7.5 HRSR 05-01-2017 - Laserfiche WebLink

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contract, by statute, under common law or otherwise, whether or not the Indebtedness has been fully paid, and all payments and recoveries under this guaranty shall be considered equity investments by the Entity Guarantor in the Borrower; provided, nothing contained in this guaranty shall deprive the Entity Guarantor of any claim, right or remedy, after the Indebtedness has been fully paid, against any person other than the Borrower. No delay or failure by the Lender in exercising any right, and no partial or single exercise thereof shall constitute a waiver thereof. No waiver of any rights hereunder, and no modification or amendment of this guaranty shall be effective unless the same is in writing duly executed by the Lender, and each such waiver, if any, shall apply only with respect to the specific instance involved and shall not impair or affect the rights of the Lender or the provisions of this guaranty in any other respect at any other time. This guaranty shall continue until written notice of revocation of this guaranty, executed by the Entity Guarantor, has been received by the Lender; provided, no revocation of this guaranty shall affect in any manner any liability of the Entity Guarantor under this guaranty with respect to Indebtedness arising before the Lender receives such written notice of revocation, and the sole effect of revocation of this guaranty shall be to exclude from this guaranty Indebtedness thereafter arising which is unconnected with Indebtedness theretofore arising or transactions theretofore entered into. Any invalidity or unenforceability of any provision or application of this guaranty shall not affect other lawful provisions and applications hereof and to this end the provisions of this guaranty are declared to be severable. This guaranty shall bind the Entity Guarantor and the representatives, successors and assigns of the Entity Guarantor, and of each of them respectively, and shall benefit the Lender, its successors and assigns. This guaranty shall be governed by and construed in accordance with the laws of the State of Minnesota. The Entity Guarantor is an affiliate of the Borrower. The undersigned acknowledges and agrees that the Lender is making a loan to the Borrower to assist in financing a portion of the cost of the Borrower's acquisition of certain real property (the "Development Property ") in the City of Elk River, Minnesota (the "City "), removal of existing substandard buildings and construction of the Borrower's new light maintenance facility with related office and storage space located on the Development Property (the "Project "). The Entity Guarantor acknowledges and agrees that the Project will benefit the Entity Guarantor and, therefore, the Entity Guarantor's obligations under this Guaranty are proper, valid and enforceable_ This Guaranty has been approved by the board of directors of the Entity Guarantor. 3 498665v1 EL185 -51