Exhibit 10.15
GUARANTY
LITTLE ROCK, AR
(City)
APRIL 20, 2004
For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and to induce BANK OF THE OZARKS (CHENAL)
---------------------------------------------
(herein, with its participants, successors and assigns, called "Lender"), at its
option, at any time or from time to time to make loans or extend other
accommodations to or for the account of CAPITOL DEVELOPMENT OF ARKANSAS, INC.
(herein called "Borrower") or to engage in any other transactions with Borrower,
the Undersigned hereby absolutely and unconditionally guarantees to Lender the
full and prompt payment when due, whether at maturity or earlier by reason of
acceleration or otherwise, of the debts, liabilities and obligations described
as follows:
A. If this [ ] is checked, the Undersigned guarantees to Lender the
payment and performance of the debt, liability or obligation of
Borrower to Lender evidenced by or arising out of the following:
$2,050,000.00 CAPITOL DEVELOPMENT OF ARKANSAS. INC.and any extensions,
renewals or replacements thereof (hereinafter referred to as the
"Indebtedness").
B. If this [ ] is checked, the Undersigned guarantees to Lender the
payment and performance of each and every debt, liability and
obligation of every type and description which Borrower may now or at
any time hereafter owe to Lender (whether such debt, liability or
obligation now exists or is hereafter created or incurred, and whether
it is or may be direct or indirect, due or to become due, absolute or
contingent, primary or secondary, liquidated or unliquidated, or
joint, several, or joint and several; all such debts, liabilities and
obligations being hereinafter collectively referred to as the
"Indebtedness"). Without limitation, this guaranty includes the
following described debt(s):
The Undersigned further acknowledges and agrees with Xxxxxx that:
1. No act or thing need occur to establish the liability of the Undersigned
hereunder, and no act or thing, except full payment and discharge of all
indebtedness, shall in any way exonerate the Undersigned or modify, reduce,
limit or release the liability of the Undersigned hereunder.
2. This is an absolute, unconditional and continuing guaranty of payment of
the Indebtedness and shall continue to be in force and be binding upon the
Undersigned, whether or not all Indebtedness is paid in full, until this
guaranty is revoked by written notice actually received by the Lender, and such
revocation shall not be effective as to Indebtedness existing or committed for
at the time of actual receipt of such notice by the Lender, or as to any
renewals, extensions and refinancings thereof. If there be more than one
Undersigned, such revocation shall be effective only as to the one so revoking.
The death or incompetence of the Undersigned shall not revoke this guaranty,
except upon actual receipt of written notice thereof by Xxxxxx and then only as
to the decedent or the incompetent and only prospectively, as to future
transactions, as herein set forth.
3. If the Undersigned shall be dissolved, shall die, or shall be or become
insolvent (however defined) or revoke this guaranty, then the Lender shall have
the right to declare immediately due and payable, and the Undersigned will
forthwith pay to the Lender, the full amount of all Indebtedness, whether due
and payable or unmatured. If the Undersigned voluntarily commences or there is
commenced involuntarily against the Undersigned a case under the United States
Bankruptcy Code, the full amount of ail Indebtedness, whether due and payable or
unmatured, shall be immediately due and payable without demand or notice
thereof.
4. The liability of the Undersigned hereunder shall be limited to a
principal amount of $600,000.00 (if unlimited or if no amount is stated, the
Undersigned shall be liable for all Indebtedness, without any limitation as to
amount), plus accrued interest thereon and all attorneys' fees, collection costs
and enforcement expenses referable thereto. Indebtedness may be created and
continued in any amount, whether or not in excess of such principal amount,
without affecting or impairing the liability of the Undersigned hereunder. The
Lender may apply any sums received by or available to Lender on account of the
Indebtedness from. Borrower or any other person (except the Undersigned), from
their properties, out of any collateral security or from any other source to
payment of the excess. Such application of receipts shall not reduce, affect or
impair the liability of the Undersigned hereunder. If the liability of the
Undersigned is limited to a stated amount pursuant to this paragraph 4, any
payment made by the Undersigned under this guaranty shall be effective to reduce
or discharge such liability only if accompanied by a written transmittal
document, received by the Lender, advising the Lender that such payment is made
under this guaranty for such purpose.
