Document:

Exhibit 10.32

 

 

COMMERCIAL
GUARANTY

 

	Principal	Loan Date	Maturity	Loan
    No	Call
    / Coll	Account	Officer	Initials
	 	 	 	 	CLS
    52 / 810	 	230	
	References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

 Any item above containing “***” has been omitted due to text length limitations.

 

	Borrower:	Eaco corporation	 	Lender:	community bank
	 	1500 N. LAKEVIEW AVENUE	 	 	REAL ESTATE GROUP
	 	ANAHEIM, CA 92807	 	 	790 EAST COLORADO BOULEVARD
	 	 	 	 	PASADENA, CA 91101
	 	 	 	 	(800) 788-9999
	 	 	 	 	 
	Guarantor:	Glen F. ceiley and barbara a. ceiley	 	 	 
	 	revocable trust	 	 	 
	 	304 EVENING STAR LANE	 	 	 
	 	NEWPORT BEACH, CA 92660	 	 	 
	 	 	 	 	 

 

continuing
guarantee of payment and performance. For good and valuable consideration, Guarantor absolutely and unconditionally
guarantees full and punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge
of all Borrower’s obligations under the Note and the Related Documents. This is a guaranty of payment and performance and
not of collection, so Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender’s remedies
against anyone else obligated to pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any
other guaranty of the Indebtedness. Guarantor will make any payments to Lender or its order, on demand, in legal tender of the
United States of America, in same-day funds, without set-off or deduction or counterclaim, and will otherwise perform Borrower’s
obligations under the Note and Related Documents. Under this Guaranty, Guarantor’s liability is unlimited and Guarantor’s
obligations are continuing.

 

INDEBTEDNESS. The word “Indebtedness”
as used in this Guaranty means all of the principal amount outstanding from time to time and at any one or more times, accrued
unpaid interest thereon and all collection costs and legal expenses related thereto permitted by law, attorneys’ fees, arising
from any and all debts, liabilities and obligations of every nature or form, now existing or hereafter arising or acquired, that
Borrower individually or collectively or interchangeably with others, owes or will owe Lender. “Indebtedness” includes,
without limitation, loans, advances, debts, overdraft indebtedness, credit card indebtedness, lease obligations, liabilities and
obligations under any interest rate protection agreements or foreign currency exchange agreements or commodity price protection
agreements, other obligations, and liabilities of Borrower, and any present or future judgments against Borrower, future advances,
loans or transactions that renew, extend, modify, refinance, consolidate or substitute these debts, liabilities and obligations
whether: voluntarily or involuntarily incurred; due or to become due by their terms or acceleration; absolute or contingent; liquidated
or unliquidated; determined or undetermined; direct or indirect; primary or secondary in nature or arising from a guaranty or surety;
secured or unsecured; joint or several or joint and several; evidenced by a negotiable or non-negotiable instrument or writing;
originated by Lender or another or others; barred or unenforceable against Borrower for any reason whatsoever; for any transactions
that may be voidable for any reason (such as infancy, insanity, ultra vires or otherwise); and originated then reduced or extinguished
and then afterwards increased or reinstated.

 

If Lender presently holds one or more guaranties,
or hereafter receives additional guaranties from Guarantor, Lender’s rights under all guaranties shall be cumulative. This
Guaranty shall not (unless specifically provided below to the contrary) affect or invalidate any such other guaranties. Guarantor’s
liability will be Guarantor’s aggregate liability under the terms of this Guaranty and any such other unterminated guaranties.

 

continuing
guaranty. THIS IS A “CONTINUING GUARANTY” UNDER WHICH GUARANTOR
AGREES TO GUARANTEE THE FULL AND PUNCTUAL PAYMENT, PERFORMANCE AND SATISFACTION OF THE INDEBTEDNESS OF BORROWER TO LENDER, NOW
EXISTING OR HEREAFTER ARISING OR ACQUIRED, ON AN OPEN AND CONTINUING BASIS. ACCORDINGLY, ANY PAYMENTS MADE ON THE INDEBTEDNESS
WILL NOT DISCHARGE OR DIMINISH GUARANTOR’S OBLIGATIONS AND LIABILITY UNDER THIS GUARANTY FOR ANY REMAINING AND SUCCEEDING
INDEBTEDNESS EVEN WHEN ALL OR PART OF THE OUTSTANDING INDEBTEDNESS MAY BE A ZERO BALANCE FROM TIME TO TIME.

 

duration
of guaranty. This Guaranty will take effect when received by Lender without the necessity of any acceptance
by Lender, or any notice to Guarantor or to Borrower, and will continue in full force until all the Indebtedness incurred or contracted
before receipt by Lender of any notice of revocation shall have been fully and finally paid and satisfied and all of Guarantor’s
other obligations under this Guaranty shall have been performed in full. If Guarantor elects to revoke this Guaranty, Guarantor
may only do so in writing. Guarantor’s written notice of revocation must be mailed to Lender, by certified mail, at Lender’s
address listed above or such other place as Lender may designate in writing. Written revocation of this Guaranty will apply only
to new Indebtedness created after actual receipt by Lender of Guarantor’s written revocation. For this purpose and without
limitation, the term “new Indebtedness” does not include the Indebtedness which at the time of notice of revocation
is contingent, unliquidated, undetermined or not due and which later becomes absolute, liquidated, determined or due. For this
purpose and without limitation, “new Indebtedness” does not include all or part of the Indebtedness that is: incurred
by Borrower prior to revocation; incurred under a commitment that became binding before revocation; any renewals, extensions,
substitutions, and modifications of the Indebtedness. This Guaranty shall bind Guarantor’s estate as to the Indebtedness
created both before and after Guarantor’s death or incapacity, regardless of Lender’s actual notice of Guarantor’s
death. Subject to the foregoing, Guarantor’s executor or administrator or other legal representative may terminate this
Guaranty in the same manner in which Guarantor might have terminated it and with the same effect. Release of any other guarantor
or termination of any other guaranty of the Indebtedness shall not affect the liability of Guarantor under this Guaranty. A revocation
Lender receives from any one or more Guarantors shall not affect the liability of any remaining Guarantors under this Guaranty.
Guarantor’s obligations under this Guaranty shall be in addition to any of Guarantor’s obligations, or any of them,
under any other guaranties of the Indebtedness or any other person heretofore or hereafter given to Lender unless such other guaranties
are modified or revoked in writing; and this Guarantor shall not, unless provided in this Guaranty, affect, invalidate, or supersede
any such other guaranty. It is anticipated that fluctuations may occur in the aggregate amount of the Indebtedness covered
by this Guaranty, and Guarantor specifically acknowledges and agrees that reductions in the amount of the Indebtedness, even to
zero dollars ($0.00), shall not constitute a termination of this Guaranty. This Guaranty is binding upon Guarantor and Guarantor’s
heirs, successors and assigns so long as any of the Indebtedness remains unpaid and even though the Indebtedness may from time
to time be zero dollars ($0.00).

