Res 1996-180 - Laserfiche WebLink

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L(ID ../ UNCONDITIONAL, ABSOLUTE-GUARANTY OF NOTE WITNESSETH: r--' i In order to induce the City through its HUD Economic Development Program (HUD- \ EDP") to lend to X-Squeeze Me! Juice, Inc., together with its successors and assigns, referred to as "Borrower," the sum of $40,000.00, p~a~ a certain Economic Development Agreement, the "Agreement," dated /f:) '/..57,$ , attached and made a part of this Guaranty as Exhibit "A," Guarantor ágreés as follows: 1. Consideration. The Agreement would not have been entered into by the City without this Guaranty contract. 2. Recitals. The recitals set out in this Guaranty and the Agreement are incorporated as though fully repeated. 3. Performance Obligations. Guarantor unconditionally and absolutely guarantees and agrees to pay all sums due and payable by Borrower, or Borrower's successors and assigns, under and in accordance with the terms and conditions of the Agreement and to cause to be kept and performed in a timely manner each and all of the terms, covenants, conditions and obligations to be kept and performed by Borrower under and pursuant to the terms and conditions of the Agreement to the same extent as though both Guarantor and Borrower had been named in the Agreement as borrowers, with joint and several liability for the performance of all of the covenants and conditions contained in both documents. , , 4. Waiver of Duty to Proceed Against Borrower.' Guarantor waives any legal obligation, I duty or necessity for the City to proceed first against Borrower or to exhaust any remedy the City may have against Borrower. In the event of default or failure of performance by Borrower of any of the terms, covenants, or conditions of the Agreement, or any Agreement given in substitution, the City may proceed directly against and shall have the right of action soely against either the Guarantor or Borrower or jointly against Guarantor and Borrower. 5. Notices. All notices given to Borrower pursuant to the Agreement shall be deemed to have been given to Guarantor and Guarantor shall have the right to cure any default of Borrower claimed or alleged by the the City provided such cure is performed within the same time permitted under the Agreement for Borrower's performance. 6. Modifications. Any modification, amendment, waiver, change or extension of any of the terms, covenants or conditions of the Agreement which Borrower and the City may hereafter make or any forbearance, delay, neglect or failure on the part of the City in enforcing any of the terms, covenants, conditions or provisions of the Agreement shall not in any way impair or discharge Guarantor's absolute, unconditional liability to the City under this Guaranty, nor shall Guarantor's liability be impaired or discharged by any actions or failures to act or by any waiver by either the City or Borrower, notwithstanding -. that Guarantor may not have consented to or may, not have notice or knowledge thereof. . ~¡. ! . I L 7. Term. This Guaranty shall continue during the entire term of the Agreement and during any renewals or extensions, until the full and complete satisfaction of all obligations and payments of Borrower, its successors or assigns under the Agreement. 8. Partial Performance by Borrower. This Guaranty shall not be diminished by any payment or performance of the terms, covenants or conditions of Borrower by Guarantor, 1