Common use of TRUSTEE'S EXCULPATION Clause in Contracts

TRUSTEE'S EXCULPATION. This Note is executed by the undersigned Land Trustee, not personally or individually, but as trustee of the land trust that holds title to the Mortgaged Property, in the exercise of the power and authority conferred upon and vested in it as trustee. It is expressly understood and agreed by each original and successive owner or holder of this Note that nothing contained in this Note shall be construed as creating any liability on the Land Trustee in its personal or individual capacity to pay this Note or any interest that may accrue hereunder, and that any recovery against the Land Trustee on this Note shall be solely against and out of the property that secures the repayment of the obligation evidenced by this Note.

TRUSTEE'S EXCULPATION. This Note is executed by the undersigned Land Trustee, not personally or individually, but as trustee of the land trust that which holds title to the Mortgaged Property, in the exercise of the power and authority conferred upon and vested in it as trustee. It is expressly understood and agreed by each original and successive owner or holder of this Note that nothing contained in this Note shall be construed as creating any liability on the Land Trustee in its personal or individual capacity to pay this Note or any interest that may accrue hereunder, and that any recovery against the Land Trustee on this Note shall be solely against and out of the property that secures the repayment of the obligation evidenced by this Note.

TRUSTEE'S EXCULPATION. This Note is executed by the undersigned Land Trustee, not personally or individually, but as trustee of the land trust that holds title to the Mortgaged Property, in the exercise of the power and authority conferred upon and vested in it as trustee. It is expressly understood and agreed by each original and successive owner or holder of this Note that nothing contained in this Note shall be construed as creating any liability on the Land Trustee in its personal or individual capacity to pay this Note or any interest that may accrue hereunder, and that any recovery against the Land Trustee on this Note shall be solely against and out of the property Mortgaged Property that secures the repayment of the obligation evidenced by this Note.