 

guarantor’S
authorization TO LENDER. Guarantor authorizes Lender, either before or after any revocation hereof, without notice
or demand and without lessening Guarantor’s liability under this Guaranty, from time to time: (A) prior to revocation
as set forth above, to make one or more additional secured or unsecured loans to Borrower, to lease equipment or other goods to
Borrower, or otherwise to extend additional credit to Borrower; (B) to alter, compromise, renew, extend, accelerate, or otherwise
change one or more times the time for payment or other terms of the Indebtedness or any part of the Indebtedness, including increases
and decreases of the rate of interest on the Indebtedness; extensions may be repeated and may be for longer than the original
loan term; (C) to take and hold security for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive, subordinate,
fail or decide not to perfect, and release any such security, with or without the substitution of new collateral; (D)
to release, substitute, agree not to sue, or deal with any one or more of Borrower’s sureties, endorsers, or other
guarantors on any terms or in any manner Lender may choose; (E) to determine how, when and what application of payments and credits
shall be made on the Indebtedness; (F) to apply such security and direct the order or manner of sale thereof, including without
limitation, any nonjudicial sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its
discretion may determine; (G) to sell, transfer, assign or grant participations in all or any part of the Indebtedness; and (H)
to assign or transfer this Guaranty in whole or in part.

 

    	 

    	 

    

 

COMMERCIAL
GUARANTY

	Loan No: 75101054	(Continued)	Page 2
	 	 	 

  

GUARANTOR’S REPRESENTATIONS AND
WARRANTIES. Guarantor represents and warrants to Lender that (A) no representations or agreements of any kind have been made
to Guarantor which would limit or qualify in any way the terms of this Guaranty; (B) this Guaranty is executed at Borrower’s
request and not at the request of Lender; (C) Guarantor has full power, right and authority to enter into this Guaranty; (D)
the provisions of this Guaranty do not conflict with or result in a default under any agreement or other instrument binding
upon Guarantor and do not result in a violation of any law, regulation, court decree or order applicable to Guarantor; (E) Guarantor
has not and will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer, or otherwise
dispose of all or substantially all of Guarantor’s assets, or any interest therein; (F) upon Lender’s request, Guarantor
will provide to Lender financial and credit information in form acceptable to Lender, and all such financial information which
currently has been, and all future financial information which will be provided to Lender is and will be true and correct in all
material respects and fairly present Guarantor’s financial condition as of the dates the financial information is provided;
(G) no material adverse change has occurred in Guarantor’s financial condition since the date of the most recent financial
statements provided to Lender and no event has occurred which may materially adversely affect Guarantor’s financial condition;
(H) no litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against
Guarantor is pending or threatened; (I) Lender has made no representation to Guarantor as to the creditworthiness of Borrower;
and (J) Guarantor has established adequate means of obtaining from Borrower on a continuing basis information regarding Borrower’s
financial condition. Guarantor agrees to keep adequately informed from such means of any facts, events, or circumstances which
might in any way affect Guarantor’s risks under this Guaranty, and Guarantor further agrees that, absent a request for information,
Lender shall have no obligation to disclose to Guarantor any information or documents acquired by Lender in the course of its relationship
with Borrower.

 

GUARANTOR’S WAIVERS. Except
as prohibited by applicable law, Guarantor waives any right to require Lender to (A) make any presentment, protest, demand, or
notice of any kind, including notice of change of any terms of repayment of the Indebtedness, default by Borrower or any other
guarantor or surety, any action or nonaction taken by Borrower, Lender, or any other guarantor or surety of Borrower, or the creation
of new or additional Indebtedness; (B) proceed against any person, including Borrower, before proceeding against Guarantor; (C)
proceed against any collateral for the Indebtedness, including Borrower’s collateral, before proceeding against Guarantor;
(D) apply any payments or proceeds received against the Indebtedness in any order;
(E) give notice of the terms, time, and place of any sale of the collateral pursuant to the Uniform Commercial Code or any other
law governing such sale; (F) disclose any information about the Indebtedness, the Borrower, the collateral, or any other guarantor
or surety, or about any action or nonaction of Lender; or (G) pursue any remedy or course of action in Lender’s power whatsoever.

 

Guarantor also waives any and all rights
or defenses arising by reason of (H) any disability or other defense of Borrower, any other guarantor or surety or any other person;
(I) the cessation from any cause whatsoever, other than payment in full, of the Indebtedness; (J) the application of proceeds of
the Indebtedness by Borrower for purposes other than the purposes understood and intended by Guarantor and Lender; (K) any act
of omission or commission by Lender which directly or indirectly results in or contributes to the discharge of Borrower or any
other guarantor or surety, or the Indebtedness, or the loss or release of any collateral by operation of law or otherwise; (L)
any statute of limitations in any action under this Guaranty or on the Indebtedness; or (M) any modification or change in terms
of the Indebtedness, whatsoever, including without limitation, the renewal, extension, acceleration, or other change in the time
payment of the Indebtedness is due and any change in the interest rate, and including any such modification or change in terms
after revocation of this Guaranty on the Indebtedness incurred prior to such revocation.

 

Guarantor waives all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to Guarantor
by reason of California Civil Code Sections 2787 to 2855, inclusive.

 

Guarantor waives all rights and any defenses
arising out of an election of remedies by Lender even though that the election of remedies, such as a non-judicial foreclosure
with respect to security for a guaranteed obligation, has destroyed Guarantor’s rights of subrogation and reimbursement against
Borrower by operation of Section 580d of the California Code of Civil Procedure or otherwise.

