Common use of Nonrecourse Obligation Clause in Contracts

Nonrecourse Obligation. The obligations of the City under this Agreement are nonrecourse and payable only from (i) Assessments, or (ii) net proceeds of PID Bonds; such obligations do not create a debt or other obligation payable from any other City revenues, taxes, income, or property. None of the City or any of its elected or appointed officials or any of its employees shall incur any liability hereunder to the Owner or any other party in their individual capacities by reason of this Agreement or their acts or omission under this Agreement.

Nonrecourse Obligation. (a) The obligations of the City under this Agreement are Agreement: (1) will be nonrecourse and payable only from from: (iA) Assessments, or PID Assessment Revenues or (iiB) net proceeds of PID Bonds and/or Future Improvement Area Bonds; such obligations do and (2) will not create a debt or other obligation payable from any other City revenues, taxes, income, or property. None of . (b) Neither the City or nor any of its elected or appointed officials or of the City, nor any employees of its employees the City shall incur any liability hereunder to the Owner or any other party in their individual capacities by reason of this Agreement or their acts or omission under this Agreement.