Document:

Exhibit
      10.3

    STOCK
      PLEDGE AND SECURITY AGREEMENT

    

    

    THIS
      STOCK PLEDGE AND SECURITY AGREEMENT is made this ___ day of ______________,
      2007, by BRANDPARTNERS GROUP, INC., a Delaware corporation with executive
      offices at 10 Main Street, Rochester, New Hampshire 03839 (“BPG” or the
“Parent”), to TD BANKNORTH, N. A., a national banking association with a
      business address of 5 Commerce Park North, Bedford, New Hampshire 03110 (the
      “Bank”).

    

    WITNESSETH:

    

    WHEREAS,
      pursuant to a Commercial Loan Agreement dated May 5, 2005 (as the same may
      be
      amended, restated or replaced, the “Loan Agreement”) by and among BPG and its
      wholly-owned subsidiaries (collectively, the “Subsidiaries”), namely
      BRANDPARTNERS RETAIL, INC., a New Hampshire corporation with executive offices
      at 10 Main Street, Rochester, New Hampshire 03839 (BPR and with BPG
      collectively, jointly, and severally, sometimes referred to as the “Borrowers”),
      GRAFICO INCORPORATED, a Delaware corporation with executive offices at 10 Main
      Street, Rochester, New Hampshire 03839, and BUILDING PARTNERS, INC. (“BPI”)
      pursuant to that certain Joinder and Amendment of Commercial Loan Agreement
      and
      certain Loan Documents as defined in the Loan Agreement, Bank has extended
      to
      the Borrowers certain credit facilities (collectively, the “Loans”), including a
      revolving line of credit loan in the principal amount of up to Five Million
      Dollars ($5,000,000.00) (the “Revolving Line of Credit Loan”) and a term loan in
      the principal amount of Two Million Dollars ($2,000,000.00) (the “Term
      Loan”);

    

    WHEREAS,
      the Parent is the owner of all of the outstanding shares of the capital stock
      of
      BPI (collectively, the “Shares”);

    

    WHEREAS,
      the obligation of the Bank to continue making the Loans to the Borrowers is
      subject to the condition, among others, that the Loans and all other obligations
      of Borrowers under the Loan Agreement and the other Loan Documents shall be
      secured by this pledge and collateral assignment by the Parent to the Bank
      of
      all of the capital stock of BPI, including, but not limited to, the Shares;
      and

    

    WHEREAS,
      the Loans benefit the Parent directly and indirectly as the proceeds of the
      Loans provide the Borrowers with working capital and term financing. Terms
      not
      otherwise defined herein shall have the meanings ascribed to them in the Loan
      Agreement.

    

    NOW,
      THEREFORE, in order to induce the Bank to continue making the Loans to the
      Borrower pursuant to and in accordance with the terms and conditions of the
      Loan
      Agreement, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged by the Parent, the Parent hereby
      covenants and agrees as follows:

    

    1.
      Pledge
      of Shares.
      Parent
      hereby pledges and collaterally assigns the Shares, and all Income and Proceeds
      thereof (as hereinafter defined), to the Bank as collateral security for the
      payment and performance of the Borrowers’ obligations under the Loan Agreement
      and the Loan Documents, including, but not limited to, the repayment of the
      Loans and all interest, charges, and fees with respect thereto and the
      Borrowers’ obligations under any interest rate swap, cap, floor, or hedging
      agreements. As used in this agreement, “Income” means all current and future
      interest, dividends, distributions and other payments and benefits in whatever
      form with respect to the Shares and “Proceeds” means all proceeds from the sale
      or other disposition of the Shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2.
      Delivery
      of the Shares.
      Parent
      herewith delivers to the Bank all certificates evidencing the Shares and
      separate assignments of all of the Shares (whether or not evidenced by
      certificates) duly executed in blank, together with irrevocable proxies which
      provide the Bank with full and complete voting power and authority respecting
      the Shares exercisable however only upon the occurrence of an Event of Default
      (hereinafter defined).

    

    3.
      Grant
      of Security Interest.
      The
      Parent hereby grants to the Bank a security interest in the Shares delivered
      herewith, and in all Income and Proceeds of the foregoing, to secure the payment
      and performance of the Borrowers’ obligations to the Bank under the Loan
      Agreement and the other Loan Documents, including but not limited to repayment
      of the Loans and all interest, charges, and fees with respect thereto and the
      Borrowers’ obligations under any interest rate swap, cap, floor, or hedging
      agreements.