5. The Undersigned will pay or reimburse Lender for all costs and expenses
(including reasonable attorneys' fees and legal expenses) incurred by Lender in
connection with the protection, defense or enforcement of this guaranty in any
litigation or bankruptcy or insolvency proceedings. This guaranty includes the
additional provisions on page 2, all of which are made a part hereof.
This guaranty is & unsecured; D secured by a mortgage or security agreement
dated _____ ; D secured by ___________________._____________________.
IN WITNESS WHEREOF, this guaranty has been duly
executed by the Undersigned the day and year first above written.
X XXXXXX XXXXXXXXXX /s/ JL
----------------------------------------------------------------------
P O BOX 17210
LITTLE ROCK AR
GUARANTY
LITTLE ROCK, AR
(City)
APRIL 20, 2004
For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and to induce BANK OF THE OZARKS (CHENAL)
---------------------------------------------
(herein, with its participants, successors and assigns, called "Lender"), at its
option, at any time or from time to time to make loans or extend other
accommodations to or for the account of CAPITOL DEVELOPMENT OF ARKANSAS, INC.
(herein called "Borrower") or to engage in any other transactions with Borrower,
the Undersigned hereby absolutely and unconditionally guarantees to Lender the
full and prompt payment when due, whether at maturity or earlier by reason of
acceleration or otherwise, of the debts, liabilities and obligations described
as follows:
A. If this [ ] is checked, the Undersigned guarantees to Lender the
payment and performance of the debt, liability or obligation of
Borrower to Lender evidenced by or arising out of the following:
$2,050,000.00 CAPITOL DEVELOPMENT OF ARKANSAS. INC.and any extensions,
renewals or replacements thereof (hereinafter referred to as the
"Indebtedness").
B. If this [ ] is checked, the Undersigned guarantees to Lender the
payment and performance of each and every debt, liability and
obligation of every type and description which Borrower may now or at
any time hereafter owe to Lender (whether such debt, liability or
obligation now exists or is hereafter created or incurred, and whether
it is or may be direct or indirect, due or to become due, absolute or
contingent, primary or secondary, liquidated or unliquidated, or
joint, several, or joint and several; all such debts, liabilities and
obligations being hereinafter collectively referred to as the
"Indebtedness"). Without limitation, this guaranty includes the
following described debt(s):
The Undersigned further acknowledges and agrees with Xxxxxx that:
1. No act or thing need occur to establish the liability of the Undersigned
hereunder, and no act or thing, except full payment and discharge of all
indebtedness, shall in any way exonerate the Undersigned or modify, reduce,
limit or release the liability of the Undersigned hereunder.
2. This is an absolute, unconditional and continuing guaranty of payment of
the Indebtedness and shall continue to be in force and be binding upon the
Undersigned, whether or not all Indebtedness is paid in full, until this
guaranty is revoked by written notice actually received by the Lender, and such
revocation shall not be effective as to Indebtedness existing or committed for
at the time of actual receipt of such notice by the Lender, or as to any
renewals, extensions and refinancings thereof. If there be more than one
Undersigned, such revocation shall be effective only as to the one so revoking.
The death or incompetence of the Undersigned shall not revoke this guaranty,
except upon actual receipt of written notice thereof by Xxxxxx and then only as
to the decedent or the incompetent and only prospectively, as to future
transactions, as herein set forth.
3. If the Undersigned shall be dissolved, shall die, or shall be or become
insolvent (however defined) or revoke this guaranty, then the Lender shall have
the right to declare immediately due and payable, and the Undersigned will
forthwith pay to the Lender, the full amount of all Indebtedness, whether due
and payable or unmatured. If the Undersigned voluntarily commences or there is
commenced involuntarily against the Undersigned a case under the United States
Bankruptcy Code, the full amount of ail Indebtedness, whether due and payable or
unmatured, shall be immediately due and payable without demand or notice
thereof.
