Guaranty Agreement. Guarantor(s): PEOPLES BANK DAVID R CLARK P.O. BOX 467 NEWTON, NC 28658 550 20TH AVENUE CT NW HICKORY, NC 28601- #101115497 Guaranty Agreement Date 04-17-2001 WHEREAS, the undersigned has requested PEOPLES BANK (herein called "Bank") to extend credit to PF MANAGEMENT INC (herein called "Debtor", whether one or more) and Bank has extended credit and/or may extend credit by reason of such request and in reliance upon this guaranty; NOW, THEREFORE, in consideration of such credit extended and/or to be extended in its discretion by Bank to the Debtor, (whether to the same, greater or lesser extent than the limit of this guaranty), the undersigned (who, if two or more in number, shall be jointly and severally bound) hereby unconditionally guarantees to Bank and its successors, endorsers and assigns the punctual payment when due, with such interest as may accrue thereon either before or after any maturity(ies) thereof, of all debts and obligations of the Debtor or of the Debtor and any other party or parties, now existing or hereafter arising, whether created directly or acquired by endorsement, assignment or otherwise, whether absolute or contingent, secured or unsecured, due or not due, including but not limited to notes, checks, drafts, bills of exchange, credits, and advances, all of which are hereinafter referred to as "debts of the Debtor"; plus any liabilities under any other guaranties of the undersigned to the Bank, this guaranty being cumulative with all other guaranties; plus reasonable attorneys' fees if any debts due by Debtor are collected, or the liability of the undersigned hereunder enforced, by or through any attorney at law, regardless of whether suit is commenced. Notwithstanding anything herein to the contrary, the aggregate amount of principal of all indebtedness, obligations and liabilities at any on time for which the undersigned shall be liable shall not exceed $____________ . (If no amount is inserted, liability is unlimited.) The undersigned agrees that the whole or any part of the security now or hereafter held for any debts of the Debtor may be exchanged, compromised, or surrendered from time to time; that the time or place of payment of any debt of the Debtor or of any security therefore may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; that the Debtor may be granted indulgences generally; that any of the provisions of any note or other instrument evidencing any debt of the Debtor or any security therefor may be modified or waived; that any party liable for the payment thereof (including but not being limited to any co-guarantor) may be granted indulgences or released; that neither the death, bankruptcy or disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all of which may occur without notice to or further assent by the undersigned, who shall remain bound hereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, waiver, indulgence, release, or failure to file or assert any claim. The undersigned expressly waives: (a) notice of acceptance of this guaranty and of all extensions of credit to the Debtor; (b) presentment and/or demand for payment of any of the debts of the Debtor; (c) protest and notice of dishonor or of default to the undersigned or to any party with respect to any of the debts of the Debtor; (d) all other notices to which the undersigned might otherwise be entitled; (e) demand for payment under this guaranty; and (f) the right of subrogation, reimbursement, contribution or indemnity from the Debtor. The undersigned also expressly waives all rights provided by N.C.G.S. ss 26-7 through N.C.G.S. ss 26-9. If the undersigned, the Debtor, or any third party makes any payment to the Bank that is subsequently required to be repaid (as a preferential, or fraudulent transfer or for any other reason) to a trustee, receiver or other party pursuant to bankruptcy or other law, then any such amount repaid by the Bank shall again become a debt subject to the terms of this Guaranty Agreement as if such payment to the Bank had never been made. In addition to all other rights and remedies provided to the Bank herein or by law or equity, in the event of a default by Debtor with respect to any of the debts of the Debtor, then the Bank is hereby authorized to set off and charge against any deposit account now or hereafter maintained by the undersigned, as well as any other property of the undersigned at, or within the control of, the Bank. This is a guaranty of payment and not of collection. The liability of the undersigned on this guaranty shall be direct and immediate and not conditional or contingent upon either the pursuit of any remedies against the Debtor or any other person or foreclosure of any security interests or liens available to Bank, its successors, endorsees or assigns. If the debts of the Debtor are partially paid, the undersigned shall remain liable for the balance of such debts. This guaranty shall be binding upon the undersigned, his personal representatives, successors and assigns unless and until (and then only with respect to future transactions or commitments) three business days after the Bank receives written notice of termination by registered mail, return receipt requested. Initials /s/ DC Page 1 of 2 Pages
Appears in 1 contract
Guaranty Agreement. Guarantor(s): PEOPLES BANK DAVID R CLARK JAMES C RICHARDSON P.O. BOX 467 NEWTON, NC 28658 550 20TH AVENUE CT NW 361 2ND ST HICKORY, NC 28601- #101115497 Guaranty Agreement Date 04-17-2001 WHEREAS, the undersigned has requested PEOPLES BANK (herein called "Bank") to extend credit to PF MANAGEMENT INC (herein called "Debtor", whether one or more) and Bank has extended credit and/or may extend credit by reason of such request and in reliance upon this guaranty; NOW, THEREFORE, in consideration of such credit extended and/or to be extended in its discretion by Bank to the Debtor, (whether to the same, greater or lesser extent than the limit of this guaranty), the undersigned (who, if two or more in number, shall be jointly and severally bound) hereby unconditionally guarantees to Bank and its successors, endorsers and assigns the punctual payment when due, with such interest as may accrue thereon either before or after any maturity(ies) thereof, of all debts and obligations of the Debtor or of the Debtor and any other party or parties, now existing or hereafter arising, whether created directly or acquired by endorsement, assignment or otherwise, whether absolute or contingent, secured or unsecured, due or not due, including but not limited to notes, checks, drafts, bills of exchange, credits, and advances, all of which are hereinafter referred to as "debts of the Debtor"; plus any liabilities under any other guaranties of the undersigned to the Bank, this guaranty being cumulative with all other guaranties; plus reasonable attorneys' fees if any debts due by Debtor are collected, or the liability of the undersigned hereunder enforced, by or through any attorney at law, regardless