    

    4.
      Rights
      Upon Event of Default.
      Upon
      the occurrence of an event of default under, or breach of any of the terms
      and
      conditions of, the Loan Agreement or any of the other Loan Documents (“Event of
      Default”), the Bank shall then have all of the rights and remedies provided to
      it under said agreements and instruments and, in addition, the right to (a)
      exercise each and all the rights and privileges of a record holder of the
      Shares, including without limitation, the right to sell, transfer, or otherwise
      dispose of the Shares and to retain and/or to collect any and all Income and
      Proceeds, and (b) exercise all rights of a secured party under the Uniform
      Commercial Code as in effect in the State of New Hampshire upon the date hereof
      and under other applicable law, including without limitation private sale of
      the
      Shares. All amounts received by the Bank through the exercise of its rights
      as
      aforesaid shall be applied to the extent required to satisfy the obligations
      of
      the Borrowers under the Loan Agreement and the other Loan Documents. Any amounts
      remaining thereafter shall be paid over to Parent. 

    

    5.
      Voting
      Rights.
      Until
      the occurrence of an Event of Default, the Parent shall hold and maintain all
      ownership rights associated with the Shares, including the right to vote said
      Shares on any corporate question, subject to the restriction on issuance of
      additional shares provided in Paragraph 6 below, provided that the Parent shall
      not be entitled to any Income from the Shares.

    

    6.
      Prohibition
      of Issuance of Additional Shares.
      Until
      the Obligations under the Loan Agreement are paid in full, Parent shall not
      permit or vote for the issuance by BPI of any subscription warrants, options
      or
      other rights with respect to any of the Shares, or the issuance of any
      additional shares of capital stock or other shares, whether in connection with
      a
      merger, consolidation, exchange, combination, reclassification, reorganization,
      stock split, stock dividend, or otherwise.

     

    
      
        
        

      

      
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    7.
      Protection
      of Shares.
      Parent
      shall pay all taxes, charges and assessments against the Shares and do all
      acts
      necessary and appropriate to preserve and maintain the value thereof. In the
      event of the failure of the Parent to do so, Bank may make such payments and
      take such actions on account thereof as it, in its sole discretion, deems
      desirable. Parent shall reimburse Bank immediately on demand for each and all
      such payments and any costs so incurred. 

    

    8.
      Power
      of Attorney.
      Parent
      hereby irrevocably appoints the Bank as Parent's attorney-in-fact, with full
      power of substitution, to, upon the occurrence of an Event of Default (a) take
      any and all actions in Parent's names and stead with respect to the Shares,
      (b)
      sell, transfer, assign, or otherwise dispose of the Shares, (c) demand, collect,
      receive, receipt for, and recover all Income and Proceeds, and (d) execute
      in
      Parent's name and to deliver any necessary documents and instruments required
      with respect to the Shares necessary for the exercise of the Bank's rights
      hereunder.

    

    9.
      Representations
      and Warranties of Parent.
      Parent
      represents and warrants that as of the date hereof: 

    

    (a)
      Parent is the sole owner of the Shares and has the right, authority and capacity
      to pledge, transfer, assign, and grant a security interest in and to all right,
      title and interest in and to the Shares pursuant to this
      assignment;

    

    (b)
      The
      Shares are not subject to any right, security interest, lien, encumbrance or
      adverse claim of any third party except the interest of the Bank arising under
      this agreement;

    

    (c)
      This
      agreement and consummation of the transactions set forth herein do not violate
      or constitute a breach of any indenture, agreement or undertaking to which
      Parent is a party or by which Parent is bound, or of any laws, statutes and
      regulations of the United States or any state or political subdivision thereof
      to which Parent may be subject; 

    

    (d)
      Except for this agreement, there are no restrictions upon the transfer or
      assignment of any of the Shares; 

    

    (e)
      The
      execution, delivery and performance hereof by Parent are not in contravention
      of
      any prior obligation of Parent or any obligation with respect to the Shares;
      and

    

    (f)
      The
      Shares constitute all of the issued and outstanding capital stock of
      BPI.

