Res 2006-016 - Laserfiche WebLink

Home Browse Search

~k Vvl F9 Qfrn24915 OF'F' ??94 b4 and Guarantor hereby expressly waives, any right to which Guarantor may otherwise have been entitled, whether existing under statute, at law or in equity, to require City to take prior recourse or proceedings against any collateral, security or any other person, trust, or entity (herein a "Person"). It shall not be necessary for City, in order to enforce such payment or performance by Guazantor, first to institute suit or pursue or exhaust any rights or remedies against Hammons or other Person liable on such indebtedness or for such performance, or to enforce any rights against any security given to secure such indebtedness or performance, or to join Hammons or any other Person liable for the payment or performance of the Guazanteed Obligations or any part thereof in any action to enforce this Guaranty, or to resort to any other means of obtaining payment or performance of the Guaranteed Obligations; provided, however, that nothing herein contained shall prevent City from pursuing any action against Hammons prior to or contemporaneously with any action by City to enforce this Guazanty. (b) Suit may be brought or demand may be made against Hammons or against any or all parties who have signed this Guaranty or any other guaranty covering all or any part of the Guazanteed Obligations, or against any one or more of them, sepazately or together, without impairing the rights of City against any party hereto. (c) The liability of Guarantor for Guaranteed Obligations arising out of or related to the indemnification provisions of the Agreement or other Transaction Documents shall not be limited or affected in any way by any provision the Transaction Documents or under applicable law limiting the liability of Hammons or Guarantor for such obligations. Section 5 Certain Agreements and Waivers by Guarantor. (a) Guarantor agrees that neither City's rights or remedies nor Guarantor's obligations under the terms of this Guazanty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, or circumstances, and the liability of Guarantor under this Guaranty shall be absolute, unconditional and irrevocable irrespective of: (i) any limitation on the liability of, or recourse against, any other Person in the Agreement, or any document executed in connection therewith or arising under any applicable law; (ii) any claim or defense that this Guazanty was made without consideration or is not supported by adequate consideration or that the obligations of Guarantor hereunder exceed or aze more burdensome than those of Hammons under the Agreement and the other Transaction Documents; (iii) the taking or accepting of any other security or guaranty for, or right of recourse with respect to, any or all of the Guazanteed Obligations; (iv) the operation of any statutes of limitation or other laws regarding the limitation of actions, all of which aze hereby waived as a defense to any action or proceeding brought by City against Guarantor, to the fullest extent permitted by law; (v) any homestead exemption or any other exemption under applicable law; F-5 BO]273 4