Common use of Durable Obligation Clause in Contracts

Durable Obligation. This Guaranty shall be a continuing one for the payment of any and all indebtedness which the said Lessee may now or hereafter owe the Lessor and this Addendum and Guaranty shall remain in full force and effect for the duration of the Lease term and any renewal Lease term. The Guarantor may terminate Guarantor’s obligation herein for any renewal Lease term by written letter addressed to the Lessor and sent to Lessor by Certified Mail with Return Receipt at least sixty (60) days prior to the end of the initial term, showing that said certified letter had been delivered. Such cancellation shall only affect indebtedness incurred after the initial Lease term has expired, and shall only affect the person giving such notice, and payment of the indebtedness incurred prior to receipt of said written notice shall immediately be paid by the undersigned if not paid by the Lessee.