Non-Recourse Loan Clause

[Bob Ebaugh]

I am using a small amount (30K) of non-recourse financing on our next purchase closing July 20th.  This rental property will be held in our 401K Trust, which permits only non-recourse loans.

The lender is an individual, and I'm writing the mortgage and note.  Does anyone have a sample clause to add to the note and/or mortgage that meets 401K plan requirements for non-recourse.

The "base" documents are the Fannie standard forms for Florida, but have several sections deleted. I will have an attorney review the docs, she will catch any major inconsistencies for non-recourse, but is not a benefits plan expert.

Many of the samples I found include exculpatory language for fraud and waste, and I have no idea if these are permissible.