 

Guarantor waives all rights and defenses
that Guarantor may have because Borrower’s obligation is secured by real property. This means among other things: (N) Lender
may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower. (O) If Lender
forecloses on any real property collateral pledged by Borrower: (1) the amount of Borrower’s obligation may be reduced only
by the price for which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price.
(2) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor
may have to collect from Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have
because Borrower’s obligation is secured by real property. These rights and defenses include, but are not limited to, any
rights and defenses based upon Section 580a, 580b, 580d, or 726 of the Code of Civil Procedure.

 

Guarantor understands and agrees that the
foregoing waivers are unconditional and irrevocable waivers of substantive rights and defenses to which Guarantor might otherwise
be entitled under state and federal law. The rights and defenses waived include, without limitation, those provided by California
laws of suretyship and guaranty, anti-deficiency laws, and the Uniform Commercial Code. Guarantor acknowledges that Guarantor has
provided these waivers of rights and defenses with the intention that they be fully relied upon by Lender. Guarantor further understands
and agrees that this Guaranty is a separate and independent contract between Guarantor and Lender, given for full and ample consideration,
and is enforceable on its own terms. Until all of the Indebtedness is paid in full, Guarantor waives any right to enforce any remedy
Guarantor may have against the Borrower or any other guarantor, surety, or other person, and further, Guarantor waives any right
to participate in any collateral for the Indebtedness now or hereafter held by Lender.

 

Guarantor’s Understanding With
Respect To Waivers. Guarantor warrants and agrees that each of the waivers set forth above is made with Guarantor’s full
knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to
public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall
be effective only to the extent permitted by law or public policy.

 

Subordination of Borrower’s Debts
to Guarantor. Guarantor agrees that the Indebtedness, whether now existing or hereafter created, shall be superior to any claim
that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower becomes insolvent. Guarantor hereby expressly subordinates
any claim Guarantor may have against Borrower, upon any account whatsoever, to any claim that Lender may now or hereafter have
against Borrower. In the event of insolvency and consequent liquidation of the assets of Borrower, through bankruptcy, by an assignment
for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Borrower applicable to the payment of the claims
of both Lender and Guarantor shall be paid to Lender and shall be first applied by Lender to the Indebtedness. Guarantor does hereby
assign to Lender all claims which it may have or acquire against Borrower or against any assignee or trustee in bankruptcy of Borrower;
provided however, that such assignment shall be effective only for the purpose of assuring to Lender full payment in legal tender
of the Indebtedness. If Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations
of Borrower to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to Lender.
Guarantor agrees, and Lender is hereby authorized, in the name of Guarantor, from time to time to file financing statements and
continuation statements and to execute documents and to take such other actions as Lender deems necessary or appropriate to perfect,
preserve and enforce its rights under this Guaranty.

 

    	 

    	 

    

 

COMMERCIAL
GUARANTY

	Loan No: 75101054	(Continued)	Page 3
	 	 	 

 

Miscellaneous Provisions. The following
miscellaneous provisions are a part of this Guaranty:

 

AMENDMENTS. This Guaranty, together
with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this
Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and signed by the party or
parties sought to be charged or bound by the alteration or amendment.

 

ARBITRATION. Borrower
and Guarantor and Lender agree that all disputes, claims and controversies between them whether individual, joint, or class
in nature, arising from this Guaranty or otherwise, including without limitation contract and tort disputes, shall be
arbitrated pursuant to the financial services rules of J.A.M.S. or its successor in effect at the time the claim is filed,
upon request of either party. No act to take or dispose of any Collateral shall constitute a waiver of this arbitration
agreement or be prohibited by this arbitration agreement. This includes, without limitation, obtaining injunctive relief or a
temporary restraining order; invoking a power of sale under any deed of trust or mortgage; obtaining a writ of attachment or
imposition of a receiver; or exercising any rights relating to personal property, including taking or disposing of such
property with or without judicial process pursuant to Article 9 of the Uniform Commercial Code. Any disputes, claims, or
controversies concerning the lawfulness or reasonableness of any act, or exercise of any right, concerning any Collateral,
including any claim to rescind, reform, or otherwise modify any agreement relating to the Collateral, shall also be
arbitrated, provided however that no arbitrator shall have the right or the power to enjoin or restrain any act of any party.
Borrower and Guarantor and Lender agree that in the event of an action for judicial foreclosure pursuant to California Code
of Civil Procedure Section 726, or any similar provision in any other state, the commencement of such an action will not
constitute a waiver of the right to arbitrate and the court shall refer to arbitration as much of such action, including
counterclaims, as lawfully may be referred to arbitration. Judgment upon any award rendered by any arbitrator may be entered
in any court having jurisdiction. Nothing in this Guaranty shall preclude any party from seeking equitable relief from a
court of competent jurisdiction. The statute of limitations, estoppel, waiver, laches, and similar doctrines which would
otherwise be applicable in an action brought by a party shall be applicable in any arbitration proceeding, and the
commencement of an arbitration proceeding shall be deemed the commencement of an action for these purposes. The Federal
Arbitration Act shall apply to the construction, interpretation, and enforcement of this arbitration provision.

 

ATTORNEYS’ FEES; EXPENSES. Guarantor
agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s
legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or pay someone else to help enforce
this Guaranty, and Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’
fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings
(including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection
services. Guarantor also shall pay all court costs and such additional fees as may be directed by the court.

 

CAPTION HEADINGS. Caption headings
in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this Guaranty.

 

GOVERNING LAW. This Guaranty will be
governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of California
without regard to its conflicts of law provisions.

 

INTEGRATION. Guarantor further agrees
that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the opportunity to be advised by Guarantor’s
attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor’s intentions and parol evidence is not required
to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all losses, claims, damages,
and costs (including Lender’s attorneys’ fees) suffered or incurred by Lender as a result of any breach by Guarantor
of the warranties, representations and agreements of this paragraph.

