Common use of Non-Recourse Obligation Clause in Contracts

Non-Recourse Obligation. In the event of any Default under the terms of this Note or the Agency Loan Deed of Trust, the sole recourse of Agency for any and all such defaults shall be by judicial foreclosure or by the exercise of the trustee’s power of sale, and Borrower and its partners shall not be personally liable for the payment of this Note or for the payment of any deficiency established after judicial foreclosure or trustee’s sale; provided, however, that the foregoing shall not in any way affect any rights Agency may have (as a secured party or otherwise) hereunder or under the Agreement or Agency Loan Deed of Trust to recover directly from Borrower any amounts secured by the Agency Loan Deed of Trust, or any funds, damages or costs (including without limitation reasonable attorneys’ fees and costs) incurred by Agency as a result of fraud, misrepresentation or waste, and any costs and expenses incurred by Agency in connection therewith (including without limitation reasonable attorneys’ fees and costs).