Town’s Obligation Limited Sample Clauses

Town’s Obligation Limited. Notwithstanding any other provision of this Deed of Trust, the parties intend that this transaction comply with North Carolina General Statutes Section 160A-20. No deficiency judgment may be entered against the Town in violation of such Section 160A-20. No provision of this Deed of Trust shall be construed or interpreted as creating a pledge of the Town's faith and credit within the meaning of any constitutional debt limitation. No provision of this Deed of Trust should be construed or interpreted as an illegal delegation of governmental powers, nor as an improper donation or lending of the Town's credit within the meaning of the North Carolina constitution. The Town's taxing power is not and may not be pledged, directly or indirectly contingently, to secure any moneys due under this Deed of Trust. No provision of this Deed of Trust restricts the Town’s future issuance of any of its bonds or other obligations payable from any class or source of the Town's moneys (except to the extent the “Documents,” as defined in Section 2-1, restrict the incurrence of additional obligations secured by the Mortgaged Property). To the extent of any conflict between this Section and any other provision of this Deed of Trust, this Section takes priority.
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Related to Town’s Obligation Limited

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