Res 1996-180 - Laserfiche WebLink

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< Lj/Þ-I recoupment. - 16. Joint and Several. This Guaranty and the covenants made and the liability undertaken by the undersigned are made and undertaken jointly and severally. Suit may be brought against the Guarantors, jointly and severally, and against either or any of them, without impairing the rights of the the City, its successors or assigns, against the other of the Guarantors; and the City may compound with anyone of the Guarantors for such sum or sums as it may see fit and release or discharge any of the Guarantors from all further liability to the City for such indebtedness and obligations without impairing the right of the City to demand and collect the balance of such indebtedness and performance of such obligations from any other Guarantor not so released. 17. Controlling Law and Jurisdiction. This instrument shall be construed in accordance with the laws of the State of Texas. Guarantor agrees that all actions for the enforcement or defense of Guarantor's obligations or rights under this Guaranty shall be brought in Hays County, Texas. 18. Waiver of Right to Trial by Jury. Guarantor waives any and all rights it may have to a trial by jury in any action with respect to this Guaranty. 19. Cross-Default. A default under this Guaranty shall be deemed a default under the Agreement. . 20. Financial Statements. Upon request by the City, Guarantor shall deliver to the City financial statements prepared and certified by an independent certified public accountant satisfactory to the City, prepared in accordance with generally accepted accounting principles. Guarantor represents and warrants that it has full power and authority to execute and deliver this Guaranty and this Guaranty is the legal, valid and binding obligation of Guarantor. Guarantor represents and warrants that .it has read and fully understands the contents of this Guaranty and that this Guaranty represents the full and complete understanding and agreement of the City and Guarantor and supersedes all prior discussions, negotiations or agreements, written o'r oral, between or among them and that no representations or warranties have been made by the City to Guarantor if not expressly set forth in this Guaranty. 21. Termination. This Guaranty will automatically terminate upon the full and complete satisfaction of all obligations and payments of Borrower, its successors or assigns, under the Agreement, as amended, modified, extended or renewed. IN WITNESS WMEOF, this Guaranty has been duly executed under seal as of the Lth day of ,'/)7/1 ~ , 1996. THE STATE OF TEXAS § § COUNTY OF HAYS § ,,~ . This instrument was acknowledged before me on this / -~+ day of /U f)(,LQ'I1") I , 1996 by Jamine K. Doty, whÇ>se address is, 4;! it,'. Sf)fl tì/Yi7~ttLD , ~~ý] mD_LWÇ ,-ry Notary Stamp 3