 

INTERPRETATION. In all cases where
there is more than one Borrower or Guarantor, then all words used in this Guaranty in the singular shall be deemed to have been
used in the plural where the context and construction so require; and where there is more than one Borrower named in this Guaranty
or when this Guaranty is executed by more than one Guarantor, the words “Borrower” and “Guarantor” respectively
shall mean all and any one or more of them. The words “Guarantor,” “Borrower,” and “Lender”
include the heirs, successors, assigns, and transferees of each of them. If a court finds that any provision of this Guaranty is
not valid or should not be enforced, that fact by itself will not mean that the rest of this Guaranty will not be valid or enforced.
Therefore, a court will enforce the rest of the provisions of this Guaranty even if a provision of this Guaranty may be found to
be invalid or unenforceable. If any one or more of Borrower or Guarantor are corporations, partnerships, limited liability companies,
or similar entities, it is not necessary for Lender to inquire into the powers of Borrower or Guarantor or of the officers, directors,
partners, managers, or other agents acting or purporting to act on their behalf, and any indebtedness made or created in reliance
upon the professed exercise of such powers shall be guaranteed under this Guaranty.

 

NOTICES. Any notice required to
be given under this Guaranty shall be given in writing, and, except for revocation notices by Guarantor, shall be effective when
actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally
recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered
mail postage prepaid, directed to the addresses shown near the beginning of this Guaranty. All revocation notices by Guarantor
shall be in writing and shall be effective upon delivery to Lender as provided in the section of this Guaranty entitled “DURATION
OF GUARANTY.” Any party may change its address for notices under this Guaranty by giving formal written notice to the other
parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes. Guarantor agrees
to keep Lender informed at all times of Guarantor’s current address. Unless otherwise provided or required by law, if there
is more than one Guarantor, any notice given by Lender to any Guarantor is deemed to be notice given to all Guarantors.

 

NO WAIVER BY LENDER. Lender shall
not be deemed to have waived any rights under this Guaranty unless such waiver is given in writing and signed by Lender. No delay
or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver
by Lender of a provision of this Guaranty shall not prejudice or constitute a waiver of Lender’s right otherwise to demand
strict compliance with that provision or any other provision of this Guaranty. No prior waiver by Lender, nor any course of dealing
between Lender and Guarantor, shall constitute a waiver of any of Lender’s rights or of any of Guarantor’s obligations
as to any future transactions. Whenever the consent of Lender is required under this Guaranty, the granting of such consent by
Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all
cases such consent may be granted or withheld in the sole discretion of Lender.

 

    	 

    	 

    

 

COMMERCIAL
GUARANTY 

	Loan No: 75101054	(Continued)	Page 4
	 	 	 

   

SUCCESSORS AND ASSIGNS. Subject
to any limitations stated in this Guaranty on transfer of Guarantor’s interest, this Guaranty shall be binding upon and
inure to the benefit of the parties, their successors and
assigns.

 

WAIVE JURY. To the extent permitted
by applicable law, Lender and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought
by either Lender or Guarantor against the other.

 

NATURE OF GUARANTY. Guarantor’s
liability under this Guaranty shall be open and continuous for so long as this Guaranty remains in force. Guarantor intends to
guarantee at all times the performance and prompt payment when due, whether at maturity or earlier by reason of acceleration or
otherwise, of all indebtedness. Accordingly, no payments made upon the indebtedness will discharge or diminish the continuing liability
of Guarantor in connection with any remaining portions of the indebtedness or any of the indebtedness which subsequently arises
or is thereafter incurred or contracted.

 

PRIOR COMMERCIAL GUARANTY. This
Commercial Guaranty hereby supersedes and replaces that certain prior Commercial Guaranty dated November 9, 2007, along with all
modification(s) and amendment(s) thereto.

 

Definitions. The following capitalized
words and terms shall have the following meanings when used in this Guaranty. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words
and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial
Code:

 

BORROWER. The
word “Borrower” means EACO CORPORATION and includes all co-signers and co-makers signing the Note and
all their successors and assigns.

 

GUARANTOR. The
word “Guarantor” means everyone signing this Guaranty, including without limitation GLEN F. CEILEY AND BARBARA A.
CEILEY REVOCABLE TRUST, and in each case, any signer’s successors and assigns.

 

GUARANTY. The word “Guaranty”
means this guaranty from Guarantor to Lender.

 

INDEBTEDNESS. The word “Indebtedness” means
Borrower’s indebtedness to Lender as more particularly described in this Guaranty.

 

LENDER. The word “Lender” means COMMUNITY
BANK, its successors and assigns.

 

NOTE. The word
“Note” means and includes without limitation all of Borrower’s promissory notes and/or credit agreements
evidencing Borrower’s loan obligations in favor of Lender, together with all renewals of, extensions of, modifications
of, refinancings of, consolidations of and substitutions for promissory notes or credit agreements.

 

RELATED DOCUMENTS. The words “Related
Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security
agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents,
whether now or hereafter existing, executed in connection with the Indebtedness.

 

EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES
HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARANTY
IS EFFECTIVE UPON GUARANTOR’S EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL
TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF GUARANTY”. NO FORMAL ACCEPTANCE BY LENDER IS
NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY IS DATED NOVEMBER 12, 2013.

 

	GUARANTOR:	 		
	 	 	 	 
	GLEN F. CEILEY AND BARBARA A. CEILEY REVOCABLE TRUST, dated May 9, 2007	 		
	 	 	 	 
			 		
	By:	/s/ GLEN F. CEILEY	 	By:	/s/ BARBARA A. CEILEY
	 	GLEN F. CEILEY, Trustee of GLEN F. CEILEY	 		BARBARA A. CEILEY, Trustee of GLEN F. CEILEY
	 	AND BARBARA A. CEILEY REVOCABLE TRUST	 	 	AND BARBARA A. CEILEY REVOCABLE TRUST

 

    	 

    	 

    

 

COMMERCIAL
GUARANTY 

	Loan No: 75101054	(Continued)	Page 5
	 	 	 
	 	 	 

    

CERTIFICATE OF ACKNOWLEDGMENT

 

	STATE OF	California	    )	 
	 	 	    ) ss	 
	COUNTY OF   	Orange	    )	 
	 	 
	On      November 12                      ,
    2013 before me,                          Courtney
    Cresap, Notary Public                                 ,
	 	(here insert name and title of the officer)

 

personally appeared GLEN F. CEILEY
and BARBARA A. CEILEY, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) are subscribed to the within instrument and acknowledged to me that they executed the same in their
authorized capacity(ies), and that by their signature(s) on the instrument the person(s), or the entity upon behalf
of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State
of California that the foregoing paragraph is true and correct.

