I. THE PARTIES
Exhibit 10.2.24
UNCONDITIONAL, CONTINUING GUARANTY OF PAYMENT
I. THE PARTIES
This Unconditional, Continuing Guaranty of Payment (the "Guaranty"), dated
effective as of the 1st day of October, 1992, is given to and in favor of
General Motors Acceptance Corporation, a New York corporation, with branch
operations offices located at (i) 000 Xxxxxxxx Xxxxxxxx, Xxxxxxx Xxxx, Xxx
Xxxxxx 00000; (ii) 0000 Xxxxxxxxxxx Xxxxxx, Xxxxxxxx, Xxx Xxxx 00000-0000; (iii)
00 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxxxxxxxx, Xxx Xxxxxx 00000; and (iv) 000 Xxxx
Xxxxx Xxxxx, Xxx Xxxxx, Xxxxxxxxxxx 00000 ("GMAC"), by each and every one of the
following parties whose name, legal status, and address is listed (the
"Guarantor(s)").
Guarantor Name Status Address
-------------- ------ -------
County Auto Group Partnership NJ General 000 Xxxxx 00
t/a County Toyota Partnership Xxxxx, XX 00000
Rockland Motors Partnership NJ General 00 Xxxxx Xxxxxxxx Xxxxxx
t/a Rockland Mitsubishi Partnership X.X. Xxx 000
Xxxxx, XX 00000
Somerset Motors Partnership NJ General Route 22 East
t/a DiFeo Lexus Partnership X.X. Xxx 000
Xxxxx Xxxxx, XX 00000
DiFeo Oldsmobile Partnership NJ General Route 22 East
t/a DiFeo Volkswagen Partnership X.X. Xxx 000
Xxxxxxxxxxx Xxxxx Xxxxx, XX 00000
Fair Motors Partnership NJ General 000 Xxxxxxx Xxxx
t/a Fair Mitsubishi Partnership Xxxxxxx, XX 00000
Fair Chevrolet-Geo Partnership NJ General 000 Xxxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000
Fair Hyundai Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Suzuki Partnership Xxxxxxx, XX 00000
Fair Infiniti Partnership NJ General 000X Xxxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000
Fair Imports Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Acura Partnership Xxxxxxx, XX 00000
Danbury-Mt. Kisco Saturn NJ General 000X Xxxxxxx Xxxx
Partnership t/a Saturn Partnership Xxxxxxx, XX 00000
of Danbury
Fair Cadillac-Oldsmobile-Isuzu NJ General 000 Xxxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxxxxxx Xxxxxxx, XX 00000
Guarantor Name Status Address
-------------- ------ -------
Danbury Auto Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Honda Partnership Xxxxxxx, XX 00000
[TO BE FORMED]
DiFeo Nissan Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
[TO BE FORMED] Partnership Xxxxxx Xxxx, XX 00000
DiFeo Jeep-Eagle Partnership NJ General 000 Xxxxxxxxx Xxx.
Partnership Xxxxx 000
Xxxxxx Xxxx, XX 00000
DiFeo Autocenter Partnership NJ General Xxxxxx Mall & Route 440
t/a DiFeo Mazda Partnership Xxxxxx Xxxx, XX 00000
DiFeo Subaru Partnership NJ General 000 Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo Chevrolet-Geo Partnership NJ General 000 Xxxxxxxxx Xxx.
[TO BE FORMED] Partnership Xxxxx 000
Xxxxxx Xxxx, XX 00000
DiFeo Hyundai Partnership NJ General Xxxxxx Xxxx & Xxxxx 000
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo Buick-Pontiac-GMC NJ General 000 Xxxxxxxxxx Xxxxxx
Truck Partnership Partnership Xxxxxx Xxxx, XX 00000
DiFeo BMW Partnership NJ General 000 Xxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000
DiFeo Imports Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
t/a Jersey City Mitsubishi Partnership Xxxxxx Xxxx, XX 00000
J & F Oldsmobile-Isuzu NJ General 000 Xxxxxxxxx Xxxxxx
Partnership Partnership Xxxxx 000
Xxxxxx Xxxx, XX 00000
DiFeo Leasing Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
Xxxxxx Motors Partnership NJ General 000 Xxxxx 000
t/a Xxxxxx Toyota Partnership Xxxxxx Xxxx, XX 00000
J & S Ford Partnership NJ General 000 Xxxxx 000
[TO BE FORMED] Partnership Xxxxxx Xxxx, XX 00000
DiFeo Volkswagen Partnership NJ General 000 Xxxxx 000
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
North Jersey Manhattan Saturn NJ General 000 Xxxxxxxxxx Xxxxxx
Partnership Partnership Xxxxxx Xxxx, XX 00000
[TO BE FORMED]
DiFeo-EMCO Management NJ General 000 Xxxxxxxxxx Xxxxxx
Partnership Partnership Xxxxxx Xxxx, XX 00000
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Guarantor Name Status Address
-------------- ------ -------
County Auto Group, Inc. New York 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership RCT, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
DiFeo Partnership, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
EMCO Motor Holdings, Inc. Delaware 000 Xxxx 00 Xxxxxx
Xxxxxxxxxxx Xxxxx 0000
Xxx Xxxx, XX 00000
Rockland Motors Corp. New York 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership RCM, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
Somerset Motors, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership SCT, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
Gateway Oldsmobile, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Motors Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership DM, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
Fair Chevrolet Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Hyundai Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Infiniti, Inc. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Imports Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Danbury-Mt. Kisco Saturn Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Cadillac-Oldsmobile Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
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JS2, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
JS1, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Jeep-Eagle, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Autocenter, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Subaru, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Hyundai, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Buick, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo BMW, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Imports, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership HCM, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
J & F Oldsmobile Corp. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Leasing Corporation New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Xxxxxx Toyota, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership HCT, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
DiFeo Volkswagen, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
J & S Ford, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
North Jersey Manhattan Saturn New Jersey 000 Xxxxxxxxxx Xxxxxx
Corporation Corporation Xxxxxx Xxxx, XX 00000
Xxxxxx X. XxXxx Individual 000 Xxxxxxxx Xxxxxx
Xxxxxx Xxxx, XX 00000
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Xxxxxx X. XxXxx Individual 00 Xxxxxxxxxx Xxxxxxxxx
Xxxxxx, XX 00000
Xxxxx X. Xxxxxxxxxxxx Individual 00 Xxxxxx Xxxxxx Xxxx
Xxxxxxx, XX. 00000
Xxxxx X. Xxxxxxxx Individual 0 Xxxxxxxx Xxxxxx Xxxx
Xxxxxxx, XX 00000
Xxxxxx X. Xxxxx Individual 000 Xxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
Xxxxxx X. Xxxxxx Individual 0 Xxxxxxxx Xxxx
Xxxxxx, XX 00000
Xxxxxxx Xxxxxxxxxx Individual 0 Xxxxxxxxx Xxxx
Xxxxxxxxxx, XX 00000
Xxx X. XxXxx Individual 0000 Xxxxx Xxxxxx
Xxxxxx Xxxx, XX 00000
Xxxxx Xxxxxxx Individual Xxxxxxx Xxxx
Xxxxxxx, XX 00000
Xxxxxxx Xxxxxxx Individual 000 X. Xxxxxxxxx Xxxxxx
Xxxxx, XX 00000
Xxxxxxx Xxxxx Individual 000 Xxxxx Xxxxxx
Xxxxxx, XX 00000
II. THE RECITALS
A. WHEREAS, the following named entities, presently in existence or proposed
