“Clearing Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

No Agency. Nothing contained in this Tenant Work Letter shall make or constitute Tenant as the agent of Landlord.

This LEASE (the “Lease”) is entered into as of November 15, 2019, by and between BCORE PARADISE LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Landlord”), and BELLAGIO, LLC, a Nevada limited liability company (together with its permitted successors and assigns, “Tenant”).

No Agency. Nothing contained in this Tenant Work Letter shall make or constitute Tenant as the agent of Landlord.

Agency Fee. The Borrower shall pay to Administrative Agent for its own account any agency fees in the amounts and at the times specified in any agency fee letters between Administrative Agent and Borrower. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

No Agency. Nothing contained in this Tenant Work Letter shall make or constitute Tenant as the agent of Landlord.

Agency Approvals. Each of PMC and Subservicer is a seller/servicer approved by Fannie Mae and Freddie Mac, an issuer approved by Ginnie Mae and a lender approved by HUD. Each of PMC and Subservicer is in good standing to service mortgages for Fannie Mae, Freddie Mac, Ginnie Mae, HUD and Freddie Mac, as applicable. Neither PMC nor Subservicer has been suspended as a seller/servicer by Fannie Mae, Freddie Mac, Ginnie Mae or HUD on and after the date on which PMC first obtained such approval from Fannie Mae, Ginnie Mae, HUD or Freddie Mac, as applicable. No Borrower Party is, and/or Subservicer is not, under review or investigation outside of due course and does not have knowledge of imminent or future investigation outside of due course, by Fannie Mae, Ginnie Mae, HUD or Freddie Mac on and after the date on which PMC or Subservicer, as applicable, became a Fannie Mae, Ginnie Mae, HUD or Freddie Mac approved seller/servicer or lender, as the context may require.

Agency Approvals. Each Borrower Party, as applicable, shall maintain its status with Fannie Mae as an approved lender and Freddie Mac as an approved seller/servicer, in each case in good standing (“Agency Approvals”). Each Borrower shall cause Subservicer to service all Mortgage Loans in accordance with the applicable Agency Guide. Each Borrower shall maintain, and cause Subservicer to take all necessary action to maintain, as applicable, all of its applicable Agency Approvals at all times during the term of this Agreement and each outstanding Loan.

Agency Notices. Each Borrower shall promptly furnish the Lender copies of all notices it receives from Fannie Mae, Freddie Mac, HUD or Ginnie Mae indicating any adverse fact or circumstance in respect of the Borrower with respect to which adverse fact or circumstance Fannie Mae, Freddie Mac, HUD or Ginnie Mae, respectively, announces its intention to terminate or threatens to terminate such Borrower or the Subservicer with cause or with respect to which Fannie Mae, Freddie Mac, HUD or Ginnie Mae, announces its intention to conduct any inspection or investigation of such Borrower or Subservicer, or either of their files or facilities outside of the ordinary course.

Agency Requirements. Each Borrower shall provide written notice of any change in any Agency’s requirements regarding such Borrower’s or Subservicer’s minimum consolidated tangible net worth or any change in such Agency’s requirements regarding such Borrower’s or Subservicer’s consolidated liquidity within five (5) Business Days after such Borrower or Subservicer receives notice thereof.