Nonrecourse Loan Clause Samples
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Nonrecourse Loan. Notwithstanding anything to the contrary contained in the Loan Documents, except as set forth in this Section 1.4, Borrower shall have no personal liability under the Loan Documents for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents, and ▇▇▇▇▇▇▇’s only recourse for the satisfaction of the Indebtedness, and the performance of such obligations shall be to exercise its rights and remedies with respect to the Mortgaged Property and any other collateral held by Grantee as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair Grantee’s enforcement of its rights against any Guarantor guaranteeing any indebtedness or obligation of Borrower. ▇▇▇▇▇▇▇▇ shall become personally liable to Grantee for the repayment of any portion of the Indebtedness equal to any loss or damage suffered by Grantee as a result of: failure of Borrower to pay to Grantee upon demand after an Event of Default, all rents, revenues and profits from the operation of the Project to which Grantee is entitled under the Mortgage, and the amount of all security deposits collected by Borrower from tenants then in residence; failure of Borrower to apply all insurance proceeds and condemnation proceeds as required by the Mortgage; failure of Borrower to comply with the requirements in the Mortgage relating to the delivery of books and records, statements, schedules and reports; fraud or any written material misrepresentation by Borrower or any officer, agent, director, partner, member or employee of Borrower in connection with the Application, the Loan Documents, or any request by ▇▇▇▇▇▇▇; failure to apply rents, revenues and profits, first, to the payment of reasonable operating expenses (other than Property management fees that are not currently payable) and then to Debt Service Amounts due, except that Borrower will not be personally liable (i) to the extent that Borrower lacks the legal right to direct the disbursement of such sums because of a Permanent Loan Mortgage encumbering the Project, or bankruptcy, receivership or similar judicial proceedings, or (ii) with respect to Surplus Cash distributed in any calendar year if Borrower has paid all operating expenses and Debt Service Amounts due for that calendar year; or failure of Borrower to pay all deductibles required under any of the insurance policies required to be maintained under Section 6.3 of this Agreement. ▇▇▇▇▇▇▇▇ shall becom...
Nonrecourse Loan. Subject to the provisions of this Section, and notwithstanding any provision of the Loan Documents other than this Section, the personal liability of Borrower, and of any general partner of Borrower, to pay the principal of and interest on the debt evidenced by the Note and any other agreement evidencing Borrower's obligations under the Note shall be limited to (a) the Collateral, (b) the personal property described in and pledged under any Loan Document other than this Instrument, and (c) the rents, profits, issues, products and income of the Property, including any received or collected by or on behalf of Borrower after an Event of Default. Except as provided in this Section, Lender shall not seek (a) any judgment for a deficiency against Borrower, any general partner or member of Borrower, or Borrower's successors or assigns, in any action to enforce any right or remedy under the Note, this Instrument or the other Loan Documents, or (b) any judgment on the Note except as may be necessary in any action brought under the Instrument to enforce the lien against the Property or any other Collateral. Notwithstanding the foregoing, Borrower and any general partner of Borrower shall be fully and personally liable for payment and performance of all obligations set forth in the Loan Documents, including the payment of all principal, interest, and other amounts under the Note, in the event of (i) the occurrence of an uncured default under Sections 15, 16 or 29 of this Instrument, or (ii) the occurrence of any condition or event described in Section 20 (except that in the event of involuntary proceedings described therein, neither Borrower nor any general partner of Borrower shall be fully and personally liable under this Section 26 unless either Borrower or any general partner of Borrower or any Person owning an interest (directly or indirectly) in Borrower or any general partner of Borrower consents to, aids, solicits, supports, or otherwise cooperates or colludes to cause such event or fails to contest such event).
Nonrecourse Loan. A loan to the Borrower (a) which is secured solely by (i) specifically identified Containers (the “Identified Containers”), (ii) one or more leases of such Identified Containers, including all rentals thereunder (the “Lease Collateral”), and (iii) all proceeds of such Identified Containers and Lease Collateral; (b) which is payable solely from the related Identified Containers and Lease Collateral, and as to which rentals under the related Lease Collateral have been assigned to the applicable lender, and are paid directly to such lender; and (c) with respect to which payments of principal and interest are without recourse to the Borrower or the Borrower’s property (other than the related Identified Containers and Lease Collateral).
Nonrecourse Loan. The Restated Loan is nonrecourse and neither Borrower nor any other Person will be personally liable for the Loan or any other amount that may become due and payable under the Restated Loan Documents.