of whether suit is commenced. Notwithstanding anything herein to the contrary, the aggregate amount of principal of all indebtedness, obligations and liabilities at any on time for which the undersigned shall be liable shall not exceed $____________ . (If no amount is inserted, liability is unlimited.) The undersigned agrees that the whole or any part of the security now or hereafter held for any debts of the Debtor may be exchanged, compromised, or surrendered from time to time; that the time or place of payment of any debt of the Debtor or of any security therefore may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; that the Debtor may be granted indulgences generally; that any of the provisions of any note or other instrument evidencing any debt of the Debtor or any security therefor may be modified or waived; that any party liable for the payment thereof (including but not being limited to any co-guarantor) may be granted indulgences or released; that neither the death, bankruptcy or disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all of which may occur without notice to or further assent by the undersigned, who shall remain bound hereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, waiver, indulgence, release, or failure to file or assert any claim. The undersigned expressly waives: (a) notice of acceptance of this guaranty and of all extensions of credit to the Debtor; (b) presentment and/or demand for payment of any of the debts of the Debtor; (c) protest and notice of dishonor or of default to the undersigned or to any party with respect to any of the debts of the Debtor; (d) all other notices to which the undersigned might otherwise be entitled; (e) demand for payment under this guaranty; and (f) the right of subrogation, reimbursement, contribution or indemnity from the Debtor. The undersigned also expressly waives all rights provided by N.C.G.S. ss 26-7 through N.C.G.S. ss 26-9. If the undersigned, the Debtor, or any third party makes any payment to the Bank that is subsequently required to be repaid (as a preferential, or fraudulent transfer or for any other reason) to a trustee, receiver or other party pursuant to bankruptcy or other law, then any such amount repaid by the Bank shall again become a debt subject to the terms of this Guaranty Agreement as if such payment to the Bank had never been made. In addition to all other rights and remedies provided to the Bank herein or by law or equity, in the event of a default by Debtor with respect to any of the debts of the Debtor, then the Bank is hereby authorized to set off and charge against any deposit account now or hereafter maintained by the undersigned, as well as any other property of the undersigned at, or within the control of, the Bank. This is a guaranty of payment and not of collection. The liability of the undersigned on this guaranty shall be direct and immediate and not conditional or contingent upon either the pursuit of any remedies against the Debtor or any other person or foreclosure of any security interests or liens available to Bank, its successors, endorsees or assigns. If the debts of the Debtor are partially paid, the undersigned shall remain liable for the balance of such debts. This guaranty shall be binding upon the undersigned, his personal representatives, successors and assigns unless and until (and then only with respect to future transactions or commitments) three business days after the Bank receives written notice of termination by registered mail, return receipt requested. Initials /s/ DC JCR Page 1 of 2 Pages
Appears in 1 contract
Guaranty Agreement. Guarantor(s): PEOPLES BANK DAVID R CLARK JAMES M TEMPLETON P.O. BOX 467 NEWTON, NC 28658 550 20TH AVENUE CT NW HICKORY 907 E 24TH ST NEWTON, NC 28601- 28658-0092 #101115497 Guaranty Agreement Date 04-17-2001 WHEREAS, the undersigned has requested PEOPLES BANK (herein called "Bank") to extend credit to PF MANAGEMENT INC (herein called "Debtor", whether one or more) and Bank has extended credit and/or may extend credit by reason of such request and in reliance upon this guaranty; NOW, THEREFORE, in consideration of such credit extended and/or to be extended in its discretion by Bank to the Debtor, (whether to the same, greater or lesser extent than the limit of this guaranty), the undersigned (who, if two or more in number, shall be jointly and severally bound) hereby unconditionally guarantees to Bank and its successors, endorsers and assigns the punctual payment when due, with such interest as may accrue thereon either before or after any maturity(ies) thereof, of all debts and obligations of the Debtor or of the Debtor and any other party or parties, now existing or hereafter arising, whether created directly or acquired by endorsement, assignment or otherwise, whether absolute or contingent, secured or unsecured, due or not due, including but not limited to notes, checks, drafts, bills of exchange, credits, and advances, all of which are hereinafter referred to as "debts of the Debtor"; plus any liabilities under any other guaranties of the undersigned to the Bank, this guaranty being cumulative with all other guaranties; plus reasonable attorneys' fees if any debts due by Debtor are collected, or the liability of the undersigned hereunder enforced, by or through any attorney at law, regardless of whether suit is commenced. Notwithstanding anything herein to the contrary, the aggregate amount of principal of all indebtedness, obligations and liabilities at any on time for which the undersigned shall be liable shall not exceed $____________ . (If no amount is inserted, liability is unlimited.) The undersigned agrees that the whole or any part of the security now or hereafter held for any debts of the Debtor may be exchanged, compromised, or surrendered from time to time; that the time or place of payment of any debt of the Debtor or of any security therefore may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; that the Debtor may be granted indulgences generally; that any of the provisions of any note or other instrument evidencing any debt of the Debtor or any security therefor may be modified or waived; that any party liable for the payment thereof (including but not being limited to any co-guarantor) may be granted indulgences or released; that neither the death, bankruptcy or disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all of which may occur without notice to or further assent by the undersigned, who shall remain bound hereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, waiver, indulgence, release, or failure to file or assert any claim. The undersigned expressly waives: (a) notice of acceptance of this guaranty and of all extensions of credit to the Debtor; (b) presentment and/or demand for payment of any of the debts of the Debtor; (c) protest and notice of dishonor or of default to the undersigned or to any party with respect to any of the debts of the Debtor; (d) all other notices to which the