Fill and Sign the Absolute Payment Form

Absolute Guaranty of Payment in Consideration of Extension of a Line of Credit Guaranty made this the ____ day of ______________________________, 20___ by ________________________________________________ ( Name of Guarantor ), of ________________________________________________________________________ ________________________________________________________________________ _____________________________ (street address, city, county, state, zip code), herein referred to as Guarantor, to _________________________________________________ (Name of Bank) , a national bank, having its principal office at _____________________ ________________________________________________________________________ ______________________________ (street address, city, county, state, zip code) , herein referred to as Bank , with respect to the extension of a line of credit to _______________ _________________________________________ (Name of Borrower) , of __________ ________________________________________________________________________ ________________________________________________________________________ ___________________________________ (street address, city, county, state, zip code) , herein referred to as Borrower . Whereas, Borrower has applied to B ank for a line of credit under which Borrower would borrow from Bank from time to time, which borrowings would in some cases be secured by the pledge of assets of Borrower and in other cases might not be so secured; and Whereas, as a condition precedent to Bank granting any line of credit to Borrower and/or loaning money to Borrower, Bank has required that all loans that may be made by it to Borrower be unconditionally and absolutely guaranteed by G uarantor; and Whereas, Guarantor has agreed to make this guaranty; Now, therefore, for and in consideration of Bank extending a line of credit to Borrower, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Guarantor agrees as follows: 1. Guarantor unconditionally and absolutely guarantees to Bank that all loans made by Bank to Borrower will be fully paid when and as due, and that all indebtedness and liabilities of Borrower to Bank will be fully paid without delinquency or default. 2. Guarantor waives any notice of the acceptance of this Guaranty and of the incurring of liabilities by Borrower to Bank, and waives any presentment, demand, protest, or notice of dishonor, nonpayment, or other default with respect to any of the liabilities. 3. Guarantor grants to Bank full power in its absolute discretion and without notice to Guarantor, to do any or all of the following: A. Grant any extension or renewal of the liabilities of Borrower to Bank and any other indulgences with respect to it, and to effect any release, compromise, or settlement with respect to Borrower; B. Forbear from calling upon Borrower for any collateral or security to secure the liabilities of Borrower to Bank, either at the time of the incurring of the liabilities or later; and C. Consent to, or permit, the substitution, exchange, or release of all or any part of any collateral or security that at any time may be mortgaged, or pledged by Borrower, or by any other person(s), firm(s), or company or companies, to or with Bank, whether or not the collateral or security, if any, received by Bank on any such substitution, exchange, or release shall be of the same or different character or value from the collateral or security surrendered by Bank. 4. Guarantor has no rights of recourse against Bank nor will Guarantor's obligations to Bank under this Guaranty be impaired or affected in any way by reason of any action Bank may take or fail to take under the powers described in Paragraph 3 above. 5. If Borrower shall fail to pay all or any part of the liabilities due, whether at maturity, by acceleration, or otherwise, Guarantor within ____days after written demand for payment, shall pay the amount of the liabilities in full. 6. Bank is not required as a condition to the enforcement of its rights under this Guaranty to make any demand on, or pursue or exhaust any of its rights or remedies against, Borrower or others, or to pursue or exhaust any of its rights or remedies with respect to any collateral or security that may have been mortgaged or pledged by Borrower or others to secure the liabilities, and Guarantor waives and releases any rights of exoneration and any equity or right or marshaling that it might otherwise have. 7. Guarantor has no right of subrogation with respect to the liabilities or any property that may be mortgaged or pledged as security for it, unless and until Bank has received payment in full of the liabilities of Borrower to Bank. WITNESS my signature this the _____ day of ____________________________, 20____. ____________________________________ (Signature of Guarantor)