SECTION #Collateral-Mortgage Property. With respect to each Mortgaged Property, if any, within the Collateral the Administrative Agent has: # a first priority lien (subject to Permitted Encumbrances) upon the fee simple title to the Mortgaged Property, if any; # a first priority lien (subject to Permitted Encumbrances) upon the leases and rents applicable to the Mortgaged Property, if any; # a first priority lien (subject to Permitted Encumbrances) upon all equipment and fixtures applicable to the Mortgaged Property, if any; and # all Mortgaged Property Security Documents, if any, reasonably requested by the Administrative Agent.

Location of Improvements; No Encroachments. All improvements which were considered in determining the Appraised Value of the Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. No improvement located on or being part of the Mortgaged Property is in violation of any applicable zoning law or regulation.

“First Lien”: With respect to each Mortgaged Property, the lien of the mortgage which creates a first lien on the Mortgaged Property.

EXHIBIT #

REPRESENTATIONS AND WARRANTIES REGARDING THE TRUST SUBORDINATE COMPANION LOANS, THE AMA PLAZA MORTGAGED PROPERTY AND THE 225 BUSH STREET MORTGAGED PROPERTY

“Mortgaged Property” means each Initial Mortgaged Property and each other parcel of real property subject to, or required to be subject to, pursuant to any Loan Document, a Mortgage.

“Mortgaged Property”: The real property securing repayment of the debt evidenced by a Mortgage Note.

with respect to any Mortgaged Property, Permitted Encumbrances;

“Mortgaged Property LTV” shall mean, with respect to any Purchased Asset, the ratio of the aggregate outstanding principal balance of such Purchased Asset (which shall include such Purchased Asset and all debt senior to or pari passu with such Purchased Asset) secured, directly or indirectly, by the related Underlying Mortgaged Property, to the aggregate “as-is” market value of such Underlying Mortgaged Property as determined by Administrative Agent in its sole discretion.

“Underlying Mortgaged Property” means the real property encumbered by an Underlying Mortgage relating to a Mortgage Loan.

“Insurance Policies” shall mean the insurance policies and coverages required to be maintained by each Loan Party that is an owner or lessee of Mortgaged Property with respect to the applicable Mortgaged Property pursuant to ‎[Section 5.04] and all renewals and extensions thereof.