undersigned might otherwise be entitled; (e) demand for payment under this guaranty; and (f) the right of subrogation, reimbursement, contribution or indemnity from the Debtor. The undersigned also expressly waives all rights provided by N.C.G.S. ss 26-7 through N.C.G.S. ss 26-9. If the undersigned, the Debtor, or any third party makes any payment to the Bank that is subsequently required to be repaid (as a preferential, or fraudulent transfer or for any other reason) to a trustee, receiver or other party pursuant to bankruptcy or other law, then any such amount repaid by the Bank shall again become a debt subject to the terms of this Guaranty Agreement as if such payment to the Bank had never been made. In addition to all other rights and remedies provided to the Bank herein or by law or equity, in the event of a default by Debtor with respect to any of the debts of the Debtor, then the Bank is hereby authorized to set off and charge against any deposit account now or hereafter maintained by the undersigned, as well as any other property of the undersigned at, or within the control of, the Bank. This is a guaranty of payment and not of collection. The liability of the undersigned on this guaranty shall be direct and immediate and not conditional or contingent upon either the pursuit of any remedies against the Debtor or any other person or foreclosure of any security interests or liens available to Bank, its successors, endorsees or assigns. If the debts of the Debtor are partially paid, the undersigned shall remain liable for the balance of such debts. This guaranty shall be binding upon the undersigned, his personal representatives, successors and assigns unless and until (and then only with respect to future transactions or commitments) three business days after the Bank receives written notice of termination by registered mail, return receipt requested. Initials /s/ DC JT Page 1 of 2 Pages
Appears in 1 contract
Guaranty Agreement. Guarantor(s): PEOPLES BANK DAVID R CLARK P.O. BOX 467 CECIL R HASH NEWTON, NC 28658 550 20TH AVENUE CT NW HICKORY PO BOX 795 CLAREMONT, NC 28601- 28610-- #101115497 Guaranty Agreement Date 04-17-2001 ---------- WHEREAS, the undersigned has requested PEOPLES BANK (herein called "Bank") to ------------ extend credit to PF P F MANAGEMENT INC (herein called "Debtor", whether one or ------------------ more) and Bank has extended credit and/or may extend credit by reason of such request and in reliance upon this guaranty; NOW, THEREFORE, in consideration of such credit extended and/or to be extended in its discretion by Bank to the Debtor, (whether to the same, greater or lesser extent than the limit of this guaranty), the undersigned (who, if two or more in number, shall be jointly and severally bound) hereby unconditionally guarantees to Bank and its successors, endorsers and assigns the punctual payment when due, with such interest as may accrue thereon either before or after any maturity(ies) thereof, of all debts and obligations of the Debtor or of the Debtor and any other party or parties, now existing or hereafter arising, whether created directly or acquired by endorsement, assignment or otherwise, whether absolute or contingent, secured or unsecured, due or not due, including but not limited to notes, checks, drafts, bills of exchange, credits, and advances, all of which are hereinafter referred to as "debts of the Debtor"; plus any liabilities under any other guaranties of the undersigned to the Bank, this guaranty being cumulative with all other guaranties; plus reasonable attorneys' fees if any debts due by Debtor are collected, or the liability of the undersigned hereunder enforced, by or through any attorney at law, regardless of whether suit is commenced. Notwithstanding anything herein to the contrary, the aggregate amount of principal of all indebtedness, obligations and liabilities at any on time for which the undersigned shall be liable shall not exceed $ ____________ 500,000.00. (If no amount is inserted, liability is unlimited.) The undersigned agrees that the whole or any part of the security now or hereafter held for any debts of the Debtor may be exchanged, compromised, or surrendered from time to time; that the time or place of payment of any debt of the Debtor or of any security therefore may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; that the Debtor may be granted indulgences generally; that any of the provisions of any note or other instrument evidencing any debt of the Debtor or any security therefor may be modified or waived; that any party liable for the payment thereof (including but not being limited to any co-guarantor) may be granted indulgences or released; that neither the death, bankruptcy or disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all of which may occur without notice to or further assent by the undersigned, who shall remain bound hereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, waiver, indulgence, release, or failure to file or assert any claim. The undersigned expressly waives: (a) notice of acceptance of this guaranty and of all extensions of credit to the Debtor; (b) presentment and/or demand for payment of any of the debts of the Debtor; (c) protest and notice of dishonor or of default to the undersigned or to any party with respect to any of the debts of the Debtor; (d) all other notices to which the undersigned might otherwise be entitled; (e) demand for payment under this guaranty; and (f) the right of subrogation, reimbursement, contribution or indemnity from the Debtor. The undersigned also expressly waives all rights provided by N.C.G.S. ss ss. 26-7 through N.C.G.S. ss ss. 26-9. If the undersigned, the Debtor, or any third party makes any payment to the Bank that is subsequently required to be repaid (as a preferential, or fraudulent transfer or for any other reason) to a trustee, receiver or other party pursuant to bankruptcy or other law, then any such amount repaid by the Bank shall again become a debt subject to the terms of this Guaranty Agreement as if such payment to the Bank had never been made. In addition to all other rights and remedies provided to the Bank herein or by law or equity, in the event of a default by Debtor with respect to any of the debts of the Debtor, then the Bank is hereby authorized to set off and charge against any deposit account now or hereafter maintained by the undersigned, as well as any other property of the undersigned at, or within the control of, the Bank. This is a guaranty of payment and not of collection. The liability of the undersigned on this guaranty shall be direct and immediate and not conditional or contingent upon either the pursuit of any remedies against the Debtor or any other person or foreclosure of any security interests or liens available to Bank, its successors, endorsees or assigns. If the debts of the Debtor are partially paid, the undersigned shall remain liable for the balance of such debts. This guaranty shall be binding