therein pursuant to <U>Section&nbsp;3.6</U>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
remaining amounts to the Excess Cash Flow Reserve Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
on any Payment Date the amount in the Cash Management Account is insufficient to make all of the transfers described above (other than
remittance of excess cash to the Excess Cash Flow Reserve Account), then funds in the Excess Cash Flow Reserve Account shall be applied
toward such deficiency; and if funds in the Excess Cash Flow Reserve Account are insufficient to fund such deficiency in its entirety,
then funds in the Shortfall Reserve Account shall be applied toward the remaining deficiency; and if funds in the Shortfall Reserve Account
are insufficient to fund such remaining deficiency in its entirety, then Lender shall so notify Borrower (which notice may be by e-mail)
and Borrower shall remit to the Cash Management Account on such Payment Date the amount of such deficiency. If Borrower fails to remit
such amount to the Cash Management Account, then, subject to any applicable cure period specified in <U>Section&nbsp;7.1</U>, same shall
constitute an Event of Default and, in addition to all other rights and remedies provided for under the Loan Documents, Lender may disburse
and apply the amounts in the Collateral Accounts in accordance with <U>Section&nbsp;3.10(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Loss
Proceeds Account</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
will maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of depositing any Loss Proceeds (the &ldquo;<B>Loss
Proceeds Account</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Provided
no Event of Default is then continuing, funds in the Loss Proceeds Account shall be applied in accordance with <U>Section&nbsp;5.16</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Basic
Carrying Cost Account</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
will maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of reserving amounts payable by Borrower in
respect of Property Taxes and insurance premiums (the &ldquo;<B>Basic Carrying Cost Account</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Closing Date, Borrower shall remit to Lender, for deposit into the Basic Carrying Cost Account, an amount equal to the sum of (i)&nbsp;an
amount sufficient to pay all Property Taxes by the 30<SUP>th</SUP> day prior to the date they next become due, assuming subsequent monthly
fundings on Payment Dates of 1/12 of projected annual Property Taxes, <U>plus</U> (ii)&nbsp;an amount sufficient to pay all insurance
premiums for Policies required hereunder by the 30<SUP>th</SUP> day prior to the date they next become due, assuming subsequent monthly
fundings on Payment Dates of 1/12 of projected annual insurance premiums (for the avoidance of doubt, such deposits shall not be required
for insurance policies that are not required hereunder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
each Payment Date, Borrower shall remit to Lender, for deposit into the Basic Carrying Cost Account, an amount equal to the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>1/12
of the Property Taxes that Lender reasonably estimates, based on information provided by Borrower, will be payable during the next ensuing
12 months, <U>plus</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>1/12
of the insurance premiums for Policies required hereunder that Lender reasonably estimates, based on information provided by Borrower,
will be payable during the next ensuing 12 months (for the avoidance of doubt, such deposits shall not be required for insurance policies
that are not required hereunder);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>provided</U></FONT>,
<U>however</U>, that if at any time Lender reasonably determines that the amount in the Basic Carrying Cost Account will not be sufficient
to accumulate (upon payment of subsequent monthly amounts in accordance with the provisions of this Agreement) the full amount of all
installments of Property Taxes and insurance premiums by the date on which such amounts come due, then Lender shall notify Borrower in
writing of such determination and Borrower shall increase its monthly payments to the Basic Carrying Cost Account by the amount that
Lender reasonably estimates is sufficient to achieve such accumulation commencing on the next ensuing Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall provide Lender with copies of all tax and insurance bills relating to each Property promptly after Borrower&rsquo;s receipt thereof
to the extent not already received by Servicer. Lender will apply amounts in the Basic Carrying Cost Account toward the purposes for
which such amounts are deposited therein prior to delinquency. In connection with the making of any payment from the Basic Carrying Cost
Account, Lender may cause such payment to be made according to any bill, statement or estimate provided by Borrower or procured from
the appropriate public office or insurance carrier, without inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof unless given written advance notice by Borrower
of such inaccuracy, invalidity or other contest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
consummation of a Property Release pursuant to <U>Section&nbsp;2.2</U>, after all conditions to the Property Release have been satisfied,
provided no Event of Default is continuing, Lender shall remit to Borrower the portion of the funds then on deposit in the Basic Carrying
Cost Account allocable to the released Property (the &ldquo;<B>Basic Carrying Cost Release Amount</B>&rdquo;); <U>provided</U> that,
after giving effect to such remittance, the balance remaining in the Basic Carrying Cost Account is at least equal to the amount that
Lender estimates to be sufficient, together with subsequent monthly deposits required to be made into the Basic Carrying Cost Account
under this Agreement, to accumulate the full amount of all installments of Property Taxes and insurance premiums for the remaining Properties
by their respective due dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Shortfall
Reserve Account</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
will maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of reserving amounts for the payment of shortfalls
in Budgeted Operating Expenses and Budgeted Capital Expenditures determined from time to time (the &ldquo;<B>Shortfall Reserve Account</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Closing Date, Borrower shall remit to Lender, for deposit into the Shortfall Reserve Account, an amount equal to $10,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the date of each Property Release, Borrower shall remit any Excess Release Proceeds to Lender for deposit into the Shortfall Reserve
Account if and to the extent required by <U>Section&nbsp;2.2(a)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Provided
no Event of Default is continuing, Lender shall disburse funds from the Shortfall Reserve Account to the Operating Account up to one
time per calendar month to reimburse Borrower for (i)&nbsp;Budgeted Operating Expenses and Budgeted Capital Expenditures incurred by
Borrower pursuant to the Annual Property Budget, (ii)&nbsp;G&amp;A Expenses, provided that the aggregate amount disbursed in respect
of G&amp;A Expenses from the Cash Management Account, the Excess Cash Flow Reserve Account and the Shortfall Reserve Account shall in
no event exceed $15,000,000 per annum (the &ldquo;<B>G&amp;A Expense Distribution Cap</B>&rdquo;), (iii)&nbsp;Riverside Reimbursable
Security Deposits, and (iv)&nbsp;other Operating Expenses or Capital Expenditures that are otherwise approved by Lender in its discretion
(not to be unreasonably withheld if no Event of Default is continuing), in each case within 10 Business Days following receipt from Borrower
of a Disbursement Request with respect thereto, but only if and to the extent the aggregate amounts available to Borrower for such purpose
in the Operating Account, the Capital Expenditure Account and the Excess Cash Flow Reserve Account are insufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Capital
Expenditure Account</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
will maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of reserving amounts in respect of Capital Expenditures
(the &ldquo;<B>Capital Expenditure Account</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
each Payment Date, Borrower shall remit to Lender, for deposit into the Capital Expenditure Account, an amount equal to one-twelfth (1/12)
of the Annual Capital Expenditure Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Provided
no Event of Default is then continuing, Lender shall disburse funds to the Operating Account from the Capital Expenditure Account up
to one time per calendar month to reimburse Borrower for Budgeted Capital Expenditures, in each case within 10 Business Days following
receipt from Borrower of a Disbursement Request with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Deferred
Maintenance Account</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Deferred Maintenance Amount is greater than zero, Lender will maintain an Eligible Account (which may be a book-entry subaccount)
for the purpose of reserving amounts anticipated on the Closing Date to be required to correct Deferred Maintenance Conditions (the &ldquo;<B>Deferred
Maintenance Account</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Closing Date, Borrower shall remit to Lender, for deposit into the Deferred Maintenance Account, an amount equal to the Deferred
Maintenance Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Provided
no Event of Default is continuing, Lender shall disburse funds to the Operating Account from the Deferred Maintenance Account up to one
time per calendar month to reimburse Borrower for reasonable costs and expenses incurred in order to correct Deferred Maintenance Conditions,
in each case within 10 Business Days following receipt from Borrower of a Disbursement Request with respect thereto. Amounts so disbursed
shall remain subject to the prohibition against distributions by Borrower set forth herein; provided, however, that if, and to the extent,
Borrower delivers evidence satisfactory to Lender that the reimbursed costs and expenses were incurred prior to the Closing Date with
respect to Deferred Maintenance Conditions that were corrected prior to the Closing Date, Borrower may distribute the amount of such
reimbursement to Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
the correcting of all Deferred Maintenance Conditions (as evidenced by a certificate of Borrower confirming the same and such other evidence
as Lender shall reasonably request) and payment of all costs and expenses in respect thereof, provided no Event of Default is then continuing,
any amounts then remaining in the Deferred Maintenance Account shall promptly be remitted to the Excess Cash Flow Reserve Account and
the Deferred Maintenance Account will no longer be maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Intentionally
Omitted</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Excess
Cash Flow Reserve Account</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
will maintain an Eligible Account (which may be a book-entry subaccount) for the deposit of amounts required to be deposited therein
in accordance with <U>Section&nbsp;3.2(a)</U>&nbsp;(the &ldquo;<B>Excess Cash Flow Reserve Account</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Provided
no Event of Default is continuing, Lender shall disburse funds from the Excess Cash Flow Reserve Account to the Operating Account up
to one time per calendar month to reimburse Borrower for (i)&nbsp;Budgeted Operating Expenses and Budgeted Capital Expenditures incurred
by Borrower pursuant to the Annual Property Budget, (ii)&nbsp;G&amp;A Expenses, subject to the G&amp;A Expense Distribution Cap, (iii)&nbsp;Riverside
Reimbursable Security Deposits, and (iv)&nbsp;other Operating Expenses or Capital Expenditures that are otherwise approved by Lender
in its sole discretion, in each case within 10 Business Days following receipt from Borrower of a Disbursement Request with respect thereto,
but only if and to the extent the aggregate amounts available to Borrower for such purpose in the Operating Account and the Capital Expenditure
Account are insufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Account
Collateral</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
hereby pledges the Account Collateral and the Operating Account to Lender as security for the repayment of the Indebtedness, together
with all rights of a secured party with respect thereto, it being the intention of the parties that such pledge shall be a perfected
first-priority security interest. Each Collateral Account shall be an Eligible Account under the sole dominion and control of Lender.
Borrower shall have no right to make withdrawals from any of the Collateral Accounts other than the Operating Account. Borrower shall
execute any additional documents that Lender in its reasonable discretion may require and shall provide all other evidence reasonably
requested by Lender to evidence or perfect its first-priority security interest in the Account Collateral. The Collateral Accounts shall
not constitute trust funds and, except for the Cash Management Account, the Lockbox Account and the Operating Account, may be commingled
with other monies held by Lender. Funds in the Collateral Accounts shall be uninvested or invested only in Permitted Investments, which
Permitted Investments shall be credited to the related Collateral Account. All income and gains from the investment of funds in the Collateral
Accounts shall be for the account of Borrower and retained in the Collateral Accounts from which they were derived. All fees of the institutions
at which the Collateral Accounts are maintained shall be paid by Borrower. After the Loan and all other Indebtedness have been paid in
full, the Collateral Accounts shall be closed and the balances therein, if any, shall be promptly remitted to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
insufficiency of amounts contained in the Collateral Accounts shall not relieve Borrower from its obligation to fulfill all covenants
contained in the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the continuance of an Event of Default, Lender may, in its sole discretion, apply funds in the Collateral Accounts, and funds resulting
from the liquidation of Permitted Investments contained in the Collateral Accounts, either toward the components of the Indebtedness
(<U>e.g.</U>, interest, principal and other amounts payable hereunder) and/or toward the payment of Property expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B>Bankruptcy</B>.
Borrower and Lender acknowledge and agree that upon the filing of a bankruptcy petition by or against Borrower under the Bankruptcy Code,
the Account Collateral and the Revenues (whether then already in the Collateral Accounts, or then due or becoming due thereafter) shall
be deemed not to be property of Borrower&rsquo;s bankruptcy estate within the meaning of Section&nbsp;541 of the Bankruptcy Code. If,
however, a court of competent jurisdiction determines that, notwithstanding the foregoing characterization of the Account Collateral
and the Revenues by Borrower and Lender, the Account Collateral and/or the Revenues do constitute property of Borrower&rsquo;s bankruptcy
estate, then Borrower and Lender further acknowledge and agree that all such Revenues, whether due and payable before or after the filing
of the petition, are and shall be cash collateral of Lender. Borrower acknowledges that Lender does not consent to Borrower&rsquo;s use
of such cash collateral and that, in the event Lender elects (in its sole discretion) to give such consent, such consent shall only be
effective if given in writing signed by Lender. Except as provided in the immediately preceding sentence, Borrower shall not have the
right to use or apply or require the use or application of such cash collateral (i)&nbsp;unless Borrower shall have received a court
order authorizing the use of the same, and (ii)&nbsp;Borrower shall have provided such adequate protection to Lender as shall be required
by the bankruptcy court in accordance with the Bankruptcy Code. In the event that Borrower becomes a debtor in a case under the Bankruptcy
Code: (i)&nbsp;Borrower irrevocably consents, to the fullest extent permitted by applicable law, to the sale of the Properties pursuant
to Section&nbsp;363; (ii)&nbsp;this consent is intended to be effective as a present and continuing consent, and may be presented to
any bankruptcy court as evidence of such consent; and (iii)&nbsp;Borrower further agrees to support, and not oppose, any motion or application
by Lender seeking approval of such a sale, and to take all actions reasonably requested by Lender to facilitate and effectuate such sale,
including the marketing of the Properties in a commercially reasonable manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;IV</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>REPRESENTATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each individual Borrower represents
to Lender, with respect to itself, each other individual Borrower and each Required SPE, that, as of the Closing Date, except as set
forth in the Exception Report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.1.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B>Organization</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
Required SPE is duly organized, validly existing and in good standing under the laws of the State of Delaware, and is in good standing
in each other jurisdiction where ownership of its properties or the conduct of its business requires it to be so, and each Required SPE
has all power and authority under such laws and its organizational documents and all material governmental licenses, authorizations,
consents and approvals required to carry on its business as now conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
organizational chart contained in <U>Schedule G</U> is true and correct as of the date hereof. No Person owns more than 10% of the direct
or indirect equity interests in Borrower except as shown on <U>Schedule G</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.2.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Authorization</B>.
Borrower has the power and authority to enter into this Agreement and the other Loan Documents, to perform its obligations hereunder
and thereunder and to consummate the transactions contemplated by the Loan Documents and has by proper action duly authorized the execution
and delivery of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.3.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>No
Conflicts</B>. Neither the execution and delivery of the Loan Documents, nor the consummation of the transactions contemplated therein,
nor performance of and compliance with the terms and provisions thereof will (i)&nbsp;violate or conflict with any provision of its formation
and governance documents, (ii)&nbsp;violate any Legal Requirement, regulation (including Regulation U, Regulation X or Regulation T),
order, writ, judgment, injunction, decree or permit applicable to it, (iii)&nbsp;violate or conflict with any material contractual provisions
of, or cause an event of default under, any indenture, loan agreement, mortgage, contract or other Material Agreement to which Borrower,
Pledgor or Guarantor is a party or may be bound, or (iv)&nbsp;result in or require the creation of any Lien or other charge or encumbrance
upon or with respect to the Collateral in favor of any Person, other than a Permitted Encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.4.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Consents</B>.
No consent, approval, authorization or order of, or qualification with, any court or Governmental Authority is required in connection
with the execution, delivery or performance by Borrower of this Agreement or the other Loan Documents to which it is a party, except
for any of the foregoing that (i)&nbsp;have already been obtained or (ii)&nbsp;may be required in the performance of any obligation that
may arise after the Closing Date pursuant to the Environmental Indemnity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.5.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Enforceable
Obligations</B>. This Agreement and the other Loan Documents to which Borrower is a party have been duly executed and delivered by Borrower
and constitute Borrower&rsquo;s legal, valid and binding obligations, enforceable in accordance with their respective terms, subject
to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity
principles. The Loan Documents to which Pledgor is a party have been duly executed and delivered by Pledgor and constitute Pledgor&rsquo;s
legal, valid and binding obligations, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency and similar
laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity principles. The Loan Documents to
which Sponsor is a party have been duly executed and delivered by Sponsor and constitute Sponsor&rsquo;s legal, valid and binding obligations,
enforceable in accordance with their respective terms, subject to bankruptcy, insolvency and similar laws of general applicability relating
to or affecting creditors&rsquo; rights and to general equity principles. The Loan Documents are not subject to any right of rescission,
offset, abatement, counterclaim or defense by Borrower, Pledgor or Sponsor, including the defense of usury or fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.6.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>No
Default</B>. No Default or Event of Default will exist immediately following the making of the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.7.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Payment
of Taxes</B>. Borrower has filed, or caused to be filed, all tax returns (federal, state, local and foreign) required to be filed and
paid all amounts of taxes due (including interest and penalties) except for taxes that are not yet delinquent and to the extent that
the failure to do so could not reasonably be expected to have a Material Adverse Effect. Borrower has paid all other taxes, fees, assessments
and other governmental charges (including mortgage recording taxes, documentary stamp taxes and intangible taxes) owing by it necessary
to preserve the Liens in favor of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.8.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Compliance
with Law</B>. Borrower, Pledgor, each Property and the use thereof and the Pledged Collateral comply in all material respects with all
applicable Insurance Requirements, except as set forth in the Zoning Reports, and Legal Requirements, including building and zoning ordinances
and codes. Each Property conforms to current zoning requirements (including requirements relating to parking) and is neither an illegal
nor a legal nonconforming use except as specified in the Zoning Report delivered to Lender in connection with the Closing, the violation
of which is reasonably likely to have a Material Adverse Effect. Borrower has not received written notice that Borrower is in default
or violation of any order, writ, injunction, decree or demand of any Governmental Authority, the violation of which is reasonably likely
to have a Material Adverse Effect. Pledgor is not in default or violation of any order, writ, injunction, decree or demand of any Governmental
Authority, the violation of which is reasonably likely to have a Material Adverse Effect. There has not been committed by or on behalf
of Borrower, Pledgor, Sponsor or, to Borrower&rsquo;s knowledge, any other person, any act or omission, including money laundering, terrorism
or terrorism activities, affording any federal Governmental Authority or any state or local Governmental Authority, which would reasonably
likely result in the forfeiture of any Property or any monies paid in performance of its obligations under any of the Loan Documents.
To Borrower&rsquo;s knowledge, neither Borrower, Pledgor nor Sponsor has purchased any portion of the Property or Pledged Collateral
with proceeds of any illegal activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.9.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>ERISA</B>.
Neither Borrower nor any ERISA Affiliate of Borrower has incurred or would reasonably be expected to incur any liability with respect
to any employee benefit plan (within the meaning of Section&nbsp;3(3)&nbsp;of ERISA) subject to Title IV or Section&nbsp;302 of ERISA
or Section&nbsp;412 of the Code that could result in a Material Adverse Effect or maintains or contributes to any employee benefit plan
(as defined in Section&nbsp;3(3)&nbsp;of ERISA) subject to Title IV or Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code, to
the extent doing so could result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.10.<B>&#8239;&#8239;&#8239;</B></FONT><B>Investment
Company Act</B>. Borrower, Pledgor and Sponsor each qualify for the exemption set forth in Section&nbsp;3(c)(5)&nbsp;or Section&nbsp;3(c)(6),
as applicable, of the Investment Company Act of 1940, as amended, and as a result is not an &ldquo;investment company&rdquo;, or a company
 &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo;, registered or required to be registered thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.11.<B>&#8239;&#8239;&#8239;</B></FONT><B>No
Bankruptcy Filing</B>. Borrower is not contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency
laws or the liquidation of all or a major portion of its assets or property. Borrower does not have knowledge of any Person contemplating
the filing of any such petition against it. During the ten year period preceding the Closing Date, no petition in bankruptcy has been
filed by or against any Required SPE, Pledgor, Sponsor, any of their respective affiliates or any Person that owns or controls, directly
or indirectly, ten percent or more of the beneficial ownership interests in Borrower, Pledgor or Sponsor and no such Persons have been
convicted of a felony. Borrower has not received notice of and is not otherwise aware of any Tenant under a Major Lease contemplating
or having filed any of the foregoing actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.12.<B>&#8239;&#8239;&#8239;</B></FONT><B>Other
Debt</B>. Borrower does not have any Debt outstanding other than Permitted Debt. Pledgor does not have any outstanding Debt other than
its obligations under the Pledge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.13.<B>&#8239;&#8239;&#8239;</B></FONT><B>Litigation</B>.
