GUARANTOR IS A
NATURAL PERSON) GUARANTOR'S DEATH (IN WHICH EVENT THIS GUARANTY SHALL BE BINDING
UPON GUARANTOR'S ESTATE AND GUARANTOR'S LEGAL REPRESENTATIVES AND HEIRS). THE
FACT THAT AT ANY TIME OR FROM TIME TO TIME THE GUARANTEED OBLIGATIONS MAY BE
INCREASED OR REDUCED SHALL NOT RELEASE OR DISCHARGE THE OBLIGATION OF GUARANTOR
TO LENDER WITH RESPECT TO THE GUARANTEED OBLIGATIONS. THIS GUARANTY MAY BE
ENFORCED BY LENDER AND ANY SUBSEQUENT HOLDER OF THE NOTE AND SHALL NOT BE
DISCHARGED BY THE ASSIGNMENT OR NEGOTIATION OF ALL OR PART OF THE NOTE.
1.4
GUARANTEED OBLIGATIONS NOT REDUCED BY OFFSET.
THE GUARANTEED OBLIGATIONS AND THE LIABILITIES AND OBLIGATIONS OF GUARANTOR TO
LENDER HEREUNDER SHALL NOT BE REDUCED, DISCHARGED OR RELEASED BECAUSE OR BY
REASON OF ANY EXISTING OR FUTURE OFFSET, CLAIM OR DEFENSE OF BORROWER OR ANY
OTHER PARTY AGAINST LENDER OR AGAINST PAYMENT OF THE GUARANTEED OBLIGATIONS,
WHETHER SUCH OFFSET, CLAIM OR DEFENSE ARISES IN CONNECTION WITH THE GUARANTEED
OBLIGATIONS (OR THE TRANSACTIONS CREATING THE GUARANTEED OBLIGATIONS) OR
OTHERWISE.
1.5
PAYMENT BY GUARANTOR. IF ALL OR ANY PART OF
THE GUARANTEED OBLIGATIONS SHALL NOT BE PUNCTUALLY PAID WHEN DUE (BEYOND ANY AND
ALL NOTICE, GRACE OR CURE PERIODS), WHETHER AT DEMAND, MATURITY, ACCELERATION OR
OTHERWISE, GUARANTOR SHALL, WITHIN FIVE (5) BUSINESS DAYS OF DEMAND BY LENDER
AND WITHOUT PRESENTMENT, PROTEST, NOTICE OF PROTEST, NOTICE OF NON-PAYMENT,
NOTICE OF INTENTION TO ACCELERATE THE MATURITY, NOTICE OF ACCELERATION OF THE
MATURITY OR ANY OTHER NOTICE WHATSOEVER, PAY IN LAWFUL MONEY OF THE UNITED
STATES OF AMERICA, THE AMOUNT DUE ON THE GUARANTEED OBLIGATIONS TO LENDER AT
LENDER'S ADDRESS AS SET FORTH HEREIN. SUCH DEMAND(S) MAY BE MADE AT ANY TIME
COINCIDENT WITH OR AFTER THE TIME FOR PAYMENT OF ALL OR PART OF THE GUARANTEED
OBLIGATIONS AND MAY BE MADE FROM TIME TO TIME WITH RESPECT TO THE SAME OR
DIFFERENT ITEMS OF GUARANTEED OBLIGATIONS. SUCH DEMAND SHALL BE DEEMED MADE,
GIVEN AND RECEIVED IN ACCORDANCE WITH THE NOTICE PROVISIONS HEREOF.
1.6
NO DUTY TO PURSUE OTHERS. IT SHALL NOT BE
NECESSARY FOR LENDER (AND GUARANTOR HEREBY WAIVES ANY RIGHTS WHICH GUARANTOR MAY
HAVE TO REQUIRE LENDER), IN ORDER TO ENFORCE THE OBLIGATIONS OF GUARANTOR
HEREUNDER, FIRST TO (I) INSTITUTE SUIT OR EXHAUST ITS REMEDIES AGAINST BORROWER
OR OTHERS LIABLE ON THE LOAN OR THE GUARANTEED OBLIGATIONS OR ANY OTHER PERSON,
(II) ENFORCE LENDER'S RIGHTS AGAINST ANY COLLATERAL WHICH SHALL EVER HAVE BEEN
GIVEN TO SECURE THE LOAN, (III) ENFORCE LENDER'S RIGHTS AGAINST ANY OTHER
GUARANTORS OF THE GUARANTEED OBLIGATIONS, (IV) JOIN BORROWER OR ANY OTHERS
LIABLE ON THE GUARANTEED OBLIGATIONS IN ANY ACTION SEEKING TO ENFORCE THIS
GUARANTY, (V) EXHAUST ANY REMEDIES AVAILABLE TO LENDER AGAINST ANY COLLATERAL
WHICH SHALL EVER HAVE BEEN GIVEN TO SECURE THE LOAN, OR (VI) RESORT TO ANY OTHER
MEANS OF OBTAINING PAYMENT OF THE GUARANTEED OBLIGATIONS. LENDER SHALL NOT BE
REQUIRED TO MITIGATE DAMAGES OR TAKE ANY OTHER ACTION TO REDUCE, COLLECT OR
ENFORCE THE GUARANTEED OBLIGATIONS.
2
1.7
WAIVERS. GUARANTOR AGREES TO THE PROVISIONS