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GUARANTY
<br /> In consideration of One Dollar ($1.00) and other good and valuable
<br /> consideration to the undersigned in hand paid, receipt of which is hereby
<br /> acknowledged, and in further consideration for and as an inducement to the CITY
<br /> OF ST. ANTHONY, a municipal corporation under the laws of the State of
<br /> Minnesota (the "City"), to enter into a certain Lease Agreement of even date
<br /> herewith (the "Lease") with HIGHWOOD FOOD SERVICES, INC., a Minnesota
<br /> corporation, as lessee ("Lessee"), relating to certain premises located in the building
<br /> owned by the City and known as the "Stonehouse", as more fully described in the
<br /> Lease, the undersigned ("Guarantor"), does hereby agree as follows:
<br /> 1. Guarantor does hereby absolutely and unconditionally guaranty to
<br /> the City, its successors and assigns, the full payment, performance and observance by
<br /> Lessee of all the covenants, obligations, conditions and agreements in the Lease
<br /> provided to be paid, performed and observed by Lessee for the entire term of the
<br /> Lease, including any extensions or renewals thereof ("Guarantied Obligations").
<br /> 2. Guarantor expressly agrees that the validity of this Guaranty and the
<br /> obligations of the Guarantor hereunder shall in no way be terminated, affected or
<br /> • impaired by reason of the bankruptcy of Lessee or the assertion by the City against
<br /> Lessee of any of the rights or remedies reserved to the City pursuant to the
<br /> provisions of the Lease.
<br /> 3. Guarantor hereby waives exhaustion of recourse against Lessee and
<br /> agrees that any action brought for the enforcement of rights under the Lease or
<br /> under this Guaranty may, in the City's discretion, be brought against the
<br /> undersigned Guarantor and/or Lessee, jointly or severally. Guarantor hereby agrees
<br /> that the failure of the City to require strict performance of any of the terms of the
<br /> Lease, or any extension of time, concession, indulgence or waiver of performance
<br /> granted by the City shall not release Guarantor from liability under this Guaranty.
<br /> 4. Guarantor waives notice of acceptance of this Guaranty and notice of
<br /> any liability to which it may apply, and waives presentment, demand of payment or
<br /> performance, protest, notice of dishonor, nonpayment or nonperformance of any
<br /> such liabilities, and all other notices and demands of any kind and description
<br /> relating to the Guarantied Obligations now or hereafter provided for by any statute,
<br /> law, rule or regulation.
<br /> 5. The City may at any time and from time to time without the consent
<br /> of, or notice to, the Guarantor, without incurring responsibility to the Guarantor,
<br /> without affecting, impairing or releasing any of the obligations of the Guarantor
<br /> • hereunder, alter, change, modify, extend, release, renew, cancel, supplement or
<br /> amend in any manner the Lease or any of the Guarantied Obligations, and the
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