There are no actions, suits, proceedings, arbitrations or governmental investigations by or before any Governmental Authority or other
court or agency now filed or otherwise pending, and to Borrower&rsquo;s knowledge there are no such actions, suits, proceedings, arbitrations
or governmental investigations threatened, against or affecting Borrower, Pledgor, Sponsor or any of the Collateral, in each case, except
for ordinary course claims (<U>e.g.</U>, so called &ldquo;slip-and-fall&rdquo; cases) that (1)&nbsp;are covered by Borrower&rsquo;s liability
insurance Policies and have an estimated liability of less than $100,000 or (2)&nbsp;are listed in the Exception Report (and none of
the matters listed in the Exception Report, even if determined against Borrower or such Collateral, would reasonably be expected to have
a Material Adverse Effect).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.14.<B>&#8239;&#8239;&#8239;</B></FONT><B>Leases;
Material Agreements</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
has delivered to Lender true and complete copies of (i)&nbsp;the standard form of Borrower&rsquo;s apartment lease, (ii)&nbsp;all Major
Leases and (iii)&nbsp;a random sampling of other apartment leases, including all modifications and amendments thereto. As of the date
hereof, Borrower and its agents have not entered into and are not parties to any Lease, sublease or other arrangements for occupancy
of space with a Party, except as expressly set forth on the rent roll attached to this Agreement as <U>Schedule E</U> (the &ldquo;<B>Rent
Roll</B>&rdquo;), which Rent Roll is accurate and complete in all material respects as of the Closing Date. Each of the following is
true and correct with respect to each Lease:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
Borrower&rsquo;s knowledge, such Lease is valid and enforceable and is in full force and effect in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
is the sole owner of the entire lessor&rsquo;s interest in such Lease;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Lease is an arms&rsquo;-length agreement with a bona fide, independent third party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>none
of the Revenues reserved in such Lease have been assigned or otherwise pledged or hypothecated (except such pledge or hypothecation that
will be fully terminated and released in connection with the filing and recordation of each Mortgage and except for the Liens contemplated
pursuant to the Loan Documents);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>neither
Borrower nor, to Borrower&rsquo;s knowledge, any other party under any Major Lease is in an ongoing event of default thereunder in any
material respect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>there
exist no offsets or defenses to the payment of any portion of the rents under Major Leases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
brokerage commissions or finders fees are due and payable regarding any Major Lease;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>each
Tenant under a Major Lease is in actual, physical occupancy of the premises demised under its Lease and no event has occurred giving
any non-residential Tenant the right to cease operations at its leased premises (i.e., &ldquo;go dark&rdquo;), terminate its Lease or
pay reduced or alternative rent to Borrower under any of the terms of such Major Lease; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
work to be performed by the landlord under such Lease has been substantially performed, all contributions to be made by the landlord
to the Major Tenants, if any, thereunder have been made and all other conditions to each Tenant&rsquo;s obligations thereunder have been
substantially satisfied to date other than ordinary ongoing obligations of a landlord; and no Tenant has the right to require Borrower
to perform or finance Tenant Improvements or Material Alterations other than ordinary obligations of a landlord and no Leasing Commissions
are owed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
are no Material Agreements except as described in <U>Schedule F</U> or on Schedule B of the Title Insurance Policy. Borrower has made
available to Lender true and complete copies of all Material Agreements. Each Material Agreement has been entered into at arms&rsquo;
length in the ordinary course of business in all material respects. To Borrower&rsquo;s knowledge, except as indicated in the Exception
Report, Borrower has not received written notice that Borrower is in default in any material respect in the performance, observance or
fulfillment of any of the obligations, covenants or conditions contained in any Permitted Encumbrance or any other Material Agreement
to which it is a party or by which it or any of the Properties is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.15.<B>&#8239;&#8239;&#8239;</B></FONT><B>Full
and Accurate Disclosure</B>. No statement of fact heretofore delivered by Sponsor, Pledgor or Borrower to Lender in writing in respect
of the Properties, Pledged Collateral, Pledgor or Borrower contains any untrue statement of a material fact or omits to state any material
fact necessary to make statements contained therein in light of the circumstances under which they were made not misleading, unless subsequently
corrected prior to the date hereof. There is no fact, event or circumstance actually known to Borrower that has not been disclosed to
Lender and which materially adversely affects or that is reasonably likely or expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.16.<B>&#8239;&#8239;&#8239;</B></FONT><B>Financial
Condition</B>. Borrower has heretofore delivered to Lender financial statements and operating statements with respect to the Properties
for the past three calendar years, and trailing twelve-month operating statements. Such statements are accurate and complete in all material
respects and fairly present in accordance with GAAP the financial position of Borrower in all material respects as of their respective
dates and do not omit to state any fact necessary to make statements contained herein or therein not misleading. Since the delivery of
such data, except as otherwise disclosed in writing to Lender, there have occurred no changes or circumstances that have had or are reasonably
likely or expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.17.<B>&#8239;&#8239;&#8239;</B></FONT><B>Single-Purpose
Requirements</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
Required SPE is now, and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance
with the provisions of its organizational documents. Borrower has never (i)&nbsp;owned any property other than the Properties and related
personal property, (ii)&nbsp;engaged in any business, except the acquisition, development, management, leasing, maintenance, ownership
and operation of the Property and related personal property and activities incidental thereto, or (iii)&nbsp;had any material Contingent
Obligations or actual obligations or liabilities unrelated to the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
has provided Lender with true, correct, in all material respects, and complete copies of (i)&nbsp;current financial statements for the
Properties, and (ii)&nbsp;Borrower&rsquo;s current operating agreement or partnership agreement, as applicable, together with all amendments
and modifications thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
or prior to the Closing Date, Borrower shall have been fully released from any loan (other than the Loan) secured by the Properties or
any of the Collateral (a &ldquo;<B>Prior Loan</B>&rdquo;), and Borrower shall not have any continuing liability, actual or contingent,
for any Prior Loan, and no recourse whatsoever against any portion of any of the Properties shall be available to satisfy any Prior Loan
under any circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.18.<B>&#8239;&#8239;&#8239;</B></FONT><B>Use
of Loan Proceeds</B>. No part of the proceeds of the Loan will be used by Borrower for the purpose of purchasing or acquiring any &ldquo;margin
stock&rdquo; within the meaning of Regulations T, U or X of the Board of Governors of the Federal Reserve System or for any other purpose
that would be inconsistent with such Regulations T, U or X or any other Regulations of such Board of Governors, or for any purpose prohibited
by Legal Requirements or by the terms and conditions of the Loan Documents. The Loan is solely for the business purpose of Borrower or
for distribution to Borrower&rsquo;s equity holders in accordance with Legal Requirements and no portion thereof shall be used for personal,
consumer, household or similar purposes. For the avoidance of doubt, notwithstanding <U>Section&nbsp;6.9</U> hereof, the net funded proceeds
of the Loan may be distributed or directed to the Sponsor on the Closing Date to allow the Sponsor to make the special shareholder distribution
to be declared in connection with the transactions contemplated by the Transaction Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.19.<B>&#8239;&#8239;&#8239;</B></FONT><B>Not
Foreign Person</B>. Borrower (or if Borrower is treated as a disregarded entity for U.S. federal income tax purposes, its regarded owner)
is not a &ldquo;foreign person&rdquo; within the meaning of Section&nbsp;1445(f)(3)&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.20.<B>&#8239;&#8239;&#8239;</B></FONT><B>Labor
Matters</B>. Borrower has no employees and is not a party to any collective bargaining agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.21.<B>&#8239;&#8239;&#8239;</B></FONT><B>Title</B>.
Borrower owns good and insurable title to the Properties and good and marketable title to the related personal property, to the Collateral
Accounts and to any other Collateral, in each case free and clear of all Liens whatsoever except the Permitted Encumbrances. To Borrower&rsquo;s
knowledge, the Mortgages, when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements
required to be filed in connection therewith, will create (i)&nbsp;valid, perfected first priority Liens on the Properties and the rents
therefrom, enforceable as such against creditors of and purchasers from Borrower and subject only to Permitted Encumbrances, and (ii)&nbsp;perfected
Liens (pursuant to the Uniform Commercial Code of the State of New York) in and to all personalty, all in accordance with the terms thereof,
in each case subject only to any applicable Permitted Encumbrances. To Borrower&rsquo;s knowledge, the Permitted Encumbrances do not
and will not, individually or in the aggregate, have a Material Adverse Effect. Except as insured or bonded over by a Title Insurance
Policy, there are no claims for payment for work, labor or materials affecting the Properties that are or may become a Lien prior to,
or of equal priority with, the Liens created by the Loan Documents. Pledgor owns the Pledged Collateral free and clear of all Liens whatsoever
other than the Lien of the Loan Documents. The Pledge Agreement, together with any Uniform Commercial Code financing statements required
to be filed in connection therewith and the delivery of the original Certificate (as defined in the Pledge Agreement) to Lender, will
create a valid, first priority, perfected Lien on Pledgor&rsquo;s interest in the Pledged Collateral, all in accordance with the terms
thereof. No creditor of Borrower or Pledgor other than Lender has in its physical possession any goods that constitute or evidence the
Collateral or Pledged Collateral. Nothing contained in this Section&nbsp;may be relied upon by any Title Insurance Company issuing a
Title Insurance Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.22.<B>&#8239;&#8239;&#8239;</B></FONT><B>No
Encroachments</B>. To Borrower&rsquo;s knowledge, except as shown on the applicable Survey or in the Zoning Report, all of the improvements
on each Property lie wholly within the boundaries and building restriction lines of such Property, and no improvements on adjoining property
encroach upon any Property, and no easements or other encumbrances upon any Property encroach upon any of the improvements, so as, in
either case, to result in a Material Adverse Effect, except those that are insured against by a Title Insurance Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.23.<B>&#8239;&#8239;&#8239;</B></FONT><B>Physical
Condition</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
Borrower&rsquo;s knowledge, except for matters set forth in the Property Condition Reports, each Property and all material building systems
(including sidewalks, storm drainage system, roof, plumbing system, HVAC system, fire protection system, electrical system, equipment,
elevators, exterior sidings and doors, irrigation system and all structural components) are free of all material damage and are in good
condition, order and repair in all respects material to such Property&rsquo;s use, operation and value in keeping with the condition
and repair of a similar use, value, nature and construction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
for matters set forth in the Property Condition Reports, Borrower is not aware of any material structural or other material defect or
damages in any of the Properties, whether latent or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
has not received written notice from any insurance company or bonding company of any defects or inadequacies in any of the Properties
that would, alone or in the aggregate, adversely affect in any material respect the insurability of the same or cause the imposition
of extraordinary premiums or charges thereon or of any termination of any policy of insurance or bond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.24.<B>&#8239;&#8239;&#8239;</B></FONT><B>Fraudulent
Conveyance</B>. Borrower has not entered into the Transaction or any of the Loan Documents with the actual intent to hinder, delay or
defraud any creditor. Borrower has received reasonably equivalent value in exchange for its obligations under the Loan Documents. On
the Closing Date, in Borrower&rsquo;s reasonable estimation, after giving effect to the Loan, the fair salable value of Borrower&rsquo;s
aggregate assets is and will, immediately following the making of the Loan and the use and disbursement of the proceeds thereof, be greater
than Borrower&rsquo;s probable aggregate liabilities (including subordinated, unliquidated, disputed and Contingent Obligations). Borrower&rsquo;s
aggregate assets do not and, immediately following the making of the Loan and the use and disbursement of the proceeds thereof will not,
constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend
to, and does not presently believe that it will, incur debts and liabilities (including Contingent Obligations and other commitments)
beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or in respect of obligations
of Borrower).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.25.<B>&#8239;&#8239;&#8239;</B></FONT><B>Management;
Leasing</B>. Except for any Approved Management Agreement, Approved Leasing Agreement or Approved Parking Agreement, no property management
agreements, leasing agreements or parking management agreements are in effect with respect to the Properties. The Approved Management
Agreement is in full force and effect and there is no material event of default thereunder by Borrower, and to Borrower&rsquo;s knowledge,
any other party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a material
default thereunder. To Borrower&rsquo;s knowledge, the Approved Leasing Agreement is in full force and effect and there is no material
default by Borrower thereunder. To Borrower&rsquo;s knowledge, the Approved Parking Agreement is in full force and effect and there is
no material default thereunder by Borrower thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.26.<B>&#8239;&#8239;&#8239;</B></FONT><B>Condemnation</B>.
No Condemnation has been commenced or, to Borrower&rsquo;s knowledge, is contemplated with respect to all or any portion of any of the
Properties or for the relocation of roadways providing access to any of the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.27.<B>&#8239;&#8239;&#8239;</B></FONT><B>Utilities
and Public Access</B>. Except as shown on the Surveys, to Borrower&rsquo;s knowledge, each Property has adequate rights of access to
dedicated public ways (and makes no material use of any means of access or egress that is not pursuant to such dedicated public ways
or recorded, irrevocable rights-of-way or easements) and is adequately served by all public utilities, including water and sewer (or
well and septic), necessary to the continued use and enjoyment of such Property as presently used and enjoyed in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.28.<B>&#8239;&#8239;&#8239;</B></FONT><B>Environmental
Matters</B>. Except as disclosed in the Environmental Reports:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
Borrower&rsquo;s knowledge, (A)&nbsp;no Hazardous Substances are located at, on, in or under any of the Properties or have been handled,
manufactured, generated, stored, processed, or disposed of at, on, in or under, or have been Released from, any of the Properties, and
(B)&nbsp;without limiting the foregoing, there is not present at, on, in or under any of the Properties, any PCB-containing equipment,
asbestos or asbestos containing materials, underground storage tanks or surface impoundments for any Hazardous Substance, lead in drinking
water or lead-based paint (except in each case (A)&nbsp;and (B), in concentrations that comply with and would not be reasonably expected
to result in material liability under applicable Environmental Laws and would not have a Material Adverse Effect).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
Borrower&rsquo;s knowledge, Borrower is in compliance in all material respects with all Environmental Laws applicable to each Property
(which compliance includes, but is not limited to, the possession of, and compliance in all material respects with, all environmental,
health and safety permits, approvals, licenses, registrations and other governmental authorizations reasonably required in connection
with the ownership and operation of such Property under all applicable Environmental Laws). No Environmental Claim is pending to Borrower&rsquo;s
knowledge with respect to any of the Properties, nor, to Borrower&rsquo;s knowledge, is any threatened in writing, nor are there any
consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements
outstanding under any Environmental Law with respect to Borrower or any of the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as set forth in the Title Reports, no Liens are presently recorded with the appropriate land records under or pursuant to any Environmental
Law with respect to any of the Properties and, to Borrower&rsquo;s best knowledge, no Governmental Authority has been taking any action
to subject any of the Properties to Liens under any Environmental Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
have been no material environmental investigations, studies, audits, reviews or other analyses conducted within the last five years by
Borrower in relation to any of the Properties that have not been made available to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.29.<B>&#8239;&#8239;&#8239;</B></FONT><B>Assessments</B>.
Borrower has not received any written notice of and, to Borrower&rsquo;s knowledge, there are no pending, proposed special or other assessments
in writing for public improvements or otherwise affecting any of the Properties. No extension of time for assessment or payment by Borrower
of any federal, state or local tax is in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.30.<B>&#8239;&#8239;&#8239;</B></FONT><B>No
Joint Assessment</B>. Borrower has not suffered, permitted or initiated the joint assessment of any of the Properties (i)&nbsp;with any
other real property constituting a separate tax lot, or (ii)&nbsp;with any personal property, or any other procedure whereby the Lien
of any Property Taxes that may be levied against such other real property or personal property shall be assessed or levied or charged
to any of the Properties as a single Lien.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.31.<B>&#8239;&#8239;&#8239;</B></FONT><B>Separate
Lots</B>. No portion of any of the Properties is part of a tax lot that also includes any real property that is not Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.32.<B>&#8239;&#8239;&#8239;</B></FONT><B>Permits;
Certificate of Occupancy</B>. Except as disclosed in the Zoning Reports, Borrower has obtained all Permits necessary for the present
and contemplated use and operation of each Property. To Borrower&rsquo;s knowledge, the use being made of each Property are in conformity
in all material respects with the certificate of occupancy and/or Permits for such Property and any other restrictions, covenants or
conditions affecting such Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.33.<B>&#8239;&#8239;&#8239;</B></FONT><B>Flood
Zone</B>. Except as disclosed to Lender in writing prior to the date hereof, none of the improvements on any of the Properties is located
in an area identified by the Federal Emergency Management Agency or the Federal Insurance Administration as a &ldquo;100 year flood plain&rdquo;
or as having special flood hazards (including Zones A and V), or, to the extent that any portion of any of the Properties is located
in such an area, such Property is covered by flood insurance meeting the requirements set forth in <U>Section&nbsp;5.14(a)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.34.<B>&#8239;&#8239;&#8239;</B></FONT><B>Security
Deposits</B>. Borrower is in compliance in all material respects with all Legal Requirements relating to security deposits posted under
Leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.35.<B>&#8239;&#8239;&#8239;</B></FONT><B>Intentionally
Deleted</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.36.<B>&#8239;&#8239;&#8239;</B></FONT><B>Insurance</B>.
Borrower has obtained insurance policies in material compliance with the insurance coverages, amounts and other requirements set forth
in this Agreement. All premiums on such insurance policies required to be paid as of the Closing Date have been paid for the current
policy period. To Borrower&rsquo;s knowledge, no Person, including Borrower, has done, by act or omission, anything that would impair
the coverage of any such policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.37.<B>&#8239;&#8239;&#8239;</B></FONT><B>No
Dealings</B>. None of Borrower, Pledgor or Sponsor is aware of any unlawful influence on the assessed value of any of the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.38.<B>&#8239;&#8239;&#8239;</B></FONT><B>Intentionally
Omitted</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.39.<B>&#8239;&#8239;&#8239;</B></FONT><B>Sanctions</B>.
None of Borrower, Sponsor, Pledgor, any Required SPE, or any of their respective subsidiaries is a Sanctioned Person, and no Sanctioned
Person owns any direct or indirect equity interest in any Required SPE. Borrower, Sponsor, and each Required SPE are in compliance with
all Sanctions and Anti-Corruption Obligations in all material respects. To Borrower&rsquo;s knowledge, no Tenant at the Property is a
Sanctioned Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.40.<B>&#8239;&#8239;&#8239;</B></FONT><B>Intellectual
Property/Websites</B>. Other than as set forth in the Exception Report, to Borrower&rsquo;s knowledge, neither Borrower nor any affiliate
(i)&nbsp;has or holds any tradenames, trademarks, servicemarks, logos, copyrights, patents or other intellectual property with respect
to the Property or the use or operations thereof or (ii)&nbsp;is the registered holder of any website with respect to the Property (other
than Tenant websites).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.41.<B>&#8239;&#8239;&#8239;</B></FONT><B>Tax
Credits; Rent Regulations</B>. Borrower is not entitled to claim a low income housing credit for any Property under the &ldquo;Section&nbsp;8&rdquo;
housing program or under Section&nbsp;42 of the Internal Revenue Code, and no Property is otherwise subject to rent regulations or other
affordable housing regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.42.<B>&#8239;&#8239;&#8239;</B></FONT><B>Condominium</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Bethesda
Borrower has a 100% aggregate percentage interest in the common elements of the Condominium. The Condominium Units owned by Bethesda
Borrower are the only Condominium Units in the Condominium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
Condominium Document is in full force and effect and constitutes the binding obligation of Bethesda Borrower and, to Bethesda Borrower&rsquo;s
knowledge, each other party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as expressly set forth in the Exception Report, Bethesda Borrower has not consented to any amendment or modification (oral or written)
of any of the Condominium Documents, nor, to Bethesda Borrower&rsquo;s knowledge, does any such amendment or modification (oral or written)
of any of the Condominium Documents exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
events exist that, now or after the passage of time, or both, would constitute a default by Borrower under any of the Condominium Documents
(unless such default would not cause or reasonably be expected to result in a Material Adverse Effect). In addition, to Bethesda Borrower&rsquo;s
knowledge, no events exist that, now or after the passage of time, or both, would constitute a default by any Person other than Bethesda
Borrower under any of the Condominium Documents (unless such default would not cause or reasonably be expected to result in a Material
Adverse Effect).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as set forth in the Exception Report, there are no sums that are due and payable by Bethesda Borrower under any of the Condominium Documents
to either the Condominium Association, which sums remain unpaid. In addition, except as set forth in the Exception Report, to Bethesda
Borrower&rsquo;s knowledge, there are no sums due and payable by the Condominium Association under any of the Condominium Documents to
Bethesda Borrower, which sums remain unpaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
Bethesda Borrower&rsquo;s knowledge, there are no currently outstanding special assessments under the Condominium Documents, and, to
Bethesda Borrower&rsquo;s knowledge, none are presently contemplated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
Bethesda Borrower&rsquo;s knowledge, there are no anticipated capital improvements or repairs presently being undertaken to the common
elements or any other property of the Condominium and, to Bethesda Borrower&rsquo;s knowledge, the Condominium Association does not presently
contemplate undertaking any such capital improvements or repairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>As
of the date hereof, no board of directors of the Condominium Association has ever been formed, notwithstanding the requirement to form
such a board under the Condominium Documents. Accordingly, there are no duly appointed or acting members of the board of directors of
the Condominium Association, Bethesda Borrower has not taken, consented to or supported any action to establish or populate such a board,
and no conditional resignation letters have been delivered in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
Bethesda Borrower&rsquo;s knowledge, the Condominium Association has not incurred any debts and has not encumbered the common elements
or any other property of the Condominium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as set forth on the Exception Report, the Condominium Association has not entered into any management or maintenance agreements with
respect to the common elements or any other property of the Condominium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
disputes between Bethesda Borrower and the Condominium Association, and, to Bethesda Borrower&rsquo;s knowledge, no dispute between Bethesda
Borrower and the Condominium Association have been submitted to the board of directors of the Condominium Association or any other Person
for resolution in accordance with the provisions of the Condominium Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Condominium Association does not have any purchase, lease or other options or rights of first refusal with respect to the applicable
Property pursuant to the Condominium Documents or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.43.<B>&#8239;&#8239;&#8239;</B></FONT><B>Survival</B>.
All of the representations of Borrower set forth in this Agreement and in the other Loan Documents shall survive for so long as any portion
of the Indebtedness is outstanding. All representations, covenants and agreements made by Borrower in this Agreement or in the other
Loan Documents shall be deemed to have been relied upon by Lender as of the date they are made notwithstanding any investigation heretofore
or hereafter made by Lender or on its behalf. On the date of any Securitization, on not less than five Business Days&rsquo; prior written
notice, Borrower shall deliver to Lender a certification (x)&nbsp;confirming that all of the representations contained in this Agreement
are true and correct in all material respects as of the date of such Securitization, or (y)&nbsp;otherwise specifying any changes in
or qualifications to such representations as of such date as may be necessary to make such representations consistent with the facts
as they exist on such date<SUP>1</SUP>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;V</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AFFIRMATIVE
COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each individual Borrower covenants
and agrees as follows with respect to itself, each other individual Borrower and each Required SPE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.1.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Existence;
Licenses; Tax Status</B>. Each Required SPE shall do or cause to be done all things necessary to remain in existence. Borrower shall
do or cause to be done all things necessary to preserve, renew and keep in full force and effect all rights, licenses, Permits, franchises,
certificates of occupancy, consents, approvals and other agreements necessary for the continued use and operation of the Properties and
to remain qualified to do business in the jurisdiction in which each Property is located. Each Required SPE shall deliver to Lender a
copy of each amendment or other modification to any of its organizational documents promptly after the execution thereof. Each Required
SPE shall at all times be treated for tax purposes as a &ldquo;disregarded entity&rdquo; that is not taxable as a corporation for U.S.
federal tax purposes or, in the case of the Watergate Borrower, either a disregarded entity or a domestic partnership for U.S. federal
income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1.</SUP> Cure period for inadvertent rep breaches in Section
7.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.2.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Maintenance
of Properties</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall cause each Property to be maintained in good and safe working order and repair, reasonable wear and tear excepted, and in keeping
with the condition and repair of properties of a similar use, value, age, nature and construction, in all material respects. Borrower
shall not use, maintain or operate the Property in any manner that constitutes a public or private nuisance or that makes void, voidable,
or cancelable, or increases in any material respect the premium of, any insurance then in force with respect thereto. Subject to <U>Section&nbsp;6.13</U>,
without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, no improvements or equipment located
at or on the Property shall be removed, demolished or materially altered (except for replacement of equipment in the ordinary course
of Borrower&rsquo;s business with items of the same utility and of equal or greater value and sales or disposal of obsolete equipment
no longer needed for the operation of the Property). Subject to <U>Section&nbsp;6.13</U>, to the extent that funds are available from
the operation of the Property, Borrower shall from time to time make, or cause to be made, all reasonably necessary (as determined by
Borrower) and desirable repairs, renewals, replacements, betterments and improvements to the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall remediate in all material respects the Deferred Maintenance Conditions within the time periods following the Closing Date as specified
in <U>Schedule C</U> (or if no time periods are specified on <U>Schedule C</U>, within 12 months following the Closing Date), subject
to Force Majeure delays, and reasonably promptly following written request from Lender after the expiration of such period shall deliver
to Lender an Officer&rsquo;s Certificate confirming that such remediation has been completed in all material respects and that all associated
expenses have been paid. Borrower shall comply in all material respects with all material terms of any asbestos operating and maintenance
program in effect as of the Closing Date or otherwise required to be implemented by Borrower pursuant to environmental reports for the
applicable Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.3.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Compliance
with Legal Requirements</B>. Borrower shall comply with, and shall cause the Properties to comply in all material respects with and be
operated, maintained, repaired and improved in compliance with, all applicable Legal Requirements,&nbsp;Insurance Requirements and all
material contractual obligations by which Borrower is legally bound. After prior written notice to Lender, Borrower may contest any Legal
Requirement in compliance with the Contest Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.4.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Impositions
and Other Claims</B>. Borrower shall pay and discharge all taxes, assessments and governmental charges levied upon it, its income and
its assets as and when such taxes, assessments and charges are due and payable, as well as all lawful claims for labor, materials and
supplies or otherwise, subject to any rights to contest contained in the definition of &ldquo;Permitted Encumbrances&rdquo;. Borrower
shall file all federal, state and local tax returns and other reports that it is required by applicable law to file. If any law or regulation
applicable to Lender, any Note, any of the Collateral or the Mortgage is enacted after the date hereof that deducts from the value of
property for the purpose of taxation any Lien thereon, or imposes upon Lender the payment of the whole or any portion of the taxes or
assessments or charges or Liens required by this Agreement to be paid by Borrower, or changes in any way the laws or regulations relating
to the taxation of mortgages or security agreements or debts secured by mortgages or security agreements or the interest of the mortgagee
or secured party in the property covered thereby, or the manner of collection of such taxes, so as to affect the Mortgage, the Indebtedness
or Lender, then Borrower, reasonably promptly following written demand by Lender, shall pay such taxes, assessments, charges or Liens,
or reimburse Lender for any amounts paid by Lender. Following any such demand, Borrower shall have the right, upon 30 days advance written
notice to Lender, to repay the Indebtedness in full (but not in part) without the payment of any prepayment premium or prepayment fee.
