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HomeMy WebLinkAbout1152 ~ . ~ ~ ~ ~ 2. The obligations hereunder are ~oint and several, and indepen- dent of the obligations of Borrower, and a separate action or actions may be brought and prosecuted against Guarantors ~ whether action is brought against Borrowers or whether Borrovers ~ _ ~_1__~ ...ti. .....a.... e..t{....Q• ti,w [:»arantors waive ~ Vc JVal~VY lu w~j ::~~~_cc ~ ~ the benefit of any statute of limitationa affecting their liability hereunder or the enforcement thereof. 4 3. Guarantors authorize Mortgagee, without notice or demand and withaut affecting their liabilit~ hereunder, from time to time to (a) renew, amend, compromise, extend, accelerate or other- - wise change the time for payment of, or-otherwise change the terms of the indebtedness or any part thereof, including increase or decrease the rate of interest thereon; (b) take and hold security for the papment of this guaranty or the indebtedness guaranteed, and to exchange, enforce, waive and release any such security; (c) applr such security and direct the order or manner of sale thereof as Mortgagee in its dis- L_::. cretion may determine; and ~d} release ui su~~«..~:~~ ~`~i or more of the endorsers or guarantors. Mortgagee may without t notice assign this guaranty in whole or in part. 4. Guarantors waive any right to require Mortgagee to (a) proceed against Borrovers; (b) proceed against or exhaust any security held from Borrowers; or (c) pursue any other reffiedy in Mortgagee's power whatsoever. Until all indebtedness of Borrowers to Mortgagee shall have been paid in full, Guarantors shall have no right of subrogation, and waive any right to enforce an~ remedy which Mortgagee now has or may hereafter have against Borrowers, and waive any benefit of, and any right to partici- pate in anq securitq now or hereafter held by ci~rtgsgee. Guarantors waive all presentments, demands for performance, notices of non-performance, protests, notices of dishonor, and notices of acceptance of this guaranty and of the existence, ~ creation or incurring of new or additional indebtedness. ~ GueYantors covenant to cause the Borrowers to maintain and ~ ~ preserve the enforceability of any instruments now or-hereafter ~ executed in favor of the Mortgagee, and to take no action of any kind which might be the basis for a claim that the Guar- ~ antors have any defense hereunder other than payment in full ~ of all indebtedness of the Borrowers to Mortgagee. Guarantors ~ waive any right or claim of right to cause a marshaling of the Borrowers' assets or to require the Mortgagee to proceed against the Guarantors in any particular order. No delay on the part of the Mortgagee in the exercise of any right, power _ or privilege under the documentation with the Borrawers or under this guaranty shall operate as a waiver af anq such privilege, power or right. S. In addition to all liens upon and rights of setoff against the monies, securities and other property of Guarantors given to Mortgagee by law, Mortgagee shall have a lien upon and a right of setoff against all monies, securities and other property of Guarantors naw or hereaf ter in the possession of or on deposit with Mort~gagee, whether held in a general or special account ~ or deposit, or for safekeeping or otherwise; and every such lien and right of setoff may be exercised Without demand upon or notice to Guarantors. No lien or right of setoff shall be ~ deemed to have been waived by any act or conduct on the part of the Mortgagee, or by any neglect to exercise such right of t ~ ;:~~f and lien shall continue in full force and effect until ~ = such right of setoff or lien is specificallq waived or released ~ by an instrument in writing executed by Mortgagee. ~ ~ ~ ~ ~ -2- ~ 6eoK ~ ~ l~Nr OFfiCES GRaH~M, HODGE d SYWN. VROfE5S10N~1 ?SSOC11710N, 3061 E~ST COMMERCIIL s~vo.. FORT UUDERD~LE, FLOR10~ 33308 . ~ _ . _ - - - ~ - ~-s~a . ..r'~~.