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shall not have constituted gross negligence or willful misconduct on the part of MBIA. Neither the Developer nor, if the Developer shall be a partnership, any partner of the Developer shall have any direct or indirect personal liability for payment of or performance of all or any part of the Developer's obligations hereunder. The sole recourse of MBIA with respect to the payment of or performance of such obligations shall be to the property securing the indebtedness evidenced by the Note. No judgment or execution thereon entered in any action, legal or equitable, on the Note or the Deed of Trust securing the Note shall be enforced personally against the Developer or, if the Developer shall be a partnership, any partner of the Developer, but shall be enforced only against the property described in the Developer Documents and such other or further security as may be hypothecated for the Note from time to time; provided, however, that nothing contained in the foregoing limitation of liability shall (a) limit or impair the enforcement against all such security for the Note of all the rights and remedies of the Holder thereof, or (b) be deemed in any way to impair the right of the Holder thereof to assert the unpaid principal amount of the Note as a demand for money within the meaning and intendment of Section 431.70 of the California Code of Civil procedure or any successor provision thereto. The foregoing limitation of liability is intended to apply only to the obligation for the repayment of the principal of, and payment of interest on the Note; nothing contained therein is intended to relieve the Developer and, if Developer is a partnership, any general partner of Developer of liability for (i) fraud or willful misrepresentation; (ii) the failure to pay taxes, assessments or other charges which may create liens on the real property described in the Developer. Documents that are payable or applicable prior to any foreclosure under the Deed of 'Trust (to the full extent of such taxes, assessments or other charges); (iii) the retention of any rental income or other income arising with respect to the Development collected by. Developer after MBIA has given any notice that Developer is in default to the full extent of the rental income or other income retained and collected by Developer after the giving of any such notice; (iv) the fair market value as of the time of the giving of any notice referred to in subparagraph (iii) above of any personal property or fixtures removed or disposed of by Developer other than in accordance with the Developer Documents after the giving of any notice referred to above; and (v) the misapplication of any proceeds under any insurance policies or awards resulting from condemnation or the exercise of the power of eminent domain or by reason of damage, loss or destruction to any portion of the Development.