Nonrecourse Loan. Subject to the provisions of this Section, and notwithstanding any provision of the Loan Documents other than this Section, the personal liability of Borrower, and of Indemnitor and any general partner of Borrower, to pay the principal of and interest on the debt evidenced by the Note and any other agreement evidencing Borrower's obligations under the Note shall be limited to (a) the Collateral, (b) the personal property described in and pledged under any Loan Document other that this Instrument, and (c) the rents, profits, issues, products and income of the Property, including any received or collected by or on behalf of Borrower after an Event of Default. Notwithstanding the foregoing, Borrower, Indemnitor and any general partner of Borrower shall be folly and personally, jointly and severally, liable for payment and performance of all obligations set forth in the Loan Documents, including the payment of all principal, interest, and other amounts under the Note, in the event of (i) the occurrence of an Event of Default under Sections 15 or 16 (unless the Event of Default under Section 16 is the existence of a mechanics' lien against the Property) of this Instrument, or (ii) the occurrence of any condition or event described in Section 20 (other than any involuntary bankruptcy proceedings, so long as neither Borrower nor any affiliate of Borrower has arranged, solicited, induced, financed or colluded with others in the filing of such involuntary petition, case or proceeding).
Nonrecourse Loan. 26 SCHEDULES ---------
Nonrecourse Loan. Notwithstanding anything to the contrary contained in the Loan Documents, except as set forth in this Section 3.1, neither Borrower nor any of its general or limited partners or affiliates shall have no personal liability under the Loan Documents for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents, and LHC’s only recourse for the satisfaction of the Indebtedness, and the performance of such obligations shall be to exercise its
Nonrecourse Loan. EXCEPT AS PROVIDED IN 28 BELOW AND AS PROVIDED IN THE GUARANTY AND THE INDEMNITY AGREEMENT, NOTWITHSTANDING ANY TERMS OR PROVISIONS HEREOF OR IN ANY OTHER LOAN DOCUMENTS TO THE CONTRARY, THE RIGHTS OF THE LENDER HEREUNDER ARE LIMITED TO THE BORROWER'S RIGHT, TITLE AND INTEREST IN ANY COLLATERAL IN WHICH THE LENDER HAS BEEN, OR MAY BE, EXPRESSLY GRANTED AN INTEREST BY THE BORROWER PURSUANT TO ANY OF THE LOAN DOCUMENTS, WITH NO FURTHER RECOURSE AVAILABLE HEREUNDER AGAINST THE BORROWER, OR ANY PARTNER, TRUSTEE, BENEFICIARY, SHAREHOLDER OR DIRECTOR OF THE BORROWER OR OF ANY PARTNER OR BENEFICIARY OF THE BORROWER, THE LENDER AGREEING TO LOOK SOLELY TO SUCH COLLATERAL FOR THE INDEBTEDNESS EVIDENCED BY THE LOAN DOCUMENTS.
Nonrecourse Loan. Notwithstanding anything to the contrary herein, and except as provided hereinafter, Borrower shall have no personal liability for payment of the principal of or the interest on the indebtedness evidenced by the Note, and Lender, by acceptance hereof, agrees not to assert or claim a deficiency or other personal judgment against Borrower for such principal or interest, but rather to look solely to the property covered by the Mortgage and the other Loan Documents (hereinafter collectively called “Security”) for payment of any such principal and interest. The foregoing shall not be deemed or construed to be a release of the indebtedness evidenced hereby or to in any way impair, limit or otherwise affect the Note, this Agreement, the Mortgage, or the other Loan Documents, or any liens created thereby on the Security as security for the payment of the indebtedness evidenced or secured thereby and for the performance of the covenants in the Note, in this Agreement, in the Mortgage or in any other Loan Document contained, or prevent Lender from naming Borrower, its successors and assigns, as a defendant in any action to enforce any remedy for an event of default, so long as no personal or deficiency judgment is sought or entered therein against Borrower, its successors and assigns, for payment of any such principal and/or interest, and except as expressly provided in this Agreement, the Mortgage, or other Loan Documents. However, it is expressly understood and agreed that the aforesaid limitation on liability shall in no way affect, apply to or limit Borrower’s continued personal liability for the reimbursement of Lender for all losses suffered by Lender relating to and/or resulting from (i) fraud or willful misrepresentation by Borrower; (ii) commission of a criminal act resulting in forfeiture of any of the Security; (iii) commission or occurrence of material, physical waste to any of the Security; (iv) failure to pay taxes or assessments levied against the Security when due, when and if funds are available from operation of the Security to pay the same; (v) failure to maintain insurance as required by this Agreement and the Mortgage; (vi) uninsured damage to the Security as a result of terrorism; (vii) misapplication of insurance proceeds or condemnation awards; (viii) failure to apply rents or profits collected from the Security subsequent to a default under the Note, this Agreement, the Mortgage or the other Loan Documents to the sums secured by the Mortgage...
Nonrecourse Loan. No recourse under or in respect of this Agreement, the Note or the obligations created or evidenced hereby or thereby shall be taken against the assets of ▇▇▇▇▇ or the partners of Seller or Buyer; provided, however, this section shall not be deemed to relieve either LaSalle or ▇▇▇▇▇ of their explicit contractual obligations hereunder (such obligations of ▇▇▇▇▇ being only those set forth in Section 3.2.2); provided, further, in no event shall ▇▇▇▇▇ be deemed to have personal liability for repayment of the Note, the Working Capital Note or any other obligations of Buyer hereunder or contemplated hereby.