2020-335-E-Economic Dev-Hillsborough Gallery of Arts

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ESBLPLSA PERSONAL GUARANTY IN CONSIDERATION of the Loan made by Orange County Small Business Loan Company (referred to below as the “Company”) to Hillsborough Gallery of Arts Inc a North Carolina Corporation (hereinafter referred to as “Borrower”), the undersigned (hereinafter referred to as “Guarantor”), each absolutely and unconditionally, guarantees to the Company the punctual payment in full of the principal, interest and other sums due under that certain promissory note from Borrower to Company dated May 18, 2020, (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 Company; 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 Company’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 Company to the Borrower or any other party, may be made, granted, and effected by the Company 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 Company’s election to have become immediately due and payable. Any notice to Guarantor by the Company 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 Company any and all costs, expenses and reasonable attorneys’ fees paid or incurred by the Company 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 Company 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. IN WITNESS WHEREOF, this Guaranty has been executed and delivered to the Company by each undersigned Guarantor this May 18, 2020. ________________________________ Michael Salemi, in their capacity as an individual DocuSign Envelope ID: 6F1DFC91-A571-4D56-8A22-33193DA8C255