|
STATE OF NORTH CAROLINA
<br /> COUNTY OF ORANGE
<br /> GUARANTY OF LEASE
<br /> THIS GUARANTY OF LEASE, made and entered into January 24, 2020 by and between Charles J.
<br /> Coates and Geraldine Dawson Coates as Landlord, and Orange County, North Carolina, as Tenant, for premises
<br /> located at 308 W . Franklin St. , Chapel Hill , NC 27516 ;
<br /> In consideration of Landlord' s entering into the foregoing Lease (herein called the "Lease") with
<br /> Tenant, and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the
<br /> undersigned (herein called " Guarantors") , Guarantors guarantee the full and punctual payment of rent and other
<br /> charges , rates and sums to be paid by Tenant (or any permitted successor, assignee or subtenant of Tenant,
<br /> herein collectively called "Tenant") under the Lease and the performance by Tenant of all of the terms and
<br /> conditions thereof, and agrees as follows :
<br /> 1 . Guarantors hereby unconditionally and irrevocably guarantee to Landlord: (i) the due and punctual
<br /> payment in full (and not merely the collectability) of the Rent due and payable under the Lease ; (ii) the due and
<br /> punctual payment in full (and not merely the collectability) of all other sums and charges which may at any time
<br /> be due and payable in accordance with, or under the terms of the Lease, whether to Landlord or third parties ;
<br /> (iii) the due and punctual payment in full (and not merely the collectability) of all damages which may arise or
<br /> be payable as a consequence of nonperformance or nonobservance of any term, covenant or condition contained
<br /> in the Lease on the part of the Tenant thereunder to be performed or observed (whether provided for in the
<br /> Lease or otherwise allowable by law) ; and (iv) the due and punctual performance of all of the other terms,
<br /> covenants and conditions contained in the Lease on the part of the Tenant to be performed . If Tenant shall fail
<br /> to duly and punctually pay such Rent or any other sums, charges or damages due to Landlord or third parties
<br /> under the Lease, Guarantors shall forthwith pay the same, together with interest on the Rent and other sums
<br /> which are payable directly to Landlord at the rate of eighteen percent ( 18 %) per annum simple interest (or the
<br /> then maximum rate of interest permitted by law, whichever is less), and together with interest and/or penalties
<br /> on such sums, charges and damages which are due to third parties under the Lease, from the due date thereof
<br /> under the Lease to the date of payment. Interest shall accrue and become payable only upon and after the
<br /> expiration of any grace period.
<br /> 2 . Guarantors expressly agree that Landlord may, in its sole and absolute discretion, without notice to
<br /> or the further assent of Guarantors and without in any way releasing, affecting or impairing the obligations and
<br /> liabilities of Guarantors hereunder (except that the obligations and liabilities of Guarantors hereunder shall be
<br /> reduced or released to the same extent as Tenant' s obligations are expressly reduced or released action of
<br /> Landlord under subdivisions (i), (ii), and (iii) hereof), (1) waive compliance with or any default under, or grant
<br /> any other indulgences with respect to, the Lease ; (ii) modify, amend or change any provisions of the Lease ; (iii)
<br /> grant extensions or renewals of the Lease and/or effect to the substitution, exchange, release or other
<br /> disposition for all or any part of the Leased Premises ; (iv) make advances for the purposes of performing any
<br /> term or covenant contained in the Lease, with respect to which the Tenant shall be in default; (v) assign or
<br /> otherwise transfer its interest in the Leased Premises , or this Guaranty or any interest therein or herein; (vi)
<br /> consent to an assignment of the Tenant ' s interest under the Lease by Tenant; and (vii) deal in all respects with
<br /> the Tenant as if this guaranty be unconditional, irrespective of the genuineness, validity, regularity or
<br /> enforceability of the Lease or any other security given therefor or in connection therewith, including, but not
<br /> limited to, any assignment of leases and rents , or any other circumstance which might otherwise constitute a
<br /> legal or equitable discharge of a surety or guarantors .
<br /> 3 . The liabilities of Guarantors under this Guaranty shall be separate and cumulative, and primary,
<br /> direct and immediate and not conditional or contingent upon pursuit by Landlord of any remedies it may have
<br /> against the Tenant or any other party with respect to the lease, whether pursuant to the terms thereof or by law.
<br /> Without limiting the generality of the foregoing, Landlord shall not be required to make any demand on the
<br /> Tenant and/or any other parry or otherwise pursue or exhaust its remedies against the Tenant or any other party
<br /> before, simultaneously with or after enforcing its rights and remedies hereunder against Guarantors . Any one
<br /> or more successive and/or concurrent actions may be brought hereon against Guarantors either in the same
<br /> action, if any, brought against the Tenant and/or any other party, or in separate actions , as often as the
<br /> guarantors under this Guaranty shall continue after any assignment or transfer by the Tenant of its interest
<br /> under the Lease .
<br /> 4. Guarantors hereby expressly waive : (i) presentment and demand for payment and protest and
<br /> nonpayment; (ii) notice and protest; (iii) notice of default hereunder or under the Lease and of all indulgences
<br /> Initials
<br /> 16
<br /> (308 W. Franklin St. ) dl Tenant
<br />
|