 

		 		
	 	 
		 
	WITNESS my hand and official seal.	 	 
	 	 	 
	Signature /s/ Courtney Cresap                                             	 	(Seal)Exhibit 10.33

 

 

COMMERCIAL
GUARANTY

 

	Principal	Loan Date	Maturity	Loan
    No	Call
    / Coll	Account	Officer	Initials
	 	 	 	 	CLS
    52      / 810	 	230	 
	References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

 Any item above containing “***” has been omitted due to text length limitations.

 

	Borrower:	eaco corporation	 	Lender:	community bank
	 	1500 N. lakeview avenue	 	 	REAL ESTATE GROUP
	 	ANAHEIM, CA 92807	 	 	790 EAST COLORADO BOULEVARD
	 		 	 	PASADENA, CA 91101
	 	 	 	 	(800) 788-9999
	 		 	 	 
	Guarantor:	BISCO INDUSTRIES,
    INC.	 	 	 
	 	1500 NORTH LAKEVIEW AVENUE	 	 	 
	 	ANAHEIM, CA 92807	 	 	 
	 	 	 	 	 

 

continuing
guarantee of payment and performance. For good and valuable consideration, Guarantor absolutely and unconditionally
guarantees full and punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge
of all Borrower’s obligations under the Note and the Related Documents. This is a guaranty of payment and performance and
not of collection, so Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender’s remedies
against anyone else obligated to pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any
other guaranty of the Indebtedness. Guarantor will make any payments to Lender or its order, on demand, in legal tender of the
United States of America, in same-day funds, without set-off or deduction or counterclaim, and will otherwise perform Borrower’s
obligations under the Note and Related Documents. Under this Guaranty, Guarantor’s liability is unlimited and Guarantor’s
obligations are continuing.

 

INDEBTEDNESS. The word “Indebtedness”
as used in this Guaranty means all of the principal amount outstanding from time to time and at any one or more times, accrued
unpaid interest thereon and all collection costs and legal expenses related thereto permitted by law, attorneys’ fees, arising
from any and all debts, liabilities and obligations of every nature or form, now existing or hereafter arising or acquired, that
Borrower individually or collectively or interchangeably with others, owes or will owe Lender, “Indebtedness” includes,
without limitation, loans, advances, debts, overdraft indebtedness, credit card indebtedness, lease obligations, liabilities and
obligations under any interest rate protection agreements or foreign currency exchange agreements or commodity price protection
agreements, other obligations, and liabilities of Borrower, and any present or future judgments against Borrower, future advances,
loans or transactions that renew, extend, modify, refinance, consolidate or substitute these debts, liabilities and obligations
whether: voluntarily or involuntarily incurred; due or to become due by their terms or acceleration; absolute or contingent; liquidated
or unliquidated; determined or undetermined; direct or indirect; primary or secondary in nature or arising from a guaranty or surety;
secured or unsecured; joint or several or joint and several; evidenced by a negotiable or non-negotiable instrument or writing;
originated by Lender or another or others; barred or unenforceable against Borrower for any reason whatsoever; for any transactions
that may be voidable for any reason (such as infancy, insanity, ultra vires or otherwise); and originated then reduced or extinguished
and then afterwards increased or reinstated.

 

If Lender presently holds one or more guaranties,
or hereafter receives additional guaranties from Guarantor, Lender’s rights under all guaranties shall be cumulative. This
Guaranty shall not (unless specifically provided below to the contrary) affect or invalidate any such other guaranties. Guarantor’s
liability will be Guarantor’s aggregate liability under the terms of this Guaranty and any such other unterminated guaranties.

 

continuing
guaranty. THIS IS A “CONTINUING GUARANTY” UNDER WHICH GUARANTOR
AGREES TO GUARANTEE THE FULL AND PUNCTUAL PAYMENT, PERFORMANCE AND SATISFACTION OF THE INDEBTEDNESS OF BORROWER TO LENDER, NOW
EXISTING OR HEREAFTER ARISING OR ACQUIRED, ON AN OPEN AND CONTINUING BASIS. ACCORDINGLY, ANY PAYMENTS MADE ON THE INDEBTEDNESS
WILL NOT DISCHARGE OR DIMINISH GUARANTOR’S OBLIGATIONS AND LIABILITY UNDER THIS GUARANTY FOR ANY REMAINING AND SUCCEEDING
INDEBTEDNESS EVEN WHEN ALL OR PART OF THE OUTSTANDING INDEBTEDNESS MAY BE A ZERO BALANCE FROM TIME TO TIME.

 

duration
of guaranty. This Guaranty will take effect when received by Lender without the necessity of any acceptance
by Lender, or any notice to Guarantor or to Borrower, and will continue in full force until all the Indebtedness incurred or contracted
before receipt by Lender of any notice of revocation shall have been fully and finally paid and satisfied and all of Guarantor’s
other obligations under this Guaranty shall have been performed in full. If Guarantor elects to revoke this Guaranty, Guarantor
may only do so in writing. Guarantor’s written notice of revocation must be mailed to Lender, by certified mail, at Lender’s
address listed above or such other place as Lender may designate in writing. Written revocation of this Guaranty will apply only
to new Indebtedness created after actual receipt by Lender of Guarantor’s written revocation. For this purpose and without
limitation, the term “new Indebtedness” does not include the Indebtedness which at the time of notice of revocation
is contingent, unliquidated, undetermined or not due and which later becomes absolute, liquidated, determined or due. For this
purpose and without limitation, “new Indebtedness” does not include all or part of the Indebtedness that is: incurred
by Borrower prior to revocation; incurred under a commitment that became binding before revocation; any renewals, extensions,
substitutions, and modifications of the Indebtedness. This Guaranty shall bind Guarantor’s estate as to the Indebtedness
created both before and after Guarantor’s death or incapacity, regardless of Lender’s actual notice of Guarantor’s
death. Subject to the foregoing, Guarantor’s executor or administrator or other legal representative may terminate this
Guaranty in the same manner in which Guarantor might have terminated it and with the same effect. Release of any other guarantor
or termination of any other guaranty of the Indebtedness shall not affect the liability of Guarantor under this Guaranty. A revocation
Lender receives from any one or more Guarantors shall not affect the liability of any remaining Guarantors under this Guaranty.
Guarantor’s obligations under this Guaranty shall be in addition to any of Guarantor’s obligations, or any of them,
under any other guaranties of the Indebtedness or any other person heretofore or hereafter given to Lender unless such other guaranties
are modified or revoked in writing; and this Guarantor shall not, unless provided in this Guaranty, affect, invalidate, or supersede
any such other guaranty. It is anticipated that fluctuations may occur in the aggregate amount of the Indebtedness covered
by this Guaranty, and Guarantor specifically acknowledges and agrees that reductions in the amount of the Indebtedness, even to
zero dollars ($0.00), shall not constitute a termination of this Guaranty. This Guaranty is binding upon Guarantor and Guarantor’s
heirs, successors and assigns so long as any of the Indebtedness remains unpaid and even though the Indebtedness may from time
to time be zero dollars ($0.00).