4. The liability of the Undersigned hereunder shall be limited to a
principal amount of $1,200,000.00 (if unlimited or if no amount is stated, the
Undersigned shall be liable for all Indebtedness, without any limitation as to
amount), plus accrued interest thereon and all attorneys' fees, collection costs
and enforcement expenses referable thereto. Indebtedness may be created and
continued in any amount, whether or not in excess of such principal amount,
without affecting or impairing the liability of the Undersigned hereunder. The
Lender may apply any sums received by or available to Lender on account of the
Indebtedness from. Borrower or any other person (except the Undersigned), from
their properties, out of any collateral security or from any other source to
payment of the excess. Such application of receipts shall not reduce, affect or
impair the liability of the Undersigned hereunder. If the liability of the
Undersigned is limited to a stated amount pursuant to this paragraph 4, any
payment made by the Undersigned under this guaranty shall be effective to reduce
or discharge such liability only if accompanied by a written transmittal
document, received by the Lender, advising the Lender that such payment is made
under this guaranty for such purpose. 5. The Undersigned will pay or reimburse
Lender for all costs and expenses (including reasonable attorneys' fees and
legal expenses) incurred by Lender in connection with the protection, defense or
enforcement of this guaranty in any litigation or bankruptcy or insolvency
proceedings. This guaranty includes the additional provisions on page 2, all of
which are made a part hereof.
This guaranty is & unsecured; D secured by a mortgage or security agreement
dated _____ ; D secured by ___________________._____________________.
IN WITNESS WHEREOF, this guaranty has been duly executed by the Undersigned the
day and year first above written.
Xxxxx X. Xxxxxxx XX
000 Xxxxxx Xxxx xx.
N. Little Rock, AR 72116
GUARANTY
LITTLE ROCK, AR
(City)
APRIL 20, 2004
For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and to induce BANK OF THE OZARKS (CHENAL)
---------------------------------------------
(herein, with its participants, successors and assigns, called "Lender"), at its
option, at any time or from time to time to make loans or extend other
accommodations to or for the account of CAPITOL DEVELOPMENT OF ARKANSAS, INC.
(herein called "Borrower") or to engage in any other transactions with Borrower,
the Undersigned hereby absolutely and unconditionally guarantees to Lender the
full and prompt payment when due, whether at maturity or earlier by reason of
acceleration or otherwise, of the debts, liabilities and obligations described
as follows:
A. If this [ ] is checked, the Undersigned guarantees to Lender the
payment and performance of the debt, liability or obligation of
Borrower to Lender evidenced by or arising out of the following:
$2,050,000.00 CAPITOL DEVELOPMENT OF ARKANSAS. INC.and any extensions,
renewals or replacements thereof (hereinafter referred to as the
"Indebtedness").
B. If this [ ] is checked, the Undersigned guarantees to Lender the
payment and performance of each and every debt, liability and
obligation of every type and description which Borrower may now or at
any time hereafter owe to Lender (whether such debt, liability or
obligation now exists or is hereafter created or incurred, and whether
it is or may be direct or indirect, due or to become due, absolute or
contingent, primary or secondary, liquidated or unliquidated, or
joint, several, or joint and several; all such debts, liabilities and
obligations being hereinafter collectively referred to as the
"Indebtedness"). Without limitation, this guaranty includes the
following described debt(s):
The Undersigned further acknowledges and agrees with Xxxxxx that:
1. No act or thing need occur to establish the liability of the Undersigned
hereunder, and no act or thing, except full payment and discharge of all
indebtedness, shall in any way exonerate the Undersigned or modify, reduce,
limit or release the liability of the Undersigned hereunder.
2. This is an absolute, unconditional and continuing guaranty of payment of
the Indebtedness and shall continue to be in force and be binding upon the
Undersigned, whether or not all Indebtedness is paid in full, until this
guaranty is revoked by written notice actually received by the Lender, and such
revocation shall not be effective as to Indebtedness existing or committed for
at the time of actual receipt of such notice by the Lender, or as to any
renewals, extensions and refinancings thereof. If there be more than one
Undersigned, such revocation shall be effective only as to the one so revoking.
The death or incompetence of the Undersigned shall not revoke this guaranty,
except upon actual receipt of written notice thereof by Xxxxxx and then only as
to the decedent or the incompetent and only prospectively, as to future
transactions, as herein set forth.
