STOCK NO. 11043
GUARANTY OF SPECIFIC TRANSACTION
(For Consumer or Business Transactions)
(Revised For Wisconsin Marital Property Act)
GUARANTY, For value received, and to induce FORE SEASONS GOLF, INC. of
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Milwaukee, Wisconsin ("Bank"), to extend credit to
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MILWAUKEE FAMILY GOLF CENTERS, INC., a Delaware corporation ("Debtor"), the
undersigned jointy and severally guarantee payment of and promise to pay or
cause to be paid to Bank or any other holder of any of the obligations defined
below when due or, to the extent not prohibited by law, at the time any Debtor
becomes the subject of bankruptcy or other insolvency proceedings, a note or
agreement payable to Bank dated December , 1996, executed by Debtor in the
principal amount of $200,000.00, plus interest, charges and fees provided for
in the note, agreement or any agreement securing either, and in any extensions,
renewals and deferrals of it, and also including the amount of any payments
made to Bank or another by or on behalf of Debtor which are recovered from Bank
by a trustee, receiver, creditor or other party pursuant to applicable federal
or state law, and to the extent not prohibited by law, all costs, expenses and
fees at any time paid or incurred in endeavoring to collect all or part of any
of the above, or to realize upon this Guaranty, or any colleteral securing any
of the above (all called the "Obligations"). No claim, including a claim for
contribution or subrogation, which any of the undersigned may have against a
co-guarantor of any of the Obligations or against Debtor shall be enforced nor
any payment accepted until the Obligations are paid in full and the payments
are not subject to any right of recovery. To the extent not prohibited by law,
the undersigned grants to the Bank a security interest and lien in any deposit
account the undersigned may at any time have with the Bank (except accounts,
the interest on which is exempt from federal income tax). Bank may, at any time
after the occurrence of an event of default with respect to any Obligation and
notice and opportunity to cure, if required by $425,105, Wis. Stats., set-off
any amount unpaid on such Obligation against any deposit balances the
undersigned may at any time have with the Bank, or other money now or hereafter
owed the undersigned by Bank. This Guaranty is also secured (to the extent not
prohibited by law) by all existing and future security agreements between Bank
and any of the undersigned and by any mortgage stating it secures this
Guaranty. To the extent not prohibited by law, this Guaranty is valid and
enforceable against the undersigned even though any Obligation is invalid and
unenforceable against Debtor.
WAIVER. To the extent not prohibited by law the undersigned expressly
waive notice of the acceptance of this Guaranty, the creation of any
present or future Obligation, default under any Obligation, proceedings to
collect from Debtor or anyone else, and all diligence of collection and
presentment, demand, notice and protest and any right to disclosures from Bank
regarding the financial condition of any Debtor or guarantor of the
Obligations or the collectability or enforceability of the Obligations.
CONSENT. With respect to any of the Obligations, the Bank may from time
to time without notice to the undersigned and without affecting the liability
of the undersigned (a) surrender, release or impair, sell or otherwise dispose
of any security or collateral, (b) surrender, release or agree not to sue any
guarantor or surety, (c) fail to perfect its security interest in or realize
upon any security or collateral, (d) fall to realize upon any of the
Obligations or to proceed against the Debtor or any guarantor or surety, (e)
renew or extend the time of payment, (f) increase or decrease the rate of
Interest, (g) accept additional security or collateral, (h) determine the
allocation and application of payments and credits and accept partial payments,
(i) determine what, if anything, may at any time be done with reference to any
security or collateral, and (j) settle or compromise the amount due or owing or
claimed to be due or owing. The undersigned expressly consent to and waive
notice of all of the above. To the extent not prohibited by law, the
undersigned consent that venue for any legal proceeding relating to the
collection of this Guaranty shall be, at the Bank's option, the county in which
the Bank has it's principal office in this state, the county in which any of
the undersigned resides or the county in which this Guaranty was executed by
the undersigned.
REPRESENTATIONS. The undersigned acknowledges and agrees that the Bank
(a) has not made any representations or warranties with respect to, (b) does
not assume any responsibility to the undersigned for, and (c) has no duty to
provide information to the undersigned regarding, the collectability or
enforceability of any of the Obligations or the financial condition of any
Debtor or guarantor. The undersigned has independently determined the
collectability and enforceability of the Obligations and until the Obligations
are paid in full will independently and without reliance on Bank continue
to make such determinations.
PERSONS BOUND. This Guaranty benefits Bank, its successors and assigns,
and binds the undersigned, their respective heirs, personal representatives,
successors and assigns.
Dated December , 1996 FAMILY GOLF CENTERS, INC., a Delaware corporation
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By:
X (SEAL) X /s/ Xxxxxx X. Xxxxxx (SEAL)
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Xxxxxx X. Xxxxxx
Title: Senior Vice President
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000 Xxxxxxxxxxx Xxxx, Xxxxxxxx, XX 00000
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(Address) (Address)
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MARITAL PURPOSE. For Wisconsin residents only: Each guarantor who signs
above and is married represents that this obligation is incurred in the
interest of his or her marriage or family.
X N/A X N/A
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FOR BANK CLERICAL USE ONLY
