Non-Recourse Exceptions. The Mortgage Loan documents for each Mortgage Loan provide that such Mortgage Loan constitutes either (a) the recourse obligations of at least one natural person or (b) the non-recourse obligations of the related Mortgagor, provided that at least one natural person (and the Mortgagor if the Mortgagor is not a natural person) is liable to the holder of the Mortgage Loan for damages arising in the case of fraud or willful misrepresentation by the Mortgagor, misappropriation of rents, insurance proceeds or condemnation awards and breaches of the environmental covenants in the Mortgage Loan documents.
Non-Recourse Exceptions. Each Mortgage Loan is non-recourse, except that the Mortgagor and either: a principal of the Mortgagor or other natural person, with assets other than any interest in the Mortgagor, has agreed to be jointly and severally liable for all liabilities, expenses, losses, damages, expenses or claims suffered or incurred by the holder of the Mortgage Loan by reason of or in connection with: (i) any fraud or material misrepresentation by the Mortgagor, (ii) misapplication or misappropriation of rents, insurance proceeds or condemnation awards or (iii) violation of applicable environmental laws or breaches of environmental covenants. No waiver of liability for such non-recourse exceptions has been granted to the Mortgagor or any such guarantor or principal by the Seller or anyone acting on behalf of the Seller.
Non-Recourse Exceptions. The Mortgage Loan documents for each Mortgage Loan either provide that (a) such Mortgage Loan is fully recourse to the Mortgagor or (b) such Mortgage Loan constitutes the non-recourse obligations of the related Mortgagor and non-recourse guarantors, if any, except that either (i) such provision does not apply in the case of fraud or willful misrepresentation by the Mortgagor, misappropriation of rents, insurance proceeds or condemnation awards and breaches of the environmental covenants in the Mortgage Loan documents or (ii) such documents provide that the Mortgagor shall be liable to the holder of the Mortgage Loan for losses incurred as a result of fraud by the Mortgagor. Except as set forth on Schedule 3 attached hereto, either the Mortgagor or a guarantor with respect to each Mortgage Loan is a natural person.
Non-Recourse Exceptions. The Mortgage Loan documents for each Mortgage Loan provide that the Mortgage Loan is non-recourse to the related Mortgagor except that the related Mortgagor shall be liable to the lender for losses incurred due to (i) fraud and/or other intentional misrepresentation, (ii) the misapplication or misappropriation of rents collected in advance or received by the related Mortgagor after the occurrence of an event of default, insurance proceeds or condemnation awards or (iii) any breach of the environmental covenants in the related Mortgage Loan documents.
Non-Recourse Exceptions. The Purchased Loan Documents for each Purchased Loan provide that such Purchased Loan constitutes the non-recourse obligations of the related obligor thereon except that either (i) such provision does not apply in the case of fraud by the Mortgagor or (ii) such documents provide that the Mortgagor shall be liable to the holder of the Purchased Loan for losses incurred as a result of fraud by the Mortgagor.
Non-Recourse Exceptions. The Mortgage Loan documents for each Mortgage Loan provide that such Mortgage Loan constitutes the non-recourse obligations of the related obligors thereon except that either (i) such provision does not apply in the case of fraud by the Mortgagor or (ii) such documents provide that the Mortgagor shall be liable to the holder of the Mortgage Loan for losses incurred as a result of fraud by the Mortgagor.
Non-Recourse Exceptions. The related Mortgage Loan documents contain provisions providing for recourse against the related Mortgagor, a principal of such Mortgagor or an entity controlled by a principal of such Mortgagor, or a natural person, for damages sustained in connection with the Mortgagor’s (i) fraud, (ii) intentional misrepresentation, (iii) misappropriation or misapplication of rents or amounts due lender, insurance proceeds or condemnation proceeds, (iv) voluntary bankruptcy, (v) failure to obtain prior consent to any encumbrance of the pledged equity under the Mezzanine Loan Documents and (vi) willful misconduct resulting in waste of a Property. The related Mortgage Loan documents contain provisions pursuant to which the related Mortgagor, a principal of such Mortgagor or an entity controlled by a principal of such Mortgagor, or a natural person, has agreed to indemnify the mortgagee for damages resulting from violations of any applicable environmental covenants.
Non-Recourse Exceptions. Various Various Certain of the Mortgage Loans have a recourse carveout for "material misrepresentation" rather than "fraud or other intentional misrepresentation." 49 Columbia Hotel Portfolio Under the recourse carve-out provisions, each tenant-in-common mortgagor is liable only to the extent that such tenant-in-common mortgagor caused the event that gave rise to the loss or liability. 138 Stone Ridge Apartments Phase II The mortgagor is liable xxx xxxxxx xxxxxxxx xx misapplication by the mortgagor of rents paid by tenants more than one (1) month in advance. Exceptions to Representation (xl): Separate Tax Lots. 28 Wyndham Jacksonville Riverwalk The Mortgaged Property is xx xxx xxxxxxx xx xxxxx Hotel subdivided, with one separate tax parcel consisting of the Mortgaged Property as well as additional land identified as Parcels B and C. Parcels B and C are not included in the collateral and are owned by an affiliate of the mortgagor. The mortgagor is required to (x) diligently and expeditiously prosecute to completion the subdivision of Parcel B and Parcel C from the Mortgaged Property (the "Subdivision") pursuant to and in accordance with all requirements of law, including, without limitation, obtaining all site plan, zoning and subdivision approvals from the appropriate governmental authorities and ensuring that, after giving effect to such Subdivision, the Mortgaged Property constitutes a separate legal tax parcel with sufficient parking and access to publicly-dedicated streets to satisfy the demands of the Mortgaged Property and all requirements of law, and (y) upon the request of lender, provide lender with periodic updates regarding the status of the Subdivision (including the status of any pending approvals), and, promptly following the completion of the Subdivision deliver evidence of such completion in form and substance reasonably satisfactory to lender (including copies of all final site plans, approvals, etc). During the term of the Mortgage Loan, the mortgagor is required to cause the owner of Parcel B and Parcel C to maintain Parcel B and Parcel C in a condition that will permit the Mortgaged Property to continue to enjoy access to, and use of, sufficient parking and access to publicly-dedicated streets to satisfy the demands of the Mortgaged Property and requirements of law and not to permit or undertake the development or use of Parcel B or Parcel C for any purpose which would have a material adverse effect. If during the term of the Mortgage L...
Non-Recourse Exceptions. Loan No. 2
Non-Recourse Exceptions. The related Mezzanine Loan and Mortgage Loan documents contain provisions providing for recourse against the related Pledgor or Mortgagor, a principal of such Pledgor or Mortgagor or an entity controlled by a principal of such Pledgor or Mortgagor, or a natural person, for damages sustained in connection with the Pledgor’s or Mortgagor’s (i) fraud, (ii) intentional misrepresentation, (iii) misappropriation or misapplication of rents or amounts due lender, insurance proceeds or condemnation proceeds, (iv) voluntary bankruptcy, (v) failure to obtain prior consent to any encumbrance of the pledged equity under the Mezzanine Loan Documents, (vi) willful misconduct resulting in waste of a Property. The related Mezzanine Loan and Mortgage Loan documents contain provisions pursuant to which the related pledgor or Mortgagor, a principal of such pledgor or Mortgagor or an entity controlled by a principal of such pledgor or Mortgagor, or a natural person, has agreed to indemnify the pledgee or mortgagee for damages resulting from violations of any applicable environmental covenants.