3. If the Undersigned shall be dissolved, shall die, or shall be or become
insolvent (however defined) or revoke this guaranty, then the Lender shall have
the right to declare immediately due and payable, and the Undersigned will
forthwith pay to the Lender, the full amount of all Indebtedness, whether due
and payable or unmatured. If the Undersigned voluntarily commences or there is
commenced involuntarily against the Undersigned a case under the United States
Bankruptcy Code, the full amount of ail Indebtedness, whether due and payable or
unmatured, shall be immediately due and payable without demand or notice
thereof.
4. The liability of the Undersigned hereunder shall be limited to a
principal amount of $600,000.00 (if unlimited or if no amount is stated, the
Undersigned shall be liable for all Indebtedness, without any limitation as to
amount), plus accrued interest thereon and all attorneys' fees, collection costs
and enforcement expenses referable thereto. Indebtedness may be created and
continued in any amount, whether or not in excess of such principal amount,
without affecting or impairing the liability of the Undersigned hereunder. The
Lender may apply any sums received by or available to Lender on account of the
Indebtedness from. Borrower or any other person (except the Undersigned), from
their properties, out of any collateral security or from any other source to
payment of the excess. Such application of receipts shall not reduce, affect or
impair the liability of the Undersigned hereunder. If the liability of the
Undersigned is limited to a stated amount pursuant to this paragraph 4, any
payment made by the Undersigned under this guaranty shall be effective to reduce
or discharge such liability only if accompanied by a written transmittal
document, received by the Lender, advising the Lender that such payment is made
under this guaranty for such purpose. 5. The Undersigned will pay or reimburse
Lender for all costs and expenses (including reasonable attorneys' fees and
legal expenses) incurred by Lender in connection with the protection, defense or
enforcement of this guaranty in any litigation or bankruptcy or insolvency
proceedings. This guaranty includes the additional provisions on page 2, all of
which are made a part hereof.
This guaranty is & unsecured; D secured by a mortgage or security agreement
dated _____ ;
D secured by ___________________._____________________.
IN WITNESS WHEREOF, this guaranty has been duly executed by the Undersigned the
day and year first above written.
Xxxxx Xxxxxxxxxx
00 Xxxxxxxxx X.
Xxxxxx xxxx, XX 00000
GUARANTY
LITTLE ROCK, AR
(City)
APRIL 20, 2004
For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and to induce BANK OF THE OZARKS (CHENAL)
---------------------------------------------
(herein, with its participants, successors and assigns, called "Lender"), at its
option, at any time or from time to time to make loans or extend other
accommodations to or for the account of CAPITOL DEVELOPMENT OF ARKANSAS, INC.
(herein called "Borrower") or to engage in any other transactions with Borrower,
the Undersigned hereby absolutely and unconditionally guarantees to Lender the
full and prompt payment when due, whether at maturity or earlier by reason of
acceleration or otherwise, of the debts, liabilities and obligations described
as follows:
A. If this [ ] is checked, the Undersigned guarantees to Lender the
payment and performance of the debt, liability or obligation of
Borrower to Lender evidenced by or arising out of the following:
$2,050,000.00 CAPITOL DEVELOPMENT OF ARKANSAS. INC.and any extensions,
renewals or replacements thereof (hereinafter referred to as the
"Indebtedness").
B. If this [ ] is checked, the Undersigned guarantees to Lender the
payment and performance of each and every debt, liability and
obligation of every type and description which Borrower may now or at
any time hereafter owe to Lender (whether such debt, liability or
obligation now exists or is hereafter created or incurred, and whether
it is or may be direct or indirect, due or to become due, absolute or
contingent, primary or secondary, liquidated or unliquidated, or
joint, several, or joint and several; all such debts, liabilities and
obligations being hereinafter collectively referred to as the
"Indebtedness"). Without limitation, this guaranty includes the
following described debt(s):
The Undersigned further acknowledges and agrees with Xxxxxx that:
1. No act or thing need occur to establish the liability of the Undersigned
hereunder, and no act or thing, except full payment and discharge of all
indebtedness, shall in any way exonerate the Undersigned or modify, reduce,
limit or release the liability of the Undersigned hereunder.
