Common use of Reliance by Others Clause in Contracts

Reliance by Others. None of the provisions of this Agreement will inure to the benefit of any Person other than the Participants and BNPPLC and BNPPLC’s Representatives; consequently, no Persons other than the Participants, BNPPLC and BNPPLC’s Representatives may rely upon or raise as a defense, in any manner whatsoever, the failure of any Participant or BNPPLC to comply with the provisions of this Agreement. None of the Participants nor BNPPLC will incur any liability to any other Person for any act of omission of another. Notwithstanding the foregoing, however, LRC will be a third party beneficiary of each Participant’s obligations to make advances as provided in subparagraph 3(B) above, of the representations of each Participant in Paragraph 11, of each Participant’s agreement to provided a release and quitclaim of the Property pursuant to the last sentence of Paragraph 15, and of each Participant’s agreements in Paragraph 17. As a third party beneficiary of the obligations of the Participants specified in the preceding sentence, LRC will have standing to exercise any remedies available at law or in equity (including the recovery of monetary damages) against any Participant in LRC’s own name if that Participant breaches such obligations. Further, BNPPLC may assign to LRC any claims it may have against a Participant because of the Participant’s breach of any of the provisions referenced in this paragraph or because of any adverse title claim made against the Property by, through or under the Participant. Each Participant acknowledges that LRC will be relying on the commitments of the Participant to make payments required by this Agreement to permit funding of Anticipated Advances by BNPPLC under the Construction Agreement.

Reliance by Others. None of the provisions of this Agreement will inure to the benefit of any Person other than the Participants and BNPPLC and BNPPLC’s Representatives; consequently, no Persons Person other than the Participants, Participants and BNPPLC and BNPPLC’s Representatives may rely upon or raise as a defense, in any manner whatsoever, the failure of any Participant or BNPPLC to comply with the provisions of this Agreement. None of the Participants nor BNPPLC will incur any liability to any other Person for any act of omission of another. Notwithstanding the foregoing, however, LRC NAI will be a third party beneficiary of each Participant’s obligations to make advances as provided in subparagraph 3(B) above, of the representations of each Participant in Paragraph 11, of each Participant’s agreement to provided a release and quitclaim of the Property pursuant to the last sentence of Paragraph 15, 15 and of each Participant’s agreements in Paragraph 17. As a third party beneficiary of the obligations of the Participants specified in the preceding sentence, LRC NAI will have standing to exercise any remedies available at law or in equity (including the recovery of monetary damages) against any Participant in LRCNAI’s own name if that Participant breaches such obligations. Further, BNPPLC may assign to LRC NAI any claims it may have against a Participant because of the Participant’s breach of any of the provisions referenced in this paragraph or because of any adverse title claim made against the Property by, through or under the Participant. Each Participant acknowledges that LRC NAI will be relying on the commitments of the Participant to make payments required by this Agreement Agreement, as needed to permit funding of satisfy any condition to Anticipated Advances concerning funding by BNPPLC under Participants set forth in subparagraph 4(G) of the Construction Management Agreement.

Reliance by Others. None of the provisions of this Agreement will inure to the benefit of any Person other than the Participants and BNPPLC and BNPPLC’s Representatives; consequently, no Persons other than the Participants, BNPPLC and BNPPLC’s Representatives may rely upon or raise as a defense, in any manner whatsoever, the failure of any Participant or BNPPLC to comply with the provisions of this Agreement. None of the Participants nor BNPPLC will incur any liability to any other Person for any act of omission of another. Notwithstanding the foregoing, however, LRC NAI will be a third party beneficiary of each Participant’s obligations to make advances as provided in subparagraph 3(B) above, of the representations of each Participant in Paragraph 11, of each Participant’s agreement to provided a release and quitclaim of the Property pursuant to the last sentence of Paragraph 15, 15 and of each Participant’s agreements in Paragraph 17. As a third party beneficiary of the obligations of the Participants specified in the preceding sentence, LRC NAI will have standing to exercise any remedies available at law or in equity (including the recovery of monetary damages) against any Participant in LRCNAI’s own name if that Participant breaches such obligations. Further, BNPPLC may assign to LRC NAI any claims it may have against a Participant because of the Participant’s breach of any of the provisions referenced in this paragraph or because of any adverse title claim made against the Property by, through or under the Participant. Each Participant acknowledges that LRC NAI will be relying on the commitments of the Participant to make payments required by this Agreement to permit funding of Anticipated Advances by BNPPLC under the Construction Agreement.