8.1 SR 08-19-2024 - Laserfiche WebLink

Home Browse Search

G-3 EL185\77\970529.v2 if any, shall apply only with respect to the specific instance involved and shall not impair or affect the rights of the City 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 Corporate Guarantor, has been received by the City; provided, no revocation of this guaranty shall affect in any manner any liability of the Corporate Guarantor under this guaranty with respect to Indebtedness arising before the City 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 Corporate Guarantor and the representatives, successors and assigns of the Corporate Guarantor, and of each of them respectively, and shall benefit the City, its successors and assigns. This guaranty shall be governed by and construed in accordance with the laws of the State of Minnesota. The Corporate Guarantor is or will be the occupant of certain property in the City (the “Property”). Developer has acquired the Property and will be leasing it to the Corporate Guarantor pursuant to a certain lease agreement (the “Lease”). Developer and the Corporate Guarantor are under common ownership. The Corporate Guarantor acknowledges and agrees that the Indebtedness is being utilized by Developer to finance the acquisition the Property to construct an industrial warehouse facility for Corporate Guarantor and, therefore, the Corporate Guarantor’s obligations under this Guaranty are proper, valid and enforceable. This Guaranty has been approved by unanimous consent of the board of governors of the Corporate Guarantor. THE ENTITY GUARANTOR REPRESENTS, CERTIFIES, WARRANTS AND AGREES THAT THE UNDERSIGNED HAVE READ ALL OF THIS GUARANTY AND UNDERSTAND ALL OF THE PROVISIONS OF THIS GUARANTY. THE ENTITY GUARANTOR ALSO AGREES THAT COMPLIANCE BY THE LENDER WITH THE EXPRESS PROVISIONS OF THIS GUARANTY SHALL CONSTITUTE GOOD FAITH AND SHALL BE CONSIDERED REASONABLE FOR ALL PURPOSES. HERITAGE MILLWORKS, INC., a Minnesota corporation By: Its: Page 277 of 327