LEASE GUARANTY
EXHIBIT 10.24
WHEREAS, E&V Investments, LLC, hereinafter “Landlord”, and Global Water Management, LLC,
hereinafter “Tenant”, are about to execute a document entitled “Lease” dated November 15, 2005
concerning the premises commonly known as Suite #201 of Ancona Office Centre located at 00000 X.
00xx Xxxxxx xx Xxxxxxx, Xxxxxxx wherein Landlord will lease the premises to Tenant and
WHEREAS, Global Water Resources, LLC, hereinafter “Guarantor” has a financial interest in
Tenant, and
WHEREAS, Xxxxxxxx would not execute the Lease if Xxxxxxxxx did not execute and deliver to
Landlord this Lease Guaranty.
NOW THEREFORE, in consideration of the execution of the foregoing Lease by Xxxxxxxx and as a
material inducement to Landlord to execute said Lease, Guarantor guarantees the prompt payment by
Lessee of all rents and all other sums payable by Xxxxxx under said Lease and the faithful and
prompt performance by Xxxxxx of each and every one of the terms, conditions and covenants of said
Lease to be kept and performed by Xxxxxx.
It is specifically agreed that the terms of the foregoing Lease may be modified by agreement
between Landlord and Xxxxxx and said Lease may be assigned by Landlord or by assignee of Landlord
without consent or notice of Guarantor and that this Guaranty shall guarantee the performance of
said Xxxxx as so modified.
This Guaranty shall not be released, modified or affected by the failure or delay on the part
of Landlord to enforce any of the rights or remedies of the Landlord under said Lease, whether
pursuant to the terms thereof or at law or in equity.
No notice of default need be given to Guarantor (other than any required notice to Tenant
under the Lease), it being specifically agreed that the guarantee of the undersigned is a
continuing guarantee under which Landlord may proceed against Tenant and/or against Guarantor
following any breach or default by Tenant or for the enforcement of any rights which Landlord may
have as against Tenant under the terms of this Lease or at law or in equity.
Landlord shall have the right to proceed against Guarantor hereunder following any breach or
default by Tenant without first proceeding against Tenant and without previous notice to or demand
upon either Tenant or Guarantor except as provided for in the Lease.
Guarantor hereby waives (a) notice of acceptance of this Guaranty, (b) demand of payment,
presentation and protest, (c) any right to require Landlord to proceed against the Tenant or any
other Guarantor or any other person or entity liable to Landlord, (d) any right to require Landlord
to apply to any default any security deposit or other security it may hold under the lease, (e) any
right to require Landlord to proceed under any other remedy Landlord may have before proceeding
against Guarantor, (f) any right of subrogation.
Guarantor does hereby subrogate all existing or future indebtedness of Tenant to Guarantor to
the obligations owed to Landlord under the Lease and this Guaranty.
The obligations of Tenant under the Lease to execute and deliver estoppel statements and
financial statements, as therein provided, shall be deemed to also require Guarantor to re-affirm
this Guaranty.
The term “Landlord” refers to and means the Landlord named in the Lease and also Xxxxxxxx’s
successors and assigns. So long as Landlord’s interest in the Lease, the leased premises or the
rents, issues and profits therefrom, are subject to any mortgage or deed of trust or assignment for
security, no acquisition by Guarantor of the Landlord’s interest shall affect the continuing
obligation of Guarantor under this Guaranty which shall nevertheless continue in full force and
affect for the benefit of the mortgagee, beneficiary, trustee or assignee under such mortgage, deed
of trust or assignment and their successors and assigns.
The term “Tenant” refers to and means the Tenant named in the Lease and also Xxxxxx’s
successors and assigns.
In the event any action be brought by said Landlord against Guarantor hereunder to enforce the
obligation of Guarantor hereunder, the unsuccessful party in such action shall pay to the
prevailing party therein a reasonable attorney’s fee which shall be fixed by the court.
| Executed at: PHOENIX | ||||
| On: 29 November 2005 |
||||
| /s/ Xxxxxx X. Xxxx. | ||||
| Xxxxxx X. Xxxx. | ||||
| XXXXXX X. XXXX | ||||
| GLOBAL WATER RESOURCES. | ||||
| "GUARANTOR" | ||||
