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