Common use of SURETYSHIP Clause in Contracts

SURETYSHIP. Each person signing or joining in this Contract as a Surety agrees in consideration of the Lender making the Loan to the Borrower, as follows: The Surety, with the Borrower, as principal debtor and not as surety will duly pay or cause to be paid all Indebtedness on the days and times and in the manner provided for payment of the same; The Surety unconditionally guarantees full performance and discharge of all the Indebtedness at the times and in the manner provided in this Contract; The Surety indemnifies and saves the Lender harmless from and against all losses, damages, costs and expenses which the Lender may sustain, or incur or be or become liable for by reason of: the failure for any reason whatsoever by the Borrower to pay the Indebtedness or to do and perform any other act, matter or thing required by the provisions of this Contract; or any act, action or proceeding, of or by the Lender, for, or in connection with, the recovery of the Indebtedness by the Borrower, or enforcing the performance by the Borrower or any other person liable under this Contract of any act, matter or thing required by the provision of this Contract; The Lender shall not be obliged to proceed against the Borrower or any other person liable under this Contract or to enforce or exhaust any security before proceeding to enforce the obligations of the Surety set out in this paragraph and that enforcement of such obligations may take place before, after or contemporaneously with enforcement of any of the Indebtedness or the enforcement of any security for any such Indebtedness; The Lender may, without notice to and the consent or approval of the Surety, grant extensions of time for payment, make renewals, increase, vary and amend the Interest Rate, the interest rate payable under the Credit Card Account, if any, the Loan and other terms of this Contract and the Indebtedness, release the whole or any part of the Hypothecated Property or other security from this Contract, or otherwise deal with the Borrower, any of the Indebtedness or the Hypothecated Property or other security as the Lender sees fit without releasing or lessening the liability of the Surety; The Surety agrees to be bound by each such renewal, variation and amendment of any terms of this Contract the Lender makes with the Borrower and each reference to this Contract in this Surety paragraph shall mean the Contract as so renewed and amended from time to time, regardless of whether made with or without the knowledge, consent or approval of the Surety; No delay or carelessness or neglect by the Lender in asserting any of its rights, nor the loss of any right by operation of law, nor the loss or destruction of any security, nor the lack of validity or enforceability of all or any part of this Contract or any other security held for or any document evidencing any part of the Indebtedness will in any way release or lessen the liability of the Surety; The Surety has read this Contract and is fully aware of and agrees with its terms and in particular, the terms of this Suretyship; Where there is more than one Surety, each Surety is solidarily responsible under this guarantee with the other Sureties and the Borrower; The Lender may serve notice on the Surety and any notice to the Surety shall be deemed received in the same manner as provided for notice to the Borrower in this Contract; The Surety renounces the benefit of division and the benefit of discussion; The Surety further acknowledges and agrees with the Lender that the Surety’s obligations are not a guaranty attached to specific duties of the Surety towards the Borrower, but is given in consideration of the credit and ability of the Surety to fulfil or cause to be fulfilled the Indebtedness, and as such is an important consideration, without which the Lender would not have entered into this Contract. EXPLANATIONS FROM THE NOTARY The Lender and the Borrower, as well as the Surety and any other party to this Contract declare having received from their legal counsel appropriate and sufficient explanations of the nature and extent of the terms and conditions of this Contract and of the obligations of the parties deriving therefrom.

