HomeMy WebLinkAbout97-00112
No. 9 '7 - I J ;)..
Civil Term
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Court of Common Pleas
Cumbo Co.
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GUARANTY
1'he words "I", "we", "metl and limy" D1ean each signer of this guaranty.
'Che worde "Bank", "you" and "your" mean the Orratowu Bank and anyone else
who becomes the owner of this guaranty.
A. BASIC GUARANTY
To persuade the Bank to lend money or give credit
to J. Michael Adler and ddfrey ~. Cglll.l, TDIlA LSI' Assoc. (the "Borrower"),
I absolutely guarantee to the Bank that the Borrower will pay when it is due
whatever the Borrower now ur later owes you. This means I will repay whatever
the Borrower owes you if the Borrower does not make payment on time or otherwise
defaults immediately after you make demand on me for payment. You do not have
to sue or take any action against the Borrower or against any property you hold
a~ security for the Borrower's debts before enforcing this guaranty against me.
If I sign another guaranty agreement for the borrower with you, the other
agreement shall not terminate this agreement, but shall be an additional guaranty
unless it specifically provides otherwise.
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B.
INTEREST: COLLECTION COSTS
In addition to the basic guaranty for credit extended, I promise to pay
any interest the Borrower owes or may later owe yuu. I also pro~ise to pay
all legal and other expenses of collection.
C. LIMITATION
At anyone time, my total obligation to the Bank under this guaranty will
be limited to One Hundred Fortv Thousand 00/100 *************dollars ($ 140,000 ) .
I will remain liable up to this amouot (but for no more) even if you lend money
or give credit to the Borrower greater than that amount.
I>' NO NOTICE REQUIRED
The nank need not Ket my approval or notify me if:
1. You lengthen the time to make payment: or
.
2. You ch~nge the manner or terms of payment: or
J. You sell or take any other action relating to the security you
hold for any of the Borrower's debts: or
4. You accept renewals; or
5. You accept different notes or contracts for money you lend or
credit you give to the Borrower: or
6. The Borrower is in default.
I understand that I wit.l still be liable on this guaranty if you d,. ony or
all of these things.
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