Common use of Primary Liability of Guarantor Clause in Contracts

Primary Liability of Guarantor. This Guaranty constitutes a guarantee of payment and performance and not of collection. The liability of Guarantor under this Guaranty shall be direct and immediate and not conditional or contingent upon the pursuit of any remedies against Borrower, any other co-Borrower, endorser, other guarantors, or other entity or person nor against any mortgage, assignment, pledge, security interest, or lien available to Lender. Guarantor waives any right to require an action to be brought against Borrower or any other co-Borrower, endorser, Guarantor, or other entity or person or to require that resort be had to any mortgage, assignment, pledge, security interest, or lien or against any collateral, or to any balance of any deposit account, or credit on the books of Lender in favor of Borrower or any other person. In accordance herein, Lender may enforce this Guaranty against Guarantor for any amounts due under the Obligations or any Obligation as they become due (by acceleration or otherwise) without first making demand or instituting collection proceedings against the Borrower in the event of a default under the Loan Documents. Guarantor’s liability for the Obligations is primary, and not secondary, and each document presently or hereafter executed by the Borrower to evidence or secure an Obligation to Lender is incorporated herein by reference and shall be fully enforceable against Guarantor.