SURETYSHIP. Each person signing or joining in this Contract as a Surety agrees in consideration of the Lender making the Loan to the Borrower, as follows: The Surety, with the Borrower, as principal debtor and not as surety will duly pay or cause to be paid all Indebtedness on the days and times and in the manner provided for payment of the same; The Surety unconditionally guarantees full performance and discharge of all the Indebtedness at the times and in the manner provided in this Contract; The Surety indemnifies and saves the Lender harmless from and against all losses, damages, costs and expenses which the Lender may sustain, or incur or be or become liable for by reason of: the failure for any reason whatsoever by the Borrower to pay the Indebtedness or to do and perform any other act, matter or thing required by the provisions of this Contract; or any act, action or proceeding, of or by the Lender, for, or in connection with, the recovery of the Indebtedness by the Borrower, or enforcing the performance by the Borrower or any other person liable under this Contract of any act, matter or thing required by the provision of this Contract; The Lender shall not be obliged to proceed against the Borrower or any other person liable under this Contract or to enforce or exhaust any security before proceeding to enforce the obligations of the Surety set out in this paragraph and that enforcement of such obligations may take place before, after or contemporaneously with enforcement of any of the Indebtedness or the enforcement of any security for any such Indebtedness; The Lender may, without notice to and the consent or approval of the Surety, grant extensions of time for payment, make renewals, increase, vary and amend the Interest Rate, the interest rate payable under the Credit Card Account, if any, the Loan and other terms of this Contract and the Indebtedness, release the whole or any part of the Hypothecated Property or other security from this Contract, or otherwise deal with the Borrower, any of the Indebtedness or the Hypothecated Property or other security as the Lender sees fit without releasing or lessening the liability of the Surety; The Surety agrees to be bound by each such renewal, variation and amendment of any terms of this Contract the Lender makes with the Borrower and each reference to this Contract in this Surety paragraph shall mean the Contract as so renewed and amended from time to time, regardless of whether made with or without the knowledge, consent or approval of the Surety; No delay or carelessness or neglect by the Lender in asserting any of its rights, nor the loss of any right by operation of law, nor the loss or destruction of any security, nor the lack of validity or enforceability of all or any part of this Contract or any other security held for or any document evidencing any part of the Indebtedness will in any way release or lessen the liability of the Surety; The Surety has read this Contract and is fully aware of and agrees with its terms and in particular, the terms of this Suretyship; Where there is more than one Surety, each Surety is solidarily responsible under this guarantee with the other Sureties and the Borrower; The Lender may serve notice on the Surety and any notice to the Surety shall be deemed received in the same manner as provided for notice to the Borrower in this Contract; The Surety renounces the benefit of division and the benefit of discussion; The Surety further acknowledges and agrees with the Lender that the Surety’s obligations are not a guaranty attached to specific duties of the Surety towards the Borrower, but is given in consideration of the credit and ability of the Surety to fulfil or cause to be fulfilled the Indebtedness, and as such is an important consideration, without which the Lender would not have entered into this Contract. EXPLANATIONS FROM THE NOTARY The Lender and the Borrower, as well as the Surety and any other party to this Contract declare having received from their legal counsel appropriate and sufficient explanations of the nature and extent of the terms and conditions of this Contract and of the obligations of the parties deriving therefrom.

SURETYSHIP. Each person signing or joining 18.1 The GUARANTORS bind themselves to and in this Contract as a Surety agrees in consideration favour of the Lender making the Loan to the BorrowerLANDLORD as sureties for and co-principal debtors in solidum, as follows: The Surety, jointly and severally with the BorrowerTENANT, as principal debtor for the due and not as surety will duly pay or cause to be paid all Indebtedness on the days and times and in the manner provided for punctual payment of all amounts payable and for the same; The Surety unconditionally guarantees full performance due and discharge of all the Indebtedness at the times and in the manner provided in this Contract; The Surety indemnifies and saves the Lender harmless from and against all losses, damages, costs and expenses which the Lender may sustain, or incur or be or become liable for by reason of: the failure for any reason whatsoever by the Borrower to pay the Indebtedness or to do and perform any other act, matter or thing required by the provisions of this Contract; or any act, action or proceeding, of or by the Lender, for, or in