Common use of NO LIABILITY TO ACCOUNT AS MORTGAGEE IN POSSESSION Clause in Contracts

NO LIABILITY TO ACCOUNT AS MORTGAGEE IN POSSESSION. (a) Neither the Security Trustee nor the Receiver shall be liable in respect of any loss or damage which arises out of the exercise, or the attempted or purported exercise of, or the failure to exercise any of their respective powers unless such loss or damage is caused by its or his negligence, wilful default or misconduct in the exercise of their respective powers.