HomeMy WebLinkAbout0106 any claims, rights, or remedies of any kind or nature against
the Company, or any other guarantor of the Company's debts
or transactions, or any~collateral security held by the Trustee
or Issuer. ~
Section 5. RIGHTS UPON DEFAULT. If the Company shall
default in the payment of any purchase price installment
or shall otherwise be in default under any term or condition
of the Agreement, the Issuer may make demand upon the Guarantor
for payment of all sums becoming due by reason of such default
or any acceleration resulting therefrom, or from any election
made by the Issuer following such default. If payment in
full of all such debts is not made within one week after
such demand, then the Issuer shall have the right to enforce
against the Guarantor all rights and remedies provided in
the Agreement. -
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Section 6. RIGHTS AS AGAINST OTHERS. The Issuer
shall be under no obligation to proceed against the Company,
or against any other guarantor, or against any collateral '
security given by the Company or any other party which the
Issuer may hold, before proceeding against the Guarantor
hereunder.
Section 7. CHARACTER OF OBLIGATION. This.Guaranty
shall be construed as an.absolute, continuing, unconditional,
and unli.mited guaranty. The term of this Guaranty sha~l
commence on the date hereof~and shall continue until the `
Company has made all payments due under and has fulfilled F
all conditions of the Agreement, and until the Mortgage is '
satisfied and the Agreement discharged. Otherwise this Guaranty
shall continuously remain in full force and-effect.
Section 8. WAIVER BY GUARAIvTOR. The Guarantor waives
notice of the acceptance of this Guaranty by the Issuer;
notice of presentment, der.land for payment, nonpayment and
protest of any obligation of the Gompany under the Agreement,
or of any obligation of any other party which the Issuer
may hold as collateral security for the Company's debts or
transactions under the Agreer.~ent; notice of any defaul ~ by
the Company other than notice as provided by the Agreement;
and notice of any payment to the Issuer of any debt of the
Company or of any debt which the Issuer may hold as colIateral
security for the Company's debts or t=ansactions. The Guarantor
waives all defenses, offsets or counterclai.ms which the Guarantor
or the Company may at any time have to any debt or transaction
' between the Issuer and the Company under the Agreement referred
to herein.
Section 9. BENEFIT. This Agreement shall be binding
upon and inure to the benefit of the stockholders, directors,
members, administrators, legal representatives, surviving,
resulting or successor corporations, bodies politic and assigns
of the Issuer, the Company and the Guarantor. The Issuer
shall have the right to assign and transfer this Guaranty,
_and any security deposited hereunder, in whole or in part,
to any assignee of any transaction or debt or any portion
thereof. The Issuer, the Issuer's governing body or members
thereof, and any body politic succeeding by law to the functions
and responsibilities of the Issuer shall have all of the -
rights, privileges, and powers granted hereunder to the Issuer,
and shall have the right to rely upon this Guaranty in the -
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