 

guarantor’S
authorization TO LENDER. Guarantor authorizes Lender, either before or after any revocation hereof, without notice
or demand and without lessening Guarantor’s liability under this Guaranty, from time to time: (A) prior to revocation
as set forth above, to make one or more additional secured or unsecured loans to Borrower, to lease equipment or other goods to
Borrower, or otherwise to extend additional credit to Borrower; (B) to alter, compromise, renew, extend, accelerate, or otherwise
change one or more times the time for payment or other terms of the Indebtedness or any part of the Indebtedness, including increases
and decreases of the rate of interest on the Indebtedness; extensions may be repeated and may be for longer than the original
loan term; (C) to take and hold security for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive, subordinate,
fail or decide not to perfect, and release any such security, with or without the substitution of new collateral; (D)
to release, substitute, agree not to sue, or deal with any one or more of Borrower’s sureties, endorsers, or other
guarantors on any terms or in any manner Lender may choose; (E) to determine how, when and what application of payments and credits
shall be made on the Indebtedness; (F) to apply such security and direct the order or manner of sale thereof, including without
limitation, any nonjudicial sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its
discretion may determine; (G) to sell, transfer, assign or grant participations in all or any part of the Indebtedness; and (H)
to assign or transfer this Guaranty in whole or in part.

 

    	 

    	 

    

 

COMMERCIAL
GUARANTY

	Loan No: 75101054	(Continued)	Page 2
	 	 	 

  

GUARANTOR’S REPRESENTATIONS AND
WARRANTIES. Guarantor represents and warrants to Lender that (A) no representations or agreements of any kind have been made
to Guarantor which would limit or qualify in any way the terms of this Guaranty; (B) this Guaranty is executed at Borrower’s
request and not at the request of Lender; (C) Guarantor has full power, right and authority to enter into this Guaranty; (D)
the provisions of this Guaranty do not conflict with or result in a default under any agreement or other instrument binding
upon Guarantor and do not result in a violation of any law, regulation, court decree or order applicable to Guarantor; (E) Guarantor
has not and will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer, or otherwise
dispose of all or substantially all of Guarantor’s assets, or any interest therein; (F) upon Lender’s request, Guarantor
will provide to Lender financial and credit information in form acceptable to Lender, and all such financial information which
currently has been, and all future financial information which will be provided to Lender is and will be true and correct in all
material respects and fairly present Guarantor’s financial condition as of the dates the financial information is provided;
(G) no material adverse change has occurred in Guarantor’s financial condition since the date of the most recent financial
statements provided to Lender and no event has occurred which may materially adversely affect Guarantor’s financial condition;
(H) no litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against
Guarantor is pending or threatened; (I) Lender has made no representation to Guarantor as to the creditworthiness of Borrower;
and (J) Guarantor has established adequate means of obtaining from Borrower on a continuing basis information regarding Borrower’s
financial condition. Guarantor agrees to keep adequately informed from such means of any facts, events, or circumstances which
might in any way affect Guarantor’s risks under this Guaranty, and Guarantor further agrees that, absent a request for information,
Lender shall have no obligation to disclose to Guarantor any information or documents acquired by Lender in the course of its relationship
with Borrower.

 

GUARANTOR’S WAIVERS. Except
as prohibited by applicable law, Guarantor waives any right to require Lender to (A) make any presentment, protest, demand, or
notice of any kind, including notice of change of any terms of repayment of the Indebtedness, default by Borrower or any other
guarantor or surety, any action or nonaction taken by Borrower, Lender, or any other guarantor or surety of Borrower, or the creation
of new or additional Indebtedness; (B) proceed against any person, including Borrower, before proceeding against Guarantor; (C)
proceed against any collateral for the Indebtedness, including Borrower’s collateral, before proceeding against Guarantor;
(D) apply any payments or proceeds received against the Indebtedness in any order;
(E) give notice of the terms, time, and place of any sale of the collateral pursuant to the Uniform Commercial Code or any other
law governing such sale; (F) disclose any information about the Indebtedness, the Borrower, the collateral, or any other guarantor
or surety, or about any action or nonaction of Lender; or (G) pursue any remedy or course of action in Lender’s power whatsoever.

 

Guarantor also waives any and all rights
or defenses arising by reason of (H) any disability or other defense of Borrower, any other guarantor or surety or any other person;
(I) the cessation from any cause whatsoever, other than payment in full, of the Indebtedness; (J) the application of proceeds of
the Indebtedness by Borrower for purposes other than the purposes understood and intended by Guarantor and Lender; (K) any act
of omission or commission by Lender which directly or indirectly results in or contributes to the discharge of Borrower or any
other guarantor or surety, or the Indebtedness, or the loss or release of any collateral by operation of law or otherwise; (L)
any statute of limitations in any action under this Guaranty or on the Indebtedness; or (M) any modification or change in terms
of the Indebtedness, whatsoever, including without limitation, the renewal, extension, acceleration, or other change in the time
payment of the Indebtedness is due and any change in the interest rate, and including any such modification or change in terms
after revocation of this Guaranty on the Indebtedness incurred prior to such revocation.