     

    
      
        
        

      

      
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    10.
      Waivers.
      Parent
      assents to any extension, modification or waiver of any obligation of Borrowers.
      No waiver or modification of any of the provisions hereof shall be binding
      on
      Bank unless in writing and signed by Bank and no waiver by Bank of any rights
      it
      may have hereunder shall be deemed a waiver of any other rights it may have.
      All
      rights and remedies of Bank shall be cumulative and may be exercised singly
      or
      concurrently. 

    

    11.
      Costs.
      Parent
      shall pay all reasonable costs including, without limitation, reasonable
      attorneys' fees, incurred by Bank in protecting, enforcing or releasing any
      of
      its rights hereunder.

    

    12.
      Additional
      Documents.
      Upon
      the request of Bank, Parent will execute and deliver such further documents
      and
      take such further action as Bank may reasonably request in order to fully effect
      the purposes of this agreement and to protect its rights hereunder. Upon
      satisfaction of all of the Borrowers’ obligations to the Bank under the Loan
      Agreement and the other Loan Documents, and the termination of this agreement,
      the Bank shall deliver the Shares to the Parent.

    

    13.
      Termination.
      This
      agreement and the security interest in the Shares created hereby shall terminate
      when all of the obligations secured hereby have been paid, performed, and
      finally discharged in full. Upon such termination, Bank agrees to deliver to
      Parent all certificates evidencing the Shares then held by the Bank pursuant
      to
      this agreement, together with all assignments and proxies with respect
      thereto.

    

    14.
      Miscellaneous.

    

    (a)
      This
      agreement shall be interpreted under and construed in accordance with the laws
      of the State of New Hampshire.

    

    (b)
      Any
      notice or other communications required or permitted hereunder shall be in
      writing and shall be given as provided in the Loan Agreement.

    

    (c)
      This
      agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument. 

    

    (d)
      This
      agreement shall be binding upon and inure to the benefit of the parties hereto,
      their successors and permitted assigns, and may not be changed or modified
      except by an instrument in writing signed by the party to be charged therewith.
      

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have duly executed and delivered this
      agreement as of the date first above written. 

    

    
      	 	 	PARENT:
	 	 	 
	 	 	BRANDPARTNERS GROUP,
              INC.
	 	 	 
	 	 	 
	 _________________________	 	By:
              _______________________________
	 Witness 	 	      Signature/Title Duly Authorized
	 	 	 
	 	 	 
	 	 	BANKNORTH, N.A.
	 	 	 
	 	 	 
	 _____________________________	 	By: _____________________________
	 Witness	 	      John
              Mercier,
	 	 	
                   
Senior
                Vice President

            

    

     

    

     

    
      
        
        

      

      
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    ACKNOWLEDGMENT
      BY SUBSIDIARY

    

    

    BPI
      acknowledges the foregoing agreement and the assignment and pledge of the Shares
      made therein by BRANDPARTNERS GROUP, INC. and BPI, for good and valuable
      consideration, the receipt and sufficiency of which are acknowledged, covenants
      and agrees that no additional shares of this capital stock, including without
      limitation shares of stock, stock options and stock warrants, shall be issued
      so
      long as the foregoing agreement and the pledge of stock contained therein remain
      in effect.

     

    
      	 	 	BUILDING PARTNERS,
              INC
	 	 	 
	_________________________ 	 	By:
              ______________________________
	
              Witness 

            	 	     Signature and
              Title/Duly Authorized
	 	 	 

    

    

    .

    

    

    
      
        
        

      

      
        -
          6
          -Exhibit
      10.4

    GUARANTY
      AGREEMENT

    

    

    THIS
      GUARANTY AGREEMENT made as of the _____ day of ____________, 2007, is by
      BUILDING PARTNERS, INC., a Delaware corporation, with executive offices at
      10
      Main Street, Rochester, New Hampshire 03839 (the “Guarantor”) to the benefit of
      TD BANKNORTH, N.A., a national banking association with a business address
      of 5
      Commerce Park North, Bedford, New Hampshire 03110 (the “Bank”).

