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provisions of this Guaranty or in any instrument now or hereafter
covering said indebtedness.
11. Guarantor acknowledges that Liberty has been induced._.
by this Guaranty to enter the Agreement hereinabove described,
and this Guaranty shall, without further reference~or assignment,
pass to, and may be relied upon and enforced by, any successor
or participant or assignee of Liberty in and to any liabilities
or obligations of Bears Nest.
12. Nothing in this Guaranty is intended or shall be
construed to prevent Liberty, upon the occurrence of -any event
of default, in the exercise of its arbitrary discretion, from
foreclosing the lien of the Mortgage or other security documents
and enforcing the provisions thereof.
13. Guarantor hereby agrees that until all of the terms,
covenants and conditions of this Guaranty are fully performed,
the Guarantor's obligations hereunder shall not be released, in
whole or in part, by any act or thing which might, but for
this provision, be deemed a legal or equitable discharge of a
surety or guarantor, or by reason of any waiver, extension,
modification, forebearance or delay or other act or omission of
Liberty or its failure to proceed promptly or otherwise, or
by reason of any action taken or omitted or circumstances which
f may or might vary-the risk of or affect the rights or remedies
• of Guarantor, or by reason of any further dealings between
Bears Nest or Liberty, relating to the Note, Mortgage or other
security documents, or otherwise;-and Guarantor hereby expressly
waives and surrenders any defense to liability hereunder based
upon any of the foregoing acts, omissions, things, agreements
or waiver of any of them, it being the purpose and intent of
the parties hereto that the obligations of the Guarantor hereunder
are absolute and unconditional under any. and all circumstances;
provided, however, that notwithstanding anything contained herein
in their respective capacities as guarantors
to the contrary, Guarantor/shall be absolutely released and
discharged from t}~e terms, covenants and conditions of this
t
Guaranty at such time as the Accrued Sum, together with interest
and all costs of collection thereof
thereon/is paid in full and Liberty shall execute any document
reasonably
of release/requested by Guarantor.
aooK320 PaGE 621 _