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EXHIBIT "D" FORM OF PERSONAL GUARANTY Personal Guaranty Guarantor: Larry Edward Bolton, Jr. Guarantor's Mailing Address: 101 Thermon Drive, San Marcos, Hays County, Texas 78666 Borrower: Bolton Real Estate Investments, L.L.C. Borrower's Mailing Address: 101 Thermon Drive, San Marcos, Hays County, Texas 78666 Lender: City of San Marcos, Texas Lender's Mailing Address: 630 East Hopkins, San Marcos, Hays County, Texas 78666 Guaranteed Indebtedness: The debt evidenced by the note of even date herewith (the "Note ") in the original principal amount of $75,000.000, executed by Borrower and payable to the order of Lender, the obligations under the Chapter 3 80 Economic Development Agreement executed in connection with the Note and any other document executed by Borrower evidencing or securing the Note (collectively, the "Loan Documents "), plus all interest, penalties, expenses, attorney's fees, and other collection costs as provided in the Loan Documents. 1. Guarantor agrees to pay, when due or declared due, the Guaranteed Indebtedness to Lender at Lender's Mailing Address. 2. Guarantor waives (a) diligence in preserving liability of any person on the Guaranteed Indebtedness and in collecting or bringing suit to collect the Guaranteed Indebtedness; (b) all rights of Guarantor under chapter 34 of the Texas Business and Commerce Code and rule 31 of the Texas Rules of Civil Procedure; (c) protest; (d) notice of extensions, increases, renewals, or rearrangements of the Guaranteed Indebtedness; and (e) notice of acceptance of this guaranty, of creation of the Guaranteed Indebtedness, of failure to pay the Guaranteed Indebtedness as it matures, of any other default, of adverse change in Borrower's financial condition, of release or substitution of collateral, of intent to accelerate, of acceleration, and of subordination of Lender's rights in any collateral, and every other notice of every kind. Guarantor's obligations under this guaranty will not be altered nor will Lender be liable to Guarantor because of any action or inaction of Lender in regard to a matter waived or of which notice is waived by Guarantor in the preceding sentence. 3. Guarantor agrees to pay reasonable attorney's fees and other collection costs if this guaranty is placed in the hands of an attorney for collection. If any parry retains an attorney to