to-be-formed, in their capacity as motor vehicle dealers (the "Dealer(s)"),
have requested GMAC to extend or continue to extend credit accommodations
to them as separate and distinct entities. The type of credit, in the
aggregate, will likely exceed $100 million and involves one or more of (1)
wholesale floorplan financing of motor vehicles, including related
demonstrator, short-term rental, and delayed payment programs; (2) retail
sales and lease financing; (3) all other obligations, indebtedness, and
liabilities of Dealers to GMAC for loans, leases, financing, and other
credit extensions which GMAC may, in its sole discretion, provide to one or
more Dealers from time to time; and (4) all costs, expenses or fees
relating to the extension, administration, and collection of the credit
accommodations (the "Obligations"); and
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Dealer Name Status Address
----------- ------ -------
County Auto Group Partnership NJ General 000 Xxxxx 00
t/a County Toyota Partnership Xxxxx, XX 00000
Rockland Motors Partnership NJ General 00 Xxxxx Xxxxxxxx Xxxxxx
t/a Rockland Mitsubishi Partnership X.X. Xxx 000
Xxxxx, XX 00000
Somerset Motors Partnership NJ General Route 22 East
t/a DiFeo Lexus Partnership X.X. Xxx 000
Xxxxx Xxxxx, XX 00000
DiFeo Oldsmobile Partnership NJ General Route 22 East
t/a DiFeo Volkswagen Partnership X.X. Xxx 000
Xxxxxxxxxxx Xxxxx Xxxxx, XX 00000
Fair Motors Partnership NJ General 000 Xxxxxxx Xxxx
t/a Fair Mitsubishi Partnership Xxxxxxx, XX 00000
Fair Chevrolet-Geo Partnership NJ General 000 Xxxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000
Fair Hyundai Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Suzuki Partnership Xxxxxxx, XX 00000
Fair Infiniti Partnership NJ General 000X Xxxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000
Fair Imports Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Acura Partnership Xxxxxxx, XX 00000
Danbury-Mt. Kisco Saturn NJ General 000X Xxxxxxx Xxxx
Partnership t/a Saturn of Danbury Partnership Xxxxxxx, XX 00000
Fair Cadillac-Oldsmobile- NJ General 000 Xxxxxxx Xxxx
Isuzu Partnership Partnership Xxxxxxx, XX 00000
DiFeo Jeep-Eagle Partnership NJ General 000 Xxxxxxxxx Xxx.
Partnership Xxxxx 000
Xxxxxx Xxxx, XX 00000
DiFeo Autocenter Partnership NJ General Xxxxxx Mall & Route 440
t/a DiFeo Mazda Partnership Xxxxxx Xxxx, XX 00000
DiFeo Subaru Partnership NJ General 000 Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo Hyundai Partnership NJ General Xxxxxx Xxxx & Xxxxx 000
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo Buick-Pontiac-GMC NJ General 000 Xxxxxxxxxx Xxxxxx
Truck Partnership Partnership Xxxxxx Xxxx, XX 00000
DiFeo BMW Partnership NJ General 000 Xxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000
DiFeo Imports Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
t/a Jersey City Mitsubishi Partnership Xxxxxx Xxxx, XX 00000
J & F Oldsmobile-Isuzu Partnership NJ General 000 Xxxxxxxxx Xxxxxx
Partnership Route 440
Jersey City, NJ 07304
Xxxxxx Motors Partnership NJ General 000 Xxxxx 000
t/a Xxxxxx Toyota Partnership Xxxxxx Xxxx, XX 00000
DiFeo Volkswagen Partnership NJ General 000 Xxxxx 000
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
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Dealer Name Status Address
----------- ------ -------
J & S Ford Partnership NJ General 000 Xxxxx 000
[TO BE FORMED] Partnership Xxxxxx Xxxx, XX 00000
North Jersey Manhattan Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
[TO BE FORMED] Partnership Xxxxxx Xxxx, XX 00000
Danbury Auto Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Honda Partnership Xxxxxxx, XX 00000
[TO BE FORMED]
DiFeo Nissan Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
(TO BE FORMED) Partnership Xxxxxx Xxxx, XX 00000
DiFeo Chevrolet-Geo Partnership NJ General 000 Xxxxxxxxx Xxx.
[TO BE FORMED] Partnership Xxxxx 000
Xxxxxx Xxxx, XX 00000
B. WHEREAS, each Dealer is an affiliate of the other, having substantially
similar financial, ownership, and management interests with one another;
and
C. WHEREAS, each Guarantor is allied to at least one of the other Guarantors
by at least one of the following factors: financial, ownership, or
management; and
D. WHEREAS, GMAC has agreed to extend credit accommodations to Dealers
pursuant to the terms and conditions of a Loan and Security Agreement
executed on or about the date of this Guaranty, and such other documents,
agreements, and instruments referred to therein, all of which may be
amended, altered, suspended, or terminated from time to time in accordance
with the terms thereof (the "GMAC Financing"); and
E. WHEREAS, each Guarantor has determined that the execution, delivery, and
performance of this Guaranty directly benefits, and is within the purposes
and best interest of the Guarantor; and
F. WHEREAS, GMAC has been induced to provide GMAC Financing by the execution,
delivery, and performance of this Guaranty by all of the Guarantors;
III. THE GUARANTY AGREEMENT
NOW, THEREFORE, in consideration of the premises, the sufficiency of which is
hereby acknowledged, Guarantors hereby agree as follows:
1. Guaranty of Payment. Guarantor hereby unconditionally, continuously, and
absolutely guaranties to GMAC punctual payment of any and all Dealer
Obligations now or hereafter arising, whether matured, contingent, or
liquidated inclusive of all principal, interest, charges, costs, fees, and
expenses. This Guaranty is unlimited as to the amount and extent of
Obligations, except that as to individual Guarantors, Xxxxx X.
Xxxxxxxxxxxx, Xxxxx X. Xxxxxxxx, Xxxxxx X. Xxxxx, Xxxxxx X. Xxxxxx, Xxxxxxx
Xxxxxxxxxx, Xxx X. XxXxx, Xxxxx Xxxxxxx, Xxxxxxx Xxxxxxx and Xxxxxxx Xxxxx,
his or their liability hereunder shall be limited
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(i) to Obligations incurred by Dealers in which he or they have an
ownership interest as a shareholder of a general partner thereof; and (ii)
shall terminate for such Dealer Obligations which are incurred up to two
business days after his or their legal and equitable ownership interest
therein shall cease. The Guaranty shall not apply to any Obligation for
which the Guarantor is also the direct signatory/obligor of the
aforementioned Loan and Security Agreement to the extent of and in the
capacity as the Dealer thereunder.
2. Time for Payment. If any of the following events occur, GMAC may declare
all or any part of the Obligations, regardless of their terms or
conditions, and for the purposes of this Guaranty or otherwise, to be
immediately due and payable:
(a) any default with respect to payment or performance of any of the
Obligations by any Dealer; or
(b) any default in the observance or performance of any covenant or
agreement of any Guarantor under this Guaranty or otherwise; or
(c) insolvency, bankruptcy, or receivership proceeding initiated by or
against any Dealer or Guarantor; or
(d) the death, dissolution, or termination, as the case may be, of any
Guarantor;
(e) any material adverse change in the financial status of any Guarantor,
including the sale, mortgage, pledge, or encumbrance of any real or
personal property of the Guarantor without first obtaining the prior
written consent of GMAC (except as may occur for permitted purchase
money security interests and mortgages).
