Nonrecourse Obligation Clause Samples

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. 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"

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 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 action to collect any amount payable hereunder or to enforce performance of any of the other provisions of this Agreement; provided, however: (a) Nothing herein contained shall be construed as limiting or impairing the enforcement against the Collateral or otherwise prohibiting Secured Party from exercising any and all remedies which this Agreement or any other document, instrument or other agreement executed as security for or otherwise in connection with the indebtedness secured hereby (herein referred to collectively as the "Other Documents") permit, so long as the exercise of any remedy does not extend to execution against or recovery out of any property of Debtors or any of them other than the Collateral in any action to foreclose the security interest and pledge hereof or to collect any secured hereunder; (b) Debtors shall be fully and personally liable, jointly and severally, for any and all costs, expenses and other sums payable to third parties (including, without limitation, attorney's fees and court costs) paid or incurred by Secured to enforce the indebtedness secured hereby, to protect or enforce Secured Party's security interest in the Collateral or otherwise to enforce its rights under or pursuant to this Agreement, or to enforce its rights under or pursuant to any one or more of the Other Documents.

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. Any obligations of the Owner hereunder are nonrecourse and are limited solely to moneys received by the Trustee pursuant to the Contract, or through funds made available pursuant to the Indenture or any insurance policies.

Nonrecourse Obligation. Notwithstanding anything to the contrary contained in this Agreement, but without in any manner releasing, impairing or otherwise affecting this Agreement or the INS Contract, the liability and obligation of the Operator for the payment of the User Fee shall be non-recourse to the Operator and upon the occurrence of an Event of Default under Section 20(a) of this Agreement, the liability of Operator for any and all such Events of Default shall be limited to and be satisfied solely out of User Fees then due and payable, any and all amounts due to Operator under the INS Contract, all Operating Revenues (as defined in this Agreement) available therefor and all other Collateral, as defined in Section l(g) above. Owner shall not have the right to allocate and demand payment for any User Fee not then due and payable at the time of the occurrence of the Event of Default. Notwithstanding the limitation contained in the first subsection of this Section 38, nothing contained in this Section 38 shall be deemed to prejudice the rights of Owner or Trustee to (i) proceed against any entity or person whatsoever, including Operator with respect to the

Nonrecourse Obligation. Neither the Borrower nor any officer or director or partner of the Borrower shall have any direct or indirect personal liability for payment of the principal on this Note or the performance of the covenants of the Trustor under the Deed of Trust securing this Note. The sole recourse of the Agency with respect to the amounts owed under this Note and defaults by Trustor in the performance of its covenants under the Deed of Trust shall be to the Property securing the indebtedness evidenced by this Note. No judgment or execution thereon, entered in any action, legal or equitable, on this Note or the Deed of Trust shall be enforced personally against the Borrower or any partner of the Borrower, but shall be enforced only against the Property described in the Deed of Trust and such other or further security as, from time to time, may be hypothecated to secure this Note.

Nonrecourse Obligation. Except as expressly provided in the second paragraph of this section, the Trustor, and the Trustor's partners, officers, directors, employees and agents shall not have any direct or indirect personal liability for payment of the principal of, or interest on, the Note or the performance of the covenants of the Trustor under the Deed of Trust securing the Note. The sole recourse of the Beneficiary with respect to the principal of, or interest on, the Note shall be to the property securing the indebtedness evidenced by the Note. However, that nothing contained in the foregoing limitation of liability shall (a) limit or impair the enforcement against all such security for the Note of all the rights and remedies of the Beneficiary, or (b) be deemed in any way to impair the right of the Beneficiary to assert the unpaid principal amount of the Note as demand for money within the meaning and intendment of Section 431.70 of the California Code of Civil Procedure or any successor provision thereto. The foregoing limitation of liability is intended to apply only to the obligation for the repayment of the principal of, and payment of interest on the Note, except as hereafter set forth; nothing contained herein is intended to relieve the Trustor of personal liability for (a) fraud or willful misrepresentation; (b) the failure to pay taxes, assessments or other charges (which are not contested by Trustor in good faith) which may create liens on the Property that are payable or applicable prior to any foreclosure under the Deed of Trust (to the full extent of such taxes, assessments or other charges); (c) the fair market value of any personal property or fixtures removed or disposed of by Trustor other than in accordance with the Deed of Trust; (d) the misapplication of any proceeds under any insurance policies or awards resulting from condemnation or the exercise of the power of eminent domain or by reason of damage, loss or destruction to any portion of the Property; (e) the Trustor's indemnification obligations under the Loan Agreement; and (f) payment to the Beneficiary of any rental income or other income arising with respect to the Property received by the Trustor after the Beneficiary has given notice to the Trustor of the occurrence of an Event of Default, subject to the rights of any lender providing a loan secured by the Property to which the Beneficiary has subordinated the Deed of Trust. Notwithstanding anything to the contrary contained herein or in any docu...