upon the undersigned, his personal representatives, successors and assigns unless and until (and then only with respect to future transactions or commitments) three business days after the Bank receives written notice of termination by registered mail, return receipt requested. Initials /s/ DC CRH ------- Page 1 of 2 Pages 2 IN TESTIMONY WHEREOF, each individual Guarantor has executed this Agreement under seal, and each Guarantor which is not an individual has caused this Agreement to be executed under seal by its duly authorized officer, partner or manager and each person or entity signing which is not a corporation adopts as the seal of such person or entity the word "(SEAL)" appearing beside the name of such person or entity. /s/ Cecil R. Hash --------------------------------------- ------------------------------(SEAL) Witness CECIL R. HASH --------------------------------------- ------------------------------(SEAL) Witness --------------------------------------- ------------------------------(SEAL) Witness --------------------------------------- ------------------------------(SEAL) Witness --------------------------------------- ------------------------------(SEAL) Witness --------------------------------------- ------------------------------(SEAL) Witness ------------------------------------ Name of Corporation By: --------------------------------------- --------------------------------- Attest ____________________ President _______Secretary (Corporate Seal) ------------------------------(SEAL) Name of Partnership or Limited Liability Company By: --------------------------------------- ------------------------------(SEAL) Witness By: --------------------------------------- ------------------------------(SEAL) Witness By: --------------------------------------- ------------------------------(SEAL) Witness By: --------------------------------- ------------------------------(SEAL) Witness By: --------------------------------- ------------------------------(SEAL) Witness Page 2 of 2 Pages
Appears in 1 contract
Samples: Pf Management Inc
Guaranty Agreement. Guarantor(s): PEOPLES BANK DAVID R CLARK P.O. BOX 467 RICHARD F HOWARD NEWTON, NC 28658 550 20TH AVENUE CT NW HICKORY 5982 NC HWY 150 E DENVER, NC 28601- 28037- #101115497 Guaranty Agreement Date 04-17-2001 WHEREAS, the undersigned has requested PEOPLES BANK (herein called "Bank") to extend credit to PF MANAGEMENT INC (herein called "Debtor", whether one or more) and Bank has extended credit and/or may extend credit by reason of such request and in reliance upon this guaranty; NOW, THEREFORE, in consideration of such credit extended and/or to be extended in its discretion by Bank to the Debtor, (whether to the same, greater or lesser extent than the limit of this guaranty), the undersigned (who, if two or more in number, shall be jointly and severally bound) hereby unconditionally guarantees to Bank and its successors, endorsers and assigns the punctual payment when due, with such interest as may accrue thereon either before or after any maturity(ies) thereof, of all debts and obligations of the Debtor or of the Debtor and any other party or parties, now existing or hereafter arising, whether created directly or acquired by endorsement, assignment or otherwise, whether absolute or contingent, secured or unsecured, due or not due, including but not limited to notes, checks, drafts, bills of exchange, credits, and advances, all of which are hereinafter referred to as "debts of the Debtor"; plus any liabilities under any other guaranties of the undersigned to the Bank, this guaranty being cumulative with all other guaranties; plus reasonable attorneys' fees if any debts due by Debtor are collected, or the liability of the undersigned hereunder enforced, by or through any attorney at law, regardless of whether suit is commenced. Notwithstanding anything herein to the contrary, the aggregate amount of principal of all indebtedness, obligations and liabilities at any on time for which the undersigned shall be liable shall not exceed $ ____________ 500,000.00. (If no amount is inserted, liability is unlimited.) The undersigned agrees that the whole or any part of the security now or hereafter held for any debts of the Debtor may be exchanged, compromised, or surrendered from time to time; that the time or place of payment of any debt of the Debtor or of any security therefore may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; that the Debtor may be granted indulgences generally; that any of the provisions of any note or other instrument evidencing any debt of the Debtor or any security therefor may be modified or waived; that any party liable for the payment thereof (including but not being limited to any co-guarantor) may be granted indulgences or released; that neither the death, bankruptcy or disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all of which may occur without notice to or further assent by the undersigned, who shall remain bound hereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, waiver, indulgence, release, or failure to file or assert any claim. The undersigned expressly waives: (a) notice of acceptance of this guaranty and of all extensions of credit to the Debtor; (b) presentment and/or demand for payment of any of the debts of the Debtor; (c) protest and notice of dishonor or of default to the undersigned or to any party with respect to any of the debts of the Debtor; (d) all other notices to which the undersigned might otherwise be entitled; (e) demand for payment under this guaranty; and (f) the right of subrogation, reimbursement, contribution or indemnity from the Debtor. The undersigned also expressly waives all rights provided by N.C.G.S. ss ss. 26-7 through N.C.G.S. ss ss. 26-9. If the undersigned, the Debtor, or any third party makes any payment to the Bank that is subsequently required to be repaid (as a preferential, or fraudulent transfer or for any other reason) to a trustee, receiver or other party pursuant to bankruptcy or other law, then any such amount repaid by the Bank shall again become a debt subject to the terms of this Guaranty Agreement as if such payment to the Bank had never been made. In addition to all other rights and remedies provided to the Bank herein or by law or equity, in the event of a default by Debtor with respect to any of the debts of the Debtor, then the Bank is hereby authorized to set off and charge against any deposit account now or hereafter maintained by the undersigned, as well as any other property of the undersigned at, or within the control of, the Bank. This is a guaranty of payment and not of collection. The liability of the undersigned on this guaranty shall be direct and immediate and not conditional or contingent upon either the pursuit of any remedies against the Debtor or any other person or foreclosure of any security interests or liens available to Bank, its successors, endorsees or assigns. If the debts of the Debtor are partially paid, the undersigned