3. Right of Set-off. GMAC is hereby irrevocably authorized at any time and
from time to time without notice to Guarantor (any such notice being
expressly waived by Guarantor) to set-off, appropriate, recoup, and apply
any and all payments, credits, indebtedness or claims or any part thereof,
at any time held or owing by GMAC to or for the account of, or otherwise
payable to, Guarantor against and on account of the obligations and
liabilities of Guarantor to GMAC hereunder.
4. Waiver of Subrogation. Guarantor hereby waives and releases any rights that
it may now possess or hereafter acquire, whether by operation of law,
equity, or through contract, to obtain indemnity, reimbursement or
repayment from Dealers of any amount paid by Guarantor to GMAC pursuant to
this Guaranty, whether by way of subrogation, indemnity, defense,
reimbursement or otherwise. In the event that any Dealer shall be the
subject of a bankruptcy, insolvency or similar proceeding, Guarantor agrees
to make no claim against any Dealer or the estate of any Dealer arising out
of or in relation to the performance of this Guaranty
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by Guarantor and to execute and deliver to the debtor-in-possession,
trustee, receiver or other appropriate person such releases and waivers of
any claims available to Guarantor as shall be required to evidence this
waiver and release.
5. Certain Rights of GMAC. GMAC may at any time to the extent provided by the
GMAC Financing, without the consent of, or notice (except as shall be
required by applicable statute and which cannot be waived) to Guarantor,
and without incurring responsibility to Guarantor or impairing, mitigating,
or releasing the obligations of Guarantor hereunder:
(a) change the manner, place or terms of payment, or change or extend the
time of payment of, renew or alter any Obligations, any security
therefor, or any liability incurred directly or indirectly in respect
thereof, and the Guaranty herein made shall apply to the Obligations
as so changed, extended, renewed or altered;
(b) sell, exchange, release, subordinate, surrender, realize upon or
otherwise deal with in any manner and in any order any property at any
time pledged or mortgaged to secure the Obligations; fail to obtain,
maintain, or perfect any lien, pledge, mortgage, or security interest
in any property of the Dealer, delay in the perfection of any such
interest, fail to fully and adequately conduct audits and verification
reviews of such property or the books and records of the Dealer; or
(c) exercise or refrain from exercising any rights or remedies against
Dealer or others (including Guarantor or any other person directly or
contingently liable for any or all the Obligations);
(d) settle or compromise any Obligations, any security therefor or any
liability (including any of those hereunder) incurred directly or
indirectly in respect thereof, and may subordinate the payment of all
or any part thereof to the payment of any liability (whether due or
not) of Dealers to creditors of Dealers; and
(e) apply any sums however realized from Guarantor in the order of payment
as set forth in the GMAC Financing agreements or, to the extent not
set forth, in GMAC's reasonable discretion, provided GMAC has no duty
to marshal assets for the benefit of any Dealer or Guarantor.
6. Other Agreements of Guarantor. Guarantor also agrees as follows:
(a) the liability of Guarantor under this Guaranty is absolute and
unconditional and may be enforced without requiring GMAC to first
resort to any other right, remedy or security;
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(b) no setoffs or counterclaims that any Dealer or Guarantor, or any other
person, may have against GMAC shall impair or otherwise affect the
rights of GMAC against Guarantor and Guarantor waives the assertion of
any such setoffs or counterclaims in any proceeding to enforce
Guarantor's Obligations under this Guaranty;
(c) if any Dealer or Guarantor shall at any time become insolvent, make a
general assignment for the benefit of creditors, or if a petition in
bankruptcy or any insolvency or reorganization proceeding shall be
commenced by, against or in respect of any of them, such action shall
not release this Guaranty;
(d) this Guaranty is a continuing Guaranty which may not be terminated so
long as any Obligations remain outstanding;
(e) nothing shall discharge or satisfy the liability of Guarantor except
the full payment and performance of the Obligations;
(f) no invalidity, irregularity or unenforceability of all or any part of
the Obligations or of any security therefor shall affect, impair or be
a defense to this Guaranty; and
(g) this Guaranty is secured under separate security agreement, pledge,
assignment, and/or mortgage in favor of GMAC.
(h) Guarantor unconditionally and irrevocably waives each and every
defense which, under principles of guarantee or suretyship law, would
otherwise operate to impair or diminish the liability of Guarantor
under this Guaranty, including, without limitation, Guarantor
expressly waives and dispenses with notice of acceptance of this
Guaranty, notices of non-payment or non-performance, notice of amount
of indebtedness outstanding at any time, protests, demands, and
prosecution of collection, foreclosure, and possessory remedies.
Guarantor further waives any right to require GMAC to (i) proceed
against other persons or any Dealer, (ii) advise the Guarantor of the
results of any collateral checks or examinations, (iii) require any
Dealer to comply with its agreement with GMAC, or (iv) proceed against
Dealer or proceed against or exhaust any security.
(i) Guarantor shall provide upon the execution of this Guaranty and upon
request by GMAC a detailed financial statement for such Guarantor,
upon the forms attached hereto as Exhibits "A" (GMAC Form 559) and "B"
(GMAC Form 505 G).
Continuing Guaranty. This is a continuing guaranty and shall remain in full
force and effect until five business days after receipt by GMAC of written
notice by the Guarantor terminating or modifying same; provided, however, that
such notice shall not operate to release the Guarantor from liability hereunder
with respect to any Obligations
-10-
incurred prior to the effective date of such notice; and provided further that
such notice shall be effective only as to the Guarantor specifically giving such
notice.
Integration. Except as noted herein or in the GMAC Financing agreements, GMAC
has made no promises to any Dealer or Guarantor to induce execution of this
Guaranty and there are no other agreements or understandings, either oral or in
writing, between GMAC and the Guarantor affecting this Guaranty.
Joint and Several Liability. The Obligation of all parties signing this Guaranty
shall be joint and several, and the failure of or subsequent release of any
Guarantor named in this Guaranty to be bound hereby shall not mitigate, release,
or impair the responsibility of every other Guarantor hereunder.
Reinstatement.
(a) Guarantor further agrees that if GMAC receives any payment or payments
on account of the Obligations, which payment or payments or any part
thereof are subsequently invalidated, declared to be fraudulent,
avoidable, or preferential, set aside or required to be repaid to a
trustee, receiver, or any other party under any bankruptcy, state or
federal law, common law or equitable doctrine, then to the extent of
any sum not finally retained by GMAC, Guarantor's obligations under
this Guaranty shall be reinstated and this Guaranty shall remain in
full force and effect (or be reinstated) until payment of all the
Obligations shall have been irrevocably and indefeasibly made to GMAC.
If any action or proceeding seeking such repayment is pending or, in
GMAC's reasonable judgment, threatened, this Guaranty shall remain in
full force and effect notwithstanding that any Dealer may not then be
obligated to GMAC.
(b) If claim is ever made upon GMAC for repayment or recovery of any
amount or amounts received by it in payment or on account of any of
the Obligations and all or part of such amount is repaid by reason of
(i) any judgment, decree or order of any court or administrative body
having jurisdiction over GMAC or any of its property, or (ii) any
settlement or compromise of any such claim affected by GMAC with any
such claimant (including Dealer), then and in such event Guarantor
agrees that any such judgment, decree, order, settlement or compromise
shall be binding upon Guarantor, notwithstanding any revocation hereof
or the cancellation of any note or other instrument evidencing any
Obligations, and Guarantor shall be and remains liable to GMAC hereunder for the
amount so repaid or recovered to the same extent as if such amount had never
originally been received by GMAC.
11. Severability. Any provision of this Guaranty which is prohibited or
unenforceable in any jurisdiction or against any person
-11-
organized under the laws of such jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction
or with respect to any other person.
