Common use of Exculpatory Language Clause in Contracts

Exculpatory Language. If Lessor fails to perform its obligations in accordance with any of the provisions of this Lease, Lessor agrees that it shall, to the extent and under the conditions provided for in this Lease, be liable to Lessee on account of any damages caused thereby, but Lessee agrees that any money judgement resulting from such failure shall be satisfied only out of Lessor's interest in the building of which the Premises are a part, and no other real, personal, or other property of Lessor or of the partners comprising Lessor, or the officers, shareholders, directors, partners, or principals of such partners comprising Lessor, shall be subject to levy, attachments, or execution, or otherwise sued to satisfy any such judgement against Lessor except from Lessor's interest in the building of which the Premises are a part. The term, "Lessor" as used in this paragraph, shall mean only the owner of owners at the time in question of the fee title or interest in a ground lease of the Premises, and in the event of any transfer such title or interest, Lessor herein named (and in case of any subsequent transfers, the then grantor) shall be relieved from and after the date of such transfer of all liability as respects Lessor's obligations thereafter to be performed, provided that any funds in the hands of Landlord or the then grantor at the time of such transfer, in which Lessee has an interest, shall be delivered to the grantee. The obligations contained in this Lease to be performed by Lessor shall, subject as aforesaid, be binding on Lessor's successors and assigns, only during their respective periods of ownership.

Appears in 1 contract

Sources: Lease Agreement (Staar Surgical Company)

Exculpatory Language. If Lessor Landlord fails to perform its obligations in accordance with any of the provisions of this Lease, Lessor Landlord agrees that it shall, to the extent and under the conditions provided for in this Lease, be liable to Lessee Tenant on account of any damages caused thereby, but Lessee Tenant agrees that any money judgement judgment resulting from such failure shall be satisfied only out of LessorLandlord's interest in the building Building and the land of which the Premises are a part, and the income therefrom and no other real, personal, personal or other property of Lessor Landlord or of the partners comprising LessorLandlord, or of the officers, shareholders, directorsdirector, partners, or principals of such partners comprising LessorLandlord, shall be subject to levy, attachmentsattachment, or execution, or otherwise sued to satisfy any such judgement against Lessor except from Lessor's interest in the building of which the Premises are a partjudgment. The term, "Lessor" Landlord", as used in this paragraphParagraph, shall mean only the owner of or owners at the time in question of the fee title or interest in a ground lease of the Premises, and in the event of any transfer of such title or interest, Lessor Landlord herein named (and in case of any subsequent transfers, the then grantor) shall be relieved from and after the date of such transfer of all liability as respects LessorLandlord's obligations thereafter to be performedperformed (but not from previously accrued liabilities), provided that any funds in the hands of Landlord or the then grantor at the time of such transfer, in which Lessee Tenant has an interest, shall be delivered to the granteegrantee and provided further that the successor to Landlord shall assume the obligations of Landlord thereafter arising. The obligations contained in this Lease to be performed by Lessor Landlord shall, subject as aforesaid, be binding on LessorLandlord's successors and assigns, only during their respective periods of ownership.. For the purposes of this paragraph 37, "Landlord's interest in the Building" shall include the amount of any insurance proceeds or condemnation awards received by Landlord, net of any amounts retained by Landlord's Lender, and any net rents recei ved by Landl ord after the occurrence of an event of default by Landlord. Nothing contained herein shall be deemed to limit, restricut, or prohibit Tenant from exercising any right of offset granted to Tenant pursuant to this Lease. TENANT IMPROVEMENT ALLOWANCE

Appears in 1 contract

Sources: Lease Agreement (Advanced Technical Products Inc)