Nonrecourse Clause Samples
A Nonrecourse clause limits the liability of a party, typically a borrower, so that the lender can only seek repayment from specified collateral and not from the borrower's other assets. In practice, this means if the borrower defaults, the lender's recovery is restricted to the property or assets pledged as security, and the borrower's personal assets remain protected. This clause is commonly used in project finance or real estate loans to allocate risk and provide assurance to borrowers that their exposure is limited to the collateral, thereby encouraging investment and participation.
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Nonrecourse. Except as otherwise set forth in this Section, and subject to Section 3.12 hereof, Mortgagee's recourse under this Mortgage, the Note and the Related Agreements shall be limited to and satisfied from the Property and the proceeds thereof, the rents and all other income a rising therefrom during and after the month in which an Event of Default has occurred, the other assets of Mortgagor arising out of the Property which are given as collateral for the Note, and any other collateral given in writing to Mortgagee as security for repayment of the Note (all of the foregoing are collectively referred to as the "Loan Collateral"). Notwithstanding the preceding sentence:
(A) Mortgagee may, in accordance with the terms of this Mortgage, the Note or any Related Agreement: (1) foreclose the lien of this Mortgage; (2) take appropriate action to enforce this Mortgage, the Note and the Related Agreements to realize upon and/or protect the Loan Collateral; (3) name Mortgagor as a party defendant in any action brought under this Mortgage, the Note or the Related Agreements so long as the exercise of any remedy is limited to the Loan Collateral; (4) pursue all of its rights and remedies against any guarantor or surety or master tenant whether or not a partner, member or other owner of Mortgagor; and (5) pursue all of its rights and remedies against Mortgagor and the indemnitors under that certain Environmental Indemnity Agreement of even date herewith and that certain Terrorism Insurance Indemnity Agreement of even date herewith;
(B) Mortgagee may seek damages or other monetary relief, to the extent of actual monetary loss, or any other remedy at law or in equity against Mortgagor, and the indemnitors/guarantors, if any, under any nonrecourse exception indemnity agreements ("Nonrecourse Indemnitors") by reason of or in connection with: (1) the failure of Mortgagor to pay to Mortgagee, upon demand, all rents, issues and profits of the Property to which Mortgagee is entitled pursuant to this Mortgage, the Note or the Related Agreements following an Event of Default; (2) any waste of the Property or any willful act or omission by Mortgagor which damages or materially reduces the value of the Property; (3) the distribution of rents, issues and profits from the Property prior to the payment of operating expenses or the provision for reserves, if any, to be made pursuant to this Mortgage, the Note or the Related Agreement prior to any other expenditure or distribution by Mortgag...
Nonrecourse. Except as otherwise set forth in this Paragraph, ▇▇▇▇▇▇'s recourse under this Note, the Guaranty, the Deed of Trust and the other Loan Documents shall be limited to the Property and the proceeds thereof, the rents and all other income arising therefrom during and after the month in which an Event of Default has occurred, the other assets of Guarantor arising out of the Property which are given as collateral for the Guaranty, and any other collateral given in writing to Holder as security for repayment of the Guaranty or this Note (all of the foregoing are collectively referred to as the "Loan Collateral"). Notwithstanding the preceding sentence:
(a) Holder may, in accordance with the terms of this Note, the Guaranty, the Deed of Trust or any of the other Loan Documents: (i) foreclose the lien of the Deed of Trust; (ii) take appropriate action to enforce the Deed of Trust, the Guaranty, this Note and any of the other Loan Documents to realize upon and/or protect the Loan Collateral; (iii) name Maker or Guarantor as a party defendant in any action brought under this Note, the Guaranty, the Deed of Trust or any of the other Loan Documents so long as the exercise of any remedy is limited to the Loan Collateral; (iv) pursue all of its rights and remedies against any guarantor or surety or master tenant whether or not a partner, member or other owner of Maker or Guarantor; and (v) pursue all of its rights and remedies against the indemnitors under that certain Environmental Indemnity Agreement of even date herewith related to the Property;
(b) Holder may seek damages or other monetary relief, to the extent of actual monetary loss, or any other remedy at law or in equity against Maker or Guarantor, and the indemnitors/guarantors, if any, under any nonrecourse exception indemnity agreements ("Nonrecourse Indemnitors") by reason of or in connection with: (i) the failure of Maker or Guarantor to pay to Holder, upon demand, all rents, issues and profits of the Property to which Holder is entitled pursuant to this Note, the Guaranty, the Deed of Trust or any of the other Loan Documents following an Event of Default; (ii) any waste of the Property or any willful act or omission by Maker or Guarantor that damages or materially reduces the value of the Property; (iii) the distribution of rents, issues and profits from the Property prior to the payment of operating expenses or the provision for reserves, if any, to be made pursuant to this Note, the Guaranty, the Deed of ...
Nonrecourse. Tenant will have no recourse against any individual or entity comprising Landlord, including, without limitation, the members, partners, directors, trustees, and officers of Landlord, in connection with the occupancy and/or use of the Premises by Tenant and Tenant’s Visitors; rather, Tenant agrees to look solely to Landlord’s interest and estate in the Building for the satisfaction of Tenant’s remedies arising out of or related to this Lease.
Nonrecourse. Landlord’s sole recourse for collection or enforcement of any judgment as against Tenant shall be solely against the leasehold interest under this Lease and the improvements on the Premises and may not be enforced against or collected out of any other assets of Tenant nor of its beneficiaries, joint venturers, owners, partners, shareholders, members or other related parties.
Nonrecourse. Notwithstanding anything in this Agreement to the contrary, in any action brought by reason of this Agreement or the transactions contemplated hereby, no judgment shall be sought or obtained against any of the general or limited partners of Seller or enforced against any of such partners or any of their assets.
Nonrecourse. Nothing contained in this Agreement shall be construed to impose any liabilities or obligations on Tenant's shareholders, officers, directors, agents or employees (or any shareholders, officers, directors, agents or employees of any of the foregoing) for the performance of the obligations of Landlord or Tenant hereunder.
Nonrecourse. Except as expressly provided in this Section 3(i), the Borrower shall not have personal liability for payment of the principal of, or interest on, this AHIF Note, and the sole recourse of the County with respect to the payment of the principal of, and interest on, this AHIF Note shall be to the Property and any other collateral held by the County as security for this AHIF Note; provided however, nothing contained in the foregoing limitation of liability shall:
Nonrecourse. Notwithstanding anything to the contrary in this Lease (but excluding the liability expressly undertaken by AH under the Guaranty), the liability under this Lease of Landlord and Tenant and each of its respective parent(s), subsidiary(ies), or Affiliated corporations or other entities, and any of their constituent partners, joint venturers, or tenants-in-common, for damages or otherwise, shall be enforceable against, and shall not extend beyond, their interests in the Premises (including the proceeds thereof). No property or assets whatsoever, except Landlord’s and Tenant’s respective interest in the Premises (including the proceeds thereof), shall be subject to levy, execution or any other enforcement procedure for the satisfaction of any remedies (monetary or otherwise) of the other party arising under or in connection with this Lease. No shareholder, officer, member, manager, director, agent, or employee of Landlord or Tenant (other than AH to the extent expressly undertaken under the Guaranty) shall have any liability under this Lease. (This Lease sometimes refers to this paragraph as the “Nonrecourse Clause.”)
Nonrecourse. The Lender acknowledges and agrees that the Loan is unsecured and is made without recourse to the Borrower.
Nonrecourse. The Parties agree that except as expressly provided in Section 3(i) of the AHIF Note, the AHIF Note shall be non-recourse to the Borrower.