 

Guarantor waives all rights of subrogation,
reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to Guarantor
by reason of California Civil Code Sections 2787 to 2855, inclusive.

 

Guarantor waives all rights and any defenses
arising out of an election of remedies by Lender even though that the election of remedies, such as a non-judicial foreclosure
with respect to security for a guaranteed obligation, has destroyed Guarantor’s rights of subrogation and reimbursement against
Borrower by operation of Section 580d of the California Code of Civil Procedure or otherwise.

 

Guarantor waives all rights and defenses
that Guarantor may have because Borrower’s obligation is secured by real property. This means among other things: (N) Lender
may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower. (O) If Lender
forecloses on any real property collateral pledged by Borrower: (1) the amount of Borrower’s obligation may be reduced only
by the price for which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price.
(2) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor
may have to collect from Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have
because Borrower’s obligation is secured by real property. These rights and defenses include, but are not limited to, any
rights and defenses based upon Section 580a, 580b, 580d, or 726 of the Code of Civil Procedure.

 

Guarantor understands and agrees that the
foregoing waivers are unconditional and irrevocable waivers of substantive rights and defenses to which Guarantor might otherwise
be entitled under state and federal law. The rights and defenses waived include, without limitation, those provided by California
laws of suretyship and guaranty, anti-deficiency laws, and the Uniform Commercial Code. Guarantor acknowledges that Guarantor has
provided these waivers of rights and defenses with the intention that they be fully relied upon by Lender. Guarantor further understands
and agrees that this Guaranty is a separate and independent contract between Guarantor and Lender, given for full and ample consideration,
and is enforceable on its own terms. Until all of the Indebtedness is paid in full, Guarantor waives any right to enforce any remedy
Guarantor may have against the Borrower or any other guarantor, surety, or other person, and further, Guarantor waives any right
to participate in any collateral for the Indebtedness now or hereafter held by Lender.

 

Guarantor’s Understanding With
Respect To Waivers. Guarantor warrants and agrees that each of the waivers set forth above is made with Guarantor’s full
knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to
public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall
be effective only to the extent permitted by law or public policy.

 

    	 

    	 

    

 

COMMERCIAL
GUARANTY

	Loan No: 75101054	(Continued)	Page 3
	 	 	 

  

Subordination of Borrower’s
Debts to Guarantor. Guarantor agrees that the Indebtedness, whether now existing or hereafter created, shall be superior
to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower becomes insolvent.
Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any
claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of the
assets of Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or
otherwise, the assets of Borrower applicable to the payment of the claims of both Lender and Guarantor shall be paid to
Lender and shall be first applied by Lender to the Indebtedness. Guarantor does hereby assign to Lender all claims which it
may have or acquire against Borrower or against any assignee or trustee in bankruptcy of Borrower; provided however, that
such assignment shall be effective only for the purpose of assuring to Lender full payment in legal tender of the
Indebtedness. If Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations of
Borrower to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to
Lender. Guarantor agrees, and Lender is hereby authorized, in the name of Guarantor, from time to time to file financing
statements and continuation statements and to execute documents and to take such other actions as Lender deems necessary or
appropriate to perfect, preserve and enforce its rights under this Guaranty.

 

Miscellaneous Provisions. The following
miscellaneous provisions are a part of this Guaranty:

 

AMENDMENTS. This Guaranty, together
with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this
Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and signed by the party or
parties sought to be charged or bound by the alteration or amendment.

 

ARBITRATION. Guarantor and
Lender agree that all disputes, claims and controversies between them whether individual, joint, or class in nature, arising
from this Guaranty or otherwise, including without limitation contract and tort disputes, shall be arbitrated pursuant to
the financial services rules of J.A.M.S or its successor in effect at the time the claim is filed, upon request of either
party. No act to take or dispose of any Collateral shall constitute a waiver of this arbitration agreement or be prohibited
by this arbitration agreement. This includes, without limitation, obtaining injunctive relief or a temporary restraining
order; invoking a power of sale under any deed of trust or mortgage; obtaining a writ of attachment or imposition of a
receiver; or exercising any rights relating to personal property, including taking or disposing of such property with or
without judicial process pursuant Article 9 of the Uniform Commercial Code. Any disputes, claims, or controversies
concerning the lawfulness or reasonableness of any act, or exercise of any right, concerning any Collateral, including any
claim to rescind, reform, or otherwise modify any agreement relating to the Collateral, shall also be arbitrated, provided
however that no arbitrator shall have the right or the power to enjoin or restrain any act of any party. Borrower and
Guarantor and Lender agree that in the event of an action for judicial foreclosure pursuant to California Code of Civil
Procedure Section 726, or any similar provision in any other state, the commencement of such an action will not constitute a
waiver of the right to arbitrate and the court shall refer to arbitration as much of such action, including counterclaims, as
lawfully may be referred to arbitration. Judgment upon any award rendered by any arbitrator may be entered in any court
having jurisdiction. Nothing in this Guaranty shall preclude any party from seeking equitable relief from a court of
competent jurisdiction. The statute of limitations, estoppel, waiver, laches, and similar doctrines which would otherwise be
applicable in an action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an
arbitration proceeding shall be deemed the commencement of an action for these purposes. The Federal Arbitration Act shall
apply to the construction, interpretation, and enforcement of this arbitration provision.

 

ATTORNEYS’ FEES; EXPENSES. Guarantor
agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s
legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or pay someone else to help enforce
this Guaranty, and Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’
fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings
(including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection
services. Guarantor also shall pay all court costs and such additional fees as may be directed by the court.

 

CAPTION HEADINGS. Caption headings
in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this Guaranty.

 

GOVERNING LAW. This Guaranty will be
governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of California
without regard to its conflicts of law provisions.

 

INTEGRATION. Guarantor further agrees
that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the opportunity to be advised by Guarantor’s
attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor’s intentions and parol evidence is not required
to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all losses, claims, damages,
and costs (including Lender’s attorneys’ fees) suffered or incurred by Lender as a result of any breach by Guarantor
of the warranties, representations and agreements of this paragraph.

