Notwithstanding the foregoing provisions of this Guaranty, Moody Guarantor's liability under this Guaranty shall be limited to twenty percent (20%) of the principal amount of the Loan as of the Closing Date.
Moody Guarantor hereby represents and warrants that Moody Guarantor is a resident of the State of Texas and that Moody Guarantor's primary domicile is in the State of Texas, which is a State that is a community property jurisdiction.
So long as the Moody Guarantors have any outstanding guaranty of any indebtedness of the Company, (a) the Manager shall in good faith consult with Moody National and consider any proposals or recommendations of Moody National regarding any possible refinancing of the Property and any sale of the Property and (b) any sale of the Property shall require the consent of Moody National, which consent shall not be unreasonably withheld.
In connection with the foregoing, Moody Guarantor's spouse has executed and delivered to Lender a spousal consent with respect to this Guaranty (the "Spousal Consent"), which Spousal Consent is attached hereto as Exhibit A.
Moody Guarantor's failure to comply with any of the foregoing shall, at Lender's option, constitute an "Event of Default" hereunder and under the Loan Agreement.