12. Paragraph Headings. The paragraph headings used in this Guaranty are for
convenience of reference only and are not to affect the construction hereof
or be taken into consideration in the interpretation hereof.
13. Rights and Remedies Not Waived. No course of dealing between GMAC and any
Dealer and/or Guarantor or any failure or delay on the part of GMAC in
exercising any rights or remedies hereunder shall operate as a waiver of
any rights or remedies of GMAC and no single or partial exercise of any
rights or remedies hereunder shall operate as a wiaver or preclude the
exercise of any other rights or remedies hereunder.
14. Waivers and Amendments; Successors and Assigns; Governing Law. None of the
terms or provisions of this Guaranty may be waived, altered, modified or
amended except by a written instrument, duly executed by Guarantor and
GMAC. This Guaranty and all obligations of Guarantor hereunder shall be
binding upon the successors and assigns of Guarantor, and shall, together
with the rights and remedies of GMAC hereunder, inure to the benefit of
GMAC and its successors and assigns, provided that Guarantor may not assign
or transfer any of its rights or obligations hereunder without the prior
written consent of GMAC. This Guaranty shall be governed by, and be
construed and interpreted in accordance with, the internal laws (and not
the laws of conflict) of the State of New Jersey.
15. Notices. Any demand, notice or communication to be made or given hereunder
shall be in writing, except as otherwise expressly permitted or required
under this Guaranty, and may be made or given by personal delivery,
overnight courier, registered or certified mail or by transmittal by telex
or facsimile machine, whether by public or private means, addressed to the
respective parties at the addresses set forth in Section I above. If the
party making or giving such demand, notice or communication knows or ought
reasonably to know of difficulties with the postal system which might
affect the delivery of mail, any such demand, notice or communication shall
not be mailed but shall be made or given by personal delivery or by telex
or by facsimile transmission.
16. Counterparts. This Guaranty may be executed in any number of counterparts,
each of which shall be deemed to be an original and all of which taken
together shall be deemed to constitute one and the same instrument, and it
shall not be necessary in making
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proof of this Guaranty to produce or account for more than one such
counterpart.
17. Waiver of Jury Trial. THE PARTIES HERETO ACKNOWLEDGE THAT THE RIGHT TO
TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT THIS RIGHT MAY BE WAIVED.
GMAC AND EACH GUARANTOR EACH HEREBY KNOWINGLY, VOLUNTARILY AND WITHOUT
COERCION, WAIVE ALL RIGHTS TO A TRIAL BY JURY OF ALL DISPUTES ARISING OUT
OF OR IN RELATION TO THIS GUARANTY OR ANY OTHER AGREEMENTS BETWEEN THE
PARTIES. NO PARTY SHALL BE DEEMED TO HAVE RELINQUISHED THE BENEFIT OF THIS
WAIVER OF JURY TRIAL UNLESS SUCH RELINQUISHMENT IS IN A WRITTEN INSTRUMENT
SIGNED BY THE PARTY TO WHICH SUCH RELINQUISHMENT WILL BE CHARGED.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the day and year first above written.
County Auto Group Partnership
t/a County Toyota
By /s/Xxxx X. Xxxxx
-----------------------------
Title Xxxx X. Xxxxx, CEO
-----------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
-----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
Rockland Motors Partnership
t/a Rockland Mitsubishi
By /s/Xxxx X. Xxxxx
-----------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
Somerset Motors Partnership
t/a DiFeo Lexus
By /s/Xxxx X. Xxxxx
-----------------------------
Title Xxxx X. Xxxxx, CEO
-----------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
------------------------
-13-
DiFeo Oldsmobile Partnership
t/a DiFeo Volkswagen of Bridgewater
By /s/Xxxx X. Xxxxx
-----------------------------
Title Xxxx X. Xxxxx, CEO
-----------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
-----------------
Title Xxxxxx Xxxxxx, CFO
------------------------
Fair Motors Partnership
t/a Fair Mitsubishi
By /s/Xxxx X. Xxxxx
-----------------------------
Title Xxxx X. Xxxxx, CEO
-----------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
--------------
Title Xxxxxx Xxxxxx, CFO
------------------------
Fair Chevrolet-Geo Partnership
By /s/Xxxx X. Xxxxx
--------------------------
Title Xxxx X. Xxxxx, CEO
-----------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
--------------
Title Xxxxxx Xxxxxx, CFO
------------------------
Fair Hyundai Partnership
t/a Fair Suzuki
By /s/Xxxx X. Xxxxx
-----------------------------
Title Xxxx X. Xxxxx, CEO
-----------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
--------------
Title Xxxxxx Xxxxxx, CFO
------------------------
Fair Infiniti Partnership
By /s/Xxxx X. Xxxxx
-----------------------------
Title Xxxx X. Xxxxx, CEO
-----------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
--------------
Title Xxxxxx Xxxxxx, CFO
------------------------
-14-
Fair Imports Partnership
t/a Fair Acura
By /s/Xxxx X. Xxxxx
-----------------------------
Title Xxxx X. Xxxxx, CEO
-----------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
------------------------
Danbury-Mt. Kisco Saturn
Partnership t/a Saturn
of Danbury
By /s/Xxxx X. Xxxxx
----------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
Fair Cadillac-Oldsmobile-
Isuzu Partnership
By /s/Xxxx X. Xxxxx
----------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
-----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
Danbury Auto Partnership
t/a Fair Honda
By /s/Xxxx X. Xxxxx
----------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
-----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Nissan Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
-----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
-15-
DiFeo Jeep-Eagle Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Autocenter Partnership
t/a DiFeo Mazda
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Subaru Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
-----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Chevrolet-Geo
Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
-----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Hyundai Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
-16-
DiFeo Buick-Pontiac-GMC
Truck Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo BMW Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Imports Partnership
t/a Jersey City Mitsubishi
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
-------------------------------
J & F Oldsmobile - Isuzu
Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Leasing Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
-17-
Xxxxxx Motors Partnership
t/a Xxxxxx Toyota
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
J & S Ford Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Volkswagen Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo-EMCO Management
Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
County Auto Group, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Treasurer
--------------------------------
-18-
DiFeo Partnership PCT, Inc.
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
DiFeo Partnership, Inc.
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
EMCO Motor Holdings, Inc.
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
Rockland Motors Corp.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Asst. Sec.
---------------------------------
DiFeo Partnership RCM, Inc.
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
-19-
Somerset Motors, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, VP
---------------------------
DiFeo Partnership SCT, Inc.
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
Gateway Oldsmobile, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, VP
--------------------------
Fair Motors Corp.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Treasurer
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
----------------
Title Xxxxxx X. XxXxx, Pres.
----------------------------
DiFeo Partnership DM, Inc.
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
-20-
Fair Chevrolet Corp.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Sec.
---------------------------
Fair Hyundai Corp.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Treasurer
--------------------------------
Fair Infinite, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Sec.
---------------------------
Fair Imports Corp.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Pres.
----------------------------
Danbury-Mt. Kisco Saturn Corp.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Sec.
---------------------------
-21-
Fair Cadillac-Oldsmobile Corp.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Sec.
---------------------------
JS2, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, VP
--------------------------
JS1, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, VP
--------------------------
DiFeo Jeep Eagle, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Pres.
----------------------------
DiFeo Autocenter, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Tres.
----------------------------
-22-
DiFeo Subaru, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Sec.
---------------------------
DiFeo Hyundai, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Tres.
----------------------------
DiFeo Buick, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Sec.
---------------------------
DiFeo BMW, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Sec.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Tres.
----------------------------
DiFeo Imports, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Pres.
