Common use of Obligation of Maker Clause in Contracts

Obligation of Maker. for the face amount of any Letter of Credit held by Holdxx xxx delivered by Maker in connection with the loan evidenced by this Note in the event Holder is unable to collect the full amount of said Letter of Credit for any reason. The obligations of Maker in subparagraphs (1) through (12) above, except as provided in subparagraphs (10) and (11), shall survive the repayment and satisfaction of this Note and compliance with the terms of the Security Deed. Notwithstanding any provisions herein to the contrary, Maker shall become personally liable for the entire amount due under this Note (including all principal, interest and other charges) in the event that Maker (i) violates the covenants set forth in the Security Deed governing the placing of subordinate financing on the Property or (ii) violates the covenants set forth in the Security Deed restricting transfers in the Property or transfers of ownership interests in Maker.