Nonrecourse Obligation. Except as otherwise provided in this Article 12 or expressly stated in any of the other Loan Documents, Lender shall enforce the liability of Borrower to perform and observe the obligations contained in this Loan Agreement and in each other Loan Document only against the Property and other collateral given by Borrower as security for payment of the Loan and performance of Borrower's obligations under the Loan Documents and not against Borrower or any of Borrower's principals, directors, officers or employees. Notwithstanding the foregoing, this Article 12 is not applicable to the Environmental Indemnity or to any Guaranty executed in connection herewith.
Nonrecourse Obligation. The Lender and the Borrower hereby agree that any and all amounts due hereunder or under the Note shall be payable solely from amounts, if any, distributed to the Borrower by the General Partner in respect of amounts released to the General Partner from the GP's Special Reserve as provided in the Partnership Agreement (amounts so distributed to the Borrower, "Released Amounts"). The Lender's sole recourse for payment of amounts due hereunder shall be to the Released Amounts, if any, and the Lender shall have no right or recourse to payment from any other source or from any other assets of the Borrower or any affiliate of the Borrower, and the Borrower shall have no obligation to repay amounts advanced hereunder or the interest thereon from any source of funds other than from the Released Amounts, if any. Borrower shall create and maintain in favor of the Lender a first priority security interest in the Released Amounts.
Nonrecourse Obligation. Notwithstanding any other provision contained in this Contract to the contrary, if Purchaser defaults in Purchaser’s performance of this Contract, Seller’s sole remedy shall be to cancel this Contract in accordance with Minn. Stat. 559.21, as the same may from time to time be amended. Seller specifically waives any right it may have to commence an action for the specific performance of this Contract or any right it may have to seek an award of damages against Purchaser.
Nonrecourse Obligation. Notwithstanding any other term or provision hereof, Pledgor shall have no personal liability to pay any amounts due or to perform any obligations hereunder, Pledgee's sole recourse, in the event of default, shall be to proceed against the Collateral subject to this Pledge Agreement, and Pledgee shall not seek or obtain a deficiency judgment or order against Pledgor personally based upon the indebtedness secured hereby; provided, however, that nothing contained in this paragraph shall affect or impair the validity of the indebtedness evidenced by the Note or the lien of this Agreement, or the right of the Pledgee to proceed against the collateral subject to this Agreement following default in (a) the making of any payment required to be made pursuant to the Note, or (b) the performance of any of the obligations of Pledgor under the Note or this Agreement; and provided, further, that notwithstanding the foregoing, if Pledgee shall notify Pledgor after default that Pledgee proposes to retain the collateral subject to this Agreement in satisfaction of the obligations under the Note and Pledgor objects to such proposal or otherwise acts to prevent Pledgee's retention of such collateral, then Pledgor shall be and remain liable for any deficiencies remaining after disposition of such collateral in accordance with the Code and Pledgee may seek and obtain a deficiency judgment against Pledgor personally therefor.
Nonrecourse Obligation. Xxxxxx agrees that, regarding any claim against Landlord, including any claim of default by Landlord under this Lease or in any claim or cause of action arising under this Lease or arising out of the landlord-Lessee relationship created by this Lease, the sole and exclusive remedy of Lessee will be against the interests of Landlord in the Premises and its reversionary interest in the Improvements and Landlord will have no other liability hereunder. Lessee will not enforce any judgment against Landlord except against the interest of Xxxxxxxx in the Premises and its reversionary interest in the Improvements. In no event will any shareholder, member, partner, officer, employee, or agent of Landlord have any personal liability to Xxxxxx. Xxxxxx agrees that this provision will apply to any and all liabilities, claims, and causes of action whatsoever, including those based on any provision of this Lease, any implied covenant, or any statute or common-law principle. Notwithstanding any other provision of this Lease, in no event whatsoever will Landlord be responsible for any consequential or incidental damages or for any action that Landlord believes in good faith is necessary to comply with Legal Requirements with respect to the Premises or the Improvements.
Nonrecourse Obligation. Notwithstanding anything contained in this Agreement or elsewhere to the contrary, except as specifically provided hereinafter in this Section X, no judgment for the repayment of the indebtedness secured hereby or interest thereon will be enforced against the Debtors or either of them personally or any property of the Debtors or either of them other than the Collateral in any
Nonrecourse Obligation. Borrower shall not have any personal liability under this Note to pay the indebtedness evidenced under this Note, and any judgment, decree or order for the payment of money obtained in any action to enforce the obligation of Borrower to pay the City Loan shall be enforceable against Borrower only to the extent of Borrower’s interest in the Property. [signatures on next page]
Nonrecourse Obligation. The obligation of Maker to pay all sums of principal, interest and other amounts due and owing under this Note is secured by Stock Pledge Agreement dated August 1, 1997 as amended on even date covering one hundred percent (100%) of the issued and outstanding shares of common stock of ALASKA BINGO SUPPLY, INC., an Alaskan corporation ("ABS"); and a General Security Agreement and Financing Statement covering all of the tangible and intangible assets of ABS. This Note and Maker's obligation hereunder shall be deemed to be nonrecourse as to Maker; and in the event of Maker's default hereunder, Xxxxxx's sole and exclusive remedies shall be to exercise its rights under this Note and the Stock Pledge Agreement and General Security Agreement, and under no circumstances shall Maker have any liability for any deficiency which may result following Xxxxxx's exhaustion of such remedies. Upon default of any provision referenced herein, Xxxxxx may immediately retake all documents held in escrow, with or without notice, seize and take possession of all collateral and assets given as security for and in consideration of the terms and conditions of this Note.
Nonrecourse Obligation. Tenant shall look solely to the estate and property of Landlord and its interests in the Land, Building and Complex and all proceeds derived from such interests for the satisfaction of Tenant's remedies, for the collection of a judgment (or other judicial process) requiring the payment of money by Landlord in the event of any default or breach by Landlord with respect to any of the terms, covenants and conditions of this Lease to be observed and/or performed by Landlord, and no property or assets of any general or limited partner, member, partner, manager, shareholder or officer of such Landlord shall be subject to levy, execution or other enforcement procedure for the satisfaction of Tenant's remedies.
Nonrecourse Obligation. Notwithstanding anything to the contrary herein or in any document executed by Developer related to the Agreement, except in the event of: (i) Developer's misappropriation or intentional misapplication of monies advanced by the City under this Agreement for purposes other than those authorized herein; or (ii) Developer's fraud or intentional misrepresentation made by Developer in connection with its obligations under this Agreement, the City's sole recourse hereunder and under the Note and any other document executed by Xxxxxxxxx in connection with this Note shall be pursuant to the Assignment, and the City shall have no recourse to any assets of Developer other than the Plans, Reports and Data as provided in the Assignment.
