Relationship of Parties; No Third Party Beneficiary Sample Clauses
The "Relationship of Parties; No Third Party Beneficiary" clause defines the legal relationship between the parties to a contract, clarifying that they are independent entities and not partners, agents, or employees of one another. It also specifies that the contract does not grant any rights or benefits to individuals or organizations who are not direct parties to the agreement. This clause is essential for preventing misunderstandings about the nature of the parties' relationship and for ensuring that only the signatories can enforce the contract's terms, thereby limiting potential legal claims from outside parties.
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Relationship of Parties; No Third Party Beneficiary. 82
(a) Solely Creditor and Debtor. 82 (b) No Third Party Beneficiaries. 83 Section 15.07 Severability; Entire Agreement; Amendments. 83 Section 15.08 Construction. 83 Section 15.09 Mortgage Loan Servicing. 84 Section 15.10 Disclosure of Information. 84 Section 15.11 Waiver; Conflict. 85 Section 15.12 No Reliance. 85 Section 15.13 Subrogation. 85 Section 15.14 Counting of Days. 85 Section 15.15 Revival and Reinstatement of Indebtedness. 86 Section 15.16 Time is of the Essence. 86 Section 15.17 Final Agreement. 86 Section 15.18 WAIVER OF TRIAL BY JURY. 86 This MULTIFAMILY LOAN AND SECURITY AGREEMENT (as amended, restated, replaced, supplemented, or otherwise modified from time to time, the “Loan Agreement”) is made as of the Effective Date (as hereinafter defined) by and among _______________________________, a _____________________________ (“Borrower”), ______________________, a ___________________________ (“IDOT Guarantor,” and together with Borrower, each an “Obligor” or together “Obligors”), and _____________________________, a ____________________________ (“Lender”).
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower will be solely that of creditor and debtor, respectively, and nothing contained in this Loan Agreement will create any other relationship between Lender and Borrower. Nothing contained in this Loan Agreement will constitute Lender as a joint venturer, partner or agent of Borrower, or render Lender liable for any debts, obligations, acts, omissions, representations or contracts of Borrower.
(b) No creditor of any party to this Loan Agreement and no other Person will be a third party beneficiary of this Loan Agreement or any other Loan Document. Without limiting the generality of the preceding sentence: (i) any arrangement (“Servicing Arrangement”) between Lender and any Loan Servicer for loss sharing or interim advancement of funds will constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower will not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
(b) No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (a "Servicing Arrangement") between the Lender and any Loan Servicer for loss sharing or interim advancement of funds shall constitute a contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness, (ii) Borrower shall not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.
Relationship of Parties; No Third Party Beneficiary. Severability; Amendments
Relationship of Parties; No Third Party Beneficiary. Seller and Buyer are independent contracting parties and nothing in this Contract will make either party the agent or legal representative of the other for any purpose, nor does it grant either party any authority to assume or to create any obligation on behalf of or in the name of the other. Except as otherwise provided in this Contract, the parties acknowledge and agree that the rights and interests of the parties under this Contract are intended to solely benefit Buyer and Seller.
Relationship of Parties; No Third Party Beneficiary. The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Security Instrument shall create any other relationship between Lender and Borrower. No creditor of any party to this Security Instrument and no other person shall be a third party beneficiary of this Security Instrument or any other Loan Document.
Relationship of Parties; No Third Party Beneficiary. The provisions of Section 9.15 of the Credit Agreement are incorporated herein by reference to the same extent as if fully set forth herein.
Relationship of Parties; No Third Party Beneficiary. (a) The relationship between Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Lender and Borrower.
Relationship of Parties; No Third Party Beneficiary. The relationship between Mortgagee and Mortgagor shall be solely that of creditor and debtor, respectively, and nothing contained in this Instrument shall create any other relationship between Mortgagee and Mortgagor. No creditor of any party to this Instrument and no other person shall be a third party beneficiary of this Instrument or any other Loan Document.
Relationship of Parties; No Third Party Beneficiary. The relationship between Beneficiary and Trustor shall be solely that of creditor and debtor, respectively, and nothing contained in this Security Instrument shall create any other relationship between Beneficiary and Trustor. No creditor of any party to this Security Instrument and no other person shall be a third party beneficiary of this Security Instrument or any other Loan Document.