    

    WITNESSETH:

    

    WHEREAS,
      Guarantor is a wholly owned subsidiary of BRANDPARTNERS GROUP, INC., a Delaware
      corporation (“BPG”) and an affiliate of BRANDPARTNERS RETAIL, INC. (“BPR”), a
      New Hampshire corporation, each with executive offices at 10 Main Street,
      Rochester, New Hampshire 03839 (BPG and BPR being jointly, severally, and
      collectively, the “Borrowers”);

    

    WHEREAS,
      the Bank has extended to the Borrowers a revolving line of credit loan in the
      principal amount of up to Five Million Dollars ($5,000,000.00) and a term loan
      in the principal amount of Two Million Dollars ($2,000,000.00) (collectively,
      the “Loans”) in accordance with a Commercial Loan Agreement dated May 5, 2005,
      as amended to date (as amended, the “Loan Agreement”), and evidenced by a
      Revolving Line of Credit Promissory Note and Term Promissory Note, respectively,
      of dated May 5, 2005 in such principal amounts made by the Borrowers payable
      to
      the order of the Bank (including any subsequent modifications, amendments,
      restatements or replacements thereof, collectively, the “Notes”), and related
      loan documents between the Borrowers and the Bank (all of the foregoing
      collectively, the “Loan Documents”);

    

    WHEREAS,
      the obligation of the Bank to continue making the Loans to the Borrowers is
      subject to the condition, among others, that the Guarantor shall execute and
      deliver this Guaranty Agreement pursuant to a certain Joinder and Amendment
      of
      Commercial Loan Agreement and Loan Documents of even date herewith by and among
      the Borrowers, the Guarantor and GRAFICO INCORPORATED; and

    

    WHEREAS,
      the Loans will benefit Guarantor as a wholly-owned subsidiary of BPG and an
      affiliate of BPR.

    

    NOW,
      THEREFORE, in order to induce the Bank to continue making the Loans to the
      Borrowers pursuant to and in accordance with the terms and conditions of the
      Loan Agreement, and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged by the Guarantor, the Guarantor
      hereby covenants and agrees as follows:

    

    1.
      Guaranteed
      Obligations.
      The
      Guarantor does hereby unconditionally guarantee to the Bank the due and punctual
      payment and performance of the following obligations (individually, a
“Guaranteed Obligation” and collectively, the “Guaranteed
      Obligations”):

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	 	
              (a)
                

            	
              Principal
                balance of, interest on, and other charges related to, the Loans,
                when the
                same become due and payable, whether on demand or by acceleration
                or
                otherwise;

            

    

    

    
      	 	
              (b)
                

            	
              Any
                and all other obligations of the Borrowers to the Bank under the
                Loan
                Agreement and other Loan Documents, as the same may be amended, modified,
                extended, renewed, replaced or
                restated;

            

    

    

    
      	 	
              (c)
                

            	
              Any
                and all obligations of the Guarantor hereunder, including, but not
                limited
                to, all costs and expenses (including reasonable attorneys' fees)
                that may
                be incurred by the Bank in enforcing this Guaranty or in collecting
                all or
                any of the Guaranteed Obligations;
                and

            

    

    

    
      	 	
              (d)
                

            	
              Any
                and all other indebtedness or obligations of the Borrowers to the
                Bank
                whether now existing or hereafter
                arising.

            

    

    

    2.
      Demand
      by
      the Bank.
      Upon
      the failure of the Borrowers punctually to pay or perform any Guaranteed
      Obligation when due, or upon any other event of default specified in the Loan
      Documents or herein, the Bank may, at its option, declare all of the Guaranteed
      Obligations immediately due and payable and notify Guarantor of the same, and
      may thereafter make demand upon the Guarantor, or any Guarantor, in the sole
      discretion of the Bank, for the payment or performance of such or all Guaranteed
      Obligation(s), and the Guarantor binds and obliges herself to make such payment
      or performance forthwith upon such demand.

    