connection with, the recovery of the Indebtedness by the Borrower, or enforcing the punctual performance by the Borrower or any other person liable under this Contract of any act, matter or thing required by the provision of this Contract; The Lender shall not be obliged to proceed against the Borrower or any other person liable under this Contract or to enforce or exhaust any security before proceeding to enforce the obligations of the Surety set out in this paragraph and that enforcement of such obligations may take place before, after or contemporaneously with enforcement of any of the Indebtedness or the enforcement of any security for any such Indebtedness; The Lender may, without notice to and the consent or approval of the Surety, grant extensions of time for payment, make renewals, increase, vary and amend the Interest Rate, the interest rate payable under the Credit Card Account, if any, the Loan and other terms of this Contract and the Indebtedness, release the whole or any part of the Hypothecated Property or other security from this Contract, or otherwise deal with the Borrower, any of the Indebtedness or the Hypothecated Property or other security as the Lender sees fit without releasing or lessening the liability of the Surety; The Surety agrees to be bound by each such renewal, variation and amendment of any terms of this Contract the Lender makes with the Borrower and each reference to this Contract in this Surety paragraph shall mean the Contract as so renewed and amended from time to time, regardless of whether made with or without the knowledge, consent or approval of the Surety; No delay or carelessness or neglect by the Lender in asserting any of its rights, nor the loss of any right by operation of law, nor the loss or destruction of any security, nor the lack of validity or enforceability TENANT of all or any part of this Contract or any other security held for or any document evidencing any part of the Indebtedness will in any way release or lessen the liability of the Surety; The Surety has read this Contract and is fully aware of and agrees with its terms and in particular, the terms of this Suretyship; Where there is more than one Surety, each Surety is solidarily responsible under this guarantee with the other Sureties and the Borrower; The Lender may serve notice on the Surety and any notice to the Surety shall be deemed received in the same manner as provided for notice to the Borrower in this Contract; The Surety renounces the benefit of division and the benefit of discussion; The Surety further acknowledges and agrees with the Lender that the Surety’s obligations are not a guaranty attached to specific duties of the Surety towards the Borrower, but is given in consideration of the credit and ability of the Surety to fulfil or cause to be fulfilled the Indebtedness, and as such is an important consideration, without which the Lender would not have entered into this Contract. EXPLANATIONS FROM THE NOTARY The Lender and the Borrower, as well as the Surety and any other party to this Contract declare having received from their legal counsel appropriate and sufficient explanations of the nature and extent of the terms and conditions incumbent upon it under and in terms of this Contract and agreement of lease or arising out of same, or arising out of a cancellation or termination thereof, including, without departing from the generality of the afore going, a termination of the lease by a liquidator or trustee of the TENANT. This suretyship shall also cover any amendments, variations, renewals or extensions of the agreement of lease although the GUARANTORS may not have specifically agreed thereto. 18.2 The GUARANTORS hereby renounce the benefits of "excussion", "division", "cession of action" and "no value received", with the full force and effect whereof they acknowledge themselves to be fully acquainted. Any indulgence, neglect or forbearance on the part of the LANDLORD shall in no way release the GUARANTORS from liability under this suretyship. 18.3 Each of the GUARANTORS agree that a certificate signed by the LANDLORD or its authorised representative shall be prima facie proof, at all times, of the amount owing to the LANDLORD by the TENANT for the purpose of any action taken by the LANDLORD in terms of this document, whether such action is for provisional sentence or otherwise. 18.4 This suretyship shall remain in full force and effect until the expiry of 30 [Thirty] Days' written notice is given to the LANDLORD at a time when all indebtedness, commitments and obligations of the parties deriving therefromTENANT to the LANDLORD shall fully have been discharged, provided that no such notice may be given until after the termination of this lease. 18.5 Each GUARANTOR who signs this agreement acknowledges and records that, notwithstanding the fact that it provides for signature by other GUARANTORS, there is a separate, distinct and independent contract of suretyship brought into existence by each GUARANTOR who does sign it. If for any reason any GUARANTOR shall fail to sign this agreement or if this suretyship shall for any reason cease to be or is not binding on any one of the GUARANTORS, then the obligation of the other GUARANTORS shall be and continue to be binding and shall remain of full force and effect.