shall remain liable for the balance of such debts. This guaranty shall be binding upon the undersigned, his personal representatives, successors and assigns unless and until (and then only with respect to future transactions or commitments) three business days after the Bank receives written notice of termination by registered mail, return receipt requested. Initials /s/ DC RFH -------------- Page 1 of 2 Pages Pages 2 IN TESTIMONY WHEREOF, each individual Guarantor has executed this Agreement under seal, and each Guarantor which is not an individual has caused this Agreement to be executed under seal by its duly authorized officer, partner or manager and each person or entity signing which is not a corporation adopts as the seal of such person or entity the word "(SEAL)" appearing beside the name of such person or entity. /s/ Richard F. Howard --------------------------------- ------------------------------(SEAL) Witness RICHARD F. HOWARD --------------------------------- ------------------------------(SEAL) Witness --------------------------------- ------------------------------(SEAL) Witness --------------------------------- ------------------------------(SEAL) Witness --------------------------------- ------------------------------(SEAL) Witness ------------------------------------ Name of Corporation By: --------------------------------- ------------------------------(SEAL) Attest President ------------- Secretary (Corporate Seal) -------- -------------------------------(SEAL) Name of Partnership or Limited Liability Company By: --------------------------------- -------------------------------(SEAL) Witness By: --------------------------------- -------------------------------(SEAL) Witness By: --------------------------------- -------------------------------(SEAL) Witness By: --------------------------------- -------------------------------(SEAL) Witness --------------------------------- -------------------------------(SEAL) Witness Page 2 of 2 Pages FINANCIAL COMPUTING, INC. GUAR-1 GUAR-12 (6/94)
Appears in 1 contract
Guaranty Agreement. Guarantor(s): PEOPLES BANK DAVID R CLARK P.O. BOX 467 NEWTON Page 2 ------------------ conveyance or similar law; or suffers or permits, NC 28658 550 20TH AVENUE CT NW HICKORY while insolvent, NC 28601- #101115497 any creditor to obtain a lien (other than as described in subparagraph (4) below) upon any of its property through legal proceedings which are not vacated and such lien discharged prior to enforcement thereof and in any event within sixty (60) days from the date thereof; or (4) fails to have discharged within a period of ten (10) days any attachment, sequestration, or similar writ levied upon the Property; or (5) fails to pay within thirty (30) days any final (unappealable) money judgment against it; or (vii) the falsity in any material respect of, or any material omission in, any representation made to Lender by Guarantor under this Guaranty Agreement Date 04-17-2001 WHEREAS or any other Loan Document to which Guarantor is a party. Upon the occurrence and during the continuation of such Event of Default, the undersigned has requested PEOPLES BANK (herein called "Bank") to extend credit to PF MANAGEMENT INC (herein called "Debtor" Guaranteed Obligations, whether one or more) and Bank has extended credit and/or may extend credit by reason of such request and in reliance upon this guaranty; NOW, THEREFORE, in consideration of such credit extended and/or to be extended in its discretion by Bank to the Debtor, (whether to the same, greater or lesser extent than the limit for purposes of this guaranty), the undersigned (who, if two or more in number Guaranty, shall be jointly deemed immediately due and severally bound) hereby unconditionally guarantees payable at the election of Administrative Agent, and Guarantor shall, on demand and without presentment, protest, notice of protest, further notice of nonpayment or of dishonor, default or nonperformance, or notice of acceleration or of intent to Bank and its successors accelerate, endorsers and assigns the punctual payment when due or any other notice whatsoever, with without any notice having been given to Guarantor previous to such interest as may accrue thereon either before or after any maturity(ies) thereof, of all debts and obligations demand of the Debtor or acceptance by Administrative Agent of this Guaranty, and without any notice having been given to Guarantor previous to such demand of the Debtor and any other party creating or parties incurring of such indebtedness, now existing all such notices being hereby waived by Guarantor, pay all of the Indebtedness, or hereafter arising perform or observe the agreement, whether created directly covenant, term or acquired condition then to be performed by endorsement Guarantor, assignment or otherwise, whether absolute or contingent, secured or unsecured, due or not due, including but not limited to notes, checks, drafts, bills of exchange, credits as the case may be, and advances pay all damages and all costs and expenses that may arise in consequence of such Event of Default (including, all of which are hereinafter referred to as "debts of the Debtor"; plus any liabilities under any other guaranties of the undersigned to the Bank without limitation, this guaranty being cumulative with all other guaranties; plus reasonable attorneys' fees if and expenses, investigation costs, court costs, and any debts due and all other costs and expenses reasonably incurred by Debtor are collected Administrative Agent and the Lenders in connection with the collection and enforcement of this Guaranty, the Loan or any other Loan Document), whether or not suit is filed thereon, or the liability whether at maturity or by acceleration, or whether before or after maturity, or whether in connection with bankruptcy, insolvency or appeal. It shall not be necessary for Administrative Agent, on behalf of the undersigned hereunder enforced Lenders, in order to enforce such payment by Guarantor, first to institute suit or through pursue or exhaust any attorney at law rights or remedies against Borrower or others liable on such indebtedness, regardless or to enforce any rights against any security that shall ever have been given to secure such indebtedness, or to join Borrower or any others liable for the payment of whether suit the Guaranteed Obligations or any part thereof in any action to enforce this Guaranty, or to resort to any other means of obtaining payment of the Guaranteed Obligations; PROVIDED, HOWEVER, that nothing herein contained shall prevent Administrative Agent, on behalf of the Lenders, from suing on the Loan or foreclosing the Mortgage or from exercising any other rights thereunder, and if such foreclosure or other remedy is commenced. Notwithstanding anything herein to availed of, only the contrary net proceeds therefrom, the aggregate amount of principal after deduction of all indebtedness charges and expenses of every kind and nature whatsoever, obligations