Inducement for Guaranty Sample Clauses

Inducement for Guaranty. Lender was unwilling to make the Loan unless J▇▇▇▇▇ P▇▇▇ ▇▇▇▇▇▇▇▇ guaranteed payment and performance of the Note and Security Agreement. J▇▇▇▇▇ P▇▇▇ ▇▇▇▇▇▇▇▇ has now requested that he be released from his obligations under his Guaranty and that Nature’s Own Wellness Center be released from its obligations as a maker of the Note. Lender has agreed to such releases in consideration of Substitute Guarantor simultaneously executing this Substitute Guaranty replacing M▇. ▇▇▇▇▇▇▇▇ as Guarantor. (From this point forward, the term “Borrower” in this Substituted Guaranty shall mean only 4900 J▇▇▇▇▇▇, LLC). Substitute Guarantor hereby expressly guarantees payment of the Note, as amended, and performance by Borrower of each and every term, covenant, condition and agreement contained therein, and in any amendments thereto, and in the Security Agreements and under any and all other agreements that have been executed or that will be executed by the Borrower to or for the benefit of the Lender in connection with the Loan on the part of Borrower to be kept, observed or performed, including the Consulting Agreement dated effective July 1, 2014, as amended. The Note, Security Agreements and such other agreements are hereinafter collectively referred to as the "Loan Documents." Substituted Guarantor desires to give such guaranty in order to induce Lender to make and maintain the Loan.