In addition, if in the opinion of Lender&rsquo;s counsel it might be unlawful to require Borrower to make such payment or the making
of such payment might result in the imposition of interest beyond the maximum amount permitted by applicable law, Lender may elect to
declare all of the Indebtedness to be due and payable (without the requirement to pay any yield maintenance premium or any other prepayment
fee or premium) 180 days from the giving of written notice by Lender to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.5.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Access
to Properties</B>. Borrower shall permit agents, representatives and employees of Lender and the Servicer to enter and inspect the Properties
or any portion thereof, and/or inspect, examine, audit and copy the books and records of Borrower (including all recorded data of any
kind or nature, regardless of the medium of recording), at such reasonable times as may be requested by Lender upon reasonable advance
notice thereof, and subject to the rights of Tenants at the Properties. If an Event of Default exists or is reasonably imminent, then
the cost of such inspections, examinations, copying or audits shall be borne by Borrower or reimbursed to Lender by Borrower, including
the reasonable cost of all follow up or additional investigations, audits or inquiries deemed reasonably necessary by Lender; and such
cost, if not paid for by Borrower reasonably promptly following written demand therefore, may be added to the Indebtedness and shall
bear interest on the date Borrower shall fail to pay the same, until paid at the Default Rate. Notwithstanding anything else to the contrary,
access to Properties under this Section&nbsp;5.5 shall not permit Lender, Servicer or their agents, representatives or employees to conduct
any intrusive testing or sampling at any of the Properties or any portion thereof unless an Event of Default is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.6.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Cooperate
in Legal Proceedings</B>. Except with respect to any claim by Borrower against Lender, Borrower shall reasonably cooperate fully with
Lender with respect to any proceedings before any Governmental Authority that may in any way affect the rights of Lender hereunder or
under any of the Loan Documents and, in connection therewith, Lender may, at its election, participate or designate a representative
to participate in any such proceedings, which participation shall be at Borrower&rsquo;s sole cost and expense in an Event of Default
exists or is reasonably imminent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.7.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Leases</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
Lender&rsquo;s written request, Borrower shall furnish Lender with specifically requested executed copies of Leases that are not Major
Leases, and copies of all Major Leases. Unless Borrower has obtained the consent of Lender, not to be unreasonably withheld, all new
Leases and renewals or amendments of Leases must (i)&nbsp;be on Borrower&rsquo;s standard residential lease approved by Lender, (ii)&nbsp;be
entered into on an arms-length basis with Tenants that are not affiliates of Borrower and whose identity and creditworthiness is appropriate
for tenancy in property of comparable quality, (iii)&nbsp;provide for rental rates and other economic terms that, taken as a whole, are
at least equivalent to then-existing market rates, based on the applicable market, and otherwise contain terms and conditions that are
commercially reasonable, (iv)&nbsp;have an initial term of not more than 10 years, (v)&nbsp;to the extent of Major Leases, be subject
and subordinate to the Mortgages and, with respect to office Leases, contain provisions for the agreement by the Tenant thereunder to
attorn to Lender and any purchaser at a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title
to the Property by any purchaser at a foreclosure sale, and (v)&nbsp;for Major Leases, not reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
Major Lease that does not conform to the standards set forth in <U>Section&nbsp;5.7(a)</U>&nbsp;shall be subject to the prior written
consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. In addition, all new Major Leases, and all
terminations, renewals and amendments thereof, and any surrender of rights under or consent to assignment of any Major Lease, shall be
subject to the prior written consent of Lender. Notwithstanding the foregoing, Borrower may, without the consent of Lender, in response
to any pandemic, natural emergency or similar act of God, grant to any Tenant under any Lease rent deferrals or abatements in respect
of up to three months&rsquo; rent in the aggregate, provided that such deferred or abated rent is required to be repaid prior to the
expiration of the then-current term of such Lease. Borrower shall reasonably promptly deliver to Lender written notice of any such deferral
or abatement and copies of any associated agreements or other documentation. Each request for approval of a Major Lease or a Lease that
does not meet the requirements of this <U>clause&nbsp;&lrm;(b)</U>&nbsp; shall be submitted to Lender in an envelope marked &ldquo;URGENT
 &ndash; LENDER&rsquo;S ATTENTION REQUIRED WITHIN 10 BUSINESS DAYS&rdquo;, together with (i)&nbsp;a copy of the proposed Major Lease or
non-conforming Lease, (ii)&nbsp;a summary of the economic terms thereof and any termination options contained therein, and (iii)&nbsp;copies
of all written materials obtained by the applicable Borrower in connection with its evaluation of the creditworthiness of the proposed
Tenant under the Lease, and shall be deemed approved if Lender shall not have notified Borrower in writing of its disapproval thereof
and the reasons for such disapproval within five Business Days after Borrower shall have given Lender written notice confirming that
at least ten Business Days have elapsed since such submission, which written notice shall be submitted to Lender in an envelope marked
 &ldquo;URGENT &ndash; SECOND AND FINAL NOTICE &ndash; LENDER&rsquo;S ATTENTION REQUIRED BY [DATE]&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall (i)&nbsp;observe and punctually perform all the material obligations imposed upon the lessor under the Leases; (ii)&nbsp;enforce
all of the material terms, covenants and conditions contained in the Leases on the part of the lessee thereunder to be observed or performed,
short of termination thereof, except that Borrower may terminate any Lease, other than a Major Lease, following a material default thereunder
by the respective Tenant; (iii)&nbsp;not collect any of the rents thereunder more than one month in advance; (iv)&nbsp;not execute any
assignment of lessor&rsquo;s interest in the Leases or associated rents other than the assignments of rents and leases under the Mortgages;
(v)&nbsp;not cancel or terminate any guarantee of any of the Major Leases (except in accordance with the terms thereof) without the prior
written consent of Lender not to be unreasonably withheld, and shall be subject to deemed approval provisions of <U>Section&nbsp;5.7(b)</U>&nbsp;above;
and (vi)&nbsp;not permit any subletting of any space covered by a Major Lease or an assignment of the Tenant&rsquo;s rights under a Major
Lease, except in strict accordance with the terms of such Major Lease. Borrower shall deliver to each new Major Tenant a Tenant Notice
upon execution of such Tenant&rsquo;s Lease, and promptly thereafter deliver to Lender a copy thereof and evidence of such Tenant&rsquo;s
receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Security
deposits of Tenants under all Leases shall be held by the applicable Borrower in segregated security deposit accounts; except that security
deposits of Tenants at the Riverside Property shall not be required to be held in segregated security deposit accounts unless and until
so required by applicable law or the terms of the applicable Leases and shall instead be remitted into the Lockbox Account. Borrower
shall maintain books and records of sufficient detail to identify all security deposits of Tenants separate and apart from any other
payments received from Tenants. Subject to Legal Requirement, any letter of credit, bond or other instrument held by Borrower in lieu
of cash security shall name Lender as payee or mortgagee thereunder or be fully assignable to Lender. Borrower hereby pledges to Lender,
when the same are forfeited by the applicable Tenant, each such letter of credit, bond or other instrument as security for the Indebtedness.
During the continuance of an Event of Default, Borrower shall, upon Lender&rsquo;s request, deposit with Lender in an Eligible Account
pledged to Lender an amount equal to the aggregate security deposit of the Tenants (and any interest theretofore earned on such security
deposits and actually received by Borrower), and any such letters of credit, bonds or other instruments that Borrower had not returned
to the applicable Tenants or applied in accordance with the terms of the applicable Lease (and failure to do so shall constitute a misappropriation
of funds pursuant to <U>Section&nbsp;8.19(b)</U>), excluding security deposits of tenants at the Riverside Property that were theretofore
deposited into the Lockbox Account in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall promptly deliver to Lender a copy of each written notice from a Tenant under any Major Lease claiming that Borrower is in default
in the performance or observance of any of the material terms, covenants or conditions thereof to be performed or observed by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.8.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Plan
Assets,&nbsp;etc</B>. Borrower will do, or cause to be done, all things necessary to ensure that it will not be deemed to hold Plan Assets
at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.9.<B>&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Further
Assurances</B>. Borrower shall, at Borrower&rsquo;s sole cost and expense, from time to time as reasonably requested by Lender, execute,
acknowledge, record, register, file and/or deliver to Lender such other instruments, agreements, certificates and documents (including
amended or replacement mortgages), and Borrower hereby consents to the filing by Lender of any Uniform Commercial Code financing statements,
in each case as Lender may reasonably request to evidence, confirm, perfect and maintain the Liens securing or intended to secure the
obligations of Borrower and the rights of Lender under the Loan Documents and do and execute all such further lawful and reasonable acts,
conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other
Loan Documents as Lender shall reasonably request from time to time, provided that no such documents shall increase the duties or obligations
of Borrower or Guarantor under this Agreement or the other Loan Documents or diminish the rights of Borrower or Guarantor under this
Agreement or under the other Loan Documents. Upon foreclosure, the appointment of a receiver or any other relevant action, Borrower shall,
at its sole cost and expense, cooperate fully and completely to effect the assignment or transfer of any license, permit, agreement or
any other right necessary or useful to the operation of the Collateral. Upon receipt of an affidavit of Lender as to the loss, theft,
destruction or mutilation of any Note, Borrower shall issue, in lieu thereof, a replacement Note in the same principal amount thereof
and in the form thereof. Borrower hereby authorizes and appoints Lender as its attorney-in-fact to, during the continuance of an Event
of Default, execute, acknowledge, record, register and/or file such instruments, agreements, certificates and documents, and to do and
execute such acts, conveyances and assurances, should Borrower fail to do so following Lender&rsquo;s request which shall be submitted
to Borrower in an envelope marked &ldquo;URGENT &ndash;BORROWER&rsquo;S ATTENTION REQUIRED WITHIN 10 BUSINESS DAYS&rdquo;, followed by
written notice from Lender to Borrower confirming that at least ten Business Days have elapsed since such submission, which written notice
shall be submitted to Borrower in an envelope marked &ldquo;URGENT &ndash; SECOND AND FINAL NOTICE &ndash; BORROWER&rsquo;S ATTENTION
REQUIRED BY [DATE]&rdquo;), itself in violation of this Agreement or the other Loan Documents following written request from Lender,
in each case without the signature of Borrower. The foregoing grant of authority is a power of attorney coupled with an interest and
such appointment shall be irrevocable for the term of this Agreement. Borrower hereby ratifies all actions that such attorney shall lawfully
take or cause to be taken in accordance with this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.10.<B>&#8239;&#8239;&#8239;</B></FONT><B>Management
of Collateral</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Management:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Watergate Property shall be managed at all times by an Approved Property Manager pursuant to an Approved Management Agreement. Pursuant
to the Subordination of Property Management and Leasing Agreement, each Approved Property Manager shall agree that its Approved Management
Agreement and all fees thereunder (including any incentive fees) are subject and subordinate to the Indebtedness. Borrower may from time
to time appoint an Approved Property Manager to manage each Property pursuant to an Approved Management Agreement, provided that (i)&nbsp;no
Event of Default is continuing, (ii)&nbsp;Lender receives at least 60 days&rsquo; prior written notice of same, (iii)&nbsp;such successor
manager shall execute and deliver to Lender for Lender&rsquo;s benefit a Subordination of Property Management Agreement in form and substance
reasonably satisfactory to Lender, and (iv)&nbsp;if such Approved Property Manager is an affiliate of Borrower, Borrower shall deliver
to Lender a new non-consolidation opinion reasonably acceptable to Lender with respect to such Approved Property Manager and new Approved
Management Agreement. The per annum fees of the Approved Property Manager (in the aggregate with the Approved Leasing Agent) (including
any incentive fees) shall not, at any time, exceed the Maximum Management Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Watergate Property leasing shall be managed at all times by an Approved Leasing Agent pursuant to an Approved Leasing Agreement. Pursuant
to the Subordination of Property Management and Leasing Agreement, each Approved Leasing Agent shall agree that its Approved Leasing
Agreement and all fees thereunder (including any incentive fees) are subject and subordinate to the Indebtedness. Borrower may from time
to time appoint an Approved Leasing Agent to manage each Property pursuant to an Approved Leasing Agreement, provided that (i)&nbsp;no
Event of Default is continuing, (ii)&nbsp;Lender receives at least 60 days&rsquo; prior written notice of same, (iii)&nbsp;such successor
manager shall execute and deliver to Lender for Lender&rsquo;s benefit a Subordination of Property Leasing Agreement in form and substance
reasonably satisfactory to Lender, and (iv)&nbsp;if such Approved Leasing Agent is an affiliate of Borrower, Borrower shall deliver to
Lender a new non-consolidation opinion reasonably acceptable to Lender with respect to such Approved Leasing Agent and new Approved Leasing
Agreement. The per annum fees of the Approved Leasing Agent (in the aggregate, with the Approved Property Manager) (including any incentive
fees), shall not, at any time, exceed the Maximum Management Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Watergate Property parking shall be managed at all times by an Approved Parking Manager pursuant to an Approved Parking Agreement. Pursuant
to the Subordination of Parking Agreement or Agreements, each Approved Parking Manager shall agree that its Approved Parking Agreement
and all fees thereunder (including any incentive fees) are subject and subordinate to the Indebtedness. Borrower may from time to time
appoint an Approved Parking Manager to manage each Parking pursuant to an Approved Parking Agreement, provided that (i)&nbsp;no Event
of Default is continuing, (ii)&nbsp;Lender receives at least 60 days&rsquo; prior written notice of same, (iii)&nbsp;such successor manager
shall execute and deliver to Lender for Lender&rsquo;s benefit a Subordination of Parking Agreement in form and substance reasonably
satisfactory to Lender, and (iv)&nbsp;if such Approved Parking Manager is an affiliate of Borrower, Borrower shall deliver to Lender
a new non-consolidation opinion reasonably acceptable to Lender with respect to such Approved Parking Manager and new Approved Parking
Agreement. The per annum fees of the Approved Parking Manager (including any incentive fees) shall not, at any time, exceed the fee set
forth in the Approved Parking Agreement as of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall cause each Approved Leasing Agent, Approved Leasing Agent and Approved Parking Manager (including any successor Approved Leasing
Agent) to maintain at all times during the term of the Loan, worker&rsquo;s compensation insurance as required by Governmental Authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Notice
of Defaults:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall notify Lender in writing of any material default of Borrower or the Approved Property Manager under the Approved Management Agreement,
after the expiration of any applicable cure periods, of which Borrower has actual knowledge. Lender shall have the right, after reasonable
notice to Borrower and in accordance with the Subordination of Property Management and Leasing Agreement, to cure defaults of Borrower
under the Approved Management Agreement. Any reasonable and documented out-of-pocket expenses incurred by Lender to cure any such default
shall constitute a part of the Indebtedness and shall be due from Borrower upon demand by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall notify Lender in writing of any default of Borrower or the Approved Leasing Manager under the Approved Leasing Agreement, after
the expiration of any applicable cure periods, of which Borrower has actual knowledge. Lender shall have the right, after reasonable
notice to Borrower and in accordance with the Subordination of Property Management and Leasing Agreement, to cure defaults of Borrower
under the Approved Leasing Agreement. Any reasonable and documented out-of-pocket expenses incurred by Lender to cure any such default
shall constitute a part of the Indebtedness and shall be due from Borrower upon demand by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall notify Lender in writing of any default of Borrower or the Approved Parking Manager under the Approved Parking Agreement, after
the expiration of any applicable cure periods, of which Borrower has actual knowledge. Lender shall have the right, after reasonable
notice to Borrower and in accordance with the Subordination of Parking Agreement, to cure defaults of Borrower under the Approved Parking
Agreement. Any reasonable and documented out-of-pocket expenses incurred by Lender to cure any such default shall constitute a part of
the Indebtedness and shall be due from Borrower upon demand by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Termination:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the continuance of an Event of Default, or following any foreclosure, conveyance in lieu of foreclosure or other similar transaction,
or during the continuance of a material default by the Approved Property Manager under the Approved Management Agreement (after the expiration
of any applicable notice and/or cure periods), or if the Approved Property Manager files or is the subject of a petition in bankruptcy,
or if a trustee or receiver is appointed for the Approved Property Manager&rsquo;s assets or if the Approved Property Manager is adjudicated
insolvent, or if the Debt Yield (Multifamily) (tested on a quarterly basis for this purpose) is below 7.5% (unless Borrower prepays the
Loan from equity sources in an amount that would increase the Debt Yield (Multifamily) to be at least 7.5%), then, in any such case,
Lender may, in its sole discretion, terminate or require Borrower to terminate the Approved Management Agreement and engage an Approved
Property Manager selected by Borrower, subject to Lender&rsquo;s approval in its reasonable discretion, or in the event of an Event of
Default or following any foreclosure, conveyance-in-lieu of foreclosure or other similar transaction, selected by Lender, to serve as
replacement Approved Property Manager pursuant to an Approved Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the continuance of an Event of Default, or following any foreclosure, conveyance in lieu of foreclosure or other similar transaction,
or during the continuance of a material default by the Approved Leasing Agent under the Approved Leasing Agreement (after the expiration
of any applicable notice and/or cure periods), or if the Approved Leasing Agent files or is the subject of a petition in bankruptcy,
or if a trustee or receiver is appointed for the Approved Leasing Agent&rsquo;s assets or the Approved Leasing Agent makes an assignment
for the benefit of creditors, or if the Approved Leasing Agent is adjudicated insolvent, or if the Debt Yield (Multifamily) (tested on
a quarterly basis for this purpose) is below 7.5% (unless Borrower prepays the Loan from equity sources in an amount that would increase
the Debt Yield (Multifamily) to be at least 7.5%), then, in any such case, Lender may, in its sole discretion, terminate or require Borrower
to terminate the Approved Leasing Agreement and engage an Approved Leasing Agent selected by Borrower, subject to Lender&rsquo;s approval
in its reasonable discretion, or in the event of an Event of Default or following any foreclosure, conveyance-in-lieu of foreclosure
or other similar transaction, selected by Lender, to serve as replacement Approved Leasing Agent pursuant to an Approved Leasing Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the continuance of an Event of Default, or following any foreclosure, conveyance in lieu of foreclosure or other similar transaction,
or during the continuance of a material default by the Approved Parking Manager under the Approved Parking Agreement (after the expiration
of any applicable notice and/or cure periods), or if the Approved Parking Manager files or is the subject of a petition in bankruptcy,
or if a trustee or receiver is appointed for the Approved Parking Manager&rsquo;s assets or the Approved Parking Manager makes an assignment
for the benefit of creditors, or if the Approved Parking Manager is adjudicated insolvent, or if the Debt Yield (Multifamily) (tested
on a quarterly basis for this purpose) is below 7.5% (unless Borrower prepays the Loan from equity sources in an amount that would increase
the Debt Yield (Multifamily) to be at least 7.5%), then, in any such case, Lender may, in its sole discretion, terminate or require Borrower
to terminate the Approved Parking Agreement and engage an Approved Parking Manager selected by Borrower, subject to Lender&rsquo;s approval
in its reasonable discretion, or in the event of an Event of Default or following any foreclosure, conveyance-in-lieu of foreclosure
or other similar transaction, selected by Lender , to serve as replacement Approved Parking Manager pursuant to an Approved Parking Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event that the Approved Management Agreement, Approved Leasing Agreement or Approved Parking Agreement is scheduled to expire at
any time during the term of the Loan, Borrower shall submit to Lender by no later than 60 days prior to such expiration a draft replacement
management, leasing or parking agreement (as applicable) for approval in Lender&rsquo;s reasonable discretion, in accordance with the
terms and conditions hereof. Borrower&rsquo;s failure to submit the same within such time-frame shall, at Lender&rsquo;s option, constitute
an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.11.<B>&#8239;&#8239;&#8239;</B></FONT><B>Notice
of Material Event</B>. Borrower shall give Lender prompt written notice (containing reasonable detail) of (i)&nbsp;any casualty or threatened
condemnation, of the Property as reasonably determined by Borrower, including the termination or cancellation of terrorism or other insurance
required by this Agreement, (ii)&nbsp;any notice from the Approved Property Manager, Approved Leasing Agent or Approved Parking Manager
to the extent such notice relates to a matter that could reasonably be expected to result in a Material Adverse Effect, (iii)&nbsp;any
notice from or communication with any Governmental Authority regarding the potential application of any Foreign Investment Regulation
to the direct or indirect ownership of Borrower or any Property, (iv)&nbsp;any litigation or governmental proceedings pending or threatened
in writing against Borrower or any Property that could reasonably be expected to result in a Material Adverse Effect, (v)&nbsp;the insolvency
or bankruptcy filing of any Required SPE, Sponsor or an affiliate of any of the foregoing and (vi)&nbsp;any other circumstance or event
that could reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.12.<B>&#8239;&#8239;&#8239;</B></FONT><B>Annual
Financial Statements</B>. As soon as available, and in any event within 85 days after the close of each Fiscal Year, Borrower shall furnish
to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower&rsquo;s sole cost and expense),
or, in the case of predominantly text documents, in Adobe pdf format, annual financial statements of Borrower, including a combined balance
sheet of the Borrowers (and no other entities), together with related combined statements of operations and equity holders&rsquo; capital
and cash flows for such Fiscal Year, including a combined balance sheet and statement of income for the Properties on a combined basis,
accompanied by an Officer&rsquo;s Certificate certifying that they are true, correct and complete and were prepared in accordance with
GAAP applied on a consistent basis, subject to changes resulting from audit and normal year-end audit adjustments, and within 120 days
after the close of each Fiscal Year, Borrower shall furnish to Lender annual financial statements of Sponsor, including statement of
changes in net assets and a statement of Sponsor&rsquo;s net assets, audited by a nationally-recognized accounting firm whose opinion
shall be to the effect that such financial statements have been prepared in accordance with GAAP applied on a consistent basis and shall
not be qualified as to the scope of the audit or as to the status of Borrower as a going concern. Together with Borrower&rsquo;s annual
financial statements, Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks
site at Borrower&rsquo;s sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
consolidated statement of cash flows for all assets of Sponsor;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>then
current rent rolls of the Properties; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
other information as Lender shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.13.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</B></FONT><B>Quarterly
Financial Statements</B>. As soon as available, and in any event within 45 days after the end of each Fiscal Quarter (including year-end),
Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower&rsquo;s
sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format, quarterly and year-to-date unaudited financial
statements prepared for such Fiscal Quarter with respect to Borrower, including a balance sheet and operating statement of Borrower as
of the end of such Fiscal Quarter, together with related statements of operations, equity holders&rsquo; capital and cash flows for such
Fiscal Quarter and for the portion of the Fiscal Year ending with such Fiscal Quarter, which statements shall be accompanied by an Officer&rsquo;s
Certificate certifying that the same are true, correct and complete and were prepared in accordance with GAAP applied on a consistent
basis, subject to changes resulting from audit and normal year-end audit adjustments. Each such quarterly report shall be accompanied
by the following, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower&rsquo;s sole cost
and expense), or, in the case of predominantly text documents, in Adobe pdf format:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement in reasonable detail that calculates Net Operating Income as of the end of each of the Fiscal Quarters in the Test Period ending
in such Fiscal Quarter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>copies
of each Major Lease signed during such quarter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>then
current rent roll of each Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
comparison of the year to date results with the Annual Property Budget for such period and the Fiscal Year; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
other information as Lender shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.14.<B>&#8239;&#8239;&#8239;</B></FONT><B>Monthly
Financial Statements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall furnish within 30 days after the end of each calendar month (other than the final calendar month of any Fiscal Year or Fiscal Quarter),
in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower&rsquo;s sole cost and expense), or,
in the case of predominantly text documents, in Adobe pdf format, monthly and year-to-date unaudited financial statements prepared for
the applicable month with respect to Borrower, including a balance sheet as of the end of such month, together with related statements
of income, equity holders&rsquo; capital and cash flows for such month and for the portion of the Fiscal Year ending with such month,
which statements shall be accompanied by an Officer&rsquo;s Certificate certifying that the same are true, correct and complete and were
prepared in accordance with GAAP applied on a consistent basis, subject to changes resulting from audit and normal year-end audit adjustments.