and liabilities at any on time for which the undersigned shall be liable applied in reduction of the amount due on the Loan and Mortgage, and Administrative Agent and the Lenders shall not exceed $____________ be required to institute or prosecute proceedings to recover any deficiency as a condition of payment hereunder or enforcement hereof. (If no amount is inserted At any sale of the Property or other collateral given for the Indebtedness or any part thereof, liability is unlimited.) The undersigned agrees that the whole whether by foreclosure or otherwise, any Lender may at its discretion purchase all or any part of the security now Property or hereafter held collateral so sold or offered for any debts sale for its own account and may, in payment of the Debtor may be exchanged amount bid therefor, compromised, or surrendered from time to time; that the time or place of payment of any debt of the Debtor or of any security therefore may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; that the Debtor may be granted indulgences generally; that any of the provisions of any note or other instrument evidencing any debt of the Debtor or any security therefor may be modified or waived; that any party liable for the payment thereof (including but not being limited to any co-guarantor) may be granted indulgences or released; that neither the death, bankruptcy or disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all of which may occur without notice to or further assent by the undersigned, who shall remain bound hereon, notwithstanding any deduct such exchange, compromise, surrender, extension, renewal, acceleration, modification, waiver, indulgence, release, or failure to file or assert any claim. The undersigned expressly waives: (a) notice of acceptance of this guaranty and of all extensions of credit to the Debtor; (b) presentment and/or demand for payment of any of the debts of the Debtor; (c) protest and notice of dishonor or of default to the undersigned or to any party with respect to any of the debts of the Debtor; (d) all other notices to which the undersigned might otherwise be entitled; (e) demand for payment under this guaranty; and (f) the right of subrogation, reimbursement, contribution or indemnity amount from the Debtor. The undersigned also expressly waives all rights provided by N.C.G.S. ss 26-7 through N.C.G.S. ss 26-9. If the undersigned, the Debtor, or any third party makes any payment to the Bank that is subsequently required to be repaid (as a preferential, or fraudulent transfer or for any other reason) to a trustee, receiver or other party balance due it pursuant to bankruptcy or other law, then any such amount repaid by the Bank shall again become a debt subject to the terms of this Guaranty the Credit Agreement as if such payment to the Bank had never been made and Mortgage. In addition to all other rights and remedies provided to the Bank herein or by law or equity, in the event of a default by Debtor with respect to any of the debts of the Debtor, then the Bank is hereby authorized to set off and charge against any deposit account now or hereafter maintained by the undersigned, as well as any other property of the undersigned at, or within the control of, the Bank. This is a guaranty of payment and not of collection. The liability of the undersigned on this guaranty shall be direct and immediate and not conditional or contingent upon either the pursuit of any remedies against the Debtor or any other person or foreclosure of any security interests or liens available to Bank, its successors, endorsees or assigns. If the debts of the Debtor are partially paid, the undersigned shall remain liable for the balance of such debts. This guaranty shall be binding upon the undersigned, his personal representatives, successors and assigns unless and until (and then only with respect to future transactions or commitments) three business days after the Bank receives written notice of termination by registered mail, return receipt requested. Initials /s/ DC GUARANTY AGREEMENT - Page 1 of 2 Pages 3 ------------------
Appears in 1 contract
Samples: Agreement for Arbitration (Behringer Harvard Reit I Inc)
Guaranty Agreement. Guarantor(s): PEOPLES BANK DAVID R CLARK P.O. BOX 467 NEWTON Page 2 under any bankruptcy, NC 28658 550 20TH AVENUE CT NW HICKORY fraudulent conveyance or similar law; or suffers or permits, NC 28601- #101115497 while insolvent, any creditor to obtain a lien (other than as described in subparagraph (4) below) upon any of its property through legal proceedings which are not vacated and such lien discharged prior to enforcement thereof and in any event within sixty (60) days from the date thereof; or (4) fails to have discharged within a period of ten (10) days any attachment, sequestration, or similar writ levied upon its property; or (5) fails to pay within thirty (30) days any final (unappealable) money judgment against it; or (vii) the falsity in any material respect of, or any material omission in, any representation made to Lender by Guarantor under this Guaranty Agreement Date 04-17-2001 WHEREAS or any other Loan Document to which Guarantor is a party. Upon the occurrence and during the continuation of such Event of Default, the undersigned has requested PEOPLES BANK (herein called "Bank") to extend credit to PF MANAGEMENT INC (herein called "Debtor" Guaranteed Obligations, whether one or more) and Bank has extended credit and/or may extend credit by reason of such request and in reliance upon this guaranty; NOW, THEREFORE, in consideration of such credit extended and/or to be extended in its discretion by Bank to the Debtor, (whether to the same, greater or lesser extent than the limit for purposes of this guaranty), the undersigned (who, if two or more in number Guaranty, shall be jointly deemed immediately due and severally bound) hereby unconditionally guarantees payable at the election of Administrative Agent, and Guarantor shall, on demand and without presentment, protest, notice of protest, further notice of nonpayment or of dishonor, default or nonperformance, or notice of acceleration or of intent to Bank and its successors accelerate, endorsers and assigns the punctual payment when due or any other notice whatsoever, with without any notice having been given to Guarantor previous to such interest as may accrue thereon either before or after any maturity(ies) thereof, of all debts and obligations demand of the Debtor or acceptance by Administrative Agent of this Guaranty, and without any notice having been given to Guarantor previous to such demand of the Debtor and any other party creating or parties incurring of such indebtedness, now existing all such notices being hereby waived by Guarantor, pay all of the Indebtedness, or hereafter arising perform or observe the agreement, whether created directly covenant, term or acquired condition then to be performed by endorsement Guarantor, assignment or otherwise, whether absolute or contingent, secured