04-25-2018 Council Packet - Laserfiche WebLink

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GUARANTY OF PROMISSORY NOTE FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is acknowledged, the undersigned (“Guarantor”) personally guaranties to the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA, a political subdivision under the laws of the State of Minnesota (“Note Holder”), the full and prompt payment of all principal and interest and other sums (“Note Indebtedness”) owed by DIGNICARE PROPERTIES I, LLC, a Minnesota corporation (“Dignicare”) to Note Holder pursuant to that Promissory Note made by Dignicare to Note Holder of even date herewith (“Note”). No act or thing need occur to establish the liability of Guarantor hereunder, and no act or thing, except full and prompt payment of all Note Indebtedness shall in any way exonerate Guarantor, or modify, reduce, limit or release the liability of Guarantor hereunder. This is an absolute, unconditional and continuing guaranty of payment of the Note Indebtedness and shall continue to be in force and be binding upon the undersigned until the Note has been paid in full. The undersigned waives any and all defenses, claims and discharges of Dignicare, or any other obligor, pertaining to the Note Indebtedness, except the defense of discharge by payment in full. Guarantor irrevocably and absolutely waives any and all rights of reimbursement, subrogation, indemnification or similar rights against Dignicare with respect to this Guaranty, whether such rights arise under an express or implied contract or by operation of law. It is the intention of Guarantor that Guarantor not be deemed a “creditor” (as defined in section 101 of the Federal Bankruptcy Code) of Dignicare, by reason of the existence of this Guaranty in the event that Dignicare becomes a debtor in any proceeding under the Federal Bankruptcy Code. All remedies afforded to Note Holder by reason of this Guaranty are separate and cumulative, and no one of such remedies, whether exercised by Note Holder or not, shall be deemed an exclusion of any other remedy available to Note Holder, and shall in no way limit or prejudice any other legal or equitable remedy Note Holder may have. This Guaranty supersedes any and all written or oral agreements with respect to the terms set forth in this document. This Guaranty may not be waived, modified, amended, terminated, released or otherwise changed except by a writing signed by Guarantor and Note Holder. Guarantor hereby agrees to pay all costs of collection, including reasonable attorneys' fees, incurred or paid by Note Holder, in protecting, enforcing, or exercising his interests, rights, or remedies, created by, connected with, or provided for, in this Guaranty or performance pursuant to this Guaranty, whether or not suit is commenced by Note Holder. IN WITNESS WHEREOF, this Guaranty has been duly executed by Guarantor this _____ day of __________________, 2018. GUARANTOR: ___________________________ Joel Larson 83