----------------------------
-23-
DiFeo Partnership HCM, Inc.
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
J & F Oldsmobile Corp.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Asst. Sec.
---------------------------------
DiFeo Leasing Corporation
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Sec.
---------------------------
Xxxxxx Toyota, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, VP
-------------------------
DiFeo Partnership HCT, Inc.
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
------------------------
-24-
DiFeo Volkswagen, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, VP
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, Tres.
----------------------------
/s/ Xxxxxx X. XxXxx
-------------------------------
Xxxxxx X. XxXxx, Individual
North Jersey-Manhattan Saturn Corporation
By /s/Xxxxxx X. XxXxx
-------------------------------
Title
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title
----------------------------
North Jersey Manhattan Saturn Partnership
By /s/Xxxx X. Xxxxx
-------------------------------
Title Xxxx X. Xxxxx, CEO
-------------------------------
Attest/Certify /s/Xxxxxx Xxxxxx
----------------
Title Xxxxxx Xxxxxx, CFO
--------------------------
J & S Ford, Inc.
By /s/Xxxxxx X. XxXxx
-------------------------------
Title Xxxxxx X. XxXxx, Pres.
-------------------------------
Attest/Certify /s/Xxxxxx X. XxXxx
------------------
Title Xxxxxx X. XxXxx, VP
--------------------------
/s/Xxxxxx X. XxXxx
------------------------------- -------------------------------
Xxxxx Xxxxxxx, Individual Xxxxxx X. XxXxx, Individual
------------------------------- -------------------------------
Xxxxxxx Xxxxxxx, Individual Xxxxx X. Xxxxxxxxxxxx, Individual
------------------------------- -------------------------------
Xxxxxxx Xxxxx, Individual Xxxxx X. Xxxxxxxx, Individual
-25-
------------------------------- -------------------------------
Xxxxxxx Xxxxxxxxxx, Xxxxxx X. Xxxxx, Individual
Individual
/s/Xxx X. XxXxx
------------------------------- -------------------------------
Xxx X. XxXxx, Individual Xxxxxx X. Xxxxxx, Individual
GENERAL MOTORS ACCEPTANCE CORPORATION
By: /s/Illegible
-------------------------------
Its: Asst. Tres.
------------
-26-
FIRST AMENDMENT TO UNCONDITIONAL
CONTINUING GUARANTY OF PAYMENT
I. THE PARTIES
This First Amendment to Unconditional, Continuing Guaranty of Payment (the
"Amendment") is dated effective the 8th day of February, 1993, and executed by
and between General Motors Acceptance Corporation, a New York corporation, with
branch operations offices located at (i) 000 Xxxxxxxx Xxxxxxxx, Xxxxxxx Xxxx,
Xxx Xxxxxx 00000; (ii) 0000 Xxxxxxxxxxx Xxxxxx, Xxxxxxxx, Xxx Xxxx 00000-0000;
(iii) 00 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxxxxxxxx, Xxx Xxxxxx 00000; and (iv) 000
Xxxx Xxxxx Xxxxx, Xxx Xxxxx, Xxxxxxxxxxx 00000 ("GMAC"); Fair Chrysler Plymouth
Partnership, a New Jersey general partnership, trading as Fair Chrysler Plymouth
and located at 000X Xxxxxxx Xxxx, Xxxxxxx, Xxxxxxxxxxx 00000 ("Fair Chrysler");
and by each and everyone of the following persons whose name, legal status, and
address is listed (the "Guarantors"):
Guarantor Name Status Address
-------------- ------ -------
County Auto Group Partnership NJ General 000 Xxxxx 00
t/a County Toyota Partnership Xxxxx, XX 00000
Rockland Motors Partnership NJ General 00 Xxxxx Xxxxxxxx Xxxxxx
t/a Rockland Mitsubishi Partnership X.X. Xxx 000
Xxxxx, XX 00000
Somerset Motors Partnership NJ General Route 22 East
t/a DiFeo Lexus Partnership X.X. Xxx 000
Xxxxx Xxxxx, XX 00000
DiFeo Oldsmobile Partnership NJ General Route 22 East
t/a Difeo Volkswagen Bridgewater Partnership X.X. Xxx 000
Xxxxx Xxxxx, XX 00000
Fair Motors Partnership NJ General 000 Xxxxxxx Xxxx
t/a Fair Mitsubishi Partnership Xxxxxxx, XX 00000
Fair Chevrolet-Geo Partnership NJ General 000 Xxxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000
Fair Hyundai Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Suzuki Partnership Xxxxxxx, XX 00000
Fair Infiniti Partnership NJ General 000X Xxxxxxx Xxxx
-00-
Xxxxxxxxxxx Xxxxxxx, XX 00000
Fair Imports Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Acura Partnership Xxxxxxx, XX 00000
Danbury-Mt. Kisco Saturn NJ General 000X Xxxxxxx Xxxx
Partnership t/a Saturn of Danbury Partnership Xxxxxxx, XX 00000
Fair Cadillac-Oldsmobile-Isuzu NJ General 000 Xxxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxxxxxx Xxxxxxx, XX 00000
Danbury Auto Partnership NJ General 000X Xxxxxxx Xxxx
t/a Fair Honda Partnership Xxxxxxx, XX 00000
DiFeo Nissan Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo Jeep-Eagle Partnership NJ General 000 Xxxxxxxxx Xxxxxx
Partnership Xxxxx 000
Xxxxxx Xxxx, XX 00000
DiFeo Autocenter Partnership NJ General Xxxxxx Mall & Route 440
t/a DiFeo Mazda Partnership Xxxxxx Xxxx, XX 00000
DiFeo Subaru Partnership NJ General 000 Xxxxxxxxx Xxxxxx
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo Chevrolet-Geo NJ General 000 Xxxxxxxxx Xxxxxx
Partnership Partnership Xxxxx 000
Xxxxxx, Xxxx, XX 00000
DiFeo Hyundai Partnership NJ General Xxxxxx Xxxx & Xxxxx 000
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo Buick-Pontiac-GMC NJ General 000 Xxxxxxxxxx Xxxxxx
Truck Partnership Partnership Xxxxxx Xxxx, XX 00000
DiFeo BMW Partnership NJ General 000 Xxxxxx Xxxx
Xxxxxxxxxxx Xxxxxxx, XX 00000
DiFeo Imports Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
t/a Jersey City Mitsubishi Partnership Xxxxxx Xxxx, XX 00000
J & F Oldsmobile-Isuzu NJ General 000 Xxxxxxxxx Xxxxxx
Partnership Partnership Xxxxx 000
Xxxxxx Xxxx, XX 00000
-28-
DiFeo Leasing Partnership NJ General 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
Xxxxxx Motors Partnership NJ General 000 Xxxxx 000
t/a Xxxxxx Toyota Partnership Xxxxxx Xxxx, XX 00000
J & S Ford Partnership NJ General 000 Xxxxx 000
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo Volkswagen Partnership NJ General 000 Xxxxx 000
Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
North Jersey Manhattan Saturn NJ General 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxxxxx Xxxxxxxxxxx Xxxxxx Xxxx, XX 00000
DiFeo-EMCO Management NJ General 000 Xxxxxxxxxx Xxxxxx
Partnership Partnership Xxxxxx Xxxx, XX 00000
County Auto Group, Inc. NY Corporation 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Xxxxxx Xxxx, XX 00000
DiFeo Partnership RCT, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
DiFeo Partnership, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
EMCO Motor Holdings, Inc. Delaware 000 Xxxx 00 Xxxxxx
Xxxxxxxxxxx Xxxxx 0000
Xxx Xxxx, XX 00000
Rockland Motors Corp. New York 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership RCM, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
Somerset Motors, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership SCT, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
Gateway Oldsmobile, Inc. New Jersey 000 Xxxxx 000
-29-
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Motors Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership DM, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
Fair Chevrolet Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Hyundai Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Infiniti, Inc. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Imports Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Danbury-Mt. Kisco Saturn Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Fair Cadillac-Oldsmobile Corp. Connecticut 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
JS2, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
JS1, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Jeep-Eagle, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Autocenter, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Subaru, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Hyundai, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Buick, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
-30-
DiFeo BMW, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Imports, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership HCM, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
J & F Oldsmobile Corp. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Leasing Corporation New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
Xxxxxx Toyota, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
DiFeo Partnership HCT, Inc. Delaware 000 Xxxx 00 Xxxxxx
