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.
Appears in 6 contracts
Samples: www.hometrust.ca, www.hometrust.ca, www.hometrust.ca
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.
Appears in 2 contracts
Samples: Bridge Loan, Contract of Loan and Hypothecs
