Res 2003-032 - Laserfiche WebLink

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pmiies with respect to the Liabilities or nay security therefor, (e) release its secmity interest, if any, in all M m1Y propeliy securing any of the Liabilities or any obligation hereunder or permit any substitution or (change for any such property, and (t) resort to any Guarantor for payment of any of the Liabilities, hether or not the City shall have resOlied to any property securing any of the Liabilities or any obligation hereunder or shall have proceeded against any other Gum-antor or any other paliy primm'ily or secondarily liable an any of the LiabiEties. Any amount received by the City from whatsoever source and applied by it toward the payment of the Liabilities shall be applied in such order of application as the City may ITom time to time elect. The Guarantor hereby expressly waives: (a) notice of the acceptance of this guaranty, (b) notice of the existence or creation of all or any of the Liabilities, (c) presentment, demand, notice of dishonor, protest, and all other notices whatsoever, m1d (d) all diligence in collection or protection of or realization upon the Liabilities or any pmi thereof, any obligation hereunder, or any security for any of the foregoing. The creation or existence ITom time to time of Liabilities in excess of the amount to which the right of recovery under this guarm1ty is limited is hereby authorized, without notice to the Guarantor and shall in no way affect or impair this gum·anty. No delay on the part of the City in the exercise of any right or remedy shall operate as a waiver thereof, and no single or paliia] exercise by the City of any right or remedy shall preclude other or fuliher exercise thereof or the exercise of any other right or remedy. No action of the City permitted hereunder ,hall in any way impair or affect this gUal·anty. For the purposes of the guarm1ty, Liabilities shall include ill obligations of the Debtor to the City, notwithstanding any right or power of the Debtor or anyone else ,'0 assert any claim or defense as to the invalidity or unenforceability of any such obligation, and no such claim or defense shall impair or affect the obligations of the undersigned hereunder. It is expressly understood and agreed that under no contingency or event whatsoever sha!I any al110unt to be paid by GUal'al1tor, hereunder which is or may be determined to be interest ever exceed the maximum amount of interest which may be charged to Guarantor under the laws of Texas, as modified or pre-empted by the laws of the United States of America. If for any reason or circumstm1ce Í'l.llfillment of any provision hereof, at the time performance of such provision shall be due, shall involve receipt by the City of interest in an amount which would exceed the highest lawful rates to the Guarantor, such amonnt which would be excessive interest shall be applied to the reduction of the principal of the Jiabj]ities and not to payment of interest. This guaranty shall be binding upon the Guarantor, and upon the heirs, legal representatives, successors al1d assigns of the Guarantor. If more than one paliy shall execute this guaranty, the term "GUal'al1tor" shall mean all paliies executing this gUal'anty, al1d all such paliies shall be jointly and severally obligated hereunder. SIGNED AND DELIVERED by the Guarantor at San Marcos, Texas on ,2003. The Fountain People, Inc. Signature