c/o EMCO Motor Holdings, Inc. Corporation Xxxxx 0000
Xxx Xxxx, XX 00000
DiFeo Volkswagon, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
J & S Ford, Inc. New Jersey 000 Xxxxx 000
c/o Xxxxxx X. XxXxx Corporation Xxxxxx Xxxx, XX 00000
North Jersey Manhattan Saturn New Jersey 000 Xxxxxxxxxx Xxxxxx
Corporation Corporation Xxxxxx Xxxx, XX 00000
Xxxxxx X. XxXxx Individual 000 Xxxxxxxx Xxxxxx
Xxxxxx Xxxx, XX 00000
Xxxxxx X. XxXxx Individual 00 Xxxxxxxxxx Xxxxxxxxx
Xxxxxx, XX 00000
Xxxxx X. Xxxxxxxxxxxx Individual 00 Xxxxxx Xxxxxx Xxxx
Xxxxxxx, XX 00000
Xxx X. XxXxx Individual 0000 Xxxxx Xxxxxx
Xxxxxx Xxxx, XX 00000
II. THE RECITALS
-31-
A. WHEREAS, each of the Guarantors executed and delivered to and in favor of
GMAC an Unconditional, Continuing Guaranty of Payment, dated effective
October 1, 1992, (the "Guaranty"); and
B. WHEREAS, the Guaranty is an unconditional, continuing guaranty of payment
of any and all obligations which the Dealers whose names were described
therein then or thereafter owed to GMAC, except that certain limitations
applied as to the Individual Guarantors, as more fully set forth in
paragraph 1 of the Guaranty; and
C. WHEREAS, each of the Dealers described in the Guaranty ("Dealers") has
previously executed, inter alia, a Loan and Security Agreement with GMAC
(the "Loan Agreement") which, among other things, required the
cross-guaranty of each Dealer, all Affiliates thereto, and certain other
parties named in paragraph 4 of the Loan Agreement; and
D. WHEREAS, Fair Chrysler has, contemporaneous with the execution of this
First Amendment, executed a Loan Agreement and other related documents,
instruments, and agreements with GMAC, and in connection therewith, will
become an "Affiliate" of the Dealers as that term is described in paragraph
6(I) of each and every Loan Agreement; and
E. WHEREAS, GMAC requires, in connection with all such Loan Agreements, that
each Guarantor unconditionally and continuously guaranty the payment of the
obligations of Fair Chrysler to GMAC and vice versa (the "Cross Guaranty");
and
F. WHEREAS, except for certain Individual Guarantors whose obligations are not
increased or altered by this First Amendment, each of the Parties hereto
intend that the Guaranty be amended to include the Cross-Guaranty of Fair
Chrysler.
III.
THE AMENDMENT AGREEMENT
NOW, THEREFORE, in consideration of the premises, the sufficiency of which is
hereby acknowledged, GMAC, Fair Chrysler, and each of the undersigned Guarantors
hereby agree, in conformity with paragraph 14 of the Guaranty, as follows:
1. The Guaranty is hereby amended to make and designate Fair Chrysler a
"Guarantor" and a "Dealer" as ascribed in the Guaranty and for all intents
and purposes thereunder, with all duties, obligations, and liabilities as a
Guarantor and Dealer as though originally executed by Fair Chrysler.
2. Except as noted above, the Guaranty remains in full force and effect and is
not otherwise waived, altered, modified, or amended hereby.
-32-
Fair Chrysler Plymouth Partnership GENERAL MOTORS ACCEPTANCE
t/a Fair Chrysler Plymouth CORPORATION
By /s/ X.X. Xxxxx By /s/ Xxxx X. Given
---------------------------------- -------------------------------
Title President Xxxx X. Given,
---------------------------- Control Branch Manager
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
--------------------
County Auto Group Partnership
t/a County Toyota
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Rockland Motors Partnership
t/a Rockland Mitsubishi
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Somerset Motors Partnership
t/a DiFeo Lexus
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Oldsmobile Partnership
t/a Difeo Volkswagen of Bridgewater
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
-33-
Fair Motors Partnership
t/a Fair Mitsubishi
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Chevrolet-Geo Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Hyundai Partnership
t/a Fair Suzuki
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Infiniti Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Imports Partnership
t/a Fair Acura
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
-34-
Danbury-Mt. Kisco Saturn
Partnership t/a Saturn of Danbury
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Cadillac-Oldsmobile-Isuzu
Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Danbury Auto Partnership
t/a Fair Honda
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Nissan Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Jeep-Eagle Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
-35-
DiFeo Autocenter Partnership
t/a DiFeo Mazda
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Subaru Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Chevrolet-Geo
Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Hyundai Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Buick-Pontiac-GMC
Truck Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
-36-
DiFeo BMW Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Imports Partnership
t/a Jersey City Mitsubishi
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
J & F Oldsmobile-Isuzu
Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Leasing Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Xxxxxx Motors Partnership
t/a Xxxxxx Toyota
By /s/ X.X. Xxxxx
-------------------------------
Title President
-------------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
-37-
J & S Ford Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Volkswagen Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo-EMCO Management
Partnership
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
County Auto Group, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Partnership RCT, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
--------------------------
DiFeo Partnership, Inc.
-38-
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
EMCO Motor Holdings, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Rockland Motors Corp.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Partnership RCM, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Somerset Motors, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Partnership SCT, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
--------------------
Title General Counsel
--------------------------
-00-
Xxxxxxx Xxxxxxxxxx, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Motors Corp.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
DiFeo Partnership DM, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
------------------------
Fair Chevrolet Corp.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Hyundai Corp.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
-40-
Fair Infiniti, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Imports Corp.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Danbury-Mt. Kisco Saturn Corp.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
Fair Cadillac-Oldsmobile Corp.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
JS2, Inc.
By /s/ X.X. Xxxxx
-------------------------------
Title President
----------------------------
Attest/Certify /s/ Xxxxxx Xxxxxxxx
-------------------
Title General Counsel
-------------------------
-41-
JS1, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Jeep-Eagle, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Autocenter, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Subaru, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Hyundai, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
-42-
DiFeo Buick, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo BMW, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Imports, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Partnership HCM, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
J & F Oldsmobile Corp.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
-43-
DiFeo Leasing Corporation
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
Hudson Toyota, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Partnership HCT, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Volkswagon, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
North Jersey Manhattan Saturn
Partnership
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
-44-
DiFeo-EMCO Mangement Avenue
Partnership
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
DiFeo Partnership RCT, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
J & S Ford, Inc.
