Personal guaranty of another persons agreement to pay consultant 497334918 form
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GUARANTY
(CONSULTING AGREEMENT)
In consideration of and in order to induce ___________________ to enter
into that certain Consulting Agreement, a copy of which is attached hereto
and made a part hereof for all purposes, (the "Agreement"), of even date
herewith executed by and between ________________________________
("Employer”) and ____________________________ (the "Consultant"), the
undersigned (the " Guarantor ") hereby:
1. Unconditionally and absolutely guarantees to Consultant, the full
and prompt payment and performance by Employer of all of its obligations
under and pursuant to the Agreement, together with the full and prompt
payment of any and all costs and expenses of and incidental to the
enforcement of this Guaranty, including, without limitation, reasonable
attorneys' fees.
2. Agrees that Consultant, may from time to time, without notice to
Guarantor, which notice is hereby waived by Guarantor, extend, waive,
renew or compromise the Agreement, in whole or in part, without releasing,
extinguishing or afecting in any manner whatsoever the liability of
Guarantor hereunder, the foregoing acts being hereby consented to by
Guarantor.
3. Agrees that this Guaranty shall remain in full force and efect
and be binding upon Guarantor until the Agreement is paid and performed
in full.
4. Agrees that so long as any portion of the Agreement is due and
owing or to become due and owing by Employer to Consultant, the
Guarantor shall not, without the prior written consent of Consultant, collect
or seek to collect from Employer the claim, if any, by subrogation or
otherwise, acquired by the Guarantor or through payment of any part or all
of the Agreement.
5. Agrees that the possession of this instrument of guaranty by
Consultant shall be conclusive evidence of due execution and delivery
hereof by Guarantor.
6. Agrees that this Guaranty shall be binding upon the legal
representatives, successors and assigns of Guarantor, and shall inure to the
beneft of Consultant and his successors, assigns and legal representatives.
7. Agrees that Guarantor may be joined in any action or
proceeding commenced against Employer in connection with or based upon
the Agreement and recovery may be had against Guarantor in any such
action or proceeding or in any independent action or proceeding against
Guarantor should Employer fail to duly and punctually pay and perform any
of the obligations of the Agreement without any requirement that
Consultant frst assert, prosecute or exhaust any remedy or claim against
Copany.
8. Agrees that this Guaranty shall be deemed a contract made
under and pursuant to the laws of the State of __________________ and shall
be governed by and construed under the laws of such state; and that,
wherever possible, each provision of this Guaranty shall be interpreted in
such manner as to be efective and valid under applicable law, but if any
provision of this Guaranty shall be prohibited by or invalid under applicable
law, such provision shall be inefective only to the extent of such prohibition
or invalidity without invalidating the remainder of such provision or the
remaining provisions of the Guaranty.
9. Agrees that no failure on the part of Consultant to exercise, and
no delay in exercising, any right or remedy hereunder shall operate as or
constitute a waiver thereof; nor shall any single or partial exercise of any
right or remedy hereunder preclude any other or further exercise thereof or
the exercise of any other right or remedy granted hereby or by any related
document or by law.
10. The Guarantor agrees that (i) the Guarantor has received legal
and adequate consideration for the execution of this Guaranty and has
executed and delivered this Guaranty to Consultant in good faith in
exchange for reasonably equivalent value; (ii) the Guarantor is not presently
insolvent and will not be rendered insolvent by virtue of the execution and
delivery of this Guaranty; (iii) the Guarantor has not executed or delivered
this Guaranty with actual intent to hinder, delay or defraud the Guarantor's
creditors; and (vi) that Consultant has entered into the Agreement in
reliance upon this Guaranty.
Dated as of this ___ day of _________, 2000.
GUARANTOR
______________________________
STATE OF _______________
COUNTY OF ______________
The foregoing instrument was acknowledged before me, this the ___
day of ________, 2000, by _________________.
_______________________________
NOTARY PUBLIC
MY COMMISSION EXPIRES:
______________________
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