6.1 EDSR 04-18-2016 - Laserfiche WebLink

Home Browse Search

the Lender shall not be required to first resort for payment of the Indebtedness to the Borrower or any other person, their properties or estates, or any security or other rights or remedies whatsoever. The Entity Guarantorshall be and remain liable for any deficiency remaining after foreclosure of any mortgage or security interest securing the Indebtedness, whether or not the liability of the Borrower or any other person for such deficiency is discharged pursuant to statute, judicial decision or otherwise. The liability of the Entity Guarantorunder this guaranty is in addition to and shall be cumulative with all other liabilities of the Entity Guarantorto the Lender, as guarantor or otherwise,without any limitation as to amount, unless the writing evidencing or creating such otherliability specifically provides to the contrary.If any payment applied by the Lender to the Indebtedness is thereafter set aside, recovered, rescinded or required to be returned for any reason (including without limitation the bankruptcy, insolvency or reorganization of the Borrower or any other person), the Indebtedness to which such payment was applied shall for the purposes of this guaranty be deemed to have continued in existence, notwithstanding such application, and this guaranty shall be enforceable as to such Indebtedness as fully as if such application had never been made. The Entity Guarantorwaives: (1) notice of acceptance of this guaranty and of the creation and existence of the Indebtedness; (2) presentment, demand for payment, notice ofdishonor, notice of nonpayment, and protest of any instrument evidencing the Indebtedness; and (3) all other demands and notices to the Entity Guarantoror any other person and all other actions to establish the liability of the Entity Guarantorhereunder.The Entity Guarantorconsentsto the personal jurisdiction of the state and federal courts located in the State of Minnesota in connection with any controversy related to this guaranty, waivesany argument that venue in such forums is not convenient, and agreesthat any litigation initiated by the Entity Guarantor against the Lender in connection with this guaranty shall be venued in either the District Court of Sherburne County, Minnesota, or the United States District Court, District of Minnesota. Allproperty of the Entity Guarantor, now or hereafter in the possession, control or custody of or in transit to the Lender for any purpose, including without limitation the balance of every account of the Entity Guarantorwith and each claim of the Entity Guarantoragainst the Lender, shall be subject to a lien and security interest in favor of the Lender, as security for all liabilities of the Entity Guarantorto the Lender, and shall be subject to be set off against any and all such liabilities, and the Lender may at any time and from time to time at its option and without notice appropriate and apply any such property toward the payment of any and all such liabilities. The Entity Guarantoragreesto promptly provide the Lender from time to time with financial statements of the Entity Guarantor, in form and substance acceptable to the Lender, at least once every 12 months and as otherwise requested by the Lender. The Entity Guarantor agreesto promptly provide the Lender from time to time with such other information respecting the condition (financial and otherwise), business and property of the Entity Guarantoras the Lender may request, in form and substance acceptable to the Lender. The Entity Guarantorwaivesall claims, rights and remedies which the Entity Guarantor may now have or hereafter acquire against any person at any time now or hereafter liable to payment of any of the Indebtedness and as to any collateral security, including but not limited to 2 477336v4 EL185-40