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HomeMy WebLinkAbout94-02075 \; . '1.- .'---.-.. -. ~ 0.. . ~ i t r I .. I: I 1 I I. I i " ;.............'~.<..~". . "'. ., , lto 'I 'I- .;J 0 ;.') - C w.:.I """..uw-' GUARANTY lfBIlRBAB, LAWRY AHD ItAIN, thereinafter called Borrower) desires to transact business with and to obtain credit from the PIlNNBYLVANIA BTATIl BANK (hereinafter called Bank), and KBIlRBAB, Bank is unwilling to extend or continue credit or any renewal thereof to Borrower without this GuarantYI NOW. TBIlRBFORB, in order to induce Bank to extend or continue credit to Borrower. and in consideration of the premises and the sum of Sl.OO and of other good and valuable consideration, the undersigned, as surety, subject to the limitation hereinafter set forth in paragraph 1. hereby absolutely and unconditionally guarantees to Bank prompt payment when due and at all times thereafter of any and all existing and future indebtedness and liability of every kind, nature and character (including all renewals, extensions and modifications thereof) from Borrower to Bank, howsoever and whensoever created or arising or evidenced or acquired. 1. The amount of the undersigned's liability hereunder shall be S200,00D.OO plus accrued interest. The undersigned agrees that the amount of Borrower's liabilities to Bank may from time to time exceed the said limit of the undersigned's liability hereunder without in any way affecting the liability of the undersigned hereunder. If no specific sum is set forth hereof, the amount of the undersigned's liability hereunder shall be unlimited. 2, This Guaranty is made and shall continue as to any and all such indebtedness and liability of Borrower to Bank incurred or arising prior to receipt by Bank of written notice of the termination hereof from the undersigned, without regard to collateral, or security, or guaranties, or other obligors, if any, or to the validity or effectiveness of any and all thereof; and any and all such collateral and security and guaranties and other obligors, if any may from time to time without notice to, or consent of the undersigned, be sold, released, surrendered, exchanged, settled, compromised, waived. subordinated or modified, with or without consideration, or such terms or conditions as may be acceptable to Bank, without in any manner affecting or impairing the liability of the undersigned. It is agreed that the termination of this Guaranty, in the manner aforesaid, shall not relieve the undersigned from liability upon any indebtedness or liability covered thereby then existing. 3. It is agreed that the undersigned's liability hereunder is several and is independent of any other guaranties at any time in effect with respect to all or any part of the indebtedness of Borrower to Bank, and that the undersigned's liability hereunder may be enforced regardless of the existence of any such other guaranties. 4. The undersigned hereby waives all notices of any character whatsoever with respect to this Guaranty and Borrower'a liabilities to Bank, including, but not limited tOI notice of acceptance hereof, notice of creation, existence or acquisition of any liability hereby guaranteed, notice of adverse change in Borrower's financial condition or of any other fact affecting undersigned's risk hereunder; and notice of default. The undersigned further waives presentment, demand, protest, and notice thereof as to any instrument representing indebtedness covered by this Guaranty, as well as any right to require Bank to sue or otherwise enforce payment thereof. In addition, the undersigned waives the benefit of all laws now or hereafter in effect in any way limiting or restricting the liability of the undersigned hereunder and waives all defenses whatsoever to undersigned's liability hereunder other than payment. s. If any of Borrower's obligations to Bank are not duly performed, including the prompt payment when due of any amount payable thereunder, all Borrower's liabilities to Bank shall at Bank's option be deemed to be forthwith due and payable for the purposes of this Guaranty and the liability of the undersigned hereunder. . . ~ 6. In addition to all other liability of the undersigned hereunder and notwithstanding the limit, if any, set forth in paragraph 1 hereof, the undersigned also agrees to pay to Bank on demand all costs and expenses (including reasonable attorneys' fees and legal expenses) which may be incurred in the enforcement of the Borrower's liabilities to Bank or the liability of the undersigned hereunder. 7. The undersigned hereby authorizes and empowers any Prothonotary, Clerk or Attorney of any Court of Record to appear for and confess judgment against the undersigned in favor of Bank, its successors or assigns, for the eum Bet forth in paragraph 1 hereof, with or without declaration filed, with interest and costs, release of error, without stay of execution and with 25\ added for collection feesl and the undersigned further authorizes the immediate issuing of an appropriate writ of execution upon which real or personal property maybe sold without delay as provided by law or the rules of civil procedure governing the enforcement of judgments I and the undersigned aleo waives the right of inquisition on any real estate that may be levied upon to collect the amount due under a judgment obtained by virtue hereof, and undersigned does hereby voluntarily condemn the same and hereby waives and releases all relief from any and all appraisemente, stay, exemption or homeetead laws of any etate. now in force, or hereafter passed, and any right to except to, strike off, open or appeal from the judgment so entered I and if a true copy of this instrument shall be filed in any such action, it shall not be necessary to file the original as a warrant of attorney, any rule of court to the contrary notwithetanding. No single exercise of the foregoing warrant and power to confess judgment shall be deemed to exhaust the power, but it shall continue undiminished and may be exercised from time to time as often as Bank shall elect, until all sums payable by the undersigned have been paid in full. 8. To secure all obligations of the undersigned hereunder, Bank ehall have a lien upon and security interest in (and may, without demand or notice of any kind, at any time and from time to time when any amount shall be due and payable by such undersigned hereunder, appropriate and apply toward the payment of such amount, in such order of application as Bank may elect) any and all balances, credits, deposits, accounts or moneys of or in the name of undersigned now or hereafter with Bank and any and all property of every kind or description of or in the name of such undersigned now or hereafter. for any reason or purpose whatsoever, in the possession or control of Bank. 9. The liability of the undersigned hereunder is absolute and unconditional and shall not be affected in any way by reason of (a) any failure to retain or preserve, or the lack of prior enforcement of, any rights against any person or persons (including Borrower) or in any property, (bl the invalidity of any such rights which may be attempted to be obtained, (cl any delay in enforcing or failure to enforce any such rights even if such rights are there by lost, or (d) any delay in making demand on the undersigned for performance or payment of the undersigned's obligations hereunder. 10. If the undersigned consists of more than one person, such persons shall be jointly and severally liable hereunder. This Guaranty shall inure to the benefit of Bank, its successors, assigns, endorsees and any person or persons, including any banking institution or institutions, to whom Bank may grant any interest in Borrower's liabilities to Bank or any of them, and shall be binding upon the undersigned and the undersigned' s executors, administrators, successors, aesigns, and other legal representatives. The undersigned intends this to be a sealed instrument and to be legally bound hereby. All issues arising hereunder shall be governed by the law of Pennsylvania. r.' ~ .. ~ . WI!rNI!:BB the due execution hereof this ~ day of ':p-pw....J2 , 1994. c(k(~/~~ ~ f tf0/IA / . Kai My Commission Expiresl Address I NOTARIAl. SEAl PEGGY J. ELDal, NoWy Public ffoo HIUBoro. Cirnberfllld County My Commlaalon Expires Oct. 20, 1997 /3S N, '2~ ih. J'krfJo(!-j;-' ~.Ii""/''J cj/'-LL.; h /?o//-3tR/'l L-\ ,>1 ._,..1 ..J .,- = q~ - .,.....r .'.. '" ~ ~ ,~ ~ ~ .~ ~ ~ o ~ g e ()' . ~ It) ~ .. )... 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