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<br />parties with respect to the Liabilities or nay security therefor, (e) release its security interest, if any, in all <br />0r any property securing any of the Liabilities or any obligation hereunder or permit any substitution or <br />xchange for any such property, and (f) resort to any Guarantor for payment of any of the LiabiJities, <br />,hether or not the City shall have resOlied to any propeliy securing any of the Liabilities or any obligation <br />herew1der or shall have proceeded against any other Guarantor or any other pmiy primarily or secondarily <br />liable an any of the LiabiJities. <br /> <br />Any amow1t received by the City from whatsoever source and applied by it toward the payment of <br />the Liabilities shall be applied in such order of application as the City may from time to time eject. <br /> <br />The Guarantor hereby expressly waives: (a) notice of the acceptance of this guaranty, (b) notice of <br />the existence or creation of all or any of the Liabilities, (c) presentment, demand, notice of dishonor, <br />protest, and all other notices whatsoever, m1d (d) all diligence in collection or protection of or realization <br />upon the Liabilities or any paJi thereof, any obligation hereunder, or any security for any of the foregoing. <br /> <br />The creation or existence from time to time of Liabilities in excess of the amount to which the <br />right of recovery under this guaranty is limited is hereby authorized, without notice to the Guarantor and <br />shall in no way affect or impair this guaranty. <br /> <br />No delay on the part of the City in the exercise of any right or remedy shall operate as a waiver <br />thereof, and no single or paliial exercise by the City of any right or remedy shall preclude other or ful1her <br />exercise thereof or the exercise of any other right or remedy. No action of the City permitted hereunder <br />shall in any way impair or affect this guaranty. For the purposes of the guaranty, Liabilities shall include <br />all obligations of the Debtor to the City, notwithstanding aJ1Y right or power of the Debtor or anyone else <br />to assert any claim or defense as to the invalidity or unenforceability of m1Y such obligation, and no such <br />claim or defense shall impair or affect the obligations of the undersigned herew1der. <br /> <br />It is expressly understood and agreed that under no contingency or event whatsoever shall m1Y <br />amount to be paid by Guarantor, hereunder which is or may be determined to be interest ever exceed the <br />maximum amount of interest which may be charged to GUaJ'antor under the Jaws of Texas, as modified or <br />pre-empted by the laws of the United States of America. If for any reason or circumstance fulfillment of <br />any provision hereof, at the time performance of such provision shall be due, shall involve receipt by the <br />City of interest in an amount which would exceed the highest lawful rates to the Guarantor, such amount <br />which would be excessive interest shall be applied to the reduction of the principal of the liabiJities and <br />not to payment of interest. <br /> <br />This gum'anty shall be binding upon the Guarantor, and upon the heirs, legal representatives, <br />successors and assigns of the Guaral1tor. If more than one party shall execute this gUal'anty, the term <br />"Guarantor" shall mean all parities executing this guarm1ty, and all such pmiies shall be jointly and <br />severally obligated hereunder. <br /> <br />SIGNED AND DELIVERED by the GUaJ'antor at San Marcos, Texas on <br /> <br />,2003. <br /> <br />GeraJd B. Ebel <br /> <br />Pat Dougherty-Ebel <br />