Release of Original Borrower. Effective as of the recordation of this Agreement, Original Borrower is released by Lender and HUD from its obligations as set forth in the Loan Documents arising after the date of hereof, except for recourse obligations for which it expressly has personal liability under the Note and other Loan Documents (“Recourse Obligations”), if any, to the extent such Recourse Obligations arise out of acts or events occurring or obligations arising prior to or on the date hereof. Nothing in this Agreement shall waive, compromise, impair or prejudice any right that the Lender or the Secretary might have to seek judicial, administrative or other recourse for any breach of the Loan Documents that may have occurred or accrued prior to or may occur subsequent to the date of this Agreement.
Appears in 9 contracts
Samples: Assumption, Modification and Release Agreement (Griffin-American Healthcare REIT II, Inc.), Assumption, Modification and Release Agreement (Griffin-American Healthcare REIT II, Inc.), Assumption, Modification and Release Agreement (Griffin-American Healthcare REIT II, Inc.)