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
North Jersey Manhattan Saturn
Corporation
By /s/ E.P. Mager
-------------------------------
Title President
----------------------------
Attest/Certify /s/ George Lowrance
-------------------
Title General Counsel
-------------------------
/s/ Samuel X. DiFeo
----------------------------------
Samuel X. DiFeo, Individual
/s/ Joseph C. DiFeo
----------------------------------
Joseph C. DiFeo, Individual
/s/ James G. Hetherington
----------------------------------
James G. Hetherington, Individual
-45-
/s/ Sam C. DiFeo
----------------------------------
Sam C. DiFeo, Individual
-46-
SECOND AMENDMENT TO UNCONDITIONAL
CONTINUING GUARANTY OF PAYMENT
I. THE PARTIES
This Second Amendment to Unconditional, Continuing Guaranty of Payment (the
"Second Amendment") is dated effective the 7th day of April, 1993, and executed
by and between General Motors Acceptance Corporation, a New York corporation,
with a branch operations office located at 325 Columbia Turnpike, Florham Park,
New Jersey 07932, and by each and everyone of the following persons whose name,
legal status, and address is listed below (the "Guarantors"):
Guarantor Name Status Address
-------------- ------ -------
County Auto Group Partnership NJ General 115 Route 59
t/a County Toyota Partnership Nyack, NY 10960
Rockland Motors Partnership NJ General 73 North Highland Avenue
t/a Rockland Mitsubishi Partnership P.O. Box 724
Nyack, NY 10960
Somerset Motors Partnership NJ General Route 22 East
t/a DiFeo Lexus Partnership P.O. Box 310
Bound Brook, NJ 08805
DiFeo Oldsmobile Partnership NJ General Route 22 East
t/a Difeo Volkswagen Partnership P.O. Box 310
Bridgewater Bound Brook, NJ 08805
Fair Motors Partnership NJ General 100 Federal Road
t/a Fair Mitsubishi Partnership Danbury, CT 06813
Fair Chevrolet-Geo Partnership NJ General 100 Federal Road
Partnership Danbury, CT 06813
Fair Hyundai Partnership NJ General 102D Federal Road
t/a Fair Suzuki Partnership Danbury, CT 06813
Fair Infiniti Partnership NJ General 100B Federal Road
Partnership Danbury, CT 06813
Fair Imports Partnership NJ General 100A Federal Road
t/a Fair Acura Partnership Danbury, CT 06813
Danbury-Mt. Kisco Saturn NJ General 102C Federal Road
Partnership t/a Saturn of Partnership Danbury, CT 06813
Danbury and t/a Saturn of
Watertown
Fair Cadillac-Oldsmobile-Isuzu NJ General 102 Federal Road
Partnership Partnership Danbury, CT 06813
Danbury Auto Partnership NJ General 102D Federal Road
t/a Fair Honda Partnership Danbury, CT 06813
DiFeo Nissan Partnership NJ General 977 Communipaw Avenue
Partnership Jersey City, NJ 07304
-47-
Guarantor Name Status Address
-------------- ------ -------
DiFeo Chrysler-Plymouth NJ General 315 Clendenny Ave.
Jeep-Eagle Partnership Partnership Route 440
Jersey City, NJ 07304
DiFeo Autocenter Partnership NJ General Hudson Mall & Route 440
t/a DiFeo Mazda Partnership Jersey City, NJ 07304
DiFeo Subaru Partnership NJ General 315 Clendenny Avenue
Partnership Jersey City, NJ 07304
DiFeo Chevrolet-Geo Partnership NJ General 315 Clendenny Ave.
Partnership Route 440
Jersey City, NJ 07304
DiFeo Hyundai Partnership NJ General Hudson Mall & Route 440
Partnership Jersey City, NJ 07304
DiFeo Buick-Pontiac-GMC Truck NJ General 919 Communipaw Avenue
Partnership Partnership Jersey City, NJ 07304
DiFeo BMW Partnership NJ General 301 County Road
Partnership Tenafly, NJ 07670
DiFeo Imports Partnership NJ General 947 Communipaw Avenue
t/a Jersey City Mitsubishi Partnership Jersey City, NJ 07304
J & F Oldsmobile-Isuzu NJ General 315 Clendenny Avenue
Partnership Partnership Route 440
Jersey City, NJ 07304
DiFeo Leasing Partnership NJ General 977 Communipaw Avenue
Partnership Jersey City, NJ 07304
Hudson Motors Partnership NJ General 585 Route 440
t/a Hudson Toyota Partnership Jersey City, NJ 07304
J & S Ford Partnership NJ General 599 Route 440
TO BE FORMED Partnership Jersey City, NJ 07304
DiFeo Volkswagen Partnership NJ General 599 Route 440
Partnership Jersey City, NJ 07304
North Jersey Manhattan Saturn NJ General 943 Communipaw Avenue
Partnership Partnership Jersey City, NJ 07304
DiFeo-EMCO Management NJ General 585 Route 440
Partnership Partnership Jersey City, NJ 07304
County Auto Group, Inc. New York 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Partnership RCT, Inc. Delaware 153 East 53 Street
c/o EMCO Motor Holdings, Inc. Corporation Suite 5900
New York, NY 10022
DiFeo Partnership, Inc. Delaware 153 East 53 Street
c/o EMCO Motor Holdings, Inc. Corporation Suite 5900
New York, NY 10022
EMCO Motor Holdings, Inc. Delaware 153 East 53 Street
Corporation Suite 5900
New York, NY 10022
-48-
Guarantor Name Status Address
-------------- ------ -------
Rockland Motors Corp. New York 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Partnership RCM, Inc. Delaware 153 East 53 Street
c/o EMCO Motor Holdings, Inc. Corporation Suite 5900
New York, NY 10022
Somerset Motors, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Partnership SCT, Inc. Delaware 153 East 53 Street
c/o EMCO Motor Holdings, Inc. Corporation Suite 5900
New York, NY 10022
Gateway Oldsmobile, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
Fair Motors Corp. Connecticut 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Partnership DM, Inc. Delaware 153 East 53 Street
c/o EMCO Motor Holdings, Inc. Corporation Suite 5900
New York, NY 10022
Fair Chevrolet Corp. Connecticut 585 Route 440
c/o Joseph C. Difeo Corporation Jersey City, NJ 07304
Fair Hyundai Corp. Connecticut 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
Fair Infiniti, Inc. Connecticut 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
Fair Imports Corp. Connecticut 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
Danbury-Mt. Kisco Saturn Corp. Connecticut 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
Fair Cadillac-Oldsmobile Corp. Connecticut 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
JS2, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
JS1, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Jeep-Eagle, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Autocenter, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Subaru, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Hyundai, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Buick, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
-49-
Guarantor Name Status Address
-------------- ------ -------
DiFeo BMW, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Imports, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Partnership HCM, Inc. Delaware 153 East 53 Street
c/o EMCO Motor Holdings, Inc. Corporation Suite 5900
New York, NY 10022
J & F Oldsmobile Corp. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Leasing Corporation New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
Hudson Toyota, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
DiFeo Partnership HCT, Inc. Delaware 153 East 53 Street
c/o EMCO Motor Holdings, Inc. Corporation Suite 5900
New York, NY 10022
DiFeo Volkswagen, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
J & S Ford, Inc. New Jersey 585 Route 440
c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304
Fair Chrysler Plymouth NJ General 100 C Federal Road
Partnership Partnership Danbury, CT 06813
t/a Fair Chrysler Plymouth
Samuel X. DiFeo Individual 121 Lorraine Avenue
Spring Lake, NJ 07762
Joseph C. DiFeo Individual 17 Blackpoint Horseshoe
Rumson, NJ 07760
II. THE RECITALS
A. WHEREAS, each of the Guarantors executed and delivered to and in favor of
GMAC an Unconditional, Continuing Guaranty of Payment, dated effective
October 1, 1992, (the "Guaranty"); and
B. WHEREAS, the Guaranty is an unconditional, continuing guaranty of payment
of any and all obligations while the Dealers whose names were described
therein then or thereafter owed to GMAC, except that certain limitations
applied as to certain of the Individual Guarantors, as more fully set forth
in paragraph 1 of the Guaranty or as subsequently modified in writing by
GMAC; and
C. WHEREAS, the Guaranty was first amended effective February 8, 1993, for the
purpose of adding an additional party thereto both as a named "Guarantor"
and a named "Dealer" thereunder; and
-50-
D. WHEREAS, each of the Dealers named in the Guaranty (as amended) have hired
and retained DiFeo-EMCO Management Partnership, a New Jersey general
partnership (with its principal administrative office located at 585 Route
440, Jersey City, New Jersey 07304) for the purpose of coordinating,
managing, and supervising various business, financial, organizational,
management, and operational matters for each such Dealer, and in connection
therewith, have deemed it in their best interests that DiFeo-EMCO
Management Partnership borrow money and procure extensions of credit for
and on behalf of itself and each such Dealer (the "Group Loans"); and
E. WHEREAS, DiFeo-EMCO Management Partnership has requested and GMAC is
willing to provide the Group Loans but only in accordance with the terms
and conditions of a certain Term Loan and Borrowing Base Credit Line Loan
Agreement, dated of even date herewith, substantially in the form of
Exhibit "A" hereto (the "Loan Agreement"; and
F. WHEREAS, the Loan Agreement requires, among other things, the
unconditional, continuing guaranty of payment by the Guarantors of all
Group Loans, made in accordance with the Loan Agreement; and
G. WHEREAS, each of the Guarantors agree and acknowledge that the Group Loans
are in their best interest, irrespective of whether they are a direct
recipient or beneficiary thereof, and intend hereby that the Guaranty, as
amended, by further amending to include as a Dealer Obligation guarantied
thereby, the Global Loans pursuant to the Loan Agreement.
