Common use of TRUSTEE'S EXCULPATION Clause in Contracts

TRUSTEE'S EXCULPATION. This Memorandum is executed by Trustee, not personally but solely as Trustee aforesaid, in the exercise of the power and authority conferred upon and vested in it, as Trustee aforesaid (and Trustee hereby represents that it possesses full power and authority to execute this Memorandum). It is expressly understood and agreed by every person, firm or corporation hereafter claiming an interest pursuant to this Memorandum that Trustee has executed this Memorandum solely for the purpose of subjecting the title holding interest and the trust estate under the aforesaid Trust to the terms of this Memorandum; that no personal liability or personal responsibility is assumed by nor shall, at any time, be asserted or enforceable against Trustee personally, on account of this Memorandum or on account of any representation, obligation, duty, covenant or agreement contained herein, either express or implied, all such personal liability, if any, being expressly waived and released; and further, that no duty shall rest upon Trustee either personally or as Trustee, to sequester trust assets, rentals, avails or proceeds of any kind, or otherwise to see to the fulfillment or discharge of any obligation, express or implied, arising pursuant to the terms of this Memorandum. In the event of any conflict between the terms of this paragraph and the remainder of this Memorandum, or in the event of any question of apparent liability or obligation resting upon Trustee, the exculpatory provisions hereof shall be controlling.

TRUSTEE'S EXCULPATION. This Memorandum Option Agreement is executed by Trustee, not personally but solely as Trustee aforesaid, in the exercise of the power and authority conferred upon and vested in it, as Trustee aforesaid (and Trustee hereby represents that it possesses full power and authority to execute this MemorandumOption Agreement). It is expressly understood and agreed by every person, firm or corporation hereafter claiming an interest pursuant to this Memorandum Option Agreement that Trustee has executed this Memorandum Option Agreement solely for the purpose of subjecting the title holding interest and the trust estate under the aforesaid Trust to the terms of this MemorandumOption Agreement; that no personal liability or personal responsibility is assumed by nor shall, at any time, be asserted or enforceable against Trustee personally, on account of this Memorandum Option Agreement or on account of any representation, obligation, duty, covenant or agreement contained herein, either express or implied, all such personal liability, if any, being expressly waived and released; and further, that no duty shall rest upon Trustee either personally or as Trustee, to sequester trust assets, rentals, avails or proceeds of any kind, or otherwise to see to the fulfillment or discharge of any obligation, express or implied, arising pursuant to the terms of this MemorandumOption Agreement. In the event of any conflict between the terms of this paragraph and the remainder of this MemorandumOption Agreement, or in the event of any question of apparent liability or obligation resting upon Trustee, the exculpatory provisions hereof shall be controlling.