Common use of Enforcement of Guaranty Clause in Contracts

Enforcement of Guaranty. (a) Upon the occurrence of a default by Developer in the timely payment or performance, as the case may be, of any of its obligations under the DLA which constitute Guaranteed Obligations and that continues beyond any applicable notice and cure periods provided for in the DLA, Guarantors shall, within thirty (30) days from the date of notice from the FCRHA, pay any Guaranteed Obligations then to be paid, at their sole cost and expense. This Guaranty is an absolute, irrevocable, and unconditional guaranty of payment. The Guarantors are and shall be liable for the payment of the Guaranteed Obligations, as set forth in this Guaranty, as primary obligors. Any time that FCRHA is entitled to exercise its rights or remedies hereunder, FCRHA may in its discretion elect to demand payment. Nothing herein shall require the FCRHA to provide any notices of default to Developer, Guarantors or any other party that the FCRHA is not already expressly required to give under the terms and conditions of the DLA, Note, or Deed of Trust.