Each such monthly report shall be accompanied by the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>then
current rent roll of each Property; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
other information as Lender shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
Borrower fails to provide to Lender the financial statements and other information specified in <U>Section&nbsp;5.12</U>, <U>Section&nbsp;5.13</U>
and this <U>Section&nbsp;5.14 </U>within the respective time period specified in such Sections and such failure continues for 10 Business
Days following written notice from Lender, then such failure shall, at Lender&rsquo;s election, constitute an Event of Default following
written notice from Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.15.<B>&#8239;&#8239;&#8239;</B></FONT><B>Insurance</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall obtain, and shall maintain at all times, the following insurance policies with respect to the Property for the mutual benefit of
Borrower and Lender at all times, the following policies of insurance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Property
insurance against loss or damage by standard perils included within the classification &ldquo;All Risks&rdquo; or &ldquo;Special Form&rdquo;
Causes of Loss, including coverage for damage caused by windstorm (including named storm) and hail, on the Improvements and, if applicable,
personal property at the Property. Such insurance shall (A)&nbsp;be in an amount equal to 100% of the &ldquo;Full Replacement Cost&rdquo;,
which for purposes of this Agreement means actual replacement cost (exclusive of costs of excavations, foundations, underground utilities
and footings) with a waiver of depreciation; (B)&nbsp;provide for no deductibles in excess of $100,000, except in the case of windstorm/named
storm and earthquake coverage, which shall have deductibles not in excess of 5% of the total insurable value of the Property; (C)&nbsp;be
paid annually in advance; (D)&nbsp;be written on a no coinsurance form or contain an &ldquo;Agreed Amount&rdquo; endorsement waiving
all coinsurance provisions; (E)<FONT STYLE="color: #d13438; background-color: white">&nbsp;</FONT>if any of the Improvements or use of
the Property constitute legal non-conforming structures or uses, provide ordinance or law coverage containing Coverage A: &ldquo;Loss
to the undamaged portion of the building&rdquo; (with a limit equal to the replacement cost of such undamaged portion), Coverage B: &ldquo;Demolition
Cost&rdquo; and Coverage C: &ldquo;Increased Cost of Construction&rdquo; coverages each with limits of no less than 10% of replacement
cost or such lesser amounts as Lender may require in its sole discretion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any portion of the Improvements are at any time located in an area identified by (A)&nbsp;the Federal Emergency Management Agency in
the Federal Register as an area having special flood hazards and/or (B)&nbsp;the Secretary of Housing and Urban Development or any successor
thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act
of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, or any successor law (the &ldquo;<B>Flood Insurance
Acts</B>&rdquo;), flood hazard insurance (1)&nbsp;in an amount equal to the maximum limit of coverage available for the Property under
the Flood Insurance Acts, or such equivalent private flood policy as deemed acceptable in Lender&rsquo;s sole discretion, plus (2)&nbsp;such
additional amounts or other related and/or excess coverage as Lender may require with deductibles no greater than the maximum limit of
coverage under the Flood Insurance Acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Commercial
general liability insurance, including terrorism, on a broad form coverage of property damage, contractual liability for insured contracts
and personal injury (including bodily injury and death), to be on the so-called &ldquo;occurrence&rdquo; form containing minimum limits
per occurrence of not less than $1,000,000 with not less than a $2,000,000 general aggregate for any policy year (with a per location
aggregate if the Property is on a blanket policy) and a deductible not in excess of $50,000. In addition, at least $100,000,000 excess
and/or umbrella liability insurance shall be obtained and maintained on terms consistent with the commercial general liability insurance
required above, and <U>Section&nbsp;5.15(a)(x)</U>&nbsp;and <U>Section&nbsp;5.15(a)(xi)</U>&nbsp;below, for any and all claims, including
all legal liability imposed upon Borrower and all related court costs and attorneys&rsquo; fees and disbursements and including supplemental
coverage for employer&rsquo;s liability, automobile liability and liquor liability, if applicable, which umbrella liability coverage
shall apply in excess of such supplemental coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Rental
loss and/or business interruption insurance (A)&nbsp;covering all risks required to be covered by the insurance provided for herein,
including <U>clauses <I>&lrm;</I>(i)</U>, <I><U>&lrm;</U></I><U>(v)</U>, <I><U>&lrm;</U></I><U>(vii)</U>, <I><U>&lrm;</U></I><U>(viii)</U>&nbsp;
and <I><U>&lrm;</U></I><U>(ix)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>, (B)&nbsp;with loss payable to Lender; and (C)&nbsp;covering
the 18 month period from the date of the Casualty, and containing an extended period of indemnity endorsement covering the 12-month period
commencing on the date on which the Property has been restored, as reasonably determined by the applicable insurer (even if the policy
will expire prior to the end of such period). The amount of such insurance may be increased from time to time but not more frequently
than once per Fiscal Year as and when the gross revenues from the Property increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Comprehensive
boiler and machinery insurance/equipment breakdown, if applicable, in amounts as shall be required by Lender on terms consistent with
the commercial property insurance policy required under <U>clause&nbsp;<I>&lrm;</I>(i)</U>&nbsp; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Worker&rsquo;s
compensation insurance with respect to all employees of Borrower, subject to the statutory limits of the state in which the Property
is located, and employer&rsquo;s liability, with limits as required from time to time by Lender in respect of any work or operations
on or about the Property, or in connection with the Property or its operation (if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
any period of repair or restoration, and only if the property and liability coverage forms do not otherwise apply, (A)&nbsp;commercial
general liability and umbrella liability insurance covering claims related to the repairs or restoration at the Property that are not
covered by or under the terms or provisions of the insurance provided for in <U>clause&nbsp;<I>&lrm;</I>(iii)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>&nbsp;and
(B)&nbsp;the insurance provided for in <U>clause&nbsp;<I>&lrm;</I>(i)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>, which shall, in
addition to the requirements set forth in such clause, (1)&nbsp;be written in a so-called builder&rsquo;s risk completed value form or
equivalent coverage, including coverage for 100% of the total costs of construction on a non-reporting basis and against all risks insured
against pursuant to <U>clauses <I>&lrm;</I>(i)</U>, <I><U>&lrm;</U></I><U>(ii)</U>, <I><U>&lrm;</U></I><U>(iv)</U>, <I><U>&lrm;</U></I><U>(v)</U>,
<I><U>&lrm;</U></I><U>(viii)</U>&nbsp; and <I><U>&lrm;</U></I><U>(ix)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>, (2)&nbsp;include
permission to occupy the Property, and (3)&nbsp;contain an agreed amount endorsement waiving co-insurance provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Property is located in seismic zone 3 or 4, earthquake insurance with minimum coverage equivalent to either (1)&nbsp;1.5x SEL (scenario
expected loss), based on the 475-year from an individual seismic risk assessment, multiplied by the &ldquo;Full Replacement Cost&rdquo;
of the Property within the meaning set forth in <U>clause&nbsp;<I>&lrm;</I>(i)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>, plus business
income/rental value as required in <U>clause&nbsp;<I>&lrm;</I>(iv)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>, or (2)&nbsp;not less
than the 475-year annual aggregate probable maximum loss as indicated in a seismic risk analysis for a 475-year return period, to the
extent insured under a dedicated or blanket policy, which shall be run in the manner in which the program responds (such analysis to
be approved by Lender and secured by Borrower utilizing a third-party firm qualified to perform such seismic risk analysis using the
most current RMS software, or its equivalent, to include consideration of loss amplification, at the expense of the applicable Individual
Borrower); <U>provided</U> that the insurance pursuant to <U>clause&nbsp;<I>&lrm;</I>(viii)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>&nbsp;shall
be on terms consistent with the comprehensive all-risk insurance policy required under <U>clause <I>&lrm;</I>(i)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
insurance required under <U>clauses <I>&lrm;</I>(i)</U>, <I><U>&lrm;</U></I><U>(iii)</U>, <I><U>&lrm;</U></I><U>(iv)</U>, and <I><U>&lrm;</U></I><U>(vii)</U>&nbsp;
of this <U>Section&nbsp;5.15(a)</U>&nbsp;shall cover perils and acts of terrorism, and Borrower shall maintain insurance for loss resulting
from such perils and acts of terrorism on terms (including coverage amounts) consistent with those required under <U>clauses <I>&lrm;</I>(i)</U>,
<I><U>&lrm;</U></I><U>(iii)</U>, <I><U>&lrm;</U></I><U>(iv)</U>&nbsp; and <I><U>&lrm;</U></I><U>(vii)</U>&nbsp; of this <U>Section&nbsp;5.15(a)</U>&nbsp;throughout
the term of the Loan. If, at any time, &ldquo;acts of terrorism&rdquo;, similar acts or events, or &ldquo;fire following&rdquo; such
acts or events are excluded from Borrower&rsquo;s comprehensive all-risk insurance policy or policies required under <U>clauses <I>&lrm;</I>(i)</U>&nbsp;
and <I><U>&lrm;</U></I><U>(iv)</U>&nbsp; of <U>Section&nbsp;5.15(a)</U>, Borrower shall obtain either an endorsement to such policy or
policies, or a separate policy from an insurance provider, in either case in form and substance reasonably satisfactory to Lender. Such
coverage must satisfy the requirements of <U>Section&nbsp;5.15(a)</U>&nbsp;and insure against all such excluded acts or events, including
 &ldquo;fire following&rdquo; such acts or events, in an amount not less than the sum of 100% of the &ldquo;Full Replacement Cost&rdquo;
and the business income/rent loss insurance required in <U>Section&nbsp;5.15(a)</U>. Notwithstanding the foregoing, for so long as the
Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (&ldquo;<B>TRIPRA</B>&rdquo;),
remains in effect (including any extensions thereof, or if another federal governmental program providing substantially similar protections
is in effect), Lender shall accept terrorism insurance that insures against &ldquo;covered acts&rdquo; as defined by TRIPRA (or such
other program) as full compliance with this <U>Section&nbsp;5.15(a)(ix)</U>&nbsp;as it relates to the risks that are required to be covered
hereunder, but only in the event that TRIPRA (or such other program) continues to cover both domestic and foreign acts of terrorism.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Auto
liability coverage for all owned and non-owned vehicles, including rented and leased vehicles, containing minimum limits per occurrence
of $1,000,000 (if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>So-called
 &ldquo;dramshop&rdquo; insurance or other liquor liability insurance required in connection with the sale, manufacturing or distribution
of alcoholic beverages, in an amount acceptable to Lender, if applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Insurance
against crime/employee dishonesty with respect to any employees of Borrower, in an amount acceptable to Lender, if applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Such
other insurance as may from time to time be requested by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>All
insurance policies provided for in <U>Section&nbsp;5.15(a)</U>&nbsp;shall be obtained under valid and enforceable policies (the &ldquo;<B>Policies</B>&rdquo;)
and shall be issued by insurance companies authorized to do business in the state in which the Property is located that have a claims-paying
ability/financial strength rating of &ldquo;A-&rdquo; or better by S&amp;P or&nbsp;a rating of &ldquo;A-:X&rdquo; or better in the current
Best&rsquo;s Insurance Reports.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
blanket insurance Policy shall be subject to Lender approval and shall otherwise provide the same protection as would a separate Policy
insuring only the Property in compliance with the provisions of this <U>Section&nbsp;5.15</U>. Such Policies may be &ldquo;blanket policies&rdquo;
covering multiple locations, <U>provided</U> the coverages for the Property provide the protections listed above. Any material changes
to such blanket policies shall be subject to Lender&rsquo;s review and approval based on the PML report(s)&nbsp;for the applicable catastrophic
perils (such PML report(s)&nbsp;to be approved by Lender and secured by Borrower utilizing a third-party firm qualified to perform such
risk analysis using the most current RMS software, or its equivalent, at the expense of the Borrower) and such other information as requested
by Lender. For the purposes of this paragraph, &ldquo;material change&rdquo; means any change or aggregation of the insured values covered
under such blanket policies, including the reduction or erosion of flood, windstorm / named storm and earthquake limits or the addition
of locations that are subject to the perils of flood, windstorm / named storm and earthquake, or any other modification of the policy
which would otherwise bring the policy out of compliance with this agreement. The applicable portfolio PML report(s)&nbsp;shall be furnished
during the policy term when such material change(s)&nbsp;will impact the catastrophic exposure on the Policy or, at a minimum, on an
annual basis if no material changes have occurred and shall be run in the manner in which the program responds. Further, any changes
to the limits under the policy as of the closing date or an aggregation of the insured values covered under the blanket policy, including
the reduction or erosion of flood, windstorm/named storm and earthquake limits or the addition of locations that are subject to the perils
of flood, windstorm / named storm and earthquake, shall be subject to Lender&rsquo;s approval and satisfaction of the Rating Condition.
To the extent that any blanket policy covers more than one location within a 1,000-foot radius of the Property (the &ldquo;<B>Radius</B>&rdquo;),
the limits of such blanket policy must be sufficient to maintain terrorism coverage as set forth in <U>Section&nbsp;5.15(a)(ix)</U>&nbsp;for
the Property and any and all other locations combined within the Radius that are covered by such blanket policy calculated on a total
insured value basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>All
Policies required pursuant to <U>Section&nbsp;5.15(a)</U>&nbsp;shall contain clauses or endorsements to the effect that such Policies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>shall
be maintained throughout the term of the Loan without cost to Lender and shall name Borrower as the named insured;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of any property policy, shall contain a standard non-contributory mortgagee clause in favor of Lender providing that the loss
thereunder shall be payable to Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of any liability policy, except for those described in <U>clauses&nbsp;<I>&lrm;</I>(vi)</U>, <I><U>&lrm;</U></I><U>(x)</U>&nbsp;
and <I><U>&lrm;</U></I><U>(xii)</U>&nbsp; of <U>Section&nbsp;5.15(a)</U>, shall name Lender and its successors and assigns as their interests
may appear as additional insureds;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>shall
contain an endorsement or other provision providing that Lender shall receive at least 30 days&rsquo; prior written notice of cancellation
thereof (or, in the case of cancellation due to non-payment of premium, 10 days&rsquo; prior written notice);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of any property policy, shall contain an endorsement providing that no act or negligence of Borrower, or of any Tenant or other
occupant, or of any other person named as an insured, or failure to comply with the provisions of any Policy, which might otherwise result
in a forfeiture of the insurance or any part thereof, or any foreclosure or other proceeding or notice of sale relating to the Property
shall affect the validity or enforceability of the insurance insofar as a mortgagee is concerned;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>shall
not contain provisions that would make Lender liable for any insurance premiums thereon or subject to any assessments thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>shall
contain a waiver of subrogation against Lender, when permitted by law; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>shall
require that the issuer(s)&nbsp;thereof give 10 days&rsquo; written notice to Lender if the issuers elect not to renew the Policy prior
to its expiration (except for worker&rsquo;s compensation required in <U>Section&nbsp;5.15(a)(vi)</U>&nbsp;where such notice can be provided
when commercially possible).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
to the extent escrowed pursuant to the terms of this Agreement, Borrower shall pay or cause to be paid the premiums for all Policies
as the same become due and payable. Complete copies of such Policies shall be delivered to Lender promptly when the same become available.
