The undersigned, in consideration of _________________
(hereinafter referred to as the "Lender") having made a loan to
_____________________(hereinafter referred to as the "Borrower")
hereby unconditionally guarantees to the Lender the prompt
payment on all amounts now owing or which may hereafter be owing
to the Lender from the Borrower on account of such loans, or any
extension or renewal thereof, however and whenever made;
provided, however, that the obligation of the Undersigned
hereunder shall not exceed the maximum amount of ____________
($ ) DOLLARS. This undertaking shall operate as a
continuing and absolute guaranty and shall remain in full force
and effect until the actual receipt by the Lender of a revocation
in writing signed by the Undersigned, it being understood that
any such revocation shall be effective only as to additional new
loans or credits after the receipt thereof.
Notice of the acceptance of this guaranty and notice of
transactions entered into in reliance hereon are hereby waived.
The Undersigned agrees that liability hereunder shall not be
affected by any extension of time or other forbearance or
indulgence of favor granted to Borrower, or by the release or
modification of any security or the release of any guarantor,
whether or not notice thereof shall be given to the Undersigned,
or by the neglect or failure of the Lender to take any action
with respect to any security, right, obligation, endorsement or
guaranty which it may at any time hold, or by any change by the
Borrower in the former manner of doing business, whether by
incorporation, consolidation, merger, partnership formation or
change in membership, or otherwise.
The Undersigned also waives all requirements of notice,
demand, presentment or protest in case of any default by Borrower
and any right which the Undersigned might otherwise have required
the Lender first to proceed against the Borrower or against any
co-guarantor or any other person or first to realize on any
security held by it before proceeding against the Undersigned for
the enforcement of this guaranty.
If there be more than one guarantor executing this
guaranty, their obligation hereunder shall be joint and several.
In that case the word "Undersigned", shall be deemed to apply
against each guarantor and the Lender shall be entitled to full
recovery of the obligation of this guaranty against each, but
shall retain only one satisfaction.
This instrument is intended to take effect as a sealed
instrument and the validity and construction hereof shall be
determined by the law of the state of ______________________.