GUARANTY AGREEMENTGuaranty Agreement • June 15th, 2009 • Assisted Living Concepts Inc • Services-nursing & personal care facilities • Iowa
In order to induce TCF NATIONAL BANK, a national banking corporation (the “the Bank”), to make a certain loan in the amount of Fourteen Million Dollars ($14,000,000.00) (the “Loan”) to ALC THREE, LLC, a Wisconsin limited liability company (the “the Borrower”), pursuant to a Loan Agreement dated June 12, 2009 between the Borrower and the Bank, (the “Loan Agreement”), the obligation for repayment of which Loan is evidenced by a promissory note of even date herewith from the Borrower, as maker, to the Bank, as holder (refereed to herein together with any and all amendments, extensions, modifications, substitutions, replacements, refinancings, conversions or renewals thereof as the “Note”), which is secured by certain Collateral Documents (as defined in the Loan Agreement) (the Loan Agreement, the Note and the Collateral Documents are referred to herein collectively as the “Loan Documents”); and in consideration of all of the benefits which the undersigned guarantor will receive from the m