SURETYSHIP. Each person signing or joining 13.1 I/We, signed in this Contract the agreement as a Surety agrees in consideration of surety/sureties (hereinafter referred to as “the Lender making the Loan surety/sureties”) do hereby bind myself/ourselves to the BorrowerAgent, as follows: The Suretydefined in the Agreement to which this suretyship is attached, with hereinafter referred to as the Borrower“main agreement”, as surety/sureties and co-principal debtor debtor/s jointly and not as surety will duly pay or cause to be paid all Indebtedness on severally for the days and times and in the manner provided for payment of the same; The Surety unconditionally guarantees full performance and discharge of all the Indebtedness at the times and in the manner provided in this Contract; The Surety indemnifies and saves the Lender harmless from and against all losses, damages, costs and expenses which the Lender may sustain, or incur or be or become liable for by reason of: the failure for any reason whatsoever by the Borrower to pay the Indebtedness or to do and perform any other act, matter or thing required by the provisions of this Contract; or any act, action or proceeding, of or by the Lender, for, or in connection with, the recovery of the Indebtedness by the Borrower, or enforcing the due performance by the Borrower Client of the Client’s obligations of whatsoever nature and howsoever arising from the main agreement. 13.2 The surety/sureties specifically waive/s and renounce/s the benefits of excussion and division. 13.3 All admission/s by the Client to the Agent are binding on the surety/sureties, including tacit and implied acknowledgements. 13.4 Any leniency granted by the Agent to the Client or surety/sureties at any time is not a waiver of any rights or claims of the Agent against the surety/sureties. 13.5 Notwithstanding any part performance of any obligation by the surety/sureties, the surety/sureties has no right to take any action against the Client or any other person liable under this Contract surety for the Client in respect of any act, matter or thing required by the provision of this Contract; The Lender shall not be obliged to proceed against the Borrower or any other person liable under this Contract or to enforce or exhaust any security before proceeding to enforce part performance until the obligations of the Surety set out Client to the Agent have been discharged in this paragraph and that enforcement full. 13.6 The surety/sureties shall not be released from its liability if the Agent makes any payment to the Client which it ought to not have made; or withholds performance from the Client which ought to have been performed; or allows the Client to breach its obligations to the Agent; or fails to take or prosecute to its conclusion any action against the Client; or in any manner prejudices the rights of such obligations may take place before, after the surety/sureties or contemporaneously with enforcement Client. 13.7 The terms of any agreement between the Agent and the Client is at all times within the discretion of the Indebtedness or the enforcement of any security for any such Indebtedness; The Lender may, without notice to Agent and the consent or approval surety/sureties shall not be released from any liability by reason of the Surety, grant extensions of time for payment, make renewals, increase, vary and amend the Interest Rate, the interest rate payable under the Credit Card Account, if any, the Loan and other terms of this Contract and the Indebtedness, release the whole Agent entering into such an agreement or any failure on the part of the Hypothecated Property Client to perform in whole or other security from in part under any such agreement. 13.8 The surety/sureties waive/s all its rights to rely upon prescription of any obligations created by this Contract, or otherwise deal with the Borrower, any deed. 13.9 Any obligation of the Indebtedness or Client for which the Hypothecated Property or other security as surety/sureties is/are liable shall be established by a certificate under the Lender sees fit without releasing or lessening the liability signature of any one director of the Surety; The Surety agrees to be bound by each such renewal, variation and amendment of any terms of this Contract the Lender makes with the Borrower and each reference to this Contract in this Surety paragraph shall mean the Contract as so renewed and amended from time to time, regardless of whether made with or without the knowledge, consent or approval of the Surety; No delay or carelessness or neglect by the Lender in asserting any of its rights, nor the loss of any right by operation of law, nor the loss or destruction of any security, nor the lack of validity or enforceability of all or any part of this Contract or any other security held for or any document evidencing any part of the Indebtedness will in any way release or lessen the liability of the Surety; The Surety has read this Contract and is fully aware of and agrees with its terms and in particular, the terms of this Suretyship; Where there is more than one Surety, each Surety is solidarily responsible under this guarantee with the other Sureties Agent and the Borrower; The Lender may serve notice on surety/sureties shall bear the Surety and onus in proving any notice to the Surety shall be deemed received error in the same manner as provided for notice to the Borrower in this Contract; The Surety renounces the benefit of division and the benefit of discussion; The Surety further acknowledges and agrees with the Lender that the Surety’s obligations are not a guaranty attached to specific duties of the Surety towards the Borrower, but is given in consideration of the credit and ability of the Surety to fulfil or cause to be fulfilled the Indebtedness, and as such is an important consideration, without which the Lender would not have entered into this Contract. EXPLANATIONS FROM THE NOTARY The Lender and the Borrower, as well as the Surety and any other party to this Contract declare having received from their legal counsel appropriate and sufficient explanations of the nature and extent of the terms and conditions of this Contract and of the obligations of the parties deriving therefromcertificate.