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GUARANTY
In order to induce VESTAL
VENTURE CAPITAL , having its principal
place of business in Boca Raton, Florida (“Lender”), to
loan the principal amount of Two Hundred Fifty Thousand and No/100
Dollars ($250,000.00) to I2 TELECOM
INTERNATIONAL, INC. , a Washington
corporation (“Borrower”), evidenced by that certain
Promissory Note executed by Borrower contemporaneously herewith
(the “Note”), PAUL R.
ARENA (the “undersigned”)
hereby irrevocably, unconditionally, and absolutely guarantees the
due performance and punctual payment in full of all obligations and
all costs, including attorneys’ fees, arising out of
Borrower’s obligations under the Note (all such obligations,
costs, expenses and liabilities being hereinafter referred to as
the “Obligations”), pursuant to the terms and
conditions set forth herein