    3.
      Waiver
      of
      Demands, Notices, Diligence, etc.
      The
      Guarantor hereby assents to all the terms and conditions of the Loan Documents
      and the Guaranteed Obligations, and waives, to the fullest extent permitted
      by
      law, (a) demand for the payment of the principal of any Guaranteed Obligation
      or
      of any claim for interest or any part thereof (other than the notice and demand
      provided for in section 2 hereof); (b) notice of the occurrence of any event
      of
      default under the Loan Documents or an event of default under any Guaranteed
      Obligation; (c) protest of the nonpayment of the principal of any Guaranteed
      Obligation or of any claim for interest or any part of any thereof; (d) notice
      of presentment, demand and protest; (e) notice of acceptance of any guaranty
      herein provided for or of the terms and provisions thereof or hereof by the
      Bank; (f) notice of any indulgences or extensions granted to the Borrowers
      or
      any person or party which shall have assumed the obligations of the Borrowers;
      (g) any requirement or diligence of promptness on the part of the Bank in the
      enforcement of any of its rights under the provisions of any Guaranteed
      Obligations or this Guaranty; (h) any enforcement of any Guaranteed Obligation;
      (i) any right which the Guarantor might have to require the Bank to proceed
      against any other guarantor of the Guaranteed Obligations or to realize on
      any
      collateral security for the Guaranteed Obligations; (j) any claims or defenses
      which the maker of the Notes and the Loan Documents may have respecting the
      genuineness, validity, regularity or enforceability of the Note or the Loan
      Documents, and (k) any and all notices of every kind and description which
      may
      be required to be given by any statute or rule of law in any jurisdiction.
      The
      waivers set forth in this section 3 shall be effective notwithstanding the
      fact
      that the any of the Borrowers ceases to exist by reason of its liquidation,
      merger, consolidation or otherwise. The Guarantor further 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.

     

    
      
         

      

      
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    If
      now or
      hereafter (a) Borrowers shall be or become insolvent, and (b) the Guaranteed
      Obligations shall not at all times until paid be fully secured by collateral
      pledged by the Borrowers, the Guarantor hereby forever waives and relinquishes
      in favor of the Bank and the Borrowers, and their respective successors, any
      claim or right to payment the Guarantor may now have or hereafter have or
      acquire against Borrowers, by subrogation or otherwise, so that at no time
      shall
      Guarantor become a "creditor" of Borrowers within the meaning of 11 U.S.C.
      {547(b), or any successor provision of the Federal bankruptcy laws. Guarantor
      further waives and agrees not to assert or claim at any time any deductions
      to
      the amount guaranteed under this Guaranty for any claim of setoff, counterclaim,
      counter demand, recoupment or similar right, whether such claim, demand or
      right
      may be asserted by the Borrowers, the Guarantor or both. 

    

    The
      Guarantor also waives any and all rights or defenses arising by reason of (a)
      any "one action" or "anti-deficiency" law or any other law which may prevent
      Bank from bringing any action, including a claim for deficiency, against the
      Guarantor, before or after the Bank's commencement or completion of any
      foreclosure action, either judicially or by exercise of a power of sale; (b)
      any
      election of remedies by Bank which destroys or otherwise adversely affects
      Guarantor's subrogation rights or Guarantor's rights to proceed against
      Borrowers for reimbursement, including without limitation, any loss of rights
      Guarantor may suffer by reason of any law limiting, qualifying, or discharging
      the Guaranteed Obligations; (c) any disability or other defense of Borrowers,
      of
      any other guarantor, or of any other person, or by reason of the cessation
      of
      Borrowers' liability from any cause whatsoever other than payment in full in
      legal tender of the Guaranteed Obligations; (d) any right to claim discharge
      of
      the Guaranteed Obligations on the basis of unjustified impairment of any
      Collateral for the Guaranteed Obligations; (e) any statute of limitations,
      if at
      any time any action or suit brought by Bank against the Guarantor is commenced
      there is outstanding Guaranteed Obligations of Borrowers to the Bank which
      are
      not barred by any applicable statute of limitations; or (f) any defenses given
      to Guarantor at law or in equity other than actual payment and performance
      of
      the Guaranteed Obligations. If payment is made by Borrowers, whether voluntary
      or otherwise, or by any third party, on the Guaranteed Obligations and
      thereafter Bank is forced to remit the amount of that payment to Borrowers'
      trustee in bankruptcy or to any similar person under any federal or state
      bankruptcy law or law for the relief of creditors, the Guaranteed Obligations
      shall be considered unpaid for the purpose of enforcement of this
      Guaranty.

    

    4.
      Governing
      Law; Jurisdiction.
      This
      Guaranty Agreement shall be construed in accordance with and governed by the
      laws of the State of New Hampshire. The Guarantor, to the extent that it may
      lawfully do so, hereby consents to the jurisdiction of the courts of the State
      of New Hampshire and the United States District Court for the State of New
      Hampshire, as well as to the jurisdiction of all courts from which an appeal
      may
      be taken from such courts, for the purpose of any suit, action or other
      proceeding arising out of any of his obligations hereunder or with respect
      to
      the transactions contemplated hereby, and expressly waives any and all
      objections it may have as to venue in any such courts.

