made in violation of the Loan Documents; and # contains provisions providing for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason of Mortgagor’s # misappropriation of rents after the occurrence of an event of default under the Mortgage Loan; # misappropriation of # insurance proceeds or condemnation awards or # security deposits or, alternatively, the failure of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof (except to the extent applied in accordance with leases prior to a Mortgage Loan event of default); # fraud or intentional material misrepresentation; # breaches of the environmental covenants in the Loan Documents; or # commission of intentional material physical waste at the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related Mortgaged Property to prevent such waste).
(A) Non-Recourse Indebtedness and # any Indebtedness which serves to refund, refinance or extend any such Non-Recourse Indebtedness (“Refinancing Non-Recourse Indebtedness”), provided that such Refinancing Non-Recourse Indebtedness is, except for clause (b) of the definition thereof, Non-Recourse Indebtedness,
Partial Non-Recourse to the Borrowers. Notwithstanding anything to the contrary contained herein, the Borrowers shall have no personal liability to pay the outstanding principal balance of this Note or any interest that may accrue thereon, all such liability being expressly waived by the Lender, and the Lender’s monetary remedies under this Note, the Georgia Deed to Secure Debt, the Indiana Mortgage, the Ohio Mortgage, the Tennessee Deed of Trust, the Georgia Assignment of Leases, the Indiana Assignment of Leases, the Ohio Assignment of Leases and the Tennessee Assignment of Leases shall be limited to the Borrowers’ interests in the Premises and the improvements, furnishings, equipment, leases and rents on which the Georgia Deed to Secure Debt, the Indiana Mortgage, the Ohio Mortgage, the Tennessee Deed of Trust, the Georgia Assignment of Leases, the Indiana Assignment of Leases, the Ohio Assignment of Leases and the Tennessee Assignment of Leases constitute a lien. Notwithstanding the foregoing, it is expressly understood and agreed that the aforesaid limitation on liability shall in no way affect or apply to the continued liability of the Borrowers for the payment to the Lender of: # misappropriation of any rents, issues, profits or income which have been prepaid more than thirty (30) days in advance; # any rents, issues, profits or income collected by the Borrowers from the Premises after the occurrence of an Event of Default beyond any applicable cure period under the terms of this Note, the Georgia Deed to Secure Debt, the Indiana Mortgage, the Ohio Mortgage, the Tennessee Deed of Trust, the Georgia Assignment of Leases, the Indiana Assignment of Leases, the Ohio Assignment of Leases, the Tennessee Assignment of Leases or any other instrument securing this Note (until such time as title is transferred by foreclosure or deed in lieu of foreclosure to Lender or Lender’s designee); # unrefunded security deposits made by tenants of the Premises; # any actual loss or damage to Lender arising out of the execution of a new lease or an amendment made to an existing lease which required but did not receive the prior written consent of Lender under the terms of the Georgia Deed to Secure Debt, the Indiana Mortgage, the Ohio Mortgage and the Tennessee Deed of Trust; # any fee paid by a tenant of the Premises as a result of the early termination of its lease which termination required but did not receive the prior written consent of Lender; # to the extent not paid by Borrowers, payments of all real estate taxes, special assessments and insurance premiums (until such time as title is transferred by foreclosure or deed in lieu of foreclosure to Lender or Lender’s designee); # insurance proceeds and condemnation awards, payments and consideration that the Borrowers receive and the Lender is entitled to pursuant to the terms of this Note, the Georgia Deed to Secure Debt, the Indiana Mortgage, the Ohio Mortgage, the Tennessee Deed of Trust, the Georgia Assignment of Leases, the Indiana Assignment of Leases, the Ohio Assignment of Leases, the Tennessee Assignment of Leases or of any other instrument securing this Note; # actual loss or damage suffered by the Lender arising from intentional misrepresentation or fraud in connection with the loan evidenced by this Note occurring as the result of the actions or inactions of the Borrowers or any person or entity controlling or managing Borrower or entity serving as a guarantor of any portion of the Borrowers’ obligations under the terms of this Note, the Georgia Deed to Secure Debt, the Indiana Mortgage, the Ohio Mortgage, the Tennessee Deed of Trust, the Georgia Assignment of Leases, the Indiana Assignment of Leases, the Ohio Assignment of Leases, the Tennessee Assignment of Leases or any other instrument securing this Note; # actual loss or damage suffered by the Lender occurring by reason of the existence of Hazardous Materials or Wastes, as defined in
“Recourse Indebtedness” means Indebtedness, other than Indebtedness under the Loan Documents, that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Non-Recourse Carve-Outs shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness.
all Guarantees of such Person in respect of any of the foregoing, excluding guarantees of Non-Recourse Indebtedness for which recourse is limited to liability for Customary Non-Recourse Carve-Outs.
Liens securing Non-Recourse Indebtedness and Refinancing Non-Recourse Indebtedness of Holdings, the Borrower or any Restricted Subsidiary; provided, that such Liens apply only to # the property financed, constructed or improved out of the net proceeds of suchthe Non-Recourse Indebtedness within 365 days after the incurrence of suchthe Non-Recourse Indebtedness, and, including for the avoidance of doubt, assets directly related thereto or derived therefrom or other property of Holdings, the Borrower or any Restricted Subsidiary financed pursuant to the Credit Facility of such person under which the Non-Recourse Indebtedness or Refinancing Non-Recourse Indebtedness was incurred, or # licenses, permits, authorizations, consent forms or contracts related to the acquisition, development, use or improvement of such property;
Recourse; Payments of Non-Formula Amount; Maturity. Advances and the other Obligations shall be with full recourse against [[Organization A:Organization]]. On the 30th day of each April, July, October, and January, [[Organization A:Organization]] will make a principal reduction payment on the Advances, each in the amount of $125,000, plus all accrued but unpaid Finance Charge thereon. On the Maturity Date, the [[Organization A:Organization]] will pay all then outstanding Advances and other Obligations to the [[Organization B:Organization]] or such earlier date as shall be herein provided.
Recourse to Borrower. Notwithstanding anything to the contrary set forth in the Loan Documents, including without limitation this Section 9.3, the Loan shall be fully recourse to each Borrower.
obligor) and # in the case of an Unencumbered Property Subsidiary that indirectly owns all or any portion of an Unencumbered Eligible Property (an “Indirect Owner”), unsecured guaranties of Non-Recourse Indebtedness of a Subsidiary thereof for which recourse to such Indirect Owner is contractually limited to liability for Customary Non-Recourse Carve-Outs); and
Non-Recourse Exclusions. With respect to any Non-Recourse Indebtedness of any Person, any industry standard exclusions from the non-recourse limitations governing such Indebtedness, including, without limitation, exclusions for claims that # are based on fraud, intentional misrepresentation, misapplication or misappropriation of funds, gross negligence or willful misconduct # result from intentional mismanagement of or physical waste at the Real Estate securing such Non-Recourse Indebtedness, or # arise from the presence of Hazardous Substances on the Real Estate securing such Non-Recourse Indebtedness (whether contained in a loan agreement, promissory note, indemnity agreement or other document), or # are the result of any unpaid real estate taxes and assessments if sufficient cash flow from the Real Estate exists (whether contained in a loan agreement, promissory note, indemnity agreement or other document).
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