THIS GUARANTY AGREEMENT (the "Agreement") is entered into on this, ______________ _____, ________.
BY AND BETWEEN:
FOR GOOD CONSIDERATION
, and as an incentive for the Creditor, who may from time to time extend credit to the Borrower, it is hereby agreed that the Guarantor does hereby guaranty to the Creditor the punctual and expeditious full payment of all monies now or hereinafter owed to the Creditor from the Borrower. TERMS:
A. Until termination, this guaranty is unlimited as to amount or duration and shall remain in full force and effect regardless of any extension, compromise, adjustment, or tolerance, waiver, release or discharge of any party, whether obligor or guarantor, or release in whole or in part of any security granted for the indebtedness or compromise or adjustment thereto, and the Guarantor waives all notices thereto.
B. The Creditor will decide the obligations of the Guarantor and they will be primary and not necessarily secondary and the Creditor will not be required to exhaust its remedies as against the Borrower before enforcing its rights under this guaranty against the Guarantor.
C. The guaranty described below will be unconditional and absolute and the Guarantor waives allrights of substitution of one creditor for another and set-off until all sums under this guaranty are paid in full.
D. The Guarantor also waives all surety ship defenses or defenses in the nature thereof,generally. In the event payments that are due under this guaranty are not paid on time upon demand, then the Guarantor will pay all reasonable costs and attorney's fees necessary for the collection, and the enforcement of this guaranty.
E. If there are two or more guarantors to this guaranty, the obligations will be joint and several and binding upon and take effect to the benefit of the parties, their successors, assigns and personal representatives.
F. The guaranty may be terminated by any guarantor upon days written notice of termination, mailed certified mail, with a return receipt requested to the Creditor. Such termination will extend only to credit extended beyond said day period and not to credit extended prior to this agreement, or to goods in transit received by the Borrower beyond this date, or for special orders placed prior to this date regardless of the date of delivery. Termination of this guaranty by any guarantor will not disqualify the continuing guaranty of any remaining guarantors of this termination.
G. Guarantor warrants and expresses it has the full authority to enter into this guaranty.
This guaranty will be binding upon and take effect to the benefit of the parties, their successors, assigns and personal representatives.
This guaranty will be interpreted and enforced under the laws of the State of .
IN WITNESS WHEREOF, Guarantors have caused this Guaranty to be duly executed and delivered to the Creditor as of the day and year written below.