GUARANTOR NAME AND ADDRESS ADCARE HEALTH SYSTEMS INC 454 SATELLITE BLVD STE 100 Suwanee, GA 30024
| LENDER NAME AND ADDRESS The Exchange Bank of Alabama PO Box 1100 Gadsden, AL 35902
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Number 574354 Amount 4.125.000.00 Date 05/01/2017
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GUARANTY
DATE. The data of this Guaranty is May 01, 2017
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to Induce Lender (with Its participants, successors and assigns), at its option, at any time or from time to time to make loans or extend other accommodations to or for the account of MEADOWOOD PROPERTY HOLDINGS LLC (Borrower) or to engage in any other transactions with Borrower, the Guarantor hereby absolutely and unconditionally guarantees to the Lender the full and prompt payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of the debts, liabilities and obligations described as follows:
INDEBTEDNESS.
FORMCHECKBOX Specific Debts. The Guarantor guarantees to Lender the payment and performance of the debt, liability or obligation of Borrower to Lander evidenced by or arising out of the following:
and any extensions, renewals or replacements thereof (indebtedness).
FORMCHECKBOX All Debts. Except as this Guaranty may otherwise provide, the Guarantor guarantees to Lender the payment and performance of each and every debt, liability end obligation of every type and description which Borrower may now or at any time hereafter owe to Lender (whether such debt, liability or obligation now exists or is hereafter crested or incurred, and whether it is or may be direct or Indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several, or Joint and several: all such debts, liabilities and Obligations (indebtedness)), Without limitation, this Guaranty Includes the following described debt(s):
Exclusions.
FORMCHECKBOX Guarantor will be Roble for $Unlimited of the principal amount of the Indebtedness outstanding at default and for all of the accrued interest, and the expenses of collection, enforcement or protection of Lender's rights and remedies under this Guaranty, including reasonable attorneys' fees.
FORMCHECKBOX Guarantor's liability will not exceed _______% of the Indebtedness outstanding al default and all of the accrued interest, and the expenses of collection, enforcement or protection of Lander's rights and remedies under this Guaranty, including reasonable attorneys' fees.
FORMCHECKBOX Indebtedness Excludes:
SECURITY,
FORMCHECKBOX the Guaranty is unsecured.
FORMCHECKBOX secured by The terms of all agreements with Lender
IL only FORMCHECKBOX CONFESSION OF JUDGMENT. If Guarantor defaults, it authorizes any attorney to appear In a court of record and confetti lodgment against it in favor of Lender. The confession of lodgment may he without process and for any amount duo on this Guaranty Including collection costs and reasonable attorneys' fees. |
PA only FORMCHECKBOX WARRANT OF AUTHORITY TO CONFESS JUDGMENT. Upon default, In addition to all other remedies and rights available to Lender, by signing below Guarantor Irrevocably authorizes the prothonotary. clerk, or any attorney to appear in any court of record having jurisdiction over this matter and to confess judgment against Guarantor et any time without stay of execution. Guarantor waives notice. service of process and process. Guarantor agrees and understands that judgment may be confessed against Guarantor for arty unpaid principal, accrued interact and accrued charges duo on title Note, plus collection costs end reasonable attorneys' foes up to 15 percent of the Judgment. The exercise of the power to confess judgment will not exhaust this warrant of authority to confess judgment and may be done as often es Lender elects. Guarantor further understands that Guarantor's properly may be seized without prior notice to satisfy the debt owed. Guarantor knowingly, intentionally, and voluntarily waives any and all constitutional rights Guarantor has to pre-deprivation notice and hearing under federal and state laws and folly understands the consequences of this waiver. By signing immediately below. Guarantor agrees to the terms of the WARRANT OF AUTHORITY TO CONFESS JUDGMENT section.
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SIGNATURES. By signing under seal, Guarantor arena to the terms contained in this Guaranty (including those on page 2). Guarantor also acknowledges receipt of a copy of this Guaranty.
GUARANTOR:
ADARE HEALTH SYSTEMS, INC Entity Name (Seal)
Name, Title ALLAN J. RIMLAND, MANAGER (Seal)
Name, Title (Seal) |
Entity Name (Seal)
Name, Title (Seal)
Name, Title (Seal) |
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ADDITIONAL PROVISIONS
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The Guarantor further acknowledges and agrees with Lender that:
The Guarantor represents end warrants to the Lender that the Guarantor hos o direct and substantial economic Interest in Borrower and expects to derive subliminal benefits therefrom and from any loons end financial accommodations resulting from the creation of indebtedness guaranteed hereby, and that this Guaranty is given for a business purpose. The Guarantor agrees to rely exclusively on its right to revoke this Guaranty prospectively as to future transactions by written notice actually received by Lender if at any time the benefits then being received by the Guarantor in connection with this Guaranty are not sufficient to warrant its continuance as a Guarantor as to future indebtedness. Accordingly, the Lender may rely conclusively on a continuing warranty, hereby mode, that the Guarantor continues to be benefited by this Guaranty and that the Lender has no duly to inquire into or confirm the receipt of any benefits, and that this Guaranty will be enforceable without regard to the receipt. nature or value of any such benefits.
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