III.
THE AMENDMENT AGREEMENT
NOW, THEREFORE, in consideration of the premises, the sufficiency of which is
hereby acknowledged, GMAC, and each of the undersigned Guarantors hereby agree,
in conformity with paragraph 14 of the Guaranty, as follows:
1. The Guaranty is hereby amended to make and designate DiFeo-EMCO Management
Partnership as a "Dealer" under the Guaranty and all Group Loans under the
Loan Agreement as an "Obligation" guarantied thereby, for all intents and
purposes thereunder, as though originally executed by the Guarantors in
this manner.
2. The Guaranty is hereby further amended to make and designate as a "Dealer"
for all intents and purposes under the Guaranty, and without further
amendment or notice thereof, any corporate or partnership entity which is
later formed and which has substantially similar and common financial,
ownership, and management interests as each of the Dealers presently
designated hereunder, as of the date hereof.
-51-
3. Except as noted above, the Guaranty remains in full force and effect and is
not otherwise waived, altered, modified, or amended hereby.
GENERAL MOTORS ACCEPTANCE CORPORATION
By /s/Paul A. Given
----------------------------------
Paul A. Given,
Control Branch Manager
County Auto Group Partnership
t/a County Toyota
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Rockland Motors Partnership
t/a Rockland Mitsubishi
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Somerset Motors Partnership
t/a DiFeo Lexus
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Oldsmobile Partnership
t/a Difeo Volkswagen of Bridgewater
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
-52-
Fair Chrysler Plymouth Partnership
t/a Fair Chrysler Plymouth
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Fair Motors Partnership
t/a Fair Mitsubishi
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Fair Chevrolet-Geo Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Fair Hyundai Partnership
t/a Fair Suzuki
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Fair Infiniti Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
-53-
Fair Imports Partnership
t/a Fair Acura
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Danbury-Mt. Kisco Saturn Partnership
t/a Saturn of Danbury and
t/a Saturn of Watertown
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Fair Cadillac-Oldsmobile-
Isuzu Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Danbury Auto Partnership
t/a Fair Honda
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Nissan Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
-54-
DiFeo Chrysler-Plymouth Jeep-Eagle
Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Autocenter Partnership
t/a DiFeo Mazda
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Subaru Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Chevrolet-Geo Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Hyundai Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
-55-
DiFeo Buick-Pontiac-GMC Truck Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo BMW Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Imports Partnership
t/a Jersey City Mitsubishi
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
J & F Oldsmobile-Isuzu Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Leasing Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
-------------------------------
Title V. Pres.
--------------------
-56-
Hudson Motors Partnership
t/a Hudson Toyota
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
J & S Ford Partnership
TO BE FORMED
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Volkswagen Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo-EMCO Management Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, CEO
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
County Auto Group, Inc.
By /s/ Joseph DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
-57-
DiFeo Partnership RCT, Inc.
By /s/E.P. Mager
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Partnership, Inc.
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
EMCO Motor Holdings, Inc.
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Rockland Motors Corp.
By /s/ Joseph C. DiFeo
----------------------------------
Title Tres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title Pres.
--------------------
DiFeo Partnership RCM, Inc.
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Somerset Motors, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title V. Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title Pres.
--------------------
-58-
DiFeo Partnership SCT, Inc.
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
Gateway Oldsmobile, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title V. Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title Pres.
--------------------
Fair Motors Corp.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Partnership DM, Inc.
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/ Joseph C. DiFeo
----------------------
Title Treasurer
--------------------
Fair Chevrolet Corp.
By /s/Joseph C. DiFeo
----------------------------------
Title V. Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
Fair Hyundai Corp.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
-59-
Fair Infiniti, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title Treasurer
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title Pres.
--------------------
Fair Imports Corp.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
Danbury-Mt. Kisco Saturn Corp.
By /s/Joseph C. DiFeo
----------------------------------
Title Sec.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
Fair Cadillac-Oldsmobile Corp.
By /s/Joseph C. DiFeo
----------------------------------
Title
--------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title
---------------------
JS2, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title V. Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title Pres.
--------------------
JS1, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title V. Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title Pres.
--------------------
-60-
DiFeo Jeep-Eagle, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Autocenter, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Subaru, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title V. Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title Pres.
--------------------
DiFeo Hyundai, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Buick, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title V. Pres
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title Pres.
--------------------
DiFeo BMW, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
-61-
DiFeo Imports, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres
--------------------
DiFeo Partnership HCM, Inc.
By /s/E.P. Mager
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
J & F Oldsmobile Corp.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
---------------------
DiFeo Leasing Corporation
By /s/Joseph C. DiFeo
----------------------------------
Title Sec.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
Hudson Toyota, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title V. Pres
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Partnership HCT, Inc.
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
-62-
DiFeo Volkswagen, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres.
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
North Jersey Manhattan Saturn Partnership
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/Joseph C. DiFeo
----------------------
Title V. Pres.
--------------------
DiFeo Partnership RCT, Inc.
By /s/E.P. Mager
----------------------------------
Title Ezra P. Mager, Pres.
-------------------------------
Attest/Certify /s/Joseph C. DiFeo
----------------------
Title
---------------------
J & S Ford, Inc.
By /s/Joseph C. DiFeo
----------------------------------
Title Pres
-------------------------------
Attest/Certify /s/Samuel X. DiFeo
----------------------
Title V. Pres.
--------------------
/s/Samuel X. DiFeo
-------------------------------------
Samuel X. DiFeo, Individual
/s/Joseph C. DiFeo
-------------------------------------
Joseph C. DiFeo, Individual
-63-