Upon the expiration date of each Policy, Borrower shall deliver to Lender evidence reasonably satisfactory to Lender of its renewal including
but not limited to Acord 28 and Acord 25 form along with lender related endorsements. Borrower shall promptly forward to Lender a copy
of each written notice received by Borrower of any material modification, reduction or cancellation of any of the Policies or of any
of the coverages afforded under any of the Policies. Within 30 days after request by Lender, provided increases in insurance coverages
are being consistently applied by Lender to other loans encumbering similar properties to the applicable Property in the location(s)&nbsp;where
the Property or Properties are located, Borrower shall obtain such increases in the amounts of coverage required hereunder as may be
requested by Lender, taking into consideration changes in the value of money over time, changes in liability laws, changes in prudent
customs and practices, and the like.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall not procure any other insurance coverage that would be on the same level of payment as the Policies or would adversely impact in
any way the ability of Lender or Borrower to collect any proceeds under any of the Policies. If at any time Borrower Defaults in its
obligations to maintain the Policies in full force and effect, Lender shall have the right to take such action as Lender deems necessary
to protect its interest in the Property, including obtaining such insurance coverage as Lender in its sole discretion deems appropriate
(but limited to the coverages and amounts required in this Agreement). All premiums, costs and expenses (including attorneys&rsquo; fees
and expenses) incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall constitute
a portion of the Indebtedness, shall be secured by the Mortgage and other Loan Documents, shall be paid by Borrower to Lender upon demand
and, until paid, shall bear interest at the Default Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event of foreclosure of the Mortgage or other transfer of title to the Property in extinguishment in whole or in part of the Indebtedness,
all right, title and interest of Borrower in and to the Policies then in force with respect to the Property and all proceeds payable
thereunder shall thereupon vest in the purchaser at such foreclosure or in Lender or other transferee in the event of such other transfer
of title.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>As
an alternative to the Policies required to be maintained pursuant to the preceding provisions of this <U>Section&nbsp;5.15</U>, Borrower
will not be in default under this <U>Section&nbsp;5.15</U> if Borrower maintains (or causes to be maintained) Policies which (i)&nbsp;have
coverages, deductibles and/or other related provisions other than those specified above and/or (ii)&nbsp;are provided by insurance companies
not meeting the credit ratings requirements set forth above (any such Policy, a &ldquo;<B>Non-Conforming Policy</B>&rdquo;); <U>provided</U>
that prior to obtaining such Non-Conforming Policies (or permitting such Non-Conforming Policies to be obtained), Borrower shall have
(1)&nbsp;received Lender&rsquo;s prior written consent thereto and (2)&nbsp;confirmed that the Rating Condition has been satisfied with
respect to any such Non-Conforming Policy. Notwithstanding the foregoing, Lender reserves the right to deny its consent to any Non-Conforming
Policy regardless of whether or not Lender has consented to the same on any prior occasion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.16.<B>&#8239;&#8239;&#8239;</B></FONT><B>Casualty
and Condemnation</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall give prompt written notice to Lender of any Casualty or Condemnation or of the actual or threatened commencement of proceedings
that would result in a Condemnation, of which Borrower has actual knowledge or receives written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
may participate at its sole cost and expense (unless an Event of Default is continuing, in which case, as Borrower&rsquo;s sole cost
and expense) in any proceedings for any taking by any public or quasi-public authority accomplished through a Condemnation or any transfer
made in lieu of or in anticipation of a Condemnation, to the extent permitted by law. Upon Lender&rsquo;s request, Borrower shall deliver
to Lender all instruments reasonably requested by it to permit such participation. Borrower shall, at its sole cost and expense, diligently
prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on
or defense of any such proceedings. Borrower shall not consent or agree to a Condemnation or action in lieu thereof without the prior
written consent of Lender in each instance, which consent shall not be unreasonably withheld, delayed or conditioned in the case of a
taking of an immaterial portion of any Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
may (x)&nbsp;jointly with Borrower settle and adjust any claims, (y)&nbsp;during the continuance of an Event of Default, settle and adjust
any claims without the consent or cooperation of Borrower, or (z)&nbsp;allow Borrower to settle and adjust any claims; except that if
no Event of Default is continuing, Borrower may settle and adjust claims aggregating not in excess of the Threshold Amount if such settlement
or adjustment is carried out in a competent and timely manner, but Lender shall be entitled to collect and receive any and all Loss Proceeds
in accordance herewith. The reasonable expenses incurred by Lender in the adjustment and collection of Loss Proceeds shall become part
of the Indebtedness and shall be reimbursed by Borrower to Lender upon demand therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>All
Loss Proceeds from any Casualty or Condemnation shall be remitted directly to Lender for deposit into the Loss Proceeds Account (monthly
rental loss/business interruption proceeds to be initially deposited into the Loss Proceeds Account and subsequently deposited into the
Cash Management Account in installments as and when the lost rental income covered by such proceeds would have been payable). Following
the occurrence of a Casualty, Borrower, regardless of whether proceeds are available, shall in a reasonably prompt manner proceed to
restore, repair, replace or rebuild the applicable Property to the extent practicable to be of at least equal value and of substantially
the same character as prior to the Casualty, all in accordance with the terms hereof applicable to Alterations. If, at any Property,
a Condemnation or Casualty occurs as to which in the reasonable judgment of Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of a Casualty, the cost of restoration would not exceed 30% of the estimated net selling price of the applicable Property and
the Casualty does not render untenantable, or result in the cancellation of Leases covering, more than 50% of the gross rentable area
of the affected individual Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of a Condemnation,&nbsp;the Condemnation does not render untenantable, or result in the cancellation of Leases covering more
than 50% of the gross rentable area of the applicable individual Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>restoration
of the affected individual Property is reasonably expected to be completed prior to the expiration of rental interruption insurance and
at least 120 days prior to the Maturity Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>after
such restoration, the fair market value of the affected individual Property is reasonably expected to equal at least the fair market
value of the affected individual Property immediately prior to such Condemnation or Casualty (assuming the affected portion of such individual
Property is relet); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
necessary approvals and consents from Governmental Authorities to allow the rebuilding and re-occupancy of the affected individual Property
may readily be obtained;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or if Lender otherwise elects to allow Borrower
to apply Loss Proceeds toward the restoration of such individual Property, then, provided no Event of Default is continuing, the Loss
Proceeds after receipt thereof by Lender and reimbursement of any reasonable out-of-pocket expenses actually incurred by Lender in connection
therewith shall be applied to the cost of restoring, repairing, replacing or rebuilding the affected individual Property or part thereof
subject to the Casualty or Condemnation, in the manner set forth below (and Borrower shall commence, as promptly and diligently as practicable,
to prosecute such restoring, repairing, replacing or rebuilding of the affected individual Property in a workmanlike fashion and in accordance
with applicable law to a status at least equivalent to the quality and character of the affected individual Property immediately prior
to the Condemnation or Casualty). Provided that no Event of Default shall have occurred and be then continuing, Lender shall disburse
such Loss Proceeds to Borrower upon Lender&rsquo;s being furnished with (i)&nbsp;evidence reasonably satisfactory to it of the estimated
cost of completion of the restoration, (ii)&nbsp;if the cost of completion of the restoration plus payment of debt service on the Loan
during the period of restoration exceeds the amount then contained in the Loss Proceeds Account, funds in an amount equal to such excess,
which funds shall be remitted into the Loss Proceeds Account as additional Collateral for the Loan, and (iii)&nbsp;such architect&rsquo;s
certificates, waivers of lien, contractor&rsquo;s sworn statements, title insurance endorsements, bonds, plats of survey and such other
evidences of cost, payment and performance as Lender may reasonably request; and Lender may, in any event, require that all plans and
specifications for restoration reasonably estimated by Lender to exceed the Threshold Amount be submitted to and approved by Lender prior
to commencement of work (which approval shall not be unreasonably withheld, delayed or conditioned). If Lender reasonably estimates that
the cost to restore will exceed the Threshold Amount, Lender may retain a local construction consultant to inspect such work and review
Borrower&rsquo;s request for payments and Borrower shall, on demand by Lender, reimburse Lender for the reasonable fees and expenses
of such consultant (which fees and expenses shall constitute Indebtedness) and shall be permitted to draw funds from the Loss Proceeds
account for the purpose of such reimbursement. No payment shall exceed 90% of the value of the work performed from time to time until
such time as 50% of the restoration (calculated based on the anticipated aggregate cost of the work) has been completed, and amounts
retained prior to completion of 50% of the restoration shall not be paid prior to the final completion of the restoration. After the
restoration has been substantially completed, the excess, if any, of the Loss Proceeds and all amount remaining in the Loss Proceeds
Account shall be remitted to the Excess Cash Flow Reserve Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall cooperate with Lender in obtaining for Lender the benefits of any Loss Proceeds lawfully or equitably payable to Lender in connection
with the Properties. Lender shall be reimbursed for any reasonable expenses incurred in connection therewith (including reasonable attorneys&rsquo;
fees and disbursements, and, if reasonably necessary to collect such proceeds, the expense of an Appraisal on behalf of Lender) out of
such Loss Proceeds or, if insufficient for such purpose, by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
Borrower is not entitled to apply Loss Proceeds toward the restoration of a Property pursuant to <U>Section&nbsp;5.16(d)</U>&nbsp;and
Lender elects not to permit such Loss Proceeds to be so applied, such Loss Proceeds shall be applied (i)&nbsp;within one day of the date
such proceeds are received, or (ii)&nbsp;if the Loan has been securitized, on the first Payment Date following such election, accompanied
by interest through the end of the applicable Interest Accrual Period (calculated as if the amount prepaid were outstanding), to the
prepayment of the Principal Indebtedness. If the Note has been Componentized, all prepayments of the Loan made by Borrower in accordance
with this Section&nbsp;shall be applied to the Notes or Note Components in the manner described in the most recent Componentization Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
the foregoing provisions of this Section, if the Loan is included in a REMIC and immediately following a release of any portion of the
applicable Property from the Lien of the Loan Documents in connection with a Casualty or Condemnation the Loan would fail to satisfy
a Lender 125% Determination (taking into account the planned restoration of the applicable Property), then Borrower shall prepay within
180 days after written notice (and in any event prior to the release of any related Collateral), the Principal Indebtedness in accordance
with <U>Section&nbsp;5.16(f)</U>&nbsp;in an amount equal to either (i)&nbsp;so much of the Loss Proceeds as are necessary to cause the
Lender 125% Determination to be satisfied, or if the aggregate Loss Proceeds are insufficient for such purpose, then 100% of such Loss
Proceeds, or (ii)&nbsp;a lesser amount, provided that Borrower delivers to Lender an opinion of counsel, in form and substance reasonably
satisfactory to Lender and delivered by counsel reasonably satisfactory to Lender, opining that such release of the applicable Property
from the Lien does not cause any portion of the Loan to cease to be a &ldquo;qualified mortgage&rdquo; within the meaning of section
860G(a)(3)&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.17.<B>&#8239;&#8239;&#8239;</B></FONT><B>Annual
Budgets</B>. No more than 30 days after the commencement of each Fiscal Year during the term of the Loan, and within 30 days after the
occurrence of any Event of Default (provided such Event of Default is continuing and has not been waived in writing by Lender prior to
the end of such 30-day period), Borrower shall deliver to Lender an Annual Property Budget for the Properties, and Sponsor&rsquo;s Annual
G&amp;A Budget, in each case for the ensuing Fiscal Year and, promptly after preparation thereof, any subsequent revisions thereto, which
delivery shall be for informational purposes only so long as no Event of Default is continuing. During the continuance of any Event of
Default, such Annual Property Budget and such Annual G&amp;A Budget, and any revisions thereto, shall be subject to Lender&rsquo;s prior
written approval (the Annual Property Budget, as so approved, the &ldquo;<B>Approved Annual Property Budget</B>&rdquo;, and the Annual
G&amp;A Budget, as so approved, the &ldquo;<B>Approved G&amp;A Budget</B>&rdquo;). Borrower shall not amend any Approved Annual Property
Budget or Approved G&amp;A Budget more than once in any 60-day period. Lender shall advise Borrower of any objections to each such revised
budget within 10 days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower
shall promptly revise the same in accordance with the process described in this subsection until Lender approves such budget. Any proposed
Annual Property Budget, Annual G&amp;A Budget, or revision thereof submitted for Lender&rsquo;s approval in an envelope or sent electronically
by PDF marked &ldquo;URGENT &ndash; LENDER&rsquo;S ATTENTION REQUIRED WITHIN 30 DAYS&rdquo;, shall be deemed approved if Lender shall
not have notified Borrower in writing of its disapproval thereof within ten days after Borrower shall have given Lender written notice
confirming that at least 30 days have elapsed since such submission, which written notice shall be submitted to Lender in an envelope
marked &ldquo;URGENT &ndash; SECOND AND FINAL NOTICE &ndash; LENDER&rsquo;S ATTENTION REQUIRED BY [DATE]&rdquo;). During any period that
Lender has not approved or been deemed to have approved an Annual Property Budget, the Approved Annual Property Budget in effect immediately
prior to the delivery of such Annual Property Budget shall, until a new Annual Property Budget shall have been approved, be deemed to
be the then-applicable Approved Annual Property Budget. Lender has heretofore approved the Annual Property Budget and the Annual G&amp;A
Budget for the remainder of calendar year 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.18.<B>&#8239;&#8239;&#8239;</B></FONT><B>Venture
Capital Operating Companies; Nonbinding Consultation</B>. Solely to the extent that Lender or any direct or indirect holder of an interest
in the Loan must qualify as a &ldquo;venture capital operating company&rdquo; (as defined in Department of Labor Regulation 29 C.F.R.
 &sect; 2510.3-101), Lender shall have the right to consult with and advise Borrower regarding significant business activities and business
and financial developments of Borrower, provided that any such advice or consultation or the result thereof shall be completely nonbinding
on Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.19.<B>&#8239;&#8239;&#8239;</B></FONT><B>Compliance
with Encumbrances and Material Agreements</B>. Borrower covenants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall comply with all material terms, conditions and covenants of each Material Agreement and each material Permitted Encumbrance, including
any reciprocal easement agreement, ground lease, declaration of covenants, conditions and restrictions, and any condominium arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall promptly deliver to Lender a true and complete copy of each and every notice of default received by Borrower with respect to any
material obligation of Borrower under the provisions of any Material Agreement and/or Permitted Encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall deliver to Lender copies of any written notices of material default or event of default relating to any Material Agreement and/or
Permitted Encumbrance served by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Without
the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, Borrower shall not grant or withhold any
material consent, approval or waiver under any Material Agreement or Permitted Encumbrance unless no Event of Default is continuing and
the same would not be reasonably likely to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall deliver to each other party to any Permitted Encumbrance and any Material Agreement notice of the identity of Lender and each assignee
of Lender of which Borrower is aware if such notice is required in order to protect Lender&rsquo;s interest thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall enforce, short of termination thereof, the performance and observance of each and every material term, covenant and provision of
each Material Agreement and Permitted Encumbrance to be performed or observed, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.20.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Sanctioned
Persons</B>. Borrower will not directly or indirectly use the proceeds of the Loan, or lend, contribute or otherwise make available such
proceeds, to any other Person to fund or facilitate any activities or business of or relating to any Sanctioned Person or Sanctioned
Territory, or in any other manner, in each case if such would result in a violation of Sanctions. Borrower will not permit any Sanctioned
Person or Sanctioned Territory to have any direct or indirect interest in or connection to any funds repaid or remitted by Borrower in
connection with this Agreement or the other Loan Documents that would result in a violation of, or a restriction on the use of such funds
under, any Sanctions<B>. </B>No Required SPE, nor Guarantor, shall (i)&nbsp;knowingly&nbsp;conduct any business, or engage in any transaction
or dealing, with any Sanctioned Person, including the making or receiving of any contribution of funds, goods, or services, to or for
the benefit of a Sanctioned Person, in violation of Sanctions, or (ii)&nbsp;knowingly engage in or conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any Sanctions. Borrower shall cause the representation
set forth in <U>Section&nbsp;4.39</U> to remain true and correct at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.21.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Condominium</B>.
Borrower covenants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall pay all common charges and other assessments as required by the Condominium Documents in respect of the applicable Property and
shall promptly, following demand, exhibit to Lender receipts for all such payments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall not, unless directed otherwise in writing by Lender, without first obtaining Lender&rsquo;s prior written consent, (1)&nbsp;vote
for, consent to or permit to occur any modification of, amendment to, or relaxation in the enforcement of, any material provision of
the Condominium Documents; <U>provided</U>, <U>however</U>, Lender&rsquo;s approval shall not be required for amendments to the Condominium
Documents containing disclosures or other provisions required to be made by Legal Requirements; (2)&nbsp;in the event of damage to or
destruction of the applicable Property, vote in opposition to a motion to repair, restore or rebuild, unless the Indebtedness will be
repaid in full as a pursuant to <U>Section&nbsp;5.16</U>; (3)&nbsp;partition or subdivide any Condominium Unit, or combine any Condominium
Unit with another Condominium Unit; (4)&nbsp;consent to the termination of the Condominium; (5)&nbsp;vote in favor of the imposition
of special assessments for capital improvements pursuant to the Condominium Documents or (6)&nbsp;establish or constitute a board of
directors of the Condominium Association or appoint, nominate, support or consent to any person serving as a member of such board; provided,
that any consent by Lender under this clause (6)&nbsp;shall be conditioned upon Lender&rsquo;s prior receipt of duly executed conditional
resignation letters in form and substance satisfactory to Lender from each member of the board of directors of the Condominium Association;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall fully and faithfully observe, keep and perform, in all material respects, each and every material requirement, condition, covenant,
agreement and provisions under the Condominium Act and the Condominium Documents on the part of Borrower to be observed, kept and performed.
Borrower shall promptly deliver to Lender a copy of any notice of default received by Borrower with respect to any obligation of Borrower
under the provisions of the Condominium Documents or the Condominium Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VI</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>NEGATIVE
COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each individual Borrower covenants
and agrees as follows with respect to itself, each other individual Borrower, and each Required SPE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.1.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Liens
on the Collateral</B>. No Required SPE shall permit or suffer the existence of any Lien on any of its assets, other than Permitted Encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.2.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Ownership</B>.
Borrower shall not own any assets other than the Properties and related personal property and fixtures located therein or used in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.3.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Transfers</B>.
Without the prior written consent of Lender, Borrower shall not Transfer any Collateral other than (i)&nbsp;in compliance with <U>Article&nbsp;II</U>,
and (ii)&nbsp;the replacement or other disposition of obsolete or non-useful personal property and fixtures in the ordinary course of
business. No Prohibited Change of Control, Prohibited Equity Pledge or Prohibited Preferred Equity shall occur. Borrower shall not hereafter
file a declaration of condominium with respect to any of the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.4.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Debt</B>.
Borrower shall not have any Debt, other than Permitted Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.5.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Dissolution;
Merger or Consolidation</B>. No Required SPE shall dissolve, terminate, liquidate, merge with or consolidate into another Person or divide
or convert into multiple entities or series pursuant to Sections 18-215, 18-217 or 18-218 of the Delaware Limited Liability Company Act
or Sections 17-218, 17-220, or 17-221 of the Delaware Limited Partnership Act, in connection with a tenancy-in-common arrangement, or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.6.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Change
in Business</B>. Borrower shall not make any material change in the scope or nature of its business objectives, purposes or operations
or undertake or participate in activities other than the continuance of its present business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.7.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Debt
Cancellation</B>. Borrower shall not cancel or otherwise forgive or release any material claim or Debt owed to it by any Person, except
for adequate consideration or in the ordinary course of its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.8.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Affiliate
Transactions</B>. Borrower shall not enter into, or be a party to, any transaction with any affiliate of Borrower, except on terms that
are intrinsically fair, commercially reasonable and substantially similar to those that Borrower would have obtained in a comparable
arms&rsquo;-length transaction with an unrelated third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.9.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Misapplication
of Funds</B>. Borrower shall not (a)&nbsp;distribute or pay any Revenue or Loss Proceeds in violation of the provisions of this Agreement
(and shall promptly cause the reversal of any such distributions made in error of which Borrower becomes aware), (b)&nbsp;fail to remit
or cause amounts to be remitted to the Lockbox Account as required by <U>Section&nbsp;3.1</U>, (c)&nbsp;make any distributions to equity
holders except for (w)&nbsp;distributions made to the Sponsor from the net funded proceeds for the Loan for the purpose described in
the last sentence of <U>Section&nbsp;4.18</U>, (x)&nbsp;G&amp;A Expenses remitted from the Cash Management Account, the Excess Cash Flow
Reserve Account and the Shortfall Reserve Account in accordance herewith, up to the G&amp;A Expense Distribution Cap, (y)&nbsp;payments
owed pursuant to Lender-approved service contracts with affiliates, provided such contracts have been subordinated to the Loan in a manner
acceptable to Lender, and (z)&nbsp;Distributable Excess Release Proceeds, or (d)&nbsp;misappropriate any security deposit or portion
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.10.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Jurisdiction
of Formation; Name</B>. Borrower shall not change its jurisdiction of formation. Borrower shall not change its name without receiving
Lender&rsquo;s prior written consent and promptly providing Lender such information and replacement Uniform Commercial Code financing
statements and legal opinions as Lender may reasonably request in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.11.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Modifications
and Waivers</B>. Unless otherwise consented to in writing by Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall not amend, modify, terminate, renew, or surrender any rights or remedies under any Lease, or enter into any Lease, except in compliance
with <U>Section&nbsp;5.8</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
Required SPE shall terminate, amend or modify its organizational documents (including any operating agreement, limited partnership agreement,
by-laws, certificate of formation, or certificate of limited partnership) if such amendment or modification (i)&nbsp;affects any provision
or definition relating to Independent Directors, (ii)&nbsp;affects any provision or definition relating to separateness, bankruptcy remoteness
or qualification as a Single-Purpose Entity, (iii)&nbsp;affects any provision or definition on which any opinion of counsel delivered
to Lender in connection with the Transaction is based (or any assumption contained in such opinion of counsel), (iv)&nbsp;affects any
provision or definition relating to springing members, (v)&nbsp;affects any provision or definition relating to the permitted business
activities of Borrower, or (vi)&nbsp;would reasonably be expected to result in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall not terminate, amend or modify the Approved Management Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall not (x)&nbsp;enter into any Material Agreement, or amend, modify, surrender or waive any material rights or remedies under any
Material Agreement, except, in each case, on arms-length commercially reasonable terms, (y)&nbsp;terminate any Material Agreement without
the prior written consent of Lender, to the extent doing so would reasonably likely result in a Material Adverse Effect, except for terminations
in connection with a material default thereunder, or (y)&nbsp;default in its obligations under any Material Agreement if such default
would reasonably likely result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.12.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>ERISA</B>.
Borrower shall not maintain or contribute to, or agree to maintain or contribute to, or permit any ERISA Affiliate of Borrower to maintain
or contribute to or agree to maintain or contribute to, any employee benefit plan (as defined in Section&nbsp;3(3)&nbsp;of ERISA) subject
to Title IV or Section&nbsp;302 of ERISA or Section&nbsp;412 of the Code. Borrower shall not, and shall not be deemed to, hold Plan Assets.
Borrower shall not be a &ldquo;governmental plan&rdquo; (as defined in Section&nbsp;3(32) of ERISA) and shall not be subject to any federal,
state or local laws, rules&nbsp;or regulations substantially similar to Title I of ERISA or Section&nbsp;4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.13.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Maintenance
and Alterations</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall not use, maintain or operate any Property in any manner that constitutes a public or private nuisance, or that makes void, voidable,
or cancelable, or increases the premium of, any insurance then in force with respect thereto, or that would materially increase the risk
of fire or other hazard arising out of the operation of any Property, or do or permit to be done thereon anything that may in any way
impair the value of any Property in any material respect or the Liens of the Mortgages or the Pledge Agreement or otherwise cause or
reasonably be expected to result in a Material Adverse Effect. Borrower shall not install or permit to be installed on any Property any
underground storage tank. Borrower shall not, without the prior written consent of Lender, permit any drilling or exploration for or
extraction, removal, or production of any minerals from the surface or the subsurface of any Property, regardless of the depth thereof
or the method of mining or extraction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
equipment that is material or necessary to for the operation and maintenance of the Property shall be removed or demolished without the
prior written consent of Lender (except for replacement of equipment in the ordinary course of Borrower&rsquo;s business with items of
the same utility and of equal or greater value and sales of obsolete equipment no longer needed for the operation of the applicable Property).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the continuance of any Event of Default, Borrower shall not perform or contract to perform any capital improvements requiring Capital
Expenditures that are not consistent with the Approved Annual Property Budget unless in the case of an imminent emergency involving threat
to the Property or safety of Persons therein. Borrower shall not perform, undertake, contract to perform or consent to any Material Alteration
without the prior written consent of Lender, which consent (in the absence of an Event of Default) shall not be unreasonably withheld,
delayed or conditioned, but may be conditioned on the delivery of additional collateral in the form of cash or cash equivalents if the
same is estimated to exceed the Threshold Amount, in form acceptable to Lender in respect of the amount by which any such Material Alteration
exceeds the Threshold Amount. If Lender&rsquo;s consent is requested hereunder with respect to a Material Alteration, Lender may retain
a construction consultant to review such request and, if such request is granted, Lender may retain a construction consultant to inspect
the work from time to time. Borrower shall within 10 Business Days of Lender&rsquo;s written demand therefore, reimburse Lender for the
reasonable fees and actual out-of-pocket costs of such consultant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.14.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Single-Purpose
Entity</B>. No Required SPE shall cease to be a Single-Purpose Entity until the Indebtedness has been repaid in full. No Required SPE
shall remove or replace any Independent Director without Cause and without providing at least two Business Days&rsquo; advance written
notice thereof to Lender and the Rating Agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.15.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Zoning
and Uses</B>. Borrower shall not do any of the following without the prior written consent of Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>initiate
or support any limiting change in the permitted uses of any of the Properties (or to the extent applicable, zoning reclassification of
any of the Properties) or any portion thereof, seek any variance under existing land use restrictions, laws, rules&nbsp;or regulations
(or, to the extent applicable, zoning ordinances) applicable to a Property, or use or permit the use of a Property in a manner that would
result in the use of such Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would
violate the terms of any Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or
any portion of any Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned),
unless such discontinuance or abandonment would not reasonably be expected to result in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>execute
or file any subdivision plat affecting any of the Properties, or institute, or permit the institution of, proceedings to alter any tax
lot comprising any of the Properties; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>permit
or consent to any of the Properties being used by the public or any Person in such manner as would reasonably be expected to result in
a claim of adverse usage or possession or of any implied dedication or easement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.16.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Waste</B>.
Borrower shall not commit or permit any Waste on any of the Properties, nor take any actions that might invalidate any insurance carried
on any of the Properties (and Borrower shall promptly correct any such actions of which Borrower becomes aware).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.17.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Tax
Credits; Rent Regulations</B>. Borrower shall not claim a low income housing credit for any Property under Section&nbsp;8 or Section&nbsp;42
of the Internal Revenue Code or otherwise subject any Property to rent regulations or other affordable housing regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VII</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DEFAULTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.1.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Events
of Default</B>. The occurrence of any one or more of the following events shall be, and shall constitute the commencement of, an &ldquo;<B>Event
of Default</B>&rdquo; hereunder (any Event of Default that has occurred shall continue unless and until waived by Lender in writing in
its sole discretion):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
defaults in (x)&nbsp;the payment when due of any principal or interest owing hereunder or under the Notes (including any mandatory prepayment
required hereunder) or (y)&nbsp;the payment of any other amount required to be remitted into the Cash Management Account on a Payment
Date pursuant to <U>Section&nbsp;3.2(b)</U>, and such default under this <U>clause (y)</U>&nbsp;shall continue for five Business Days;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
defaults, and such default shall continue for at least five Business Days after written notice to Borrower that such amount is owing,
in the payment when due of fees, expenses or other amounts owing hereunder, under the Notes or under any of the other Loan Documents
(other than principal and interest owing under the Note and any other amounts required to be remitted into the Cash Management Account
on a Payment Date pursuant to <U>Section&nbsp;3.2(b)</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Representations</U>.
If any representation made by Borrower, Pledgor or Sponsor in any of the Loan Documents, or in any report, certificate, financial statement
or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect (or, with
respect to any representation that itself contains a materiality qualifier, in any respect) as of the date such representation was made,
<U>provided</U>, <U>however</U>, that if Borrower did not have actual knowledge at the time of such representation or warranty that such
representation or warranty was false or misleading in any material respect and the same is susceptible of being cured, the same shall
be an Event of Default hereunder only if the same is not cured within 30 days after Borrower&rsquo;s receipt of written notice from Lender
or, in the case of any such representation that is susceptible of cure but cannot reasonably be cured within such 30 day period and Borrower
shall have (A)&nbsp;commenced to cure or cause the cure of such representation or warranty to be commenced within such 30 day period,
(B)&nbsp;submitted to Lender an Officer&rsquo;s Certificate setting forth an explanation of the inability to cure such Default within
such 30 day period and describing Borrower&rsquo;s past and intended efforts to cure, or cause the cure of, such Default and (C)&nbsp;thereafter
diligently proceeded to cure the same, such 30 day period shall be extended for up to an additional 60 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Bankruptcy,&nbsp;etc</U>.
If:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Required SPE or Sponsor shall commence a voluntary case concerning itself under any Title of the United States Code concerning bankruptcy
or insolvency (as amended, modified, succeeded or replaced, from time to time, the &ldquo;Bankruptcy Code&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Required SPE or Sponsor shall commence any other proceeding under any reorganization, arrangement, adjustment of debt, relief of creditors,
dissolution, insolvency or similar law of any jurisdiction whether now or hereafter in effect relating to such Required SPE or Sponsor,
or shall dissolve or otherwise cease to exist (other than the adoption of the Liquidation Plan of the Sponsor, provided the Liquidation
Plan shall not be completed prior to the payment in full of the Indebtedness);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>there
is commenced against any Required SPE or Sponsor an involuntary case under the Bankruptcy Code, or any such other proceeding, which remains
undismissed for 90 days after commencement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Required SPE or Sponsor is adjudicated insolvent or bankrupt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Required SPE or Sponsor suffers appointment of any custodian or the like for it or for any substantial portion of its property and such
appointment continues unchanged or unstayed for a period of 60 days after commencement of such appointment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Required SPE or Sponsor makes a general assignment for the benefit of creditors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Required SPE or Sponsor takes any action for the purpose of effecting any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Prohibited
Change of Control</U>. If a Transfer of the Property or a Prohibited Change of Control occurs, or any other transfer of a direct or indirect
equity interests in Borrower or Pledgor that is not a Permitted Equity Transfer or otherwise violates <U>Section&nbsp;2.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Equity
Pledge; Preferred Equity</U>. If a Prohibited Equity Pledge or any Prohibited Preferred Equity occurs or exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Insurance</U>.
If Borrower fails to maintain in full force and effect all Policies required hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>ERISA;
Negative Covenants</U>. If a default occurs in the due performance or observance by Borrower of any term, covenant or agreement contained
in <U>&lrm;Section&nbsp;5.7</U> or in <U>Article&nbsp;VI</U> that, unless referred to in any other subsection of this Section, remains
uncured for 10 days after Borrower receives actual knowledge thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Legal
Requirements</U>. If Borrower fails to cure properly any material violation of Legal Requirements affecting all or any portion of any
Property that would reasonably be expected to have a Material Adverse Effect within 30 days after Borrower first receives written notice
of any such violations; <U>provided</U>, <U>however</U>, if any such violation is reasonably susceptible of cure, but not within such
30 day period, then Borrower shall be permitted up to an additional 30 days to cure such violation provided that Borrower commences a
cure within such initial 30 day period and thereafter diligently and continuously pursues such cure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Express
Events of Default</U>. If any event occurs that is explicitly identified as an &ldquo;Event of Default&rdquo; under any provision contained
herein or in any of the other Loan Documents; or if a default occurs under any term, covenant or agreement contained herein or in any
of the other Loan Document if the applicable Loan Document specifies a cure period and the default remains uncured following the expiration
of such cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Other
Covenants</U>. If a default occurs in the due performance or observance by Borrower, Pledgor or Sponsor (including any successor thereto)
of any term, covenant or agreement (other than those referred to in any other subsection of this Section) contained in this Agreement
or in any other Loan Document, except that in the case of a default that can be cured by the payment of money, such default shall not
constitute an Event of Default unless and until it shall remain uncured for 10 days after Borrower receives written notice from Lender;
and in the case of a default that cannot be cured by the payment of money but is susceptible of being cured within 30 days, such default
shall not constitute an Event of Default unless and until it remains uncured for 30 days after Borrower receives written notice thereof;
and if such non-monetary default is not cured within such 30 day period despite Borrower&rsquo;s diligent efforts but is susceptible
of being cured within 120 days of Borrower&rsquo;s receipt of Lender&rsquo;s original notice, then Borrower shall have such additional
time as is reasonably necessary to effect such cure, but in no event in excess of 120 days from Borrower&rsquo;s receipt of Lender&rsquo;s
original notice, provided that Borrower shall deliver with reasonable promptness written notice to Lender of its intention and ability
to effect such cure prior to the expiration of such 120 day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.2.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Remedies</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the continuance of an Event of Default, Lender may by written notice to Borrower, in addition to any other rights or remedies available
pursuant to this Agreement, the Notes, the Mortgages, the Pledge Agreement and the other Loan Documents, at law or in equity, declare
by written notice to Borrower all or any portion of the Indebtedness to be immediately due and payable, whereupon all or such portion
of the Indebtedness shall so become due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided
in the Loan Documents against Borrower and the Collateral (including all rights or remedies available at law or in equity); <U>provided</U>,
<U>however</U>, that, notwithstanding the foregoing, if an Event of Default specified in <U>Section&nbsp;7.1(c)</U>&nbsp;shall occur,
then (except as specified in <U>Section&nbsp;7.2(g)</U>) the Indebtedness shall immediately become due and payable without the giving
of any notice or other action by Lender. Any actions taken by Lender shall be cumulative and concurrent and may be pursued independently,
singly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest
extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or
contract or as set forth in this Agreement or in the other Loan Documents. Without in any way limiting the foregoing, Lender shall not
assert, and hereby waives, releases and agrees not to sue on, any claim against Borrower, Sponsor or any Exculpated Person, on any theory
of liability, for special, indirect, consequential or punitive damages (whether or not the claim therefor is based on contract, tort
or duty imposed by any applicable legal requirement) arising out of the Loan Agreement or any other Loan Document. For the avoidance
of doubt, and notwithstanding anything to the contrary contained herein, Lender retains the right to pursue claims against the Borrower
for actual damages arising out of, as a result of, or in any way related to, the Loan Agreement or any other Loan Document or any agreement
or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, the Loan
or the use of the proceeds thereof or any act or omission or event occurring in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
Lender forecloses on any Collateral, Lender shall apply all net proceeds of such foreclosure to repay the Indebtedness, the Indebtedness
shall be reduced to the extent of such net proceeds and the remaining portion of the Indebtedness shall remain outstanding and secured
by the remaining Collateral. At the election of Lender, the Notes shall be deemed to have been accelerated only to the extent of the
net proceeds actually received by Lender with respect to the Properties and applied in reduction of the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>During
the continuance of any Event of Default (including an Event of Default resulting from a failure to satisfy the insurance requirements
specified herein), Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing
Borrower from any obligation hereunder, take any action to cure such Event of Default. Lender may enter upon any or all of the Properties
upon reasonable notice to Borrower for such purposes or appear in, defend, or bring any action or proceeding to protect its interest
in the Collateral or to foreclose the Mortgages or the Pledge Agreement or collect the Indebtedness. The actual, out-of-pocket costs
and expenses incurred by Lender in exercising rights under this Section&nbsp;(including reasonable attorneys&rsquo; fees), with interest
at the Default Rate for the period after notice from Lender that such costs or expenses were incurred to the date of payment to Lender,
shall constitute a portion of the Indebtedness, shall be secured by the Mortgages and the Pledge Agreement and other Loan Documents and
shall be due and payable to Lender upon demand therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Interest
shall accrue on any judgment obtained by Lender in connection with its enforcement of the Loan at a rate of interest equal to the Default
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
the availability of legal remedies, Lender will be entitled to obtain specific performance, mandatory or prohibitory injunctive relief,
or other equitable relief requiring Borrower to cure or refrain from repeating any Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
the occurrence and during the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and
the other Loan Documents into one or more separate notes, mortgages and other security documents (the &ldquo;<B>Severed Loan Documents</B>&rdquo;)
in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies
provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance
agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all
in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful
attorney, coupled with an interest, in its name and stead to execute the Severed Loan Documents (Borrower ratifying all that its said
attorney shall do by virtue thereof); <U>provided</U>, <U>however</U>, that Lender shall not make or execute any such Severed Loan Documents
under such power until the expiration of three days after written notice has been given to Borrower by Lender of Lender&rsquo;s intent
to exercise its rights under the aforesaid power. Borrower shall be obligated to pay any costs or expenses incurred in connection with
the preparation, execution, recording or filing of the Severed Loan Documents. The Severed Loan Documents shall not contain any representations,
warranties or covenants not contained in the Loan Documents, and any such representations and warranties contained in the Severed Loan
Documents will be given by Borrower only as of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
anything herein to the contrary, if an event specified in <U>Section&nbsp;7.1(c)</U>&nbsp;occurs solely in respect of Sponsor and not
any Required SPE, then such event shall not constitute an Event of Default or result in an acceleration of the Loan unless, in each case,
Lender so determines in its sole discretion by written notice to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.3.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Application
of Payments after an Event of Default</B>. Notwithstanding anything to the contrary contained herein, during the continuance of an Event
of Default, all amounts received by Lender in respect of the Loan shall be applied at Lender&rsquo;s sole discretion either toward the
components of the Indebtedness (<U>e.g.</U>, Lender&rsquo;s expenses in enforcing the Loan, interest, principal and other amounts payable
hereunder) and the Notes or Note Components in such sequence as Lender shall elect in its sole discretion, and/or toward the payment
of Property expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VIII</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.1.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Successors</B>.
Except as otherwise provided in this Agreement, whenever in this Agreement any of the parties to this Agreement is referred to, such
reference shall be deemed to include the successors and permitted assigns of such party. All covenants, promises and agreements by or
on behalf of Borrower contained in this Loan Agreement or the other Loan Documents shall inure to the benefit of Lender and its successors
and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.2.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>GOVERNING
LAW</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW RULES
TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS
(OTHER THAN ANY ACTION IN RESPECT OF THE CREATION, PERFECTION OR ENFORCEMENT OF A LIEN OR SECURITY INTEREST CREATED PURSUANT TO ANY LOAN
DOCUMENTS NOT GOVERNED BY THE LAWS OF THE STATE OF NEW YORK) SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK,
COUNTY OF NEW YORK. BORROWER AND LENDER HEREBY (i)&nbsp;IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT THEY MAY&nbsp;NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY
CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, (ii)&nbsp;IRREVOCABLY SUBMIT TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND (iii)&nbsp;IRREVOCABLY CONSENT TO SERVICE OF PROCESS BY MAIL,
PERSONAL SERVICE OR IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW, AT THE ADDRESS SPECIFIED IN <U>SECTION&nbsp;8.4</U> (AND AGREES
THAT SUCH SERVICE AT SUCH ADDRESS IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER ITSELF IN ANY SUCH SUIT, ACTION OR PROCEEDING IN
ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT). WITHOUT LIMITING THE FOREGOING <U>CLAUSE&nbsp;(iii)</U>,
BORROWER DOES HEREBY DESIGNATE AND APPOINT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.4in">CORPORATION SERVICE
COMPANY&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.4in">19 WEST 44TH STREET,
SUITE 200&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.4in">NEW YORK, NEW YORK
10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE
ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY&nbsp;BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE
COURT IN NEW YORK, NEW YORK, AND BORROWER AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE
OF BORROWER MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS
UPON BORROWER (UNLESS LOCAL LAW REQUIRES ANOTHER METHOD OF SERVICE),&nbsp;IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT. BORROWER
(1)&nbsp;SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (2)&nbsp;MAY&nbsp;AT ANY TIME AND
FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL
BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (3)&nbsp;SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED
AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTWITHSTANDING THE FOREGOING, LENDER
SHALL HAVE THE RIGHT TO INSTITUTE ANY LEGAL SUIT, ACTION OR PROCEEDING FOR THE ENFORCEMENT OR FORECLOSURE OF ANY LIEN ON ANY COLLATERAL
FOR THE LOAN IN ANY FEDERAL OR STATE COURT IN ANY JURISDICTION(S)&nbsp;THAT LENDER MAY&nbsp;ELECT IN ITS SOLE AND ABSOLUTE DISCRETION,
AND BORROWER WAIVES ANY OBJECTION WHICH IT MAY&nbsp;NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING,
AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.3.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Modification,
Waiver in Writing</B>. Neither this Agreement nor any other Loan Document may be amended, changed, waived, discharged or terminated,
nor shall any consent or approval of Lender be granted hereunder, unless such amendment, change, waiver, discharge, termination, consent
or approval is in writing signed by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.4.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Notices</B>.
Except as otherwise expressly provided herein, all notices, consents, approvals and requests required or permitted hereunder or under
any other Loan Document shall be given in writing by expedited prepaid delivery service, either commercial or United States Postal Service,
with proof of delivery or attempted delivery, addressed as follows, with a copy by e-mail. Any party hereto may change its address and
other contact information for purposes hereof at any time by sending a written notice to the other parties to this Agreement in the manner
provided for in this Section. A notice shall be deemed to have been given upon the later to occur of physical delivery (or refusal to
accept delivery) and delivery or attempted delivery by e-mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If to Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Goldman Sachs Bank USA<BR>
2001 Ross Avenue, 30th Floor<BR>
Dallas, Texas 75201<BR>
Attention: Structured Finance Legal (REFG)<BR>
Email: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">with copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Goldman Sachs Bank USA<BR>
200 West Street<BR>
New York, New York 10282<BR>
Attention: Miriam Wheeler<BR>
E-mail: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Gibson, Dunn&nbsp;&amp; Crutcher LLP<BR>
200 Park Avenue<BR>
New York, New York 10166-0193<BR>
Attention: Michael Weinberger,&nbsp;Esq.<BR>
E-mail: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If to Borrower:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Elme Communities<BR>
7550 Wisconsin Avenue, Suite&nbsp;900<BR>
Bethesda, MD 20814<BR>
Attention: Chief Financial Officer<BR>
Telephone: (202) 774-3198<BR>
Email: </FONT>[***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Elme Communities<BR>
7550 Wisconsin Avenue, Suite&nbsp;900<BR>
Bethesda, MD 20814<BR>
Attention: Chief Administrative Officer and Treasurer<BR>
Telephone: (202) 774-3121<BR>
Email: [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Borrowers hereby appoint the
individual Borrower named as notice party above (the &ldquo;<B>Representative Borrower</B>&rdquo;) to serve as agent on behalf of all
Borrowers to receive any notices required to be delivered to any or all Borrowers hereunder or under the other Loan Documents and to
be the sole party authorized to deliver notices on behalf of Borrowers hereunder and under each of the other Loan Documents. Any notice
delivered to the Representative Borrower shall be deemed to have been delivered to all Borrowers, and any notice received from the Representative
Borrower shall be deemed to have been received from all Borrowers. Borrowers shall be entitled from time to time to appoint a replacement
Representative Borrower by written notice delivered to Lender and signed by both the new Representative Borrower and the Representative
Borrower being so replaced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.5.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>TRIAL
BY JURY</B>. LENDER AND BORROWER, TO THE FULLEST EXTENT THAT THEY MAY&nbsp;LAWFULLY DO SO, HEREBY AGREE NOT TO ELECT A TRIAL BY JURY
OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT
TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY LENDER AND BORROWER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND
EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER AND BORROWER ARE EACH HEREBY INDIVIDUALLY AUTHORIZED
TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.6.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Headings</B>.
The Article&nbsp;and Section&nbsp;headings in this Agreement are included in this Agreement for convenience of reference only and shall
not constitute a part of this Agreement for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.7.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Assignment
and Participation</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as expressly set forth in <U>Article&nbsp;II</U>, Borrower may not sell, assign or otherwise transfer any rights, obligations or other
interest of Borrower in or under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
and each assignee of all or a portion of the Loan shall have the right from time to time in its discretion and without the consent of
Borrower to sell one or more of the Notes or Note Components or any interest therein (an &ldquo;<B>Assignment</B>&rdquo;) and/or sell
a participation interest in one or more of the Notes or Note Components (a &ldquo;<B>Participation</B>&rdquo;). Borrower shall use commercially
reasonable efforts to reasonably cooperate with Lender, at Lender&rsquo;s request, in order to effectuate any such Assignment or Participation,
and Borrower shall promptly provide such information (to the extent in Borrower&rsquo;s possession or otherwise readily obtainable),
legal opinions and documents relating to each Required SPE, Sponsor, the Property, and any Tenants under a Major Lease as Lender may
reasonably request in connection with such Assignment or Participation. In the case of an Assignment, (i)&nbsp;each assignee shall have,
to the extent of such Assignment, the rights, benefits and obligations of the assigning Lender as a &ldquo;Lender&rdquo; hereunder and
under the other Loan Documents, (ii)&nbsp;the assigning Lender shall, to the extent that rights and obligations hereunder have been assigned
by it pursuant to an Assignment, relinquish its rights and be released from its obligations under this Agreement, and (iii)&nbsp;one
Lender shall serve as agent for all Lenders and shall be the sole Lender to whom notices, requests and other communications shall be
addressed and the sole party authorized to grant or withhold consents hereunder on behalf of the Lenders (subject, in each case, to appointment
of a Servicer, pursuant to <U>Section&nbsp;8.22</U>, to receive such notices, requests and other communications and/or to grant or withhold
consents, as the case may be). Goldman Sachs Bank USA or, upon the appointment of a Servicer, such Servicer, shall maintain, or cause
to be maintained, as non-fiduciary agent for Borrower, a register (which may be in the form of entries in an electronic loan servicing
system) on which it shall enter (i)&nbsp;the names and addresses of the Lenders and (ii)&nbsp;principal amounts (and stated interest)
of the Notes owing to each Lender pursuant to the terms hereof from time to time (the &ldquo;<B>Register</B>&rdquo;). The entries in
the Register shall be conclusive absent manifest error, and Borrower and Lender shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of the Agreement. Furthermore, each Lender that sells a
Participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the
name and address of each Participant and the principal amounts (and stated interest) of each Participant&rsquo;s interest in the Loans
or other obligations under the Loan Documents (the &ldquo;<B>Participant Register</B>&rdquo;). The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such Participation for all purposes of this Agreement notwithstanding any notice to the contrary. Upon effectiveness
of any Assignment of any Note in part, Borrower will promptly provide to the assignor and the assignee separate Notes in the amount of
their respective interests (but, if applicable, with a notation thereon that it is given in substitution for and replacement of an original
Note or any replacement thereof), and otherwise in the form of such Note, upon return of the Note then being replaced. Each potential
or actual assignee, participant or investor in a Securitization, and each Rating Agency, shall be entitled to receive all information
received by Lender under this Agreement provided that such recipient is notified of the confidential nature thereof. After the effectiveness
of any Assignment, the party conveying the Assignment shall provide notice to Borrower and each Lender of the identity and address of
the assignee. Notwithstanding anything in this Agreement to the contrary, after an Assignment, the assigning Lender (in addition to the
assignee) shall continue to have the benefits of any indemnifications contained in this Agreement that such assigning Lender had prior
to such assignment with respect to matters occurring prior to the date of such assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
addition to any other rights of Lender, Lender may designate one or more administrative and/or collateral agents to act on behalf of
Lender in one or more respects as determined by Lender from time to time (any such administrative agent or collateral agent, an &ldquo;<B>Agent</B>&rdquo;)
and thereafter to remove or replace any such Agent from time to time. In the event of any appointment of an Agent, any Liens granted
and created in favor of the &ldquo;Lender&rdquo; under this Agreement, the Mortgage and the other Loan Documents shall be held, and shall
be deemed for all purposes under this Agreement, the Mortgage and the other Loan Documents to be held, by such Agent as agent on behalf
of Lender and Lender&rsquo;s transferees, assignees and successors from time to time holding interests in the Loan. Lender hereby designates
Goldman Sachs Bank USA (&ldquo;<B>Goldman Sachs</B>&rdquo;) to serve as the initial Agent. Goldman Sachs agrees that it or one of its
affiliates will serve as Agent for the Loan, provided that (a)&nbsp;Goldman Sachs is not the subject of any legal action relating to
the Loan, (b)&nbsp;no Event of Default is then continuing, (c)&nbsp;there is no legal, regulatory, or other directive from a governmental
or quasi-governmental authority that restricts Goldman Sachs&rsquo;s ability to act in such capacity or imposes any increased burden
or liability on Goldman Sachs as a result of acting in such capacity, (d)&nbsp;Goldman Sachs&rsquo;s entire interest in the Loan has
not been sold, (e)&nbsp;Goldman Sachs has not been removed as Agent for &ldquo;cause&rdquo; by the Lenders under any applicable co-lender
agreement relating to the Loan, (f)&nbsp;no part of the Loan has been securitized, and (g)&nbsp;there is no internal directive of general
applicability that prevents Goldman Sachs from continuing to serve as administrative agent for loans, including but not limited to the
Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.8.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Severability</B>.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of
this Agreement. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted
by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another
covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.9.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Preferences;
Waiver of Marshalling of Assets</B>. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all
payments by Borrower to any portion of the obligations of Borrower hereunder and under the Loan Documents. If any payment to Lender is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any
other party under any bankruptcy law, state or federal law, common law or equitable cause, then the obligations hereunder or portion
thereof intended to be satisfied by such payment shall be revived and continue in full force and effect, as if such payment had not been
made. Borrower hereby waives any legal right otherwise available to Borrower that would require the sale of any Collateral either separate
or apart from other Collateral, or require Lender to exhaust its remedies against any Collateral before proceeding against any other
Collateral. Without limiting the foregoing, to the fullest extent permitted by law, Borrower hereby waives and shall not assert any rights
in respect of a marshalling of Collateral, a sale in the inverse order of alienation, any homestead exemption, the administration of
estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale
of the Collateral or any portion thereof in any sequence and any combination as determined by Lender in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.10.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Remedies
of Borrower</B>. If a claim is made that Lender or its agents have unreasonably delayed acting or acted unreasonably in any case where
by law or under this Agreement or the other Loan Documents any of such Persons has an obligation to act promptly or reasonably, Borrower
agrees that no such Person shall be liable for any monetary damages, and Borrower&rsquo;s sole remedy shall be limited to commencing
an action seeking specific performance, injunctive relief and/or declaratory judgment, unless there is a non-appealable determination
by a court of competent jurisdiction that actual damages resulted from Lender&rsquo;s gross negligence, bad faith or willful misconduct.