     

    
      
         

      

      
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    5.
      Obligations
      of Guarantor Unconditional.
      The
      obligations of the Guarantor under this Agreement shall be unconditional,
      irrespective of the validity, regularity or enforceability of any Guaranteed
      Obligation, and shall not be affected by any action taken under any Guaranteed
      Obligation in the exercise of any right or remedy therein conferred, or by
      any
      failure or omission on the part of the Bank to enforce any right given
      thereunder or hereunder or any remedy conferred thereby or hereby, or by any
      waiver of any term, covenant, agreement or condition of any Guaranteed
      Obligation or this Guaranty, or by any release of any security or any other
      guaranty at any time existing for the benefit of any Guaranteed Obligation,
      or
      by any sale, lease or transfer by one or more Guarantor to any person of any
      or
      all of his properties, or by any action of the Bank granting indulgence or
      extension to, or waiving or acquiescing in any default by the Borrowers or
      any
      Guarantor, or any successor to the Borrowers or any Guarantor or other guarantor
      or any person or party which shall have assumed its obligations, or by reason
      of
      any disability or other defense of the Borrowers or any Guarantor or any
      successor to the Borrowers or any Guarantor, or by any modification, alteration,
      or by any circumstance whatsoever (with or without notice to or knowledge of
      the
      Guarantor) which may or might in any manner or to any extent vary the risk
      of
      the Guarantor hereunder, it being the purpose and intent of the Guarantor that
      the obligations of the Guarantor hereunder shall be absolute and unconditional
      under any and all circumstances and shall not be discharged except by payment
      or
      performance as herein provided, and then only to the extent of such payment
      or
      performance.

    

    6.
      Subordination
      of Claims of Guarantor.
      Any
      claim against the Borrowers or any Guarantor to which the Guarantor may be
      or
      become entitled (including, without limitation, claims by subrogation or
      otherwise by reason of any payment or performance by the Guarantor in
      satisfaction and discharge, in whole or in part, of her obligations under this
      Guaranty Agreement) shall be and hereby is made subject and subordinate to
      the
      prior payment or performance in full of the Guaranteed Obligations.

    

    7.
      Notices,
      etc.
      All
      notices, demands and other communications hereunder shall be mailed by
      registered or certified mail, return receipt requested, postage prepaid and
      shall be effective on the date of the first attempted delivery thereof by the
      U.
      S. Postal Service, as shown on the registered or certified return receipt for
      such notice addressed to the parties at the addresses set forth in the
      introductory paragraph hereof, or at such other address as the party to whom
      such notice or demand is directed may have designated in writing by like notice
      to the other party or parties hereto.

    

    8.
      Survival
      of Guaranty, etc.
      The
      Guarantor covenants that this Guaranty Agreement shall be binding upon his
      and
      his heirs, legal representatives, executors, administrators, and permitted
      assigns. This Guaranty Agreement is intended to take effect as a sealed
      instrument.

     

    
      
         

      

      
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    9.
      Guarantor's
      Warranties and Representations.
      Guarantor represents and warrants to Bank 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
      Borrowers' request and not at the request of Bank; (c) Guarantor has not and
      will not, without the prior written consent of Bank, sell, lease, assign,
      encumber, hypothecate, transfer, or otherwise dispose of all or substantially
      all of Guarantor's assets; (d) Bank has made no representation to Guarantor
      as
      to the creditworthiness of Borrowers; (e) upon Bank's request, Guarantor will
      provide to Bank financial and credit information in form acceptable to Bank,
      and
      all such financial information provided to Bank is true and correct in all
      material respects and fairly presents the financial condition of Guarantor
      as of
      the dates thereof, and no material adverse change has occurred in the financial
      condition of Guarantor since the date of the financial statements; (f) Guarantor
      has established adequate means of obtaining from Borrowers on a continuing
      basis
      information regarding Borrowers' financial condition; (g) 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, Bank shall
      have
      no obligation to disclose to Guarantor any information or documents acquired
      by
      Bank in the course of its relationship with Borrowers; (h) Guarantor has the
      right, power, legal capacity, and authority to enter into and to perform his
      obligations under this Guaranty; (i) no approval, consent, authorization, filing
      or registration is necessary or required in connection with the Guarantor
      entrance into and performance of this Guaranty; and, (j) this Guaranty will
      not
      result in the breach of or violate any agreement, decree, order or law.

