Common use of OBLIGATION OF GUARANTOR Clause in Contracts

OBLIGATION OF GUARANTOR. Guarantor absolutely and unconditionally guarantees to the Obligee the payment and performance of all indebtedness, obligations and liabilities (the "Indebtedness") of or owed by Borrower to Obligee (and also to others, to the extent of participations granted them by Obligee) now existing or hereafter incurred or created, direct or indirect, absolute or contingent, arising in connection with that one certain Promissory Note of even date herewith from Borrower to Obligee in the original principal amount of $1,650,000.00. The obligations of Guarantor contained in this guaranty shall be absolute and unconditional, without regard to the validity, legality, regularity or enforceability of the Indebtedness or any instrument evidencing, securing or relating to said Indebtedness and shall not be reduced or affected in any way by any failure or omission to enforce any right against Borrower or Guarantor or by any other action which may in any manner or to any extent vary the risks of Guarantor or which might otherwise constitute a legal or equitable discharge of Guarantor; it being the purpose and intent of the parties hereto that this guaranty and the obligations of Guarantor hereunder shall be absolute and unconditional under any and all circumstances and shall not be discharged except by payment and performance as herein provided. Guarantor agrees that, without the necessity of any reservation of rights against Guarantor and without notice to or further assent by Guarantor, (1) any demand for payment of any or all of the Indebtedness may be rescinded by the party making such demand and the Indebtedness reinstated or continued, and (2) the Indebtedness or any collateral security therefor or rights of offset with respect thereto may, from time to time, in whole or in part, be renewed, extended, modified, rearranged, compromised or released by Obligee or, without notice to or further assent by Guarantor, who will remain bound hereunder; notwithstanding any such rescission, renewal, extension, modification, rearrangement, compromise or release.

OBLIGATION OF GUARANTOR. Guarantor absolutely and unconditionally guarantees Reference is hereby made to the Obligee the payment and performance of all indebtedness, obligations and liabilities (the "Indebtedness") of or owed by Borrower to Obligee (and also to others, to the extent of participations granted them by Obligee) now existing or hereafter incurred or created, direct or indirect, absolute or contingent, arising in connection with that one certain Promissory Note ("Note") dated of even date herewith from Borrower herewith, executed by Borrower, payable to Obligee Lender and in the original principal amount of $1,650,000.00__________. Guarantor hereby irrevocably, absolutely and unconditionally guarantees to Lender the full and timely payment of the Note and all sums to become due to Lender under the Note (the principal of, interest on and all other amounts, payments and premiums due under the Note, herein being called the "Indebtedness"), as and when the same shall be due and payable, whether by lapse of time, acceleration of maturity or otherwise. The obligations of Guarantor contained in this guaranty Guaranty shall be absolute and unconditional, unconditional without regard to the validity, legality, regularity or enforceability of the Indebtedness Indebtedness, or any instrument evidencing, securing or relating to said Indebtedness the Indebtedness, and shall not be reduced or affected in any way by any failure or omission to enforce any right against Borrower or Guarantor or by any other action which may in any manner or to any extent vary the risks of Guarantor Guarantor, or which might otherwise constitute a legal or equitable discharge of Guarantor; it being the purpose and intent of the parties hereto Guarantor and Lender that (a) this guaranty Guaranty and the obligations of Guarantor hereunder shall be absolute and unconditional under any and all circumstances and shall not be discharged except by payment and performance as herein provided, (b) this Guaranty be construed as a payment guaranty and not as a guaranty of collection and (c) Guarantor's liability under this Guaranty shall be primary, and not secondary. Guarantor agrees that, without the necessity of any reservation of rights against Guarantor and without notice to or further assent by Guarantor, (1) any demand for payment of any or all of the Indebtedness may be rescinded by the party making such demand demand, and the Indebtedness reinstated or continued, and (2) the Indebtedness or any collateral security therefor or rights of offset with respect thereto may, from time to time, in whole or in part, be renewed, extended, modified, rearranged, consolidated, compromised or released by Obligee orLender, and without notice to or further assent by Guarantor, who will remain bound hereunder; hereunder notwithstanding any such rescission, renewal, extension, modification, rearrangement, consolidation, compromise or release.

OBLIGATION OF GUARANTOR. Guarantor absolutely and unconditionally guarantees to the Obligee the payment and performance of all indebtedness, obligations and liabilities (the "Indebtedness") of or owed by Borrower to Obligee (and also to others, to the extent of participations granted them by Obligee) now existing or hereafter incurred or created, direct or indirectIndirect, absolute or contingent, arising in connection with that one certain Promissory Note of even date herewith from Borrower to Obligee in the original principal amount of $1,650,000.00325,000.00. The obligations of Guarantor contained in this guaranty shall be absolute and unconditional, without regard to the validity, legality, regularity or enforceability of the Indebtedness or any instrument evidencing, securing or relating to said Indebtedness and shall not be reduced or affected in any way by any failure or omission to enforce any right against Borrower or Guarantor or by any other action which may in any manner or to any extent vary the risks of Guarantor or which might otherwise constitute a legal or equitable discharge of Guarantor; , it being the purpose and intent of the parties hereto that this guaranty and the obligations of Guarantor hereunder shall be absolute and unconditional under any and all circumstances and shall not be discharged except by payment and performance as herein provided. Guarantor agrees that, without the necessity of any reservation of rights against Guarantor and without notice to or further assent by Guarantor, (1) any demand for payment of any or all of the Indebtedness may be rescinded by the party making such demand and the Indebtedness reinstated or continued, and (2) the Indebtedness or any collateral security therefor or rights of offset with respect thereto may, from time to time, in whole or in part, be renewed, extended, modified, rearranged, compromised or released by Obligee or, without notice to or further assent by Guarantor, who will remain bound hereunder; , notwithstanding any such rescission, renewal, extension, modification, rearrangement, compromise or release.

OBLIGATION OF GUARANTOR. Guarantor absolutely and unconditionally guarantees to the Obligee the payment and performance of all indebtedness, obligations and liabilities (the "Indebtedness") of or owed by Borrower to Obligee (and also to others, to the extent of participations granted them by Obligee) now existing or hereafter incurred or created, direct or indirect, absolute or contingent, arising in connection with that one certain Promissory Note of even date herewith from Borrower to Obligee in the original principal amount of $1,650,000.00175,000,000.00. The obligations of Guarantor contained in this guaranty shall be absolute and unconditional, without regard to the validity, legality, regularity or enforceability of the Indebtedness or any instrument evidencing, securing or relating to said Indebtedness and shall not be reduced or affected in any way by any the failure or omission to enforce any right against Borrower or Guarantor or by any other action which may in any manner or to any extent vary the risks of Guarantor or which might otherwise constitute a legal or equitable discharge of Guarantor; it being the purpose and intent of the parties hereto that this guaranty and the obligations of Guarantor hereunder shall be absolute and unconditional under any and all circumstances and shall not be discharged except by payment and performance as herein provided. Guarantor agrees that, without the necessity of any reservation of rights against Guarantor and without notice to or further assent by Guarantor, (1) any demand for payment of any or all of the Indebtedness may be rescinded by the party making such demand and the Indebtedness reinstated or continued, and (2) the Indebtedness or any collateral security therefor or rights of offset with respect thereto may, from time to time, in whole or in part, be renewed, extended, modified, rearranged, compromised or released by Obligee or, without notice to or further assent by Guarantor, who will remain bound hereunder; , notwithstanding any such rescission, renewal, extension, modification, rearrangement, compromise or release.