Borrower shall not assert, and hereby waives, any claim against Lender and/or its affiliates, directors, employees, attorneys, agents
or sub-agents, on any theory of liability, for special, indirect, consequential or punitive damages (whether or not the claim therefor
is based on contract, tort or duty imposed by any applicable Legal Requirement) arising out of, as a result of, or in any way related
to, this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby or referred to herein or
therein, the transactions contemplated hereby or thereby, the Loan or the use of the proceeds thereof or any act or omission or event
occurring in connection therewith, and Borrower hereby waives, releases and agrees not to sue upon any such claim for any such damages,
whether or not accrued and whether or not known or suspected to exist in its favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.11.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Offsets,
Counterclaims and Defenses</B>. All payments made by Borrower hereunder or under the other Loan Documents shall be made irrespective
of, and without any deduction for, any offsets, counterclaims or defenses. Borrower waives the right to assert a counterclaim, other
than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by Lender arising out of or in any way connected
with the Notes, this Agreement, the other Loan Documents or the Indebtedness. Any assignee of Lender&rsquo;s interest in the Loan shall
take the same free and clear of all offsets, counterclaims or defenses against the assigning Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.12.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>No
Joint Venture</B>. Nothing in this Agreement is intended to create a joint venture, partnership, tenancy-in-common or joint tenancy relationship
between Borrower and Lender, nor to grant Lender any interest in any Property other than that of mortgagee or lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.13.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Conflict;
Construction of Documents</B>. In the event of any conflict between the provisions of this Agreement and the provisions of the other
Loan Documents, the provisions of this Agreement shall prevail. The parties acknowledge that they were each represented by competent
counsel in connection with the negotiation, drafting and execution of the Loan Documents and that the Loan Documents shall not be subject
to the principle of construing their meaning against the party that drafted same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.14.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Brokers
and Financial Advisors</B>. Borrower represents that none of it, Pledgor or Sponsor has dealt with any financial advisors, brokers, underwriters,
placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower shall indemnify and
hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind in any way relating to or arising
from a claim by any Person that such Person acted on behalf of Borrower in connection with the transactions contemplated in this Agreement.
The provisions of this Section&nbsp;shall survive the expiration and termination of this Agreement and the repayment of the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.15.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Counterparts</B>.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but
all of which shall together constitute one and the same instrument. Copies of originals, including copies delivered by facsimile, pdf
or other electronic means shall have the same import and effect as original counterparts and shall be valid, enforceable and binding
for the purposes of this Agreement. Signatures executed electronically using DocuSign or similar signature software shall be regarded
as original signatures for all purposes hereunder and under the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.16.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Estoppel
Certificates</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall execute, acknowledge and deliver to Lender, within five days after receipt of Lender&rsquo;s written request therefor at any time
from time to time, a statement in writing setting forth (A)&nbsp;the Principal Indebtedness, (B)&nbsp;the date on which installments
of interest and/or principal were last paid, (C)&nbsp;any offsets or defenses to the payment of the Indebtedness, (D)&nbsp;that the Notes,
this Agreement, the Mortgages, the Pledge Agreement and the other Loan Documents are valid, legal and binding obligations and have not
been modified or if modified, giving particulars of such modification, (E)&nbsp;that neither Borrower nor, to Borrower&rsquo;s knowledge,
Lender, is in default under the Loan Documents (or specifying any such default), (F)&nbsp;that all Leases are in full force and effect
and have not been modified (except in accordance with the Loan Documents), (G)&nbsp;whether or not any of the Tenants under the Major
Leases are in material default under the Major Leases (setting forth the specific nature of any such material defaults) and (H)&nbsp;such
other matters as Lender may reasonably request. Any prospective purchaser of any interest in the Loan shall be permitted to rely on such
certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
Lender&rsquo;s written request, Borrower shall use commercially reasonable efforts to obtain from each office Tenant and thereafter promptly
deliver to Lender duly executed estoppel certificates from any one or more Tenants under Major Leases specified by Lender, attesting
to such facts regarding the Leases as Lender may reasonably require. Borrower shall not be required to deliver such certificates more
frequently than one time in any 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.17.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>General
Indemnity; Payment of Expenses</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
(but not any Exculpated Person or Sponsor), at its sole cost and expense, shall protect, indemnify, reimburse, defend and hold harmless
Lender and its officers, partners, members, directors, trustees, advisors, employees, agents, sub-agents, affiliates, successors, participants
and assigns of any and all of the foregoing (collectively, the &ldquo;<B>Indemnified Parties</B>&rdquo;) for, from and against any and
all Damages of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any of the Indemnified Parties,
in any way relating to or arising out of (i)&nbsp;any negligence or tortious act or omission on the part of Borrower or any of its agents,
contractors, servants, employees, sublessees, licensees or invitees, including without limitation (x)&nbsp;any accident, injury to or
death of persons or loss of or damage to property occurring in, on or about the Property or any part thereof and (y)&nbsp;any accident,
injury to or death of persons or loss of or damage to property occurring in, on or about adjoining sidewalks, curbs, adjacent property
or adjacent parking areas, streets or ways, solely to the extent the Borrower has liability therefor on the basis of the Property&rsquo;s
proximity to such areas; (ii)&nbsp;any use, nonuse or condition in, on or about the Property or any part thereof (iii)&nbsp;any use,
nonuse or condition in, on or about adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways, solely
to the extent the Borrower has liability therefor on the basis of the Property&rsquo;s proximity to such areas; (iv)&nbsp;performance
of any labor or services or the furnishing of any materials or other property in respect of the Property or any part thereof; (v)&nbsp;any
failure of the Property, Borrower or Guarantor to comply with any Legal Requirements, to the extent such failure results in a claim against
an Indemnified Party by a Governmental Authority or other unrelated third party; (vi)&nbsp;any claim by brokers, finders or similar persons
claiming to be entitled to a commission in connection with any Lease, to the extent such claim relates to a period prior to Lender foreclosing
on the Property (or taking possession of the Property by a deed-in-lieu or similar transaction); and (vii)&nbsp;any and all claims and
demands whatsoever that may be asserted against any Indemnified Party by reason of any alleged obligations or undertakings on such party&rsquo;s
part to perform or discharge any of the terms, covenants, or agreements contained in any Lease, to the extent such claims and/or demands
relate to a period prior to Lender foreclosing on the Property (or taking possession of the Property by a deed-in-lieu or similar transaction)
or exercising the rights of the landlord under the Leases; <U>provided</U>, <U>however</U>, that no Indemnified Party shall have the
right to be indemnified hereunder to the extent that such Damages have been found by a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from the bad faith, gross negligence or willful misconduct of any Indemnified Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
amounts payable to Lender by reason of the application of this Section&nbsp;shall be secured by the Mortgages and the Pledge Agreement
and shall become due and payable within 10 Business Days after Borrower&rsquo;s receipt of a written demand therefore and shall accrue
interest at the Default Rate. The provisions of and undertakings and indemnifications set forth in this Section&nbsp;shall survive the
satisfaction and payment in full of the Indebtedness and termination of this Agreement for one year after the satisfaction in full of
the Indebtedness or termination of this Agreement (except any claim pending as of such date, such provisions, undertakings and indemnifications
shall survive until the ultimate disposition thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall reimburse Lender upon receipt of written notice from Lender for (i)&nbsp;all reasonable and documented out-of-pocket costs and
expenses incurred by Lender (or any of its affiliates) in connection with the origination of the Loan, including legal fees and disbursements,
accounting fees, and the costs of the Appraisals, the Property Condition Reports, the Title Insurance Policies, the Surveys, the Environmental
Reports and any other third-party diligence materials; (ii)&nbsp;subject to any express limitations set forth herein, all reasonable
and documented out-of-pocket costs and expenses incurred by Lender (or any of its affiliates) in connection with (A)&nbsp;the negotiation,
evaluation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to or approvals
under this Agreement and the other Loan Documents and any other documents or matters relating hereto (including Leases, Material Agreements,
and Permitted Encumbrances), (B)&nbsp;filing, registration and recording fees and expenses and other similar expenses incurred in creating
and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents (including the filing, registration
or recording of any instrument of further assurance) and all federal, state, county and municipal, taxes (including, if applicable, intangible
taxes), search fees, title insurance premiums, duties, imposts, assessments and charges arising out of or in connection with the execution
and delivery of the Loan Documents, any mortgage supplemental thereto, any security instrument with respect to the Collateral or any
instrument of further assurance, (C)&nbsp;enforcing or preserving any rights, in response to third party claims or the prosecuting or
defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, this Agreement, the other
Loan Documents or any Collateral, (D)&nbsp;the satisfaction of any Rating Condition in respect of any matter required or requested by
Borrower hereunder, and (E)&nbsp;a conversion of the Benchmark in accordance herewith; and (iii)&nbsp;all actual reasonable and documented
out-of-pocket costs and expenses (including attorney&rsquo;s fees and, if the Loan has been Securitized, special servicing fees, liquidation
fees and workout fees) incurred by Lender (or any of its affiliates) in connection with the enforcement of any obligations of Borrower,
or a Default by Borrower, under the Loan Documents, including any actual or attempted foreclosure, deed-in-lieu of foreclosure, refinancing,
restructuring, settlement or workout and any insolvency or bankruptcy proceedings (including any applicable transfer taxes). Without
limiting the foregoing, Borrower shall pay all reasonable out-of-pocket costs, expenses and fees of Lender and its Servicer, operating
advisor and securitization trustee resulting from any Casualty, Condemnation, Default or reasonably imminent default by Borrower or written
request by Borrower (including enforcement expenses and any liquidation fees, workout fees, special servicing fees, operating advisor
consulting fees or any other similar fees and interest payable on advances made by the Servicer or the securitization trustee with respect
to delinquent debt service payments or expenses of curing Borrower&rsquo;s Events of Default under the Loan Documents, and any actual
out of pocket expenses actually paid by Servicer or a trustee in respect of the protection and preservation of any Property, such as
payment of taxes and insurance premiums to the extent not escrowed hereunder); and the costs of all property inspections and/or appraisals
(or any updates to any existing inspection or appraisal) that Servicer may be required to obtain due to a request by Borrower, or during
the continuance of an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.18.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>No
Third-Party Beneficiaries</B>. This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower, and nothing
contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender, Borrower and Indemnified
Parties any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All
conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender, and
no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume
that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof, and no other Person shall under
any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender
if, in Lender&rsquo;s sole discretion, Lender deems it advisable or desirable to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.19.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Recourse</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to the qualifications herein, Lender shall not enforce Borrower&rsquo;s obligation to pay the Indebtedness by any action or proceeding
wherein a deficiency judgment or other judgment establishing personal liability shall be sought against Borrower or any of its affiliates,
or any Exculpated Person, except for (1)&nbsp;foreclosure actions or any other appropriate actions or proceedings in order to fully exercise
Lender&rsquo;s remedies in respect of, and to realize upon, the Collateral, (2)&nbsp;any actions to enforce any obligations expressly
assumed or guaranteed by any guarantor, indemnitor or similar party (whether or not such party is an Exculpated Person) under the Loan
Documents, and (3)&nbsp;actions against Borrower in respect of its indemnity under <U>&lrm;Section&nbsp;8.19(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
shall indemnify Lender and hold Lender harmless from and against any and all Damages to Lender (including the legal and other expenses
of enforcing the obligations of Borrower under this Section, Pledgor under the Pledge Agreement and Sponsor under
the Guaranty) resulting from or arising out of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
intentional or grossly negligent physical Waste at any Property committed or permitted by Borrower, Pledgor, Sponsor or any of their
respective affiliates, which Waste is not a result of insufficient cash flow from the Property after the payment of debt service with
respect to the Loan and the funding of reserves required pursuant to the Loan Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
fraud or intentional material misrepresentation committed by Borrower, Pledgor, Sponsor or any of their respective affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
willful misconduct by Borrower, Pledgor, Sponsor or any of their respective affiliates (including (1)&nbsp;any litigation or other legal
proceeding initiated by such Person in bad faith that delays, opposes, impedes, obstructs, hinders, enjoins or otherwise interferes with
or frustrates the efforts of Lender to exercise any rights and remedies available to Lender as provided herein and in the other Loan
Documents during the continuance of an Event of Default (including, for the avoidance of doubt, alleging that the Pledge Agreement and/or
any of the other Loan Documents are invalid or unenforceable as a result of Lender also being the beneficiary under the Mortgage), (2)&nbsp;any
refusal by Borrower to comply with <I><U>&lrm;</U></I><U>Section&nbsp;5.9</U> hereof and (3)&nbsp;entering into, amending, modifying
or terminating the Condominium Documents or any Material Agreement in violation of this Agreement or any other Loan Document);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
misappropriation or misapplication by Borrower, Pledgor, Sponsor or any of their respective affiliates of any funds in violation of the
Loan Documents (including misappropriation or misapplication of Revenues, security deposits and/or Loss Proceeds) not maintained in accordance
with applicable Legal Requirements or not delivered to Lender upon the occurrence of an Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
voluntary Debt, Lien or Transfer of Collateral in violation of the Loan Documents that does not trigger full recourse under <U>clauses&nbsp;(A)</U>&nbsp;or
<U>(B)</U>&nbsp;below and which are not bonded over with an acceptable title company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
material breach by Borrower, Pledgor or Sponsor of any representation or covenant regarding environmental matters contained in this Agreement
or in the Environmental Indemnity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
failure to pay for or maintain the Policies or pay the amount of any deductible required thereunder following a Casualty or other insurance
claim, provided Lender permits cash flow from the Properties to be applied for such purpose and the same is sufficient to pay applicable
insurance deductibles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
failure of a Required SPE to be, and to at all times have been, a Single-Purpose Entity, regardless of whether such failure to have been
a Single-Purpose Entity prior to the date hereof has been disclosed to Lender, and including any and all liabilities, contingent or otherwise,
arising from or related to (x)&nbsp;the actions, conduct and/or operating history of Borrower (or any Person merged into Borrower) prior
to the Closing Date and (y)&nbsp;Borrower&rsquo;s ownership (or the ownership of any Person merged into Borrower) of assets prior to
the Closing Date that do not constitute a portion of the Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
fees or commissions paid by Borrower to any affiliate in violation of the Loan Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
involuntary bankruptcy of any Required SPE, provided that for this purpose &ldquo;Damages&rdquo; shall be limited to the amount by which
such costs and expenses exceed the costs and expenses Lender would have incurred in uncontested foreclosures on the Properties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
transfer taxes resulting from Lender&rsquo;s exercise of remedies following an Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
opposition by Borrower, Pledgor or Sponsor to any motion filed by Lender for relief from the automatic stay in any bankruptcy proceeding
of Borrower or Pledgor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(A)&nbsp;any
obligation of a Borrower Related Party to indemnify any Person that, immediately prior to any acquisition of title to the Pledged Collateral
pursuant to a UCC foreclosure sale, a UCC strict foreclosure, an assignment in lieu of foreclosure or other enforcement action under
the Loan Documents (collectively, an &ldquo;<B>Equity Collateral Enforcement Action</B>&rdquo;; and the date on which an Equity Collateral
Enforcement Action is consummated, an &ldquo;<B>Equity Collateral Transfer Date</B>&rdquo;), was an affiliate of any Borrower Related
Party, to the extent such obligation continues to be the obligation of the transferee at such Equity Collateral Enforcement Action and
is not expressly waived in writing by the Persons covered by such indemnification obligation and (B)&nbsp;any obligation of any Borrower
Related Party accruing prior to, on or after the Equity Collateral Transfer Date to pay (1)&nbsp;legal fees to legal counsel engaged
by any Borrower Related Party prior to the Equity Collateral Transfer Date, (2)&nbsp;amounts due under any contract between any Borrower
Related Party, on the one hand, and any affiliate of any Borrower Related Party, on the other hand (unless such contract is assumed in
writing by the Person acquiring the Collateral on or after the Equity Collateral Transfer Date) or (3)&nbsp;amounts due under any contract
between any Borrower Related Party, on the one hand, and any Person not affiliated with any Borrower Related Party, on the other hand,
that has been entered into without the prior written approval of Lender to the extent such prior written approval was required under
the Loan Documents (unless such contract was assumed in writing by the Person acquiring the Collateral on or after the Equity Collateral
Transfer Date) and/or following the completion of any Equity Collateral Enforcement Action, any accounts payable of any Borrower Related
Party or any income tax or indemnity liability of any Borrower Related Party to third parties or to other Borrower Related Parties; provided,
that for purposes of this <U>clause&nbsp;<I>&lrm;</I>(xiii)</U>&nbsp; only, the term &ldquo;Borrower Related Party&rdquo; shall be limited
to Borrower, any Guarantor, Pledgor or any affiliate of any of them; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiv)&#8239;&#8239;&#8239;&#8239; any party claiming rights under the Watergate Affiliate Loan that are not subject to the Watergate Affiliate Loan Subordination
Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xv)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
Borrower shall opt out of Article&nbsp;8 of the UCC or cause the Pledged Collateral not to be treated as &ldquo;securities&rdquo; governed
by and within the meaning of Article&nbsp;8, or if Borrower or any affiliate of Borrower causes Borrower to amend or otherwise modify
its organizational documents in order to amend or repeal its election to be governed by Article&nbsp;8 of the UCC, or Borrower or any
affiliate of Borrower causes any termination or cancellation of the limited liability company membership certificate evidencing Pledgor&rsquo;s
one hundred percent (100%) ownership interest in Borrower, as delivered to Lender on the Closing Date in connection with the Pledge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the foregoing, the Indebtedness
shall be fully recourse to Borrower, Pledgor and Sponsor, jointly and severally, in the event of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
voluntary Transfer of title to all or any portion of any Property or of direct or indirect equity interests in Borrower or Pledgor in
violation of the Loan Documents,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
voluntary Debt in the nature of mortgage or mezzanine debt, in each case in violation of the Loan Documents,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
filing by any Required SPE of any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to the Bankruptcy
Code or any similar federal or state law (or the filing of any involuntary petition if Borrower, Pledgor, Sponsor or any of their respective
affiliates colluded with, solicited, caused to be solicited or joined other creditors in such filing), or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(D)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
Required SPE failing to be, and to at all times have been, a Single-Purpose Entity, which failure results in a substantive consolidation
of Borrower or Pledgor with any affiliate in a bankruptcy or similar proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of Borrower&rsquo;s liabilities under this
<U>&lrm;Section&nbsp;8.19(b)</U>&nbsp;shall be guaranteed by Sponsor pursuant to the Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
foregoing limitations on personal liability shall in no way impair or constitute a waiver of the validity of the Notes, the Indebtedness
secured by the Collateral, or the Liens on the Collateral, or the right of Lender, as mortgagee or secured party, to foreclose and/or
enforce its rights with respect to the Collateral after an Event of Default. Nothing in this Agreement shall be deemed to be a waiver
of any right which Lender may have under the Bankruptcy Code to file a claim for the full amount of the debt owing to Lender by Borrower
or to require that all Collateral shall continue to secure all of the Indebtedness owing to Lender in accordance with the Loan Documents.
Lender may seek a judgment on the Note (and, if necessary, name Borrower in such suit) as part of judicial proceedings to foreclose on
any Collateral or as a prerequisite to any such foreclosure or to confirm any foreclosure or sale pursuant to power of sale thereunder,
and in the event any suit is brought on the Notes, or with respect to any Indebtedness or any judgment rendered in such judicial proceedings,
such judgment shall constitute a Lien on and may be enforced on and against the Collateral and the rents, profits, issues, products and
proceeds thereof. Nothing in this Agreement shall impair the right of Lender to accelerate the maturity of the Note upon the occurrence
of an Event of Default, nor shall anything in this Agreement impair or be construed to impair the right of Lender to seek personal judgments,
and to enforce all rights and remedies under applicable law, jointly and severally against any indemnitors and guarantors to the extent
allowed by any applicable Loan Documents. The provisions set forth in this Section&nbsp;are not intended as a release or discharge of
the obligations due under the Note or under any Loan Documents, but are intended as a limitation, to the extent provided in this Section,
on Lender&rsquo;s right to sue for a deficiency or seek a personal judgment except as required in order to realize on the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.20.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Right
of Set-Off</B>. In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of
any such rights, during the continuance of an Event of Default, Lender may from time to time, without presentment, demand, protest or
other notice of any kind (all of such rights being hereby expressly waived), set-off and appropriate and apply any and all deposits (general
or special) and any other indebtedness at any time held or owing by Lender (including branches, agencies or affiliates of Lender wherever
located) to or for the credit or the account of Borrower against the obligations and liabilities of Borrower to Lender hereunder, under
the Notes, the other Loan Documents or otherwise, irrespective of whether Lender shall have made any demand hereunder and although such
obligations, liabilities or claims, or any of them, may be contingent or unmatured, and any such set-off shall be deemed to have been
made immediately upon the occurrence of an Event of Default even though such charge is made or entered on the books of Lender subsequent
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.21.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Exculpation
of Lender</B>. Lender neither undertakes nor assumes any responsibility or duty to Borrower or any other party to select, review, inspect,
examine, supervise, pass judgment upon or inform Borrower or any third party of (a)&nbsp;the existence, quality, adequacy or suitability
of appraisals of the Properties or other Collateral, (b)&nbsp;any environmental report, or (c)&nbsp;any other matters or items, including
engineering, soils and seismic reports that are contemplated in the Loan Documents. Any such selection, review, inspection, examination
and the like, and any other due diligence conducted by Lender, is solely for the purpose of protecting Lender&rsquo;s rights under the
Loan Documents, and shall not render Lender liable to Borrower or any third party for the existence, sufficiency, accuracy, completeness
or legality thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.22.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Servicer</B>.
