Execution; Limited Obligations Sample Clauses
The 'Execution; Limited Obligations' clause defines the extent to which a party is bound by the agreement upon signing and clarifies the scope of their responsibilities. Typically, this clause specifies that a party’s obligations are limited to those expressly stated in the contract, and may outline that execution by one party does not impose broader duties beyond the agreed terms. Its core practical function is to prevent unintended liabilities by ensuring that each party’s commitments are clearly delineated and limited to what has been explicitly agreed upon.
Execution; Limited Obligations. The Bonds shall be executed on behalf of the Issuer with the manual or facsimile signature of the President of the Issuer and the Issuer’s corporate seal shall be affixed thereto or printed or otherwise reproduced thereon and attested by the manual or facsimile signature of its Secretary of the Parish Council. All authorized facsimile signatures shall have the same force and effect as if manually signed. The Bonds shall not be general obligations of the Issuer but limited and special obligations payable solely from the amounts payable under the Agreement and other amounts specifically pledged therefor under this Indenture, and shall be a valid claim of the respective Owners thereof only against the Trust Estate, which amounts are hereby pledged, assigned and otherwise secured for the equal and ratable payment of the Bonds and shall be used for no other purpose than to pay the principal of, premium, if any, and interest on the Bonds, except as may be otherwise expressly authorized in this Indenture. No Owner of any Bonds has the right to compel any exercise of taxing power (if any) of the Issuer to pay the Bonds or the interest thereon, and the Bonds do not constitute an indebtedness of the Issuer or a loan of credit thereof within the meaning of any constitutional or statutory provisions.
Execution; Limited Obligations. (a) The Bonds shall be executed in the name and on behalf of the Issuer with the manual or facsimile signature of its Mayor or Vice-Mayor and sealed with its corporate seal or a facsimile thereof, each of the foregoing to be attested to by the manual or facsimile signature of its Clerk. Each such facsimile signature shall have the same force and effect as a manual signature. In case any officer whose manual or facsimile signature shall appear on the Bonds shall cease to be such officer before the delivery of such Bonds, such signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until such delivery; and any Bond may be signed on behalf of the Issuer, manually or in facsimile, by the person who, on the date of execution of such Bond, shall be the proper officer of the Issuer, even if such officer did not occupy such office on the date of execution of this Indenture.
(b) The Bonds and the Interest thereon shall not be general obligations of the Issuer, but shall be limited obligations payable solely from the amounts payable under the Agreement (except to the extent paid out of moneys attributable to the proceeds derived from the sale of the Bonds or to income from the investment thereof) and other amounts specifically pledged therefor under this Indenture and shall be a valid claim of the respective Holders thereof only against the Bond Fund and other moneys held by Trustee and the amounts payable under the Agreement the Security Agreement and the Deeds of Trust or otherwise pledged therefor. Neither the Issuer, the State nor any other political subdivision of the State shall be obligated to pay the principal of the Bonds, premium, if any, or Interest thereon or other costs incident thereto except from the revenues and other amounts pledged therefor. Neither the general credit nor the taxing power of the Issuer or the State or any other political subdivision thereof is pledged to the payment of the principal of, premium, if any, or Interest on the Bonds or other costs incident thereto. The Bonds and the Interest thereon shall not be a charge upon the tax revenues of the Issuer, or a charge upon any other revenues or Property of the Issuer not specifically pledged thereto.
Execution; Limited Obligations. The TIF Note shall be executed on behalf of the Board with the manual signature of the Chairman, the Secretary or other duly authorized officer of the Board. THE TIF NOTE, AND THE OBLIGATIONS OF THE BOARD UNDER THIS LOAN AGREEMENT AND THE OTHER DOCUMENTS DESCRIBED HEREIN THAT EVIDENCE OR SECURE THE TIF NOTE, SHALL NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY AND COUNTY WITHIN THE MEANING OF THE CONSTITUTION AND STATUTES OF THE STATE OR THE CHARTER OR ORDINANCES OF THE CITY AND COUNTY. IN THE EVENT THAT A DEFAULT OCCURS UNDER THIS LOAN AGREEMENT, NO JUDGMENT FOR ANY DEFICIENCY FOR THE OBLIGATIONS OF THE BOARD UNDER THE TIF NOTE, THIS LOAN AGREEMENT, OR ANY OF THE COLLATERAL DOCUMENTS SHALL BE SOUGHT OR OBTAINED AGAINST THE BOARD, EXCEPT TO THE EXTENT PAYABLE SOLELY FROM THE TAX INCREMENT REVENUES PLEDGED TO AND DESIGNATED FOR THE PAYMENT OF SUCH OBLIGATIONS. Nothing contained in this Section 2.9 shall (x) be deemed to be a release or impairment of the indebtedness evidenced by the TIF Note or the lien of this Loan Agreement or any of the Collateral Documents except for the nonrecourse provisions of the immediately preceding sentence, or (y) preclude the Lender from realizing on the collateral described in the Collateral Documents in the event of a Default. Amounts deposited in the Tax Increment Fund and the Tax Increment Revenues shall be used only for the purposes set forth in the Development Agreement.