2. This is an absolute, unconditional and continuing guaranty of payment of
the Indebtedness and shall continue to be in force and be binding upon the
Undersigned, whether or not all Indebtedness is paid in full, until this
guaranty is revoked by written notice actually received by the Lender, and such
revocation shall not be effective as to Indebtedness existing or committed for
at the time of actual receipt of such notice by the Lender, or as to any
renewals, extensions and refinancings thereof. If there be more than one
Undersigned, such revocation shall be effective only as to the one so revoking.
The death or incompetence of the Undersigned shall not revoke this guaranty,
except upon actual receipt of written notice thereof by Xxxxxx and then only as
to the decedent or the incompetent and only prospectively, as to future
transactions, as herein set forth.
3. If the Undersigned shall be dissolved, shall die, or shall be or become
insolvent (however defined) or revoke this guaranty, then the Lender shall have
the right to declare immediately due and payable, and the Undersigned will
forthwith pay to the Lender, the full amount of all Indebtedness, whether due
and payable or unmatured. If the Undersigned voluntarily commences or there is
commenced involuntarily against the Undersigned a case under the United States
Bankruptcy Code, the full amount of ail Indebtedness, whether due and payable or
unmatured, shall be immediately due and payable without demand or notice
thereof.
4. The liability of the Undersigned hereunder shall be limited to a
principal amount of $1,200,000.00 (if unlimited or if no amount is stated, the
Undersigned shall be liable for all Indebtedness, without any limitation as to
amount), plus accrued interest thereon and all attorneys' fees, collection costs
and enforcement expenses referable thereto. Indebtedness may be created and
continued in any amount, whether or not in excess of such principal amount,
without affecting or impairing the liability of the Undersigned hereunder. The
Lender may apply any sums received by or available to Lender on account of the
Indebtedness from. Borrower or any other person (except the Undersigned), from
their properties, out of any collateral security or from any other source to
payment of the excess. Such application of receipts shall not reduce, affect or
impair the liability of the Undersigned hereunder. If the liability of the
Undersigned is limited to a stated amount pursuant to this paragraph 4, any
payment made by the Undersigned under this guaranty shall be effective to reduce
or discharge such liability only if accompanied by a written transmittal
document, received by the Lender, advising the Lender that such payment is made
under this guaranty for such purpose. 5. The Undersigned will pay or reimburse
Lender for all costs and expenses (including reasonable attorneys' fees and
legal expenses) incurred by Lender in connection with the protection, defense or
enforcement of this guaranty in any litigation or bankruptcy or insolvency
proceedings. This guaranty includes the additional provisions on page 2, all of
which are made a part hereof.
This guaranty is & unsecured; D secured by a mortgage or security agreement
dated _____ ;
D secured by ___________________._____________________.
IN WITNESS WHEREOF, this guaranty has been duly executed by the Undersigned the
day and year first above written.
Xxxxx Xxxxxx
000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxx Xxxx,XX 00000
ADDENDUM TO GUARANTY
Little Rock, Arkansas
This ADDENDUM TO GUARANTY (the "Addendum") made this __ day of April,
2004, by the undersigned, hereinafter "Guarantor", and Bank of the Ozarks
(Chenal), hereinafter "Lender".
This Addendum is deemed to be incorporated into that certain Guaranty
dated of even date herewith (the "Guaranty") and executed by Guarantor in favor
of lender in connection with Xxxxxx's loan to Capital Development of Arkansas,
Inc., hereinafter "Borrower". which U described as a loan to Borrower in the
original principal amount of $2,050,000.00, together -with any extensions,
renewals or replacements thereof, plus all accrued Interest thereon and all
attorney*' fees, collection costs, and other expenses, without limitation, to
which Lender may be entitled (hereinafter the "Indebtedness").
