06-20-11 Council Agenda - Laserfiche WebLink

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GUARANTY 'Phis Guaranty is given this day of June, 2011, by Jess Graba, ( "Guarantor "), to the City of Little Canada, a Municipal Corporation and Political Subdivision ol'the State of Minnesota ("Lender"), its successors or assigns. RECI'T'ALS: A. Lender has provided a credit facility to Graba Properties, LLC, a Minnesota Limited Liability Company (the "Borrower ") in the original principal amount of 5210,939.48, as evidenced by Borrower's Promissory Note made payable to Lender and dated of even date herewith (the "Note "). B. The credit facility was provided to Borrower conditioned upon Guarantor's guar- anty of the payment of all amounts due Lender as evidenced by the Note and Guarantor's guar- anty of performance of all obligations and undertakings of the Borrower described in the Note, or any document or instrument securing payment of the Note or otherwise relating to or securing the payment of the Note. NOW, THEREFORE, in consideration of the foregoing recitals, and the mutual covenants and agreements of the parties hereto, the receipt and sufficiency ofwhieh are hereby acknowledged, the Guarantor agrees as follows: . Guarantor does hereby absolutely and unconditionally guarantee to Lender the performance, payment of the Note including, but not limited to, the timely payment of all installments due thereunder and the balance due at maturity, and as said Note may he subsequently extended, modified, renewed or amended, and the performance of the Borrower's obligation owing to Lender under the Loan Agreement, the Mortgage, and any documents or instruments referred to or referenced therein, pursuant to the following terms and conditions. (a) The guaranty herein shall be an absolute, unconditional and continuing guarantee of payment ol'the indebtedness evidenced by the Note, and shall continue to be in force and binding upon the undersigned until this guaranty is revoked as to future transactions, by written notice actually received by the Lender, and such revocation shall not be effective as to indebtedness existing or committed for at the time of actual receipt of such notice by the Lender, or as to any renewals, extensions and refinancings thereof. The Guarantor has unconditionally delivered this Agreement to Lender, and failure to sign any other guaranty by any other person shall not discharge the liability of the undersigned. No act or thing need occur to establish the liability of the undersigned hereunder, and no act or thing, except full payment and discharge of the indebtedness, shall in any way exonerate the undersigned or modify, reduce, limit or release the liability of the undersigned hereunder. (b) This Guaranty shall be construed according to the laws of the State of' Minnesota and its acceptance by Lender is not intended to and does not release any liability previously existing of any Guarantor or surety of any indebtedness of Borrower to Lender. 48