2018-193-E Economic Dev - Seal the Seasons loan agreement

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DocuSign Envelope ID: F1811 E7D- C59B- 437F- A7A9 -1 E9E8DD91 D1 B EXHIBIT C - FORM OF PERSONAL GUARANTY IN CONSIDERATION of the Loan made by Orange County (referred to below as the "Fund ") to Seal the Seasons, Inc. a North Carolina company (hereinafter referred to as "Borrower "), the undersigned (hereinafter referred to as "Guarantor "), each absolutely and unconditionally, guarantees to the Fund the punctual payment in full of the principal, interest and other sums due under that certain promissory note from Borrower to Fund dated May 23, 2018, (hereinafter referred to as "Note ") which obligations, indebtedness and liability set forth therein are hereinafter referred to as "indebtedness." The Guarantor expressly waives the following: notice of the incurring of indebtedness by the Borrower; the acceptance of this Guaranty by the Fund; presentment and demand for payment, protest, notice of protest and notice of dishonor or nonpayment of any instrument evidencing indebtedness of the Borrower; any right to require suit against the Borrower or any other party before enforcing this Guaranty; and any right of subrogation to the Funds's rights against the Borrower until the Borrower's indebtedness is paid in full. The Guarantor hereby consents and agrees that renewals and extensions of time of payment, surrender, release, exchange, substitution, dealing with or taking of additional collateral security, taking or release of other guarantees, abstaining from taking advantage of or realizing upon any collateral security by the Fund to the Borrower or any other party, may be made, granted, and effected by the Fund without notice to each Guarantor and without in any manner affecting his or her liability hereunder. In the event that a petition in bankruptcy or reorganization of the Borrower under the bankruptcy laws or for the appointment of a receiver for the Borrower or any of its property is filed by or against the Borrower, or if the Borrower shall make an assignment for the benefit of creditors or shall become insolvent, all indebtedness of the Borrower pursuant to the Note shall, for the purpose of this Guaranty, be deemed at the Fund's election to have become immediately due and payable. Any notice to Guarantor by the Fund at any time shall not imply that such notice or any further or similar notice was or is required. The Guarantor further agrees to pay the Fund any and all costs, expenses and reasonable attorneys' fees paid or incurred by the Fund in collecting or endeavoring to collect the indebtedness of the Borrower or enforcing or endeavoring to enforce this Guaranty. This Guaranty shall be binding upon each Guarantor and his or her heirs, executors, administrators and assigns, jointly and severally, and shall inure to the benefit of the Fund and its successors and assigns. This Guaranty may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. For purposes hereof, a facsimile copy of this Guaranty, including the signature pages hereto, shall be deemed to be an original. Notwithstanding the foregoing, the parties shall deliver original execution copies of this Guaranty to one another as soon as practicable following execution thereof.