Lender hereby agrees with Guarantor that in the event Lender seeks to
enforce the Guaranty, Guarantor, whether singly or together with any other
guarantor of the Indebtedness, shall have the right to purchase all, and not
less than all, of the Indebtedness and thereby acquire all of the rights of
lender in connection with) the Indebtedness, including, without limitation, any
mortgages entered into in connection with the Indebtedness, provided that
within five (5) days after being notified by Xxxxxx of Xxxxxxxx's default and
Xxxxxxx' desire to enforce the terms of the Guaranty against Guarantor,
Guarantor shall notify Lender of his/its intent to exercise the right to
purchase the Indebtedness. If the right to purchase the Indebtedness is
exercised, the purchase of the Indebtedness must close within thirty (30) days
after Guarantor hag given notice of such purchase to the Lender. In the event
that Guarantor Ms to give timely notice of his/its intent to exercise the right
to purchase the Indebtedness, or fails to consummate the purchase within the
specified time, then the right to purchase the Indebtedness shall be deemed
waived by Guarantor, The consideration to be paid by the Guarantor or
guarantors shall equal the amount of the Indebtedness as defined above.
In the event of a purchase of the Indebtedness pursuant to the terms of
this Addendum, then, in such event, the provisions of Section ,10 of the
Guaranty shall be null and void and of no further force and effect,
This Addendum made and entered into the dare first above written,
GUARANTOR:
-----------------------------
/s/
-----------------------------
Xxxxx X. Xxxxxx
LENDER:
BANK OF THE 0ZARKS (CHENAL)
Name:
Title:
ADDENDUM TO GUARANTY
Little Rock, Arkansas
This ADDENDUM TO GUARANTY (the "Addendum") made this 22nd day of April,
2004, by the undersigned, hereinafter "Guarantor", and Bank of the Ozarks
(Chenal), hereinafter "Lender".
This Addendum is deemed to be incorporated into that certain Guaranty
dated of even date herewith (the "Guaranty") and executed by Guarantor in favor
of lender in connection with Xxxxxx's loan to Capital Development of Arkansas,
Inc., hereinafter "Borrower". which U described as a loan to Borrower in the
original principal amount of $2,050,000.00, together -with any extensions,
renewals or replacements thereof, plus all accrued Interest thereon and all
attorney*' fees, collection costs, and other expenses, without limitation, to
which Lender may be entitled (hereinafter the "Indebtedness").
Lender hereby agrees with Guarantor that in the event Lender seeks to
enforce the Guaranty, Guarantor, whether singly or together with any other
guarantor of the Indebtedness, shall have the right to purchase all, and not
less than all, of the Indebtedness and thereby acquire all of the rights of
lender in connection with) the Indebtedness, including, without limitation, any
mortgages entered into in connection with the Indebtedness, provided that
within five (5) days after being notified by Xxxxxx of Xxxxxxxx's default and
Xxxxxxx' desire to enforce the terms of the Guaranty against Guarantor,
Guarantor shall notify Lender of his/its intent to exercise the right to
purchase the Indebtedness. If the right to purchase the Indebtedness is
exercised, the purchase of the Indebtedness must close within thirty (30) days
after Guarantor hag given notice of such purchase to the Lender. In the event
that Guarantor Ms to give timely notice of his/its intent to exercise the right
to purchase the Indebtedness, or fails to consummate the purchase within the
specified time, then the right to purchase the Indebtedness shall be deemed
waived by Guarantor, The consideration to be paid by the Guarantor or
guarantors shall equal the amount of the Indebtedness as defined above.
In the event of a purchase of the Indebtedness pursuant to the terms of
this Addendum, then, in such event, the provisions of Section ,10 of the
Guaranty shall be null and void and of no further force and effect,
This Addendum made and entered into the dare first above written,
GUARANTOR:
---------------------------
Xxxxxx Xxxxxxxxxx
LENDER:
BANK OF THE 0ZARKS (CHENAL)
Name:
Title:
ADDENDUM TO GUARANTY
Little Rock, Arkansas
This ADDENDUM TO GUARANTY (the "Addendum") made this 22nd day of April,
2004, by the undersigned, hereinafter "Guarantor", and Bank of the Ozarks
(Chenal), hereinafter "Lender".
This Addendum is deemed to be incorporated into that certain Guaranty
dated of even date herewith (the "Guaranty") and executed by Guarantor in favor
of lender in connection with Xxxxxx's loan to Capital Development of Arkansas,
Inc., hereinafter "Borrower". which U described as a loan to Borrower in the
original principal amount of $2,050,000.00, together -with any extensions,
renewals or replacements thereof, plus all accrued Interest thereon and all
attorney*' fees, collection costs, and other expenses, without limitation, to
which Lender may be entitled (hereinafter the "Indebtedness").
