GUARANTY OF LEASE
For value received, the fact and sufficiency of which are hereby
acknowledged, and in consideration of the leasing of, and as an inducement to
H.C.B. CORPORATION (hereinafter referred to as the "Lessor"), to enter into an
Equipment Lease with OCEAN, INC. (the "Lessee") of even date (the "Lease"), the
undersigned jointly and severally (the "Guarantor") guarantees unto Lessor, and
its successors and assigns, the punctual payment by Lessee of all rents and
other payments as and when due and payable under the Lease and any extension or
renewal thereof, and the full, faithful and punctual performance by Xxxxxx of
all the covenants, agreements and provisions contained in the Lease on the part
of Lessee to be done, performed and observed during the term of the Lease and
any extension or renewal thereof.
No consent by Lessor to any assignment of the Lease or any subletting
by Lessee under the Lease, and no acceptance by Lessor of any one or more
checks, notes, bills, other commercial paper or other property on account or in
payment of, or as security for, any lease payment or other payment to be paid by
Lessee in connection with any settlement or compromise made by Lessor with
Lessee with respect to any such payment, and no other allowance or indulgence
granted or permitted by Lessor shall in any way affect the liabilities of any
Guarantor hereunder, nor in any way release the Guarantor from any obligations
under the terms of this Guaranty.
Guarantor hereby waives demand, notice of default or of non-payment,
every other notice and all suretyship defenses, and agrees to pay to Lessor any
and all costs and expenses, including court costs and reasonable attorney's
fees, incurred by Xxxxxx in the enforcement of this Guaranty.
It is specifically understood by Xxxxxxxxx that, insofar as the context
herein so requires or admits, the term "Lessor" shall include Xxxxxx's
successors and assigns, and the term "Lessee" shall include Xxxxxx's successors
and assigns.
Executed as a sealed instrument this 17th day of March, 1998.
WITNESS: BOSTON RESTAURANT ASSOCIATES, INC.
By ________________________________
Xxxxxx X. Xxxxxxxxxxx,
President and Treasurer
________________________________
XXXXXX X. XXXXXXXXXXX,
Individually
________________________________
XXXX X. XXXXXXX, Individually
