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HomeMy WebLinkAbout1153 . ~ ~ . ~ s ~ ~ ! 6. Any indebtedness of Bc~rrowers now or hereafter held by Guarantors ~ is hereby subordinated to the indebtedness of Borrowers to ~ Mortgagee; and auch indebtedness of Borrowers to Guarantors if ~ Mortgagee so requests shall be collected, enforced and received ~ ; by Guarantors as trustees for Mortgagee and be paid over to ~ ° ~-'-L--'---- -c a........~.e,.e r.. MOrLgBg@t.' UIl tl~:~:VLLlib Vi ~.iic i?i~cv~.w~uGv~ Mortgagee, but without reducing or affecting in any manner the liability of Gusrantors under the other provisions of this ; i Guaranty. t . ~ 7. Guarantors further agree that in the event the Mortgagee 3 incurs any expenses in the enforcement of this guaranty, ~ whether legal action be instituted or not and including reasonable ~ attorney's fees, Guarantors shall be obligated to pay same t immediately upon demand of payment therefor by the Mortgagee. ~ f 8. Upon the default of Borrowers with respect to any of their ; obligations or liabilities to Mortgagee, or in case Borrowers ; or any Guarantor shall become insolvent or make an assignment for the benefit of creditors, or it a petition in oani~ruptc.~ or for corporate reorganization or for an arrangement filed by or against Borrowers or anq Guarantor, or in the event of the ~ appointment of a receiver for Borrowers or of any Guarantor of ~ _ their properties, or in the event that a~udgment is obtained or warrant of attachment issued against Borrowers or any Guarantor, all or any part of the obligations and liabilities of the Borrovers and/or of the Guarantors to Mortgagee, whether direct or contingent, and of every kind and description, shall, without notice or demand, at the option of the Mortgagee, become immediately due and payable and shall be paid forthwith by the Guarantors. _ 9. Where any one or more of Borrowers are corporations or partner- ~ ships, it is not necessary for Mortgagee to inquire into the powers of Borrowers or the officers, directors, partners or _ agents acting or purporting to act in their behalf, and any indebtedness made or created in reliance upon the professed f exercise of such powers shall be guaranteed hereunder. ~ - E lp. Any married woman who signs this guaranty hereby expressly # ~ agrees that recourse may be had against her separate property ~ ~ for all her obligations under this guaranty. 1 i 11. Notwithstanding any provisions herein or in any instrument now or hereafter covering said indebtedness, the total liability i for payments in the nature of interest shall not exceed the ~ ~ limits now imposed by the usury laws of the State of applicable jurisdiction governing the provisions of this gtiaranty or in ~ any instrument now or hereafter covering said indebtedness. ~ ! 3 12. In all cases where there is but a single Borrower or a single ~ Guarantor, then all words used herein in the plural shall be deemed to have been used in the singular wherein the context and construction so require; and when there is more than one f Borrower named herein, or vhen this Guarantq is eacecuted by ; more than one Guarantor, the word "Borrowers" and the word C ~ "Guarantors" shall respectively mean all and anq one or more of them. - - 13. The Guarantors acknowledge that the Mortgagee has been induced 'A' by this guarantq to make the loan to Borrowers heretofore f ~ 'ri~ described, and this Agreement shall, without further reference ~ or assignment, pass to, and may be relied upon and enforced ~ by, any successor or participant or assignee of the M~ortgagee in and to any liabilities or obligations of the Borrowers. ~¢M ~ ~ ~ ~ -3- - B0~ Y116f - : ~ UW OFFiCES CrR~H~M, HODGE d SWaN, PROFESSIONIL ASSOCt?iION. l081 E~ST tOMMERCUI BIYD.. FORT UUOERJ~IE, FLORID~ 33308 _ . . - ' _ - ' . . . ~ - ~ . ~ ~