Lender hereby agrees with Guarantor that in the event Lender seeks to
enforce the Guaranty, Guarantor, whether singly or together with any other
guarantor of the Indebtedness, shall have the right to purchase all, and not
less than all, of the Indebtedness and thereby acquire all of the rights of
lender in connection with) the Indebtedness, including, without limitation, any
mortgages entered into in connection with the Indebtedness, provided that
within five (5) days after being notified by Xxxxxx of Xxxxxxxx's default and
Xxxxxxx' desire to enforce the terms of the Guaranty against Guarantor,
Guarantor shall notify Lender of his/its intent to exercise the right to
purchase the Indebtedness. If the right to purchase the Indebtedness is
exercised, the purchase of the Indebtedness must close within thirty (30) days
after Guarantor hag given notice of such purchase to the Lender. In the event
that Guarantor Ms to give timely notice of his/its intent to exercise the right
to purchase the Indebtedness, or fails to consummate the purchase within the
specified time, then the right to purchase the Indebtedness shall be deemed
waived by Guarantor, The consideration to be paid by the Guarantor or
guarantors shall equal the amount of the Indebtedness as defined above.
In the event of a purchase of the Indebtedness pursuant to the terms of
this Addendum, then, in such event, the provisions of Section ,10 of the
Guaranty shall be null and void and of no further force and effect,
This Addendum made and entered into the dare first above written,
GUARANTOR:
---------------------------------
Xxxxx X. Xxxxxxx
LENDER:
BANK OF THE 0ZARKS (CHENAL)
Name:
Title:
ADDENDUM TO GUARANTY
Little Rock, Arkansas
This ADDENDUM TO GUARANTY (the "Addendum") made this 22nd day of April,
2004, by the undersigned, hereinafter "Guarantor", and Bank of the Ozarks
(Chenal), hereinafter "Lender".
This Addendum is deemed to be incorporated into that certain Guaranty
dated of even date herewith (the "Guaranty") and executed by Guarantor in favor
of lender in connection with Xxxxxx's loan to Capital Development of Arkansas,
Inc., hereinafter "Borrower". which U described as a loan to Borrower in the
original principal amount of $2,050,000.00, together -with any extensions,
renewals or replacements thereof, plus all accrued Interest thereon and all
attorney*' fees, collection costs, and other expenses, without limitation, to
which Lender may be entitled (hereinafter the "Indebtedness").
Lender hereby agrees with Guarantor that in the event Lender seeks to
enforce the Guaranty, Guarantor, whether singly or together with any other
guarantor of the Indebtedness, shall have the right to purchase all, and not
less than all, of the Indebtedness and thereby acquire all of the rights of
lender in connection with) the Indebtedness, including, without limitation, any
mortgages entered into in connection with the Indebtedness, provided that
within five (5) days after being notified by Xxxxxx of Xxxxxxxx's default and
Xxxxxxx' desire to enforce the terms of the Guaranty against Guarantor,
Guarantor shall notify Lender of his/its intent to exercise the right to
purchase the Indebtedness. If the right to purchase the Indebtedness is
exercised, the purchase of the Indebtedness must close within thirty (30) days
after Guarantor hag given notice of such purchase to the Lender. In the event
that Guarantor Ms to give timely notice of his/its intent to exercise the right
to purchase the Indebtedness, or fails to consummate the purchase within the
specified time, then the right to purchase the Indebtedness shall be deemed
waived by Guarantor, The consideration to be paid by the Guarantor or
guarantors shall equal the amount of the Indebtedness as defined above.
In the event of a purchase of the Indebtedness pursuant to the terms of
this Addendum, then, in such event, the provisions of Section ,10 of the
Guaranty shall be null and void and of no further force and effect,
This Addendum made and entered into the dare first above written,
GUARANTOR:
-------------------------------
Xxxxx Xxxxxxxxxx
LENDER:
BANK OF THE 0ZARKS (CHENAL)
Name:
Title:
