Common use of Limited Liability of Shareholders Clause in Contracts

Limited Liability of Shareholders. A. The Trustees shall have no power to bind the Shareholders to personal liability. All persons dealing with PREIT, or with any agent of PREIT and/or the Trustees, shall look only to the Trust Property for the payment of any sums due as a result of such dealing and personal liability shall not attach to any Shareholder for any act, omission or liability of a Trustee or PREIT. B. An obligation of PREIT based upon a writing may be limited to a specific fund or other identified pool or group of assets of PREIT. It is the intention of this Trust Agreement to limit the liability of Shareholders for the obligations of PREIT to the fullest extent permitted by applicable law, as amended or supplemented.