Res 2006-016 - Laserfiche WebLink

Home Browse Search

~k Vol Fe ii~,n?4g15 OF'R 244ii ~,5ii (d) Guazantor shall promptly upon request of City from time to time execute such documents and perform such acts as City may require to evidence and perfect its interest and to permit or facilitate exercise of its rights under this Section 6, including execution and delivery of proofs of claim, further assignments and security agreements, and delivery to City of any promissory notes or other instruments evidencing indebtedness of Hammons to Guazantor. All promissory notes, accounts receivable ledgers or other evidences, now or hereafter held by Guarantor, of obligations of Hammons to Guarantor shall contain a specific written notice thereon that the indebtedness evidenced thereby is subordinated under and is subject to the terms of this Guaranty. Section 7 Other Liability of Guarantor or Hanunons. If Guarantor is or becomes liable, by endorsement or otherwise, for any indebtedness owing by Hammons to City other than under this Guazanty, such liability shall not be in any manner impaired or affected hereby, and the rights of City hereunder shall be cumulative of any and all other rights that City may have against Guarantor. If Hammons is or becomes indebted to City for any indebtedness other than or in excess of the Guazanteed Obligations, any payment received or recovery realized upon such other indebtedness of Hammons to City may be applied to such other indebtedness. This Guaranty is independent of (and shall not be limited by) any other guaranty now existing or hereafter given. Further, Guarantor's liability under this Guazanty is in addition to any and all other liability Guarantor may have in any other capacity. Section 8 City Assigns; Disclosure of Information. This Guaranty is for the benefit of City and City's successors and assigns, and in the event of an assignment of the Guaranteed Obligations, or any part thereof, the rights and benefits hereunder, to the extent applicable to the Guaranteed Obligations so assigned, may be transferred with such Guaranteed Obligations. Guazantor waives notice of any transfer or assignment of the Guaranteed Obligations or any part thereof. Section 9 Bindine Effect; Joint and Several Liability. This Guazanty is binding not only on Guarantor, but also on Guarantor's heirs, personal representatives, successors and assigns. Upon the death of Guarantor, if Guazantor is a natural person, this Guaranty shall continue against Guazantor's estate as to all of the Guazanteed Obligations, including that portion incurred or arising after the death of Guazantor and shall be provable in full against Guarantor's estate, whether or not the Guaranteed Obligations aze then due and payable. Guazantor acknowledges that Hotels Development is executing a similaz guaranty of the Guaranteed Obligations and agrees that Guarantor's liability hereunder shall be joint and several with that of Hotels Development under its guaranty. Section 10 Governing Law. The validity, enforcement, and interpretation of this Guazanty shall for all purposes be governed by and construed in accordance with the laws of the State of Texas and applicable United States federal law, and is intended to be performed in accordance with, and only to the extent permitted by, such laws. All obligations of Guarantor hereunder aze payable and F-10 eo~z~3 a