 

INTERPRETATION. In all cases where
there is more than one Borrower or Guarantor, then all words used in this Guaranty in the singular shall be deemed to have been
used in the plural where the context and construction so require; and where there is more than one Borrower named in this Guaranty
or when this Guaranty is executed by more than one Guarantor, the words “Borrower” and “Guarantor” respectively
shall mean all and any one or more of them. The words “Guarantor,” “Borrower,” and “Lender”
include the heirs, successors, assigns, and transferees of each of them. If a court finds that any provision of this Guaranty is
not valid or should not be enforced, that fact by itself will not mean that the rest of this Guaranty will not be valid or enforced.
Therefore, a court will enforce the rest of the provisions of this Guaranty even if a provision of this Guaranty may be found to
be invalid or unenforceable. If any one or more of Borrower or Guarantor are corporations, partnerships, limited liability companies,
or similar entities, it is not necessary for Lender to inquire into the powers of Borrower or Guarantor or of the officers, directors,
partners, managers, or other agents acting or purporting to act on their behalf, and any indebtedness made or created in reliance
upon the professed exercise of such powers shall be guaranteed under this Guaranty.

 

NOTICES. Any notice required to
be given under this Guaranty shall be given in writing, and, except for revocation notices by Guarantor, shall be effective when
actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally
recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered
mail postage prepaid, directed to the addresses shown near the beginning of this Guaranty. All revocation notices by Guarantor
shall be in writing and shall be effective upon delivery to Lender as provided in the section of this Guaranty entitled “DURATION
OF GUARANTY.” Any party may change its address for notices under this Guaranty by giving formal written notice to the other
parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes. Guarantor agrees
to keep Lender informed at all times of Guarantor’s current address. Unless otherwise provided or required by law, if there
is more than one Guarantor, any notice given by Lender to any Guarantor is deemed to be notice given to all Guarantors.

 

NO WAIVER BY LENDER. Lender shall
not be deemed to have waived any rights under this Guaranty unless such waiver is given in writing and signed by Lender. No delay
or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver
by Lender of a provision of this Guaranty shall not prejudice or constitute a waiver of Lender’s right otherwise to demand
strict compliance with that provision or any other provision of this Guaranty. No prior waiver by Lender, nor any course of dealing
between Lender and Guarantor, shall constitute a waiver of any of Lender’s rights or of any of Guarantor’s obligations
as to any future transactions. Whenever the consent of Lender is required under this Guaranty, the granting of such consent by
Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all
cases such consent may be granted or withheld in the sole discretion of Lender.

 

    	 

    	 

    

 

COMMERCIAL
GUARANTY 

	Loan No: 75101054	(Continued)	Page 4
	 	 	 

   

SUCCESSORS AND ASSIGNS. Subject
to any limitations stated in this Guaranty on transfer of Guarantor’s interest, this Guaranty shall be binding upon and
inure to the benefit of the parties, their successors and
assigns.

 

WAIVE JURY. To the extent permitted
by applicable law, Lender and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought
by either Lender or Guarantor against the other.

 

NATURE OF GUARANTY. Guarantor’s liability under
this Guaranty shall be open and continuous for so long as this Guaranty remains in force. Guarantor intends to guarantee at all
times performance and prompt payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of all indebtedness.
Accordingly, no payments made upon the indebtedness will discharge or diminish the continuing liability or Guarantor in connection
with any remaining portions of the indebtedness or any of the indebtedness which subsequently arises or is thereafter incurred
or contracted.

 

PRIOR COMMERCIAL GUARANTY. This Commercial Guaranty hereby
supersedes and replaces that certain prior Commercial Guaranty dated November 9, 2007, along with all modification(s) and amendment(s)
thereto.

 

Definitions. The following capitalized
words and terms shall have the following meanings when used in this Guaranty. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words
and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial
Code:

 

BORROWER. The
word “Borrower” means EACO CORPORATION and includes all co-signers and co-makers signing the Note and
all their successors and assigns.

 

GUARANTOR. The word “Guarantor”
means everyone signing this Guaranty, including without limitation BISCO INDUSTRIES, INC., and in each case, any signer’s successors
and assigns.

 

GUARANTY. The word “Guaranty”
means this guaranty from Guarantor to Lender.

 

INDEBTEDNESS. The word “Indebtedness” means
Borrower’s indebtedness to Lender as more particularly described in this Guaranty.

 

LENDER. The word “Lender” means COMMUNITY
BANK, its successors and assigns.

 

NOTE. The word
“Note” means and includes without limitation all of Borrower’s promissory notes and/or credit agreements
evidencing Borrower’s loan obligations in favor of Lender, together with all renewals of, extensions of, modifications
of, refinancings of, consolidations of and substitutions for promissory notes or credit agreements.

 

RELATED DOCUMENTS. The words “Related
Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security
agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents,
whether now or hereafter existing, executed in connection with the Indebtedness.

 

EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES
HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARANTY
IS EFFECTIVE UPON GUARANTOR’S EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL
TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF GUARANTY”. NO FORMAL ACCEPTANCE BY LENDER IS
NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY IS DATED NOVEMBER 12, 2013.

 

	GUARANTOR:	 
	 	 
	BISCO INDUSTRIES, INC.	 
	 	 
			 
	By:	/s/ GLEN F. CEILEY	 
	 	GLEN F. CEILEY, CHAIRMAN/CEO/SECY
    of BISCO	 
	 	INDUSTRIES, INC.	 

 

    	 

    	 

    

 

COMMERCIAL
GUARANTY 

	Loan No: 75101054	(Continued)	Page 5
	 	 	 

   

 

CERTIFICATE OF ACKNOWLEDGMENT

 

	STATE OF	California	    )	 
	 	 	    ) ss	 
	COUNTY OF  	Orange	    )	 
	 	 	 	 
	 	 	 	 
	 	 
	On     November 12          ,
    2013   before me,       Courtney
    Cresap, Notary Public       ,
	 	(here insert name and title of the officer)

 

personally appeared GLEN F.
CEILEY, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is subscribed to the
within instrument and acknowledged to me that he executed the same in his authorized capacity(ies), and that by his
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State
of California that the foregoing paragraph is true and correct.

 

		 		
	 	 
		 
	WITNESS my hand and official seal.	 	 
	 	 	 
	Signature /s/ Courtney Cresap                                             	 	(Seal)

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