When you reboot the Hyper-V host, you'll lose quorum as two of the three cluster voters go offline.
Why not look at moving the FSW share to another server so you when you reboot the Hyper-V host, you don't lose quorum? You can use the below command:
Set-DatabaseAvailabilityGroup DAGName -WitnessDirectory D:\witness -WitnessServer server1
Once done, you can go through Sathish's steps below:
1) Put the Node 1 in MM mode. Move all the active DB's to 2nd node.
2) Upgrade the node1
3) Remove the server from MM mode
4) Put the Node 2 in MM mode. Move all the active DB's to 1st node.
5) Upgrade the node2
6) Remove the server from MM mode
7) Rebalance the databases across both nodes
Once you're done with the maintenance, it's best to keep the witness on a host where you have no mailbox servers so you don't run into a situation where a host failure causes loss of quorum and takes down all the mailbox databases. This prevents the host
being a single point of failure for Exchange.
Let me know if this answers your question.
Thanks.