Lender may delegate any and all rights and obligations of Lender hereunder and under the other Loan Documents to the Servicer upon notice
by Lender to Borrower, whereupon any notice or consent from the Servicer to Borrower, and any action by Servicer on Lender&rsquo;s behalf,
shall have the same force and effect as if Servicer were Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.23.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>No
Fiduciary Duty</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
acknowledges that, in connection with this Agreement, the other Loan Documents and the Transaction, Lender has relied upon and assumed
the accuracy and completeness of all of the financial, legal, regulatory, accounting, tax and other information provided to, discussed
with or reviewed by Lender for such purposes, and Lender does not assume any liability therefor or responsibility for the accuracy, completeness
or independent verification thereof. Lender, its affiliates and their respective equity holders and employees (for purposes of this Section,
the &ldquo;<B>Lending Parties</B>&rdquo;) have no obligation to conduct any independent evaluation or appraisal of the assets or liabilities
(including any contingent, derivative or off-balance sheet assets and liabilities) of Sponsor, Borrower, Pledgor or any other Person
or any of their respective affiliates or to advise or opine on any related solvency or viability issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>It
is understood and agreed that (i)&nbsp;the Lending Parties shall act under this Agreement and the other Loan Documents as an independent
contractor, (ii)&nbsp;the Transaction is an arms&rsquo;-length commercial transactions between the Lending Parties, on the one hand,
and Borrower, on the other, (iii)&nbsp;each Lending Party is acting solely as principal and not as the agent or fiduciary of Borrower,
Pledgor, Sponsor or their respective affiliates, stockholders, employees or creditors or any other Person and (iv)&nbsp;nothing in this
Agreement, the other Loan Documents, the Transaction or otherwise shall be deemed to create (A)&nbsp;a fiduciary duty (or other implied
duty) on the part of any Lending Party to Sponsor, Pledgor, Borrower, any of their respective affiliates, stockholders, employees or
creditors, or any other Person or (B)&nbsp;a fiduciary or agency relationship between Sponsor, Pledgor, Borrower or any of their respective
affiliates, stockholders, employees or creditors, on the one hand, and the Lending Parties, on the other. Borrower agrees that neither
it, Pledgor nor Sponsor, nor any of their respective affiliates shall make, and each hereby waives, any claim against the Lending Parties
based on an assertion that any Lending Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar
duty to Borrower, Sponsor or their respective affiliates, stockholders, employees or creditors. Nothing in this Agreement or the other
Loan Documents is intended to confer upon any other Person (including affiliates, stockholders, employees or creditors of Borrower, Pledgor
and Sponsor) any rights or remedies by reason of any fiduciary or similar duty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
acknowledges that it has been advised that the Lending Parties are a full service financial services firm engaged, either directly or
through affiliates in various activities, including securities trading, investment banking and financial advisory, investment management,
principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and
individuals. In the ordinary course of these activities, the Lending Parties may make or hold a broad array of investments and actively
trade debt and equity securities (or related derivative securities) and/or financial instruments (including loans) for their own account
and for the accounts of their customers and may at any time hold long and short positions in such securities and/or instruments. Such
investment and other activities may involve securities and instruments of affiliates of Borrower, including Sponsor or Pledgor, as well
as of other Persons that may (i)&nbsp;be involved in transactions arising from or relating to the Transaction, (ii)&nbsp;be customers
or competitors of Borrower, Sponsor and/or their respective affiliates, or (iii)&nbsp;have other relationships with Borrower, Sponsor
and/or their respective affiliates. In addition, the Lending Parties may provide investment banking, underwriting and financial advisory
services to such other Persons. The Lending Parties may also co-invest with, make direct investments in, and invest or co-invest client
monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade
or make investments in securities of affiliates of Borrower, including Sponsor or Pledgor, or such other Persons. The Transaction may
have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph. Although the Lending Parties
in the course of such other activities and relationships may acquire information about the Transaction or other Persons that may be the
subject of the Transaction, the Lending Parties shall have no obligation to disclose such information, or the fact that the Lending Parties
are in possession of such information, to Borrower, Pledgor Sponsor or any of their respective affiliates or to use such information
on behalf of Borrower, Pledgor, Sponsor or any of their respective affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Borrower
acknowledges and agrees that Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate and that
it is responsible for making its own independent judgment with respect to this Agreement, the other Loan Documents, the Transaction and
the process leading thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.24.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Borrower
Information</B>. Borrower shall make available to Lender all information concerning its business and operations that Lender may reasonably
request. Lender shall keep such information and/or any other information provided by Borrower or Sponsor to Lender in accordance with
the terms of the Loan Documents confidential in accordance with Lender&rsquo;s customary procedures for handling confidential information
of such nature (or, if the Loan has been Securitized, in accordance with the customary procedures of the Servicer or the Securitization
trustee for handling such information in commercial mortgage backed securities transaction), excluding information that Lender determines
in good faith to be non-confidential (but in any case including any information that is identified by Borrower or Sponsor in writing
as material non-public information), provided that in any event Lender shall have the right to disclose any and all information provided
to Lender by Borrower, Pledgor or Sponsor regarding Borrower, Pledgor, Sponsor, the Loan, the Pledged Collateral and the Properties (i)&nbsp;to
affiliates of Lender and to Lender&rsquo;s agents and advisors, (ii)&nbsp;to any actual or potential assignee, transferee or participant
in connection with the contemplated assignment, transfer, participation or Securitization of all or any portion of the Loan or any participations
therein, and to any investors or prospective investors in the Certificates, and their respective advisors and agents, including the operating
advisor, or to any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction
relating to Borrower and its obligations or Pledgor and its obligations, or to any Person that is a pledgee or a party to a repurchase
agreement with respect to the Loan, in each case provided such party has been informed of the confidential nature thereof, (iii)&nbsp;to
any Rating Agency in connection with a Securitization or as otherwise reasonably required in connection with a disposition of the Loan,
(iv)&nbsp;to any Person reasonably necessary or desirable in connection with the exercise of any remedies hereunder or under any other
Loan Document following an Event of Default, (v)&nbsp;to any governmental agency, including the Comptroller of the Currency, the Board
of Governors of the Federal Reserve System, the FDIC, the Securities and Exchange Commission and any other regulatory authority that
may exercise authority over Lender or any investor in the Certificates (including the Servicer, the Securitization trustee and their
respective agents and employees) or any representative thereof, and to the National Association of Insurance Commissioners, in each case
if requested by such governmental agency or otherwise required to comply with the applicable rules&nbsp;and regulations of such governmental
agency or if required pursuant to legal or judicial process, and (vi)&nbsp;in any Disclosure Document (as defined in the Cooperation
Agreement). In addition, Lender may disclose the existence of this Agreement and the information about this Agreement to market data
collectors, similar services providers to the lending industry, and service providers to Lender in connection with the administration
and management of this Agreement and the other Loan Documents. Each party hereto (and each of their respective affiliates, employees,
representatives or other agents) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure
of the Transaction and all materials of any kind (including opinions and other tax analyses) that are provided to any such party relating
to such tax treatment and tax structure. For the purpose of this Section, &ldquo;tax structure&rdquo; means any facts relevant to the
federal income tax treatment of the Transaction but does not include information relating to the identity of any of the parties hereto
or any of their respective affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.25.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>PATRIOT
Act Records</B>. Lender hereby notifies Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify
and record information that identifies Borrower, Pledgor and Sponsor, which information includes the name and address of Borrower, Pledgor
and Sponsor and other information that will allow Lender to identify Borrower, Pledgor or Sponsor in accordance with the PATRIOT Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.26.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Acknowledgement
and Consent to Bail-In of Affected Financial Institutions</B>. Notwithstanding anything to the contrary in any of the Loan Documents
or in any other agreement, arrangement or understanding, each party hereto acknowledges that any liability of any Affected Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
effects of any Bail-in Action on any such liability, including, if applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
reduction in full or in part or cancellation of any such liability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Loan Document; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution
Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.27.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Acknowledgement
Regarding Any Supported QFCs</B>. To the extent that the Loan Documents are deemed to provide support, through a guarantee or otherwise,
for the Interest Rate Cap Agreement or any other agreement or instrument that is a QFC (such support, &ldquo;<B>QFC Credit Support</B>&rdquo;
and each such QFC, a &ldquo;<B>Supported QFC</B>&rdquo;), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the &ldquo;<B>U.S. Special Resolution Regimes</B>&rdquo;)
in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents
and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other
state of the United States): In the event a Covered Party that is party to a Supported QFC becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation
in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit
Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the
laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to
such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">As used in this <U>Section&nbsp;8.26</U>,
the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>BHC Act Affiliate</B>&rdquo;
of a party means an &ldquo;affiliate&rdquo; (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
such party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Covered Party</B>&rdquo;
means any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
 &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
 &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
 &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Default Right</B>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1,
as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>QFC</B>&rdquo; has
the meaning assigned to the term &ldquo;qualified financial contract&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.28.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Prior
Agreements</B>. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS CONTAIN THE ENTIRE AGREEMENT OF THE PARTIES HERETO AND THERETO IN RESPECT
OF THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, AND ALL PRIOR AGREEMENTS AMONG OR BETWEEN SUCH PARTIES, WHETHER ORAL OR WRITTEN,&nbsp;INCLUDING
ANY TERM SHEETS, CONFIDENTIALITY AGREEMENTS AND COMMITMENT LETTERS, ARE SUPERSEDED BY THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS (EXCEPT THAT ANY ORIGINATION FEE SPECIFIED IN ANY TERM SHEET, COMMITMENT LETTER OR FEE LETTER SHALL BE AN OBLIGATION OF BORROWER
AND SHALL BE PAID AT CLOSING, AND ANY INDEMNIFICATIONS, FLEX PROVISION, EXIT FEES AND THE LIKE PROVIDED FOR THEREIN SHALL SURVIVE THE
CLOSING).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.29.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Publicity</B>.
If the Loan is made, Lender may issue press releases, advertisements and other promotional materials describing in general terms or in
detail Lender&rsquo;s participation in the Loan and may utilize photographs of the Properties in such promotional materials. Borrower
shall not make any references to Lender in any press release, advertisement or promotional material issued by Borrower, Pledgor or Sponsor
unless Lender shall have approved of the same in writing prior to the issuance of such press release, advertisement or promotional material,
such approval not to be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.30.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Delay
Not a Waiver</B>. Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition,
covenant or agreement, or exercising any right, power, remedy or privilege hereunder, under any other Loan Document or under any other
instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof
preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of
limitation, by accepting payment after the due date of any amount payable hereunder or under any other Loan Document, Lender shall not
be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note
or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.31.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>No
Representations by Lender</B>. From time to time, Lender or Servicer may send statements of Loan balances, Collateral Account balances
and the like. Such statements are generated for Borrower&rsquo;s information and convenience only, and do not waive, amend or alter Borrower&rsquo;s,
Pledgor&rsquo;s or Sponsor&rsquo;s obligations under the Loan Documents. Thus, to the extent that such statements are inconsistent with
any term of the Loan Documents or to the extent that such statements do not accurately reflect balances or any payments to which Lender
is entitled under the Loan Documents, the Loan Documents shall control. By means of example, and without limitation, statements may fail
to include prepayment premiums, default interest charges or legal fees that are due and payable under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.32.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Schedules
Incorporated</B>. The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if
set forth in the body hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.33.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Multi-Family
Lending</B>. Lender hereby informs Borrower, and by signing below, Borrower hereby acknowledges and agrees (and certifies that it has
informed Sponsor), that Goldman Sachs Mortgage Company (&ldquo;<B>GSMC</B>&rdquo;), an affiliate of Lender, may provide services to Lender
related to the origination and servicing of multifamily loans by Lender, including in connection with the underwriting and closing of
such loans, and that notwithstanding such services, GSMC does not originate multifamily mortgage loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.34.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Joint
and Several Liability</B>. The representations, covenants, warranties and obligations of Borrower hereunder are joint and several. In
the event of (a)&nbsp;any payment by any one or more of the Borrowers of any amount in excess of its respective Proportional Amount,
or (b)&nbsp;the foreclosure of, or the delivery of deeds in lieu of foreclosure relating to, any of the Collateral owned by one or more
of the Borrowers, each Borrower (the &ldquo;<B>Overpaying Borrower</B>&rdquo;) that has paid more than its Proportional Amount or whose
Collateral or assets have been utilized to satisfy obligations under the Loan or otherwise for the benefit of one or more other Borrowers
shall be entitled, after payment in full of the Note and the satisfaction of all the Borrowers&rsquo; other obligations to Lender under
the Loan Documents, to contribution from each of the benefited Borrowers (<U>i.e.</U>, the Borrowers, other than the Overpaying Borrower,
who have paid less than their respective Proportional Amount or whose Collateral or assets have not been so utilized to satisfy obligations
under the Loan) for the amounts so paid, advanced or benefited, up to such benefited Borrower&rsquo;s then current Proportional Amount.
Such right to contribution shall be subordinate in all respects to the Loan. As used herein, the &ldquo;<B>Proportional Amount</B>&rdquo;
with respect to any Borrower shall equal the amount derived as follows: (a)&nbsp;the ratio of the aggregate amount of the Loan allocable
to the Property or Properties in which such Borrower has an interest to the then outstanding Principal Indebtedness, times (b)&nbsp;the
aggregate amount paid or payable by the Borrowers under the Loan Documents (including interest).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.35.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>Loan
Documents Not Secured</B>. Notwithstanding anything to the contrary herein or in any other Loan Document, the Environmental Indemnity
and the Recourse Guaranty are not secured by any Mortgage unless otherwise elected by Lender (in its sole and absolute discretion) in
writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.36.<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B>REMIC
Savings Clause</B>. Notwithstanding anything herein to the contrary, if the Loan is included in a REMIC and, immediately following a
release of any portion of the real property relating to the Property, the Loan would fail to satisfy a Lender 125% Determination, then
(a)&nbsp;Borrower shall prepay the Principal Indebtedness in an amount necessary to cause the Lender 125% Determination to be satisfied,
or (b)&nbsp;Borrower shall deliver to Lender an opinion of counsel in form and substance which would be acceptable to a prudent lender
of securitized commercial mortgage loans acting reasonably, stating, among other things, that the REMIC formed pursuant to a Securitization
will not fail to maintain its status as a REMIC as a result of such release and will not be subject to tax on any &ldquo;prohibited transactions&rdquo;
or &ldquo;prohibited contributions&rdquo; as a result of such release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Executed and delivered as of
the date first set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LENDER</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GOLDMAN SACHS BANK USA</B>, a New York
    state-chartered bank</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/ Siddharth Shrivastava</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Person</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BORROWER</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme Riverside Apartments LLC, </B>a
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashRE1T Riverside LLC, a Delaware limited
    liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real estate investment
    trust </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme Bethesda Owner LLC, </B>a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme Bethesda Holdings LLC, a Delaware
    limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme Limited Partnership, a Delaware </FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">limited partnership </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real  <FONT STYLE="font-size: 10pt">estate
    investment trust, its General Partner </FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme Germantown LLC, </B>a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP LLC, a Delaware limited</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real estate investment
    trust </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme Watkins Mills LLC, </B>a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP LLC, a Delaware limited liability
    company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real estate investment
    trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme 3801 Connecticut Ave Trustee LLC,
    </B>a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%">WashREIT 3801 Connecticut Ave Trust <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership
    LLC, a Delaware limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP Sub DC LLC, a Delaware  limited liability
    company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP LLC, a Delaware limited liability company
    </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real estate investment
    trust </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Freishtat </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme Kenmore LLC, </B>a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP Sub DC LLC, a Delaware limited
    liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP LLC, a Delaware limited </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">liability
    company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real estate investment
    trust </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Freishtat </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme Conyers LLC, </B>a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP LLC, a Delaware limited liability
    company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real estate investment
    trust </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Freishtat </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme Marietta LLC, </B>a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP LLC, a Delaware limited liability
    company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real estate investment
    trust </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Freishtat </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elme Sandy Springs LLC, </B>a </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited liability company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP LLC, a Delaware limited liability
    company </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">By: Elme Communities, a Maryland real <FONT STYLE="font-size: 10pt">estate
    investment trust </FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Freishtat </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WashREIT Watergate 600 OP LP, </B>a
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware limited partnership </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT OP LLC, a Delaware limited liability
    company, its General Partner </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: Elme Communities, a Maryland real estate
    investment trust </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Steven Freishtat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Freishtat </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Properties</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Borrower</I></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pledgor</I></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Property
    Name</I></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Property
    Address</I></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Property
    <BR>
    Type</I></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number<BR>
    of Resi<BR>
    Units</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    3801 Connecticut Ave Trustee LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    3801 Connecticut Ave Trust Ownership LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut
    Ave Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3801
    Connecticut Avenue NW, Washinton, D.C. 20008</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">307</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Conyers LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    OP LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conyers
    Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    Greenleaf Road, Conyers, GA&nbsp;&nbsp;30013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">240</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Germantown LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    OP LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Germantown
    Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    Observation Court, Germantown, MD 20876</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">218</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Kenmore LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    OP Sub DC LLC </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenmore
    Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5415
    Connecticut Avenue NW, Washington, D.C. 20008</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">371</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Bethesda Owner LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Bethesda Holdings LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bethesda
    Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5114
    Dudley Lane, Bethesda, MD 20814</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">193</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Marietta LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    OP LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marietta
    Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1113
    Powers Ferry Place, Marietta, GA 30067</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">420</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Riverside Apartments LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    Riverside LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riverside
    Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5860
                                            Cameron Run Terrace, Alexandria, VA 22303</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">1222</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Sandy Springs LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    OP LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sandy
    Springs Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501
    N. River Parkway, Atlanta, GA 30350 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">389</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elme
    Watkins Mill LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    OP LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watkins
    Mill Property</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99
    Watkins Mill Road, Watkins Mill, MD 20878</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multifamily</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt">210</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    Watergate 600 OP LP (&ldquo;<B>Watergate Borrower</B>&rdquo;)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WashREIT
    OP LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watergate
    Property&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">600
    New Hampshire Avenue NW, Washington D.C. 20037</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  </TABLE>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: lightgrey"><IMG SRC="tm2530977d1_ex99-1img01.jpg" ALT="A picture containing text, clipart&#10;&#10;Description automatically generated" STYLE="height: 38px; width: 149px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Elme Communities
Completes Sale of 19 Multifamily Communities for $1.6 Billion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>BETHESDA, Md.&ndash; November&nbsp;12,
2025 &ndash;</B> Elme Communities (&ldquo;Elme&rdquo; or the &ldquo;Company&rdquo;) (NYSE: ELME) today completed its previously announced
sale of 19 multifamily communities (&ldquo;the portfolio sale&rdquo;) to an affiliate of Cortland Partners, LLC (&ldquo;Cortland&rdquo;)
for $1.6 billion in cash, subject to certain customary adjustments and prorations. The completion of the portfolio sale follows the satisfaction
of all conditions to closing, including receipt of approval of the portfolio sale by Elme shareholders at the October&nbsp;30, 2025 special
meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The portfolio sale marks the first step
effecting the Company&rsquo;s Plan of Sale and Liquidation, which was approved by the Company&rsquo;s shareholders at the special meeting.
The Plan of Sale and Liquidation contemplates the sale or disposition of all of the Company&rsquo;s assets, including the Company&rsquo;s
nine remaining multifamily assets and Watergate 600, and the voluntary wind-down and dissolution of the Company&rsquo;s business and
affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company also announced that following
closing of the portfolio sale, the Company and certain of its subsidiaries entered into a loan agreement with Goldman Sachs Bank USA,
as lender, for a senior secured term loan with a principal amount of $520&nbsp;million and a maturity date of November&nbsp;9, 2026, with the option to extend for an additional year.
The term loan is intended to be repaid with the net proceeds from sales of the properties securing the term loan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Elme intends to return to shareholders
net proceeds from the portfolio sale, and a portion of the proceeds from the new term loan, through an initial special liquidating distribution,
which is expected to be between $14.50 and $14.82 per common share, after taking into account repayment of all existing corporate indebtedness,
payment of costs and expenses related to the transactions and establishment of reserves in connection with the new term loan. The Company
expects the initial special liquidating distribution to be declared later this year and paid in January&nbsp;2026, subject to Elme&rsquo;s
Board of Trustees approving the amount and timing of the distribution. The exact amount and timing of the initial special liquidating
distribution are expected to be announced later this month following Board approval. Additional liquidating distributions are anticipated
to be paid at the Board&rsquo;s discretion, as and when appropriate, following completion of future asset sales, subject to payment of
expenses, repayment obligations under the new term loan and the creation of necessary reserves for the Company&rsquo;s liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;With the completion of the portfolio
sale to Cortland, our focus is on monetizing the Company&rsquo;s remaining assets and maximizing value for shareholders,&rdquo; said
Paul McDermott, President and Chief Executive Officer. &ldquo;We launched the sale process in the third quarter of this year and are
aiming to complete all remaining sales by June&nbsp;2026. Our goal remains to sell all of Elme&rsquo;s assets as soon as practicable
to accelerate the return of capital to shareholders.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: lightgrey"><IMG SRC="tm2530977d1_ex99-1img02.jpg" ALT="A picture containing text, clipart&#10;&#10;Description automatically generated" STYLE="height: 38px; width: 149px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>About Elme Communities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Elme Communities is a multifamily real
estate investment trust that owns and operates apartment homes in the Washington, DC metro and the Atlanta metro.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white"><B>Contact:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white">Amy Hopkins</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white">Vice President,&nbsp;Investor
Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white">E-Mail<B>:
</B><U>ahopkins@elmecommunities.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Forward-Looking and Cautionary
Statements</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Certain statements in press release
are &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks
and uncertainties. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward looking
statements by the use of forward-looking terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expects,&rdquo;
 &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;predicts,&rdquo;
or &ldquo;potential&rdquo; or the negative of these words and phrases or similar words or phrases which are predictions of or indicate
future events or trends and which do not relate solely to historical matters. Such statements involve known and unknown risks, uncertainties,
and other factors which may cause the actual results, performance, or achievements of Elme to be materially different from future results,
performance or achievements expressed or implied by such forward-looking statements. Additional factors which may cause the actual results,
performance, or achievements of Elme to be materially different from future results, performance or achievements expressed or implied
by such forward-looking statements include, but are not limited to: changes in the amount and timing of the total liquidating distributions,
including as a result of unexpected levels of transaction cost, delayed or terminated closings, liquidation costs or unpaid or additional
liabilities and obligations; the possibility of converting to a liquidating trust or other liquidating entity; the ability of our board
of trustees to terminate the Plan of Sale and Liquidation; the response of our residents, tenants
and business partners to Plan of Sale and Liquidation; potential difficulties in employee retention as a result of the portfolio sale
and Plan of Sale and Liquidation; the outcome of legal proceedings that may be instituted against Elme, its trustees and others related
to the portfolio sale and Plan of Sale and Liquidation; the risk that disruptions caused by or relating to the Plan of Sale and Liquidation
will harm Elme&rsquo;s business, including current plans and operations; risks relating to the market value of Elme&rsquo;s common shares;
risks associated with third party contracts containing consent and/or other provisions that may be triggered by the Plan of Sale and
Liquidation; general risks affecting the real estate industry and local real estate markets (including, without limitation, the market
value of Elme&rsquo;s properties and potential illiquidity of Elme&rsquo;s remaining real estate investments); whether or not the sale
of one or more of Elme&rsquo;s properties may be considered a prohibited transaction under the Internal Revenue Code of 1986, as amended;
Elme&rsquo;s ability to maintain its status as a real estate investment trust for U.S. federal income tax purposes; the occurrence of
any event, change or other circumstances that could give rise to the termination of the Plan of Sale and Liquidation; the risks associated
with ownership of real estate in general and our real estate assets in particular; general economic and market developments and conditions;
and volatility and uncertainty in the financial markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: lightgrey"><IMG SRC="tm2530977d1_ex99-1img03.jpg" ALT="A picture containing text, clipart&#10;&#10;Description automatically generated" STYLE="height: 38px; width: 149px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect Elme&rsquo;s businesses
in the &ldquo;Risk Factors&rdquo; section of Elme&rsquo;s Annual Reports on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q and other
documents filed by Elme from time to time with the SEC. These filings identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements
speak only as of the date they are made. While forward-looking statements reflect Elme&rsquo;s good faith beliefs, they are not guarantees
of future performance. Elme undertakes no obligation to update its forward-looking statements or risk factors to reflect new information,
future events, or otherwise.</FONT></P>

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<TYPE>EX-101.SCH
<SEQUENCE>4
<FILENAME>elme-20251112.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
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<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>elme-20251112_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>elme-20251112_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.2b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="elme-20251112.xsd#Cover" roleURI="http://elmecommunities.com/role/Cover" />
    <link:presentationLink xlink:type="extended" xlink:role="http://elmecommunities.com/role/Cover" xlink:title="00000001 - Document - Cover">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 12, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 12,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-06622<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ELME
    COMMUNITIES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000104894<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">53-0261100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">7550
WISCONSIN AVE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">SUITE 900<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">BETHESDA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">20814<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">202<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">774-3200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Shares
    of Beneficial Interest<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ELME<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_EntityFileNumber</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>dei:edgarStateCountryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:employerIdItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
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<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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