CONTINUING GUARANTY (Limited)
(For Consumer or Business Transactions)
Dated JANUARY 22, 1999.
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GUARANTY. For value received, and to induce U.S. Bank National
Association of Milwaukee, Wisconsin ("Lender"), to extend credit or to grant or
continue other credit accommodations to Lake Country Investment, LLC ("Debtor"),
subject to the limitations set forth below, the undersigned jointly and
severally guarantee payment of the Obligations defined below when due or, to the
extent not prohibited by law, at the time any Debtor becomes the subject of
bankruptcy or other insolvency proceedings. "Obligations" means all loans,
drafts, overdrafts, checks, notes, and all other debts, obligations and
liabilities of every kind and description, whether of the same or a different
nature, arising out of credit previously granted, credit contemporaneously
granted or credit granted in the future by ▇▇▇▇▇▇ to Debtor, to Debtor and
another, or to another guaranteed or endorsed by ▇▇▇▇▇▇. Obligations include
interest and charges and the amount of payments made to Lender or another by or
on behalf of any Debtor which are recovered from Lender by a trustee, receiver,
creditor or other party pursuant to applicable federal or state law, and to the
extent not prohibited by law, all costs, expenses and attorneys' fees at any
time paid or incurred before and after judgment in endeavoring to collect all or
part of any of the above, or to realize upon this Guaranty, or any collateral
securing any of the above, including those incurred in successful defense or
settlement of any counterclaim brought by Debtor or the undersigned or incident
to any action or proceeding brought pursuant to the United States Bankruptcy
Code ("costs of collection"). Unless a lien would be prohibited by law or would
render a nontaxable account taxable, the undersigned grant to Lender a security
interest and lien in any deposit account any of the undersigned may at any time
have with Lender. Lender may, at any time after the occurrence of an event of
default with respect to any obligation and notice and opportunity to cure, if
required by ss.425.105, Wis. Stats., set-off any amount unpaid on such
Obligation against any deposit balances any of the undersigned may at any time
have with Lender, or other money now or hereafter owed any of the undersigned by
▇▇▇▇▇▇. This Guaranty is also secured (to the extent not prohibited by law) by
all existing and future security agreements between Lender and any of the
undersigned and by any mortgage stating it secures guaranties of any of the
undersigned. This Guaranty is valid and enforceable against the undersigned even
though any Obligation is invalid or unenforceable against Debtor.
WAIVER. To the extent not prohibited by law the undersigned expressly
waive notice of the acceptance of this Guaranty, the creation of any present or
future Obligation, default under any Obligation, proceedings to collect from
Debtor or anyone else, and all diligence of collection and presentment, demand,
notice and protest and any right to disclosures from Lender regarding the
financial condition of any Debtor or guarantor of the Obligations or the
enforceability of the Obligations. No claim, including a claim for
reimbursement, subrogation, contribution or indemnification which any of the
undersigned may, as a guarantor of the Obligations, have against a co-guarantor
of any of the Obligations or against Debtor shall be enforced nor any payment
accepted until the Obligations are paid in full and no payments to or
collections by Lender are subject to any right of recovery.
CONSENT. With respect to any of the Obligations, Lender may from time
to time before or after revocation of this Guaranty without notice to the
undersigned and without affecting the liability of the undersigned (a)
surrender, release, impair, sell or otherwise dispose of any security or
collateral, (b) release or agree not to sue any guarantor or surety, (c) fail to
perfect its security interest in or realize upon any security or collateral, (d)
fail to realize upon any of the Obligations or to proceed against any Debtor or
any guarantor or surety, (e) renew or extend the time of payment, (f) increase
or decrease the rate of interest, (g) accept additional security or collateral,
(h) determine the allocation and application of payments and credits and accept
partial payments, (i) determine what, if anything, may at any time be done with
reference to any security or collateral, and (j) settle or compromise the amount
due or owing or claimed to be due or owing from any Debtor, guarantor or surety,
which settlement or compromise shall not affect the undersigned's liability for
the full amount of the Obligations, except as expressly limited by this
Guaranty. The undersigned expressly consent to and waive notice of all of the
above. To the extent not prohibited by law, the undersigned consent that venue
for any legal proceeding relating to the collection of this Guaranty shall be,
at Lender's option, the county in which Lender has its principal office in this
state, the county in which any of the undersigned resides or the county in which
this Guaranty was executed by the undersigned.
