Guaranty of Nonrecourse Carveout Obligations (Florida)

The legal template "Guaranty of Nonrecourse Carveout Obligations (Florida)" is a formal document that establishes the guarantee of certain obligations that may arise in a nonrecourse loan transaction. In the context of Florida law, a nonrecourse loan refers to a loan where the borrower is not personally liable for the repayment of the loan, and only the collateral provided (typically real estate) serves as security.

However, nonrecourse loans often contain certain carveout provisions that can trigger personal liability for the borrower or other parties involved in the transaction. These carveout provisions generally outline specific circumstances or events under which the borrower's limited liability is no longer applicable.

The purpose of this legal template is to outline the terms and conditions under which an individual or entity, known as the guarantor, agrees to assume personal liability for these carveout obligations in a nonrecourse loan. By signing the guaranty, the guarantor agrees to indemnify and hold harmless the lender (or another party) in the event that these carveout obligations are triggered, and the borrower is not able to fulfill them.

The template will typically contain sections such as the names and contact information of the guarantor and the lender, a detailed description of the nonrecourse loan transaction, a list of the carveout obligations being guaranteed, the scope and limitations of the guarantor's liability, any conditions or triggers for the guarantor's obligation, and provisions related to default and remedies.

It is important to note that this legal template is specific to the state of Florida, as it may reference and incorporate relevant state laws and regulations. Users of this template should consult with legal professionals to ensure compliance with Florida law and to tailor the template to their specific circumstances and requirements.