or unsecured, due or not due, including but not limited to notes, checks, drafts, bills of exchange, credits as the case may be, and advances pay all damages and all costs and expenses that may arise in consequence of such Event of Default (including, all of which are hereinafter referred to as "debts of the Debtor"; plus any liabilities under any other guaranties of the undersigned to the Bank without limitation, this guaranty being cumulative with all other guaranties; plus reasonable attorneys' fees if and expenses, investigation costs, court costs, and any debts due and all other costs and expenses reasonably incurred by Debtor are collected Administrative Agent and the Lenders in connection with the collection and enforcement of this Guaranty, the Loan or any other Loan Document), whether or not suit is filed thereon, or the liability whether at maturity or by acceleration, or whether before or after maturity, or whether in connection with bankruptcy, insolvency or appeal. It shall not be necessary for Administrative Agent, on behalf of the undersigned hereunder enforced Lenders, in order to enforce such payment by Guarantor, first to institute suit or through pursue or exhaust any attorney at law rights or remedies against Borrower or others liable on such indebtedness, regardless or to enforce any rights against any security that shall ever have been given to secure such indebtedness, or to join Borrower or any others liable for the payment of whether suit the Guaranteed Obligations or any part thereof in any action to enforce this Guaranty, or to resort to any other means of obtaining payment of the Guaranteed Obligations; PROVIDED, HOWEVER, that nothing herein contained shall prevent Administrative Agent, on behalf of the Lenders, from suing on the Loan or foreclosing any Mortgage or from exercising any other rights thereunder, and if such foreclosure or other remedy is commenced. Notwithstanding anything herein to availed of, only the contrary net proceeds therefrom, the aggregate amount of principal after deduction of all indebtedness charges and expenses of every kind and nature whatsoever, obligations and liabilities at any on time for which the undersigned shall be liable applied in reduction of the amount due on the Loan and any Mortgage, and Administrative Agent and the Lenders shall not exceed $____________ be required to institute or prosecute proceedings to recover any deficiency as a condition of payment hereunder or enforcement hereof. (If no amount is inserted At any sale of any Property or other collateral given for the Indebtedness or any part thereof, liability is unlimited.) The undersigned agrees that the whole whether by foreclosure or otherwise, any Lender may at its discretion purchase all or any part of the security now any Property or hereafter held other such collateral so sold or offered for any debts sale for its own account and may, in payment of the Debtor may be exchanged amount bid therefor, compromised, or surrendered from time to time; that the time or place of payment of any debt of the Debtor or of any security therefore may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; that the Debtor may be granted indulgences generally; that any of the provisions of any note or other instrument evidencing any debt of the Debtor or any security therefor may be modified or waived; that any party liable for the payment thereof (including but not being limited to any co-guarantor) may be granted indulgences or released; that neither the death, bankruptcy or disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all of which may occur without notice to or further assent by the undersigned, who shall remain bound hereon, notwithstanding any deduct such exchange, compromise, surrender, extension, renewal, acceleration, modification, waiver, indulgence, release, or failure to file or assert any claim. The undersigned expressly waives: (a) notice of acceptance of this guaranty and of all extensions of credit to the Debtor; (b) presentment and/or demand for payment of any of the debts of the Debtor; (c) protest and notice of dishonor or of default to the undersigned or to any party with respect to any of the debts of the Debtor; (d) all other notices to which the undersigned might otherwise be entitled; (e) demand for payment under this guaranty; and (f) the right of subrogation, reimbursement, contribution or indemnity amount from the Debtor. The undersigned also expressly waives all rights provided by N.C.G.S. ss 26-7 through N.C.G.S. ss 26-9. If the undersigned, the Debtor, or any third party makes any payment to the Bank that is subsequently required to be repaid (as a preferential, or fraudulent transfer or for any other reason) to a trustee, receiver or other party balance due it pursuant to bankruptcy or other law, then any such amount repaid by the Bank shall again become a debt subject to the terms of this Guaranty the Credit Agreement as if such payment to and the Bank had never been made other Loan Documents. In addition to all other rights and remedies provided to the Bank herein or by law or equity, in the event of a default by Debtor with respect to any of the debts of the Debtor, then the Bank is hereby authorized to set off and charge against any deposit account now or hereafter maintained by the undersigned, as well as any other property of the undersigned at, or within the control of, the Bank. This is a guaranty of payment and not of collection. The liability of the undersigned on this guaranty shall be direct and immediate and not conditional or contingent upon either the pursuit of any remedies against the Debtor or any other person or foreclosure of any security interests or liens available to Bank, its successors, endorsees or assigns. If the debts of the Debtor are partially paid, the undersigned shall remain liable for the balance of such debts. This guaranty shall be binding upon the undersigned, his personal representatives, successors and assigns unless and until (and then only with respect to future transactions or commitments) three business days after the Bank receives written notice of termination by registered mail, return receipt requested. Initials /s/ DC GUARANTY AGREEMENT - Page 1 of 2 Pages 3
Appears in 1 contract
Samples: Agreement for Arbitration (Behringer Harvard Reit I Inc)