PERSONS BOUND. This Guaranty benefits ▇▇▇▇▇▇, its successors and
assigns, and binds the undersigned, their respective heirs, personal
representatives, successors and assigns.
ENTIRE AGREEMENT. This Guaranty is intended by the undersigned and
Lender as a final expression of this Guaranty and as a complete and exclusive
statement of its terms, there being no conditions to the full effectiveness of
this Guaranty. This Guaranty may not be supplemented or amended except in
writing. This Guaranty includes additional provisions on the reverse side.
LIMITATIONS. The amount of liability under this Guaranty is limited to
$270,000.00, plus costs of collection.
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NOTICE TO GUARANTOR
You are being asked to guarantee a limited amount of the past, present and
future Obligations of Debtor. If Debtor does not pay, you will have to. You may
also have to pay collection costs. ▇▇▇▇▇▇ can collect the Obligations from you
without first trying to collect from Debtor or another guarantor.
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X /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ (SEAL) X (SEAL)
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▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ --------------------------------------
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(Address) (Address)
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For Wisconsin Married Residents Only: Each guarantor who signs above represents
that this obligation is incurred in the interest of his or her marriage or
family.
X /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ X
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▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
FOR LENDER CLERICAL USE ONLY
If any transaction guaranteed is a Copies of documents [ ] Documents
consumer transaction or subject to or WBA 156 may be Delivered; or
the Federal Reserve Regulation AA required ...... [ ] 156 Delivered
(" Reg. AA"), each guarantor should
also sign a Consumer WBA 156
"Explanation of Personal Obligation."
Alternatively, if the guaranty is not
subject to Reg. AA, the guarantor may
receive copies of documents which evidence
the customer's obligation to pay.
Acknowledgement of signature on reverse side.
ADDITIONAL PROVISIONS
REPRESENTATIONS. The undersigned acknowledges and agrees that Lender
(a) has not made any representations or warranties with respect to, (b) does not
assume any responsibility to the undersigned for, and (c) has no duty to provide
information to the undersigned regarding, the enforceability of any of the
Obligations or the financial condition of any Debtor or guarantor. The
undersigned has independently determined the creditworthiness of Debtor and the
enforceability of the Obligations and until the Obligations are paid in full
will independently and without reliance on Lender continue to make such
determinations.
REVOCATION. This is a continuing guaranty and shall remain in full
force and effect until ▇▇▇▇▇▇ receives written notice of its revocation signed
by the undersigned or actual notice of the death of the undersigned. Upon
revocation by written notice or actual notice of death, this Guaranty shall
continue in full force and effect as to all Obligations contracted for or
incurred before revocation, and as to them Lender shall have the rights provided
by this Guaranty as if no revocation had occurred. Any renewal, extension or
increase in the interest rate of any such Obligation, whether made before or
after revocation, shall constitute an Obligation contracted for or incurred
before revocation. Obligations contracted for or incurred before revocation
shall also include credit extended after revocation pursuant to commitments made
before revocation. Revocation by one of the undersigned shall not affect any of
the liabilities or obligations of any of the other undersigned and this Guaranty
shall continue in full force and effect with respect to them.
ACKNOWLEDGEMENT
STATE OF WISCONSIN )
) SS.
COUNTY OF )
This instrument was acknowledged before me on JANUARY 22, 1999 by ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇
(as
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(Name(s) of person(s)) (if not signing in individual capacity, indicate
type of authority: e.g., officer, trustee, etc.
of n/a
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and name of corporation, partnership or other party on behalf of whom
▇▇▇▇▇▇▇▇ was executed)
/s/ ▇▇▇▇ ▇. Block
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▇▇▇▇ ▇. ▇▇▇▇▇ Your Signature
Notary Public, Milwaukee
--------------------County, Wis.
My Commission (Expires) (is) 6/17/01
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