Common use of Acknowledgment of Exculpatory Provisions Clause in Contracts

Acknowledgment of Exculpatory Provisions. Borrower acknowledges that it (a) has had the benefit of independent legal counsel of its choosing in connection with the drafting and negotiation of the Loan Documents, (b) has consulted (or had ample opportunity to consult) with its legal counsel with respect to all of the Loan Documents prior to Closing, (c) has a duty to read—and has in fact read—each of the Loan Documents prior to executing them at Closing, (d) is fully informed and has notice of all of the terms and conditions of the Loan Documents. Borrower further acknowledges that the Loan Documents obligate Borrower to assume liability for and indemnify Administrative Agent, Lenders and other Persons against certain liabilities—including, in some instances, liabilities that arise from the negligence of Administrative Agent, Lenders and/or those other Persons. Borrower agrees that it will not contest the validity or enforceability of any exculpatory provision in this Agreement or the other Loan Documents on the basis that it had no notice or knowledge of the provision or that the provision is not “conspicuous.”

Acknowledgment of Exculpatory Provisions. Borrower Owner acknowledges that it (a) has had the benefit of independent legal counsel of its choosing in connection with the drafting and negotiation of the Loan Contract Documents, (b) has consulted (or had ample opportunity to consult) with its legal counsel with respect to all of the Loan Contract Documents prior to Closing, (c) has a duty to read—and has in fact read—each of the Loan Contract Documents prior to executing them at Closing, (d) is fully informed and has notice of all of the terms and conditions of the Loan Contract Documents. Borrower Owner further acknowledges that the Loan Contract Documents obligate Borrower Owner to assume liability for and indemnify Administrative Agent, Lenders Contractor and other Persons against certain liabilities—including, in some instances, liabilities that arise from the negligence of Administrative Agent, Lenders Contractor and/or those other Persons. Borrower Owner agrees that it will not contest the validity or enforceability of any exculpatory provision in this Agreement Contract or the other Loan Contract Documents on the basis that it had no notice or knowledge of the provision or that the provision is not “"conspicuous.”"