Nonrecourse Carveout Provisions in Commercial Real Estate (Mortgage Loans) (Pro-Lender)
Standard Clauses representative of customary nonrecourse carveout provisions found in a commercial real estate lender's standard form loan documents, including CMBS loans. These Standard Clauses describe the actions and omissions that can create personal exposure for a borrower and its guarantors, causing the loan parties' repayment liability under the loan to convert from nonrecourse liability into full or partial recourse liability. These Standard Clauses have integrated notes with important explanatory and drafting tips for all parties.
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