    

    10.
      Counterparts.
      This
      Guaranty Agreement may be executed in any number of counterparts and by the
      different parties hereto on separate counterparts, each of which when so
      executed and delivered shall be an original, but all of the counterparts shall
      together constitute one and the same instrument.

    

    11.
      Attorneys'
      Fees; Expenses.
      The
      Guarantor agrees to pay upon demand all of the Bank's costs and expenses,
      including reasonable attorneys' fees and legal expenses (whether or not there
      is
      a lawsuit, including attorneys' fees and legal expenses for bankruptcy
      proceedings, appeals, and any anticipated post-judgment collection services),
      incurred in connection with the enforcement of this Guaranty.

    

    12.
      Interpretation.
      In all
      cases where there is more than one Borrowers or Guarantor, then all words used
      in this Guaranty Agreement in the singular shall be deemed to have been used
      in
      the plural where the context and construction so require, and with respect
      to
      the parties who are Guarantor their obligations hereunder shall be joint and
      several; and where there is more than one Borrower named in this Guaranty
      Agreement, or when this Guaranty Agreement 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", "Borrowers", and "Bank" include
      the heirs, successors, assigns, and transferees of each of them. Caption
      headings in this Guaranty Agreement are for convenience purposes only and are
      not to be used to interpret or define the provisions of this Guaranty Agreement.
      If a court of competent jurisdiction finds any provision of this Guaranty
      Agreement to be invalid or unenforceable as to any person or circumstance,
      such
      finding shall not render that provision invalid or unenforceable as to any
      other
      persons or circumstances, and all provisions of this Guaranty Agreement in
      all
      other respects shall remain valid and enforceable. If any one or more of the
      Borrowers or Guarantor are corporations or partnerships, it is not necessary
      for
      Bank to inquire into the powers of Borrowers or the Guarantor or of the
      officers, directors, partners, or agents acting or purporting to act on their
      behalf, and any Guaranteed Obligation made or created in reliance upon the
      professed exercise of such powers shall be guaranteed under this Guaranty
      Agreement.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    13.
      Waiver.
      The
      Bank shall not be deemed to have waived any rights under this Guaranty Agreement
      unless such waiver is given in writing and signed by the Bank. No delay or
      omission on the part of Bank in exercising any right shall operate as a waiver
      of such right or any such other right. A waiver by Bank of a provision of this
      Guaranty Agreement shall not prejudice or constitute a waiver of Bank's right
      otherwise to demand strict compliance with that provision or any other provision
      of this Guaranty Agreement. No prior waiver by Bank, nor any course of dealing
      between Bank and the Guarantor, shall constitute a waiver of any Bank's rights
      or any of the Guarantor's obligations as to any future transactions. Whenever
      the consent of the Bank is required under this Guaranty Agreement, the granting
      of such consent by the Bank 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 at the sole discretion of the
      Bank.

    

    14.
      Amendment.
      No
      alteration of or amendment to this Guaranty Agreement 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. This Guaranty Agreement, together with
      the
      Loan Documents constitutes the entire understanding and agreement of the parties
      as to the matters set forth in this Guaranty.

    

    15.
      Waiver
      of
      Jury Trial.
      THE
      GUARANTOR WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE
      ARISING UNDER OR RELATING TO THIS GUARANTY AGREEMENT, AND AGREES THAT ANY SUCH
      DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

    

    GUARANTOR
      ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AGREEMENT AND
      AGREES TO ITS TERMS. 

    

    

    

    

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the Guarantor has executed this Guaranty Agreement as a sealed
      instrument as of the date first above written.

    

    
      	 	BUILDING PARTNERS, INC.
	 

               

            	 
	__________________________ 	By:
              _________________________
	Witness  	 
	 	
              Name:
                _______________________

            
	 	 
	 	Title:
              ________________________ 

    

    

    The
      foregoing Guaranty Agreement is hereby accepted:

     

     

    
      	 	
              BANKNORTH,
                N.A.

            
	 	 
	 	 
	______________________________	By:
              _________________________
	Witness	     
              John Mercier
	 	     
              Senior Vice President
	 	 

    

     

     

    
      
         

      

      
        7

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