Non-Recourse Liability. The liability of Owner for the payment of all sums which may be owed to Developer under this Agreement and for the performance of all other obligations of Owner to Developer under this Agreement shall be limited to Owner’s interest in the Project and the proceeds thereof. Neither Owner nor any of the constituent partners or members of Owner or any partners or members, shareholders, officers, directors, beneficiaries or trustees of the constituent partners or members of Owner shall be personally liable for the payment of any sums or the performance of any other obligations to Developer.
Appears in 2 contracts
Samples: Development Agreement (Behringer Harvard Opportunity REIT I, Inc.), Development Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Non-Recourse Liability. The liability of Owner for the payment of all sums which may be owed to Developer under this Agreement and for the performance of all other obligations of Owner to Developer under this Agreement shall be limited to Owner’s interest in the Project Subject Phase and the proceeds thereof. Neither Owner nor any of the constituent partners or members of Owner or any partners or members, shareholders, officers, directors, beneficiaries or trustees of the constituent partners or members of Owner shall be personally liable for the payment of any sums or the performance of any other obligations to Developer.
Appears in 1 contract
Samples: Development Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Non-Recourse Liability. The liability of Owner for the payment of all sums which may be owed to Developer under this Agreement shall be subject to the same limits and for the performance of all other obligations of provisions governing payment by Owner to Developer Advisor and its affiliates under this Agreement shall be limited to the Advisory Agreement; provided further that none of Owner’s interest in the Project and the proceeds thereof. Neither Owner nor any of the constituent partners or members of Owner or any partners or members, shareholders, officers, or directors, beneficiaries or trustees of the constituent partners or members of Owner shall be personally liable for the payment of any sums or the performance of any other obligations to Developer.
Appears in 1 contract
Samples: Development Agreement (Behringer Harvard Reit I Inc)
