Agenda 08/24/2004 - Laserfiche WebLink

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without limitation, any right of subrogation, contribution, reimbursement, indemnification, exoneration, and any right to participate in any claim or remedy the Undersigned may have against the Borrower, collateral, or other party obligated for Borrower's debts, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law. 11. To the extent permitted or not prohibited by applicable law, the Undersigned waives presentment, demand for payment, notice of dishonor or nonpayment, and protest of any instrument evidencing Indebtedness. Lender shall not be required first to resort for payment of the Indebtedness to Borrower or other persons or their properties, or first to enforce, realize upon or exhaust any collateral security for Indebtedness, before enforcing this guaranty. 12. The liability of the Undersigned under this guaranty is in addition to and shall be cumulative with all other liabilities of the Undersigned to Lender as guarantor or otherwise, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 13. This guaranty shall be enforceable against each person signing this guaranty, even if only one person signs and regardless of any failure of other persons to sign this guaranty. This guaranty shall be effective upon delivery to Lender, without further act, condition or acceptance by Lender, shall be binding upon Undersigned and the heirs, representatives, successors and assigns of the Undersigned and shall inure to the benefit of Lender and its participants, successors and assigns. Any invalidity or unenfomeability of any provision or application of this guaranty shall not affect other lawful provisions and application hereof, and to this end the provisions of this guaranty are declared to be severable. Except as authorized by the terms herein, this guaranty may not be waived, modified, amended, terminated, released or otherwise changed except by a writing signed by the Undersigned and Lender. This guaranty shall be governed by the laws of the State in which it is executed. The Undersigned waives notice of Lender's acceptance hereof. 14. In the event that Borrower does not make payment to the Lender on the Indebtedness upon the demand of the Lender or does not otherwise fulfill its obligations under the Indebtedness, the Lender shall demand payment and performance from and make a claim against Ali Guarantors of the Indebtedness (as hereafter defined). "All Guarantors of the Indebtedness" shall mean the City of Bedford, Virginia; the City of Danville, Virginia; the City of Martinsville, Virginia; the Town of Richlands, Virginia; the City of Salem, Virginia; and any other member of Borrower which executes and delivers to the Lender a guaranty of the Indebtedness. 15. The Undersigned agrees not to cause the authorization of the Undersigned to enter into this guaranty to be revoked or curtailed. This guaranty is unsecured, but represents the full faith and credit of the Undersigned. IN WITNESS WHEREOF, this guaranty has been duly executed by the Undersigned the day and year first above written. CITY OF MARTINSVILLE, VIRGINIA, a political subdivision of the Commonwealth of Virginia By: City Manager