Refinance. If Borrower has identified the Mortgage Loan as a Refinance on the Summary of Loan Terms, then: Borrower is refinancing the Mortgaged Property in connection with the closing of the Mortgage Loan, Key Principal’s Controlling Interest in Borrower will not change as a result of, or in connection with, the refinance, and no Transfer of a Controlling Interest in Borrower is occurring in connection with the closing of the Mortgage Loan; and Borrower has fully disclosed to Lender as applicable, either the source (including the full name of each Person) of any cash-in funds provided by Borrower or otherwise required to close the Mortgage Loan or the intended use of any cash-out proceeds (and any recipient (including the full name of each Person) of any such proceeds) received from Lender in connection with the refinancing, as applicable. Recent Acquisitions. In the event that the Mortgaged Property was acquired by Borrower, Key Principal, Guarantor, or a Borrower Affiliate (or if a Controlling Interest in Borrower was acquired by Key Principal, Guarantor, or another Borrower Affiliate, as applicable) within the twenty-four (24) month period prior to the Effective Date, Borrower has also delivered to Lender complete fully executed copies of all Acquisition Closing Documents related to such prior Acquisition. - PERSONAL LIABILITY Non-Recourse Mortgage Loan; Exceptions. Except as otherwise provided in this Article 3 or in any other Loan Document, none of Borrower, or any director, officer, manager, member, partner, shareholder, trustee, trust beneficiary, or employee of Borrower, shall have personal liability under this Loan Agreement or any other Loan Document for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents, and ▇▇▇▇▇▇’s only recourse for the satisfaction of such Indebtedness and the performance of such obligations shall be ▇▇▇▇▇▇’s exercise of its rights and remedies with respect to the Mortgaged Property and any other collateral held by ▇▇▇▇▇▇ as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair Lender’s enforcement of its rights against Guarantor under any Loan Document. Personal Liability of Borrower (Exceptions to Non-Recourse Provision).
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Sources: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement
Refinance. If Borrower has identified the Mortgage Loan as a Refinance on the Summary of Loan Terms, then: Borrower is refinancing the Mortgaged Property in connection with the closing of the Mortgage Loan, Key Principal’s Controlling Interest in Borrower will not change as a result of, or in connection with, the refinance, and no Transfer of a Controlling Interest in Borrower is occurring in connection with the closing of the Mortgage Loan; and Borrower has fully disclosed to Lender as applicable, either the source (including the full name of each Person) of any cash-in funds provided by Borrower or otherwise required to close the Mortgage Loan or the intended use of any cash-out proceeds (and any recipient (including the full name of each Person) of any such proceeds) received from Lender in connection with the refinancing, as applicable. Recent Acquisitions. In the event that the Mortgaged Property was acquired by Borrower, Key Principal, Guarantor, or a Borrower Affiliate (or if a Controlling Interest in Borrower was acquired by Key Principal, Guarantor, or another Borrower Affiliate, as applicable) within the twenty-four (24) month period prior to the Effective Date, Borrower has also delivered to Lender complete fully executed copies of all Acquisition Closing Documents related to such prior Acquisition. - PERSONAL LIABILITY Non-Recourse Mortgage Loan; Exceptions. Except as otherwise provided in this Article 3 or in any other Loan Document, none of Borrower, or any director, officer, manager, member, partner, shareholder, trustee, trust beneficiary, or employee of Borrower, shall have personal liability under this Loan Agreement or any other Loan Document for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents, and ▇▇▇▇▇▇’s only recourse for the satisfaction of such Indebtedness and the performance of such obligations shall be ▇▇▇▇▇▇’s exercise of its rights and remedies with respect to the Mortgaged Property and any other collateral held by ▇▇▇▇▇▇ as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair Lender’s enforcement of its rights against Guarantor under any Loan Document. Borrower acknowledges and agrees that ▇▇▇▇▇▇▇▇’s reliance upon incorrect or incomplete information received from Master ▇▇▇▇▇▇, Guarantor, Key Principal, Principal, or other Persons and the reporting of the same to Lender, whether or not Borrower had actual knowledge that such information was incorrect or incomplete and whether or not Borrower is otherwise in violation of the terms of this Loan Agreement, shall not be (and Borrower or Guarantor shall not assert) a defense to ▇▇▇▇▇▇’s determination that an Event of Default has occurred or that Borrower (or Guarantor) has incurred personal liability as set forth in this Article 3. Personal Liability of Borrower (Exceptions to Non-Recourse Provision).
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