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7, Any indebtedness of Bears Nest now or hereafter
held by Guarantor is hereby subordinated to the indebtedness of
Bears Nest to Liberty; and such indebtedness of Bears Nest to
Guarantor, if Liberty so requests, shall be collected, enforced
and received by Guarantor as Trustee for Liberty and be paid
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over to Liberty on account of the indebtedness of Bears Nest
first
to Liberty and shall be applied/to the Accrued Sum, but
without otherwise reducing or affecting in any manner the
liability of Guarantor under the other provisions of this
Guaranty, except to the extent of payment to Liberty.
~8. Guarantor agrees to pay a reasonable attorney's
fee and all other costs and expenses which may be incurred by
Liberty in the enforcement of Bears Nest's obligation and/or
of this Guaranty only with respect to the Accrued Sum.
9. Upon the default of Bears Nest with respect to
any of its obligations or liabilities to Liberty in connection
with the loan documents hereinabove referred to, or in case
Bears Nest or Guarantor shall become insolvent or make an
assignment for the benefit of creditors, or if a petition in
I'~ bankruptcy or for corporate reorganization or for an arrangement be p
f filed by or against Bears Nest or Guarantor, or in the event
i
' of the appointment of a receiver for Bears Nest or Guarantor
d - of their properties, or in the event a judgment is obtained
or warrant of attachment issued against Bears Nest or Guarantor
and not discharged, appealed and superceded, bonded or released
from the property subject to the mortgage within thirty (30) days
from the rendition thereof, all or any part of the obligation
and liabilities with respect to the Accrued Sum only, whether
direct or contingent, in connection with the loan documents
3
hereinabove referred to, shall, without notice of demand, at the ~
option of Liberty, become immediately due and payable and shall
be aid forthwith b Guarantor.
P Y
10. Notwithstanding any provision herein or.in any
instrument now or hereafter covering said indebtedness, the total
liability .for payments in the nature of interest shall not exceed
the limits imposed by the applicable usury laws governing the
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