|
ENTITY GUARANTY
<br /> (Blighted Properties Forgivable Commercial/Industrial Loan)
<br /> Elk River, Minnesota
<br /> , 2016
<br /> FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby
<br /> acknowledged, and in consideration of and to induce financial accommodations of any kind, with
<br /> or without security, given or to be given or continued at any time and from time to time by the
<br /> HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK
<br /> RIVER (the "Lender") to or for the account of F & M PROPERTIES, LLC (the "Borrower"),
<br /> DIE CONCEPTS, INC. (the "Entity Guarantor") absolutely and unconditionally guarantees to
<br /> the Lender the full and prompt payment when due, whether at maturity or earlier by reason of
<br /> acceleration, forgiveness, or otherwise, of any and all indebtedness, obligations and liabilities of
<br /> the Borrower (and any and all successors of the Borrower) to the Lender, now or hereafter
<br /> existing, absolute or contingent, independent, joint, several or joint and several, secured or
<br /> unsecured, due or to become due, contractual or tortious, liquidated or unliquidated, arising by
<br /> assignment or otherwise, including without limitation all indebtedness, obligations and liabilities
<br /> owed by the Borrower (and any and all successors of the Borrower) as a member of any
<br /> partnership, syndicate, association or other group, and whether incurred by the Borrower (or any
<br /> successor of the Borrower) as principal, surety, endorser, guarantor, accommodation party or
<br /> otherwise (collectively, the "Indebtedness"); and the Entity Guarantor agrees to pay on demand
<br /> all of the Lender's fees, costs, expenses and reasonable attorneys' fees in connection with the
<br /> Indebtedness, any security therefor, and this guaranty, plus interest on such amounts at the
<br /> highest rate then applicable to any of the Indebtedness.
<br /> The Lender may at any time and from time to time, without consent of or notice to the
<br /> Entity Guarantor, without incurring responsibility to the Entity Guarantor, without releasing,
<br /> impairing or affecting the liability of the Entity Guarantor hereunder, upon or without any terms
<br /> or conditions, and in whole or in part: (1) sell, pledge, surrender, compromise, settle, release,
<br /> renew, subordinate, extend, alter, substitute, exchange, change, modify or otherwise dispose of
<br /> or deal with in any manner and in any order any Indebtedness, any evidence thereof, or any
<br /> security or other guaranty therefor; (2) accept any security for, or other guarantors of, any
<br /> Indebtedness; (3) fail, neglect or omit to obtain, realize upon or protect any Indebtedness or any
<br /> security therefor, to exercise any lien upon or right to any money, credit or property toward the
<br /> liquidation of the Indebtedness, or to exercise any other right against the Borrower, the Entity
<br /> Guarantor, any other guarantor or any other person; and (4) apply any payments and credits to
<br /> the Indebtedness in any manner and in any order. No act, omission or thing, except full payment
<br /> and discharge of the Indebtedness, which but for this provision could act as a release or
<br /> impairment of the liability of the Entity Guarantor hereunder, shall in any way release, impair or
<br /> otherwise affect the liability of the Entity Guarantor hereunder, and the Entity Guarantor waives
<br /> any and all defenses of the Borrower pertaining to the Indebtedness, any evidence thereof, and
<br /> any security therefor, except the defense of discharge by payment. The failure of any person or
<br /> persons to sign this or any other guaranty shall not release, impair or affect the liability of the
<br /> Entity Guarantor hereunder. This guaranty is a primary obligation of the Entity Guarantor and
<br /> 1
<br /> 477380v2 EL185-40
<br />
|