Nonrecourse Loan. Subject to the provisions of this Section, and notwithstanding any provision of the Loan Documents other than this Section, the personal liability of Borrower, and of any general partner of Borrower, to pay the principal of and interest on the debt evidenced by the Note and any other agreement evidencing Borrower's obligations under the Note shall be limited to (a) the Collateral, (b) the personal property described in and pledged under any Loan Document other than this Instrument, and (c) the rents, profits, issues, products and income of the Property, including any received or collected by or on behalf of Borrower after an Event of Default. Except as provided in this Section, Lender shall not seek (a) any judgment for a deficiency against Borrower, any general partner or member of Borrower, or Borrower's successors or assigns, in any action to enforce any right or remedy under the Note, this Instrument or the other Loan Documents, or (b) any judgment on the Note except as may be necessary in any action brought under the Instrument to enforce the lien against the Property or any other Collateral. Notwithstanding the foregoing, Borrower and any general partner of Borrower shall be fully and personally liable for payment and performance of all obligations set forth in the Loan Documents, including the payment of all principal, interest, and other amounts under the Note, in the event of (i) the occurrence of an uncured default under Sections 15, 16 or 29 of this Instrument, or (ii) the occurrence of any condition or event described in Section 20 (except that in the event of involuntary proceedings described therein, neither Borrower nor any general partner of Borrower shall be fully and personally liable under this Section 26 unless either Borrower or any general partner of Borrower or any Person owning an interest (directly or indirectly) in Borrower or any general partner of Borrower consents to, aids, solicits, supports, or otherwise cooperates or colludes to cause such event or fails to contest such event).
Nonrecourse Loan. Notwithstanding anything to the contrary contained in the Loan Documents, except as set forth in this Section 1.4, Borrower shall have no personal liability under the Loan Documents for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents, and Xxxxxxx’s only recourse for the satisfaction of the Indebtedness, and the performance of such obligations shall be to exercise its rights and remedies with respect to the Mortgaged Property and any other collateral held by Grantee as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair Grantee’s enforcement of its rights against any Guarantor guaranteeing any indebtedness or obligation of Borrower. Xxxxxxxx shall become personally liable to Grantee for the repayment of any portion of the Indebtedness equal to any loss or damage suffered by Grantee as a result of: failure of Borrower to pay to Grantee upon demand after an Event of Default, all rents, revenues and profits from the operation of the Project to which Grantee is entitled under the Mortgage, and the amount of all security deposits collected by Borrower from tenants then in residence; failure of Borrower to apply all insurance proceeds and condemnation proceeds as required by the Mortgage; failure of Borrower to comply with the requirements in the Mortgage relating to the delivery of books and records, statements, schedules and reports; fraud or any written material misrepresentation by Borrower or any officer, agent, director, partner, member or employee of Borrower in connection with the Application, the Loan Documents, or any request by Xxxxxxx; failure to apply rents, revenues and profits, first, to the payment of reasonable operating expenses (other than Property management fees that are not currently payable) and then to Debt Service Amounts due, except that Borrower will not be personally liable (i) to the extent that Borrower lacks the legal right to direct the disbursement of such sums because of a Permanent Loan Mortgage encumbering the Project, or bankruptcy, receivership or similar judicial proceedings, or (ii) with respect to Surplus Cash distributed in any calendar year if Borrower has paid all operating expenses and Debt Service Amounts due for that calendar year; or failure of Borrower to pay all deductibles required under any of the insurance policies required to be maintained under Section 6.3 of this Agreement. Xxxxxxxx shall becom...
Nonrecourse Loan. A loan to the Borrower (a) which is secured solely by (i) specifically identified Containers (the “Identified Containers”), (ii) one or more leases of such Identified Containers, including all rentals thereunder (the “Lease Collateral”), and (iii) all proceeds of such Identified Containers and Lease Collateral; (b) which is payable solely from the related Identified Containers and Lease Collateral, and as to which rentals under the related Lease Collateral have been assigned to the applicable lender, and are paid directly to such lender; and (c) with respect to which payments of principal and interest are without recourse to the Borrower or the Borrower’s property (other than the related Identified Containers and Lease Collateral).
Nonrecourse Loan. (a) Notwithstanding anything to the contrary contained in the Loan Documents, except as set forth in this Section, Borrower shall have no personal liability under the Loan Documents for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents, and LHC’s only recourse for the satisfaction of the Indebtedness, and the performance of such obligations shall be to exercise its rights and remedies with respect to the Mortgaged Property and any other collateral held by LHC as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair LHC’s enforcement of its rights against any Guarantor guaranteeing any indebtedness or obligations of Borrower under this Agreement or under any guaranty executed by Guarantor in favor of LHC with regards to the Project.
Nonrecourse Loan. (a) Notwithstanding anything to the contrary contained in the Loan Documents, except as set forth in this Section 1.4, Borrower shall have no personal liability under the Loan Documents for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents, and OCD’s only recourse for the satisfaction of the Indebtedness, and the performance of such obligations shall be to exercise its rights and remedies with respect to the Mortgaged Property and any other collateral held by OCD as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair OCD’s enforcement of its rights against any Key Principal guaranteeing any indebtedness or obligations of Borrower.
Nonrecourse Loan. The Restated Loan is nonrecourse and neither Borrower nor any other Person will be personally liable for the Loan or any other amount that may become due and payable under the Restated Loan Documents.
Nonrecourse Loan. Subject to the qualifications below in this paragraph, the Borrower shall be liable for payment and performance of all of the obligations, covenants and agreements of the Borrower under the Note, this Instrument, the Assignment of Leases and Rents (herein so-called), dated of even date herewith, executed by Borrower to Lender, the Environmental Indemnity Agreement dated of even date herewith, executed by Borrower and Lender, and all other instruments and documents evidencing, securing or governing the terms of the loan (the "Loan") evidenced by the Note (collectively, the "Loan Documents"), to the full extent (but only to the extent) of all of the Property and any other items, property or amounts which are collateral or security for the Loan. If a default occurs in the timely and proper payment of any portion of such indebtedness or in the timely performance of any obligations, agreements or covenants, except as set forth below in this paragraph, neither Borrower, nor any member of Borrower, nor any partner, member, stockholder, director or officer of any member of Borrower, shall be personally liable for the repayment of any of the principal of, interest on, or prepayment fees or late charges, or other charges or fees due in connection with the Loan, the
Nonrecourse Loan. EXCEPT AS PROVIDED IN 28 BELOW AND AS PROVIDED IN THE GUARANTY AND THE INDEMNITY AGREEMENT, NOTWITHSTANDING ANY TERMS OR PROVISIONS HEREOF OR IN ANY OTHER LOAN DOCUMENTS TO THE CONTRARY, THE RIGHTS OF THE LENDER HEREUNDER ARE LIMITED TO THE BORROWER'S RIGHT, TITLE AND INTEREST IN ANY COLLATERAL IN WHICH THE LENDER HAS BEEN, OR MAY BE, EXPRESSLY GRANTED AN INTEREST BY THE BORROWER PURSUANT TO ANY OF THE LOAN DOCUMENTS, WITH NO FURTHER RECOURSE AVAILABLE HEREUNDER AGAINST THE BORROWER, OR ANY PARTNER, TRUSTEE, BENEFICIARY, SHAREHOLDER OR DIRECTOR OF THE BORROWER OR OF ANY PARTNER OR BENEFICIARY OF THE BORROWER, THE LENDER AGREEING TO LOOK SOLELY TO SUCH COLLATERAL FOR THE INDEBTEDNESS EVIDENCED BY THE LOAN DOCUMENTS.
Nonrecourse Loan. 26 SCHEDULES ---------
Nonrecourse Loan. No recourse under or in respect of this Agreement, the Note or the obligations created or evidenced hereby or thereby shall be taken against the assets of Xxxxx or the partners of Seller or Buyer; provided, however, this section shall not be deemed to relieve either LaSalle or Xxxxx of their explicit contractual obligations hereunder (such obligations of Xxxxx being only those set forth in Section 3.2.2); provided, further, in no event shall Xxxxx be deemed to have personal liability for repayment of the Note, the Working Capital Note or any other obligations of Buyer hereunder or contemplated hereby.
