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Exhibit 10.9
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Form RD 4279-14
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FORM APPROVED
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(05-07)
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OMB No. 0570-0017
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UNITED STATES DEPARTMENT OF AGRICULTURE
RURAL DEVELOPMENT UNCONDITIONAL GUARANTEE
BUSINESS AND INDUSTRY GUARANTEED LOAN PROGRAM
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Agency Loan #
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42-041-260532635
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Agency Loan Name
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B&I Guarantee Loan
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Borrower
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RHA Stroud, LLC
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3555 NW 58th Street, Suite 700
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Oklahoma City, OK 73112
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Guarantor
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See page 5.
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Guarantor Tax ID#
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See page 5.
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Lender
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Valliance Bank
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Date
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Note Amount
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3,662,000.00
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1.
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GUARANTEE
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Guarantor unconditionally guarantees payment to Lender of 100%
of all amounts owing under the Note including any costs. Due under
the Note when Lender makes written demand upon Guarantor. Lender is
not required to seek payment from any other source before demanding
payment from Guarantor.
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2.
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NOTE
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The "Note" is the promissory note dated
, 2008 in the principal amount of $3,662,000 Dollars, from Borrower
to Lender. It includes all notes, including notes issued under the
multi-note system, and any assumptions, renewal, substitution, or
replacement of the notes.
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According to the Paperwork Reduction Act of 1995, an agency may
not conduct or sponsor, and a person is not required to respond to
a collection of information unless it displays a valid OMB control
number. The valid OMB control number for this information
collection is 0570-0017. The time required to complete this
information collection is estimated to average 30 minutes per
response including the time for reviewing instructions, searching
existing data sources, gathering and maintaining the data needed,
and completing and reviewing the collection of information.
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3.
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DEFINITIONS
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"Collateral" means any property taken as security for payment of
the Note or any guarantee of the Note.
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"Guarantor" also includes single and multiple Guarantors who
sign this Guarantee.
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"Loan" means the loan evidenced by the Note.
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"Loan Documents" means the documents related to the Loan signed
by Borrower, Guarantor, or any other guarantor, or anyone who
pledges Collateral.
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"Agency" means Rural Business Cooperative Service an Agency of
the United States Department of Agriculture, Rural Development.
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4.
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LENDER’S GENERAL POWERS
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With prior written consent from the Agency, Lender may take any
of the following actions at any time, without notice to the
Guarantor, without Guarantor’s consent and without making
demand upon Guarantor.
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A.
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Modify the terms of the Note or any other Loan Document except
to increase the amounts due under the Note;
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B.
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Refrain from taking any action on the Note, the collateral, or
any guarantee;
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C.
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Compromise or settle with the Borrower or any guarantor of the
Note;
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D.
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Release any Borrower or any guarantor of the Note;
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E.
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Substitute or release any of the Collateral, whether or not
Lender receives anything in return;
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F.
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Foreclose upon or otherwise obtain, and dispose of, any
Collateral at public or private sale, with or without
advertisement;
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G.
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Bid or buy at any sale of Collateral by Lender or any other lien
holder, at any price Lender chooses; and
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H.
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Exercise any rights it has, including those in the Note and
other Loan Documents.
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These actions will not release or reduce the obligations of
Guarantor or create any rights or claims against Lender.
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5.
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FEDERAL LAW
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When the Agency is the holder, the Note and this Guarantee will
be construed and enforced under Federal law, including Agency
regulations. Lender or Agency may use state or local procedures for
filing papers, recording documents, giving notice, foreclosing
liens, and other purposes. By using such procedures, the Agency
does not waive any federal immunity from state or local control,
penalty, tax, or liability. As to this Guarantee, Guarantor may not
claim or assert any local or state law against the Agency to deny
any obligation, defeat any claim of the Agency, or preempt federal
law.
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6.
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RIGHTS, NOTICES, AND DEFENSES THAT GUARANTOR WAIVES
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To the extent permitted by law,
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A.
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Guarantor waives all rights to:
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1)
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Require presentment, protest, or demand upon Borrower;
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2
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