Guaranty Agreement. Guarantor(s): PEOPLES BANK DAVID R CLARK P.O. BOX 467 NEWTON Page 4 98 and no payment of principal, NC 28658 550 20TH AVENUE CT NW HICKORY interest or other amounts on account thereof, NC 28601- #101115497 and no property or guarantee of any nature to secure or pay the Subordinated Indebtedness shall be made or given, directly or indirectly by or on behalf of any Debtor (hereafter defined) or received, accepted, retained or applied by any Guarantor unless and until the Guaranteed Indebtedness shall have been paid in full in cash; except that prior to the occurrence and continuance of an Event of Default, a Guarantor shall have the right to receive payments on the Subordinated Indebtedness made in the ordinary course of business. After the occurrence and during the continuance of an Event of Default, no payments of principal or interest may be made or given, directly or indirectly, by or on behalf of any Debtor or received, accepted, retained or applied by any Guarantor unless and until the Guaranteed Indebtedness shall have been paid in full in cash. If any sums shall be paid to a Guarantor by any Debtor or any other Person on account of the Subordinated Indebtedness when such payment is not permitted hereunder, such sums shall be held in trust by such Guarantor for the benefit of Agent and the Banks and shall forthwith be paid to Agent without affecting the liability of any Guarantor under this Guaranty Agreement Date 04-17-2001 WHEREAS and may be applied by Agent against the Guaranteed Indebtedness in accordance with the Credit Agreement. Upon the request of Agent, a Guarantor shall execute, deliver, and endorse to Agent such documentation as Agent may request to perfect, preserve, and enforce its rights hereunder. For purposes of this Guaranty Agreement and with respect to a Guarantor, the undersigned has requested PEOPLES BANK term "Subordinated Indebtedness" means all indebtedness, liabilities, and obligations of Borrower or any Obligated Party other than such Guarantor ( Borrower and such Obligated Parties herein called the " Bank Debtors") to extend credit to PF MANAGEMENT INC (herein called "Debtor" such Guarantor, whether one or more) and Bank has extended credit and/or may extend credit by reason of such request and in reliance upon this guaranty; NOW indebtedness, THEREFORE liabilities, in consideration of such credit extended and/or to be extended in its discretion by Bank to the Debtor, (whether to the same, greater or lesser extent than the limit of this guaranty), the undersigned (who, if two or more in number, shall be jointly and severally bound) hereby unconditionally guarantees to Bank and its successors, endorsers and assigns the punctual payment when due, with such interest as may accrue thereon either before or after any maturity(ies) thereof, of all debts and obligations of the Debtor now exist or of the Debtor and any other party are hereafter incurred or parties arise, now existing or hereafter arising are direct, whether created directly or acquired by endorsement indirect, assignment or otherwise, whether absolute or contingent, secured or unsecured primary, due or not due secondary, including but not limited to notes several, checks joint and several, drafts, bills of exchange, credits, and advances, all of which are hereinafter referred to as "debts of the Debtor"; plus any liabilities under any other guaranties of the undersigned to the Bank, this guaranty being cumulative with all other guaranties; plus reasonable attorneys' fees if any debts due by Debtor are collected, or the liability of the undersigned hereunder enforced, by or through any attorney at law, regardless of whether suit is commenced. Notwithstanding anything herein to the contrary, the aggregate amount of principal of all indebtedness, obligations and liabilities at any on time for which the undersigned shall be liable shall not exceed $____________ . (If no amount is inserted, liability is unlimited.) The undersigned agrees that the whole or any part of the security now or hereafter held for any debts of the Debtor may be exchanged, compromised, or surrendered from time to time; that the time or place of payment of any debt of the Debtor or of any security therefore may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed irrespective of whether such indebtedness, liabilities, or accelerated obligations are evidenced by a note, in whole contract, open account, or in part; that the Debtor may be granted indulgences generally; that any otherwise, and irrespective of the provisions of any note Person or other instrument evidencing any debt of the Debtor or any security therefor may be modified or waived; that any party liable for the payment thereof (including but not being limited to any co-guarantor) may be granted indulgences or released; that neither the death Persons in whose favor such indebtedness, bankruptcy or disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all of which may occur without notice to or further assent by the undersigned, who shall remain bound hereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, waiver, indulgence, release obligations, or failure to file or assert any claim. The undersigned expressly waives: (a) notice of acceptance of this guaranty and of all extensions of credit to the Debtor; (b) presentment and/or demand for payment of any of the debts of the Debtor; (c) protest and notice of dishonor or of default to the undersigned or to any party with respect to any of the debts of the Debtor; (d) all other notices to which the undersigned might otherwise be entitled; (e) demand for payment under this guaranty; and (f) the right of subrogation liabilities may, reimbursement at their inception, contribution or indemnity from the Debtor. The undersigned also expressly waives all rights provided by N.C.G.S. ss 26-7 through N.C.G.S. ss 26-9. If the undersigned, the Debtor have been, or any third party makes any payment to the Bank that is subsequently required to may hereafter be repaid (as a preferential created, or fraudulent transfer the manner in which they have been or for any other reason) to a trustee, receiver or other party pursuant to bankruptcy or other law, then any may hereafter be acquired by such amount repaid by the Bank shall again become a debt subject to the terms of this Guaranty Agreement as if such payment to the Bank had never been made. In addition to all other rights and remedies provided to the Bank herein or by law or equity, in the event of a default by Debtor with respect to any of the debts of the Debtor, then the Bank is hereby authorized to set off and charge against any deposit account now or hereafter maintained by the undersigned, as well as any other property of the undersigned at, or within the control of, the Bank. This is a guaranty of payment and not of collection. The liability of the undersigned on this guaranty shall be direct and immediate and not conditional or contingent upon either the pursuit of any remedies against the Debtor or any other person or foreclosure of any security interests or liens available to Bank, its successors, endorsees or assigns. If the debts of the Debtor are partially paid, the undersigned shall remain liable for the balance of such debts. This guaranty shall be binding upon the undersigned, his personal representatives, successors and assigns unless and until (and then only with respect to future transactions or commitments) three business days after the Bank receives written notice of termination by registered mail, return receipt requested. Initials /s/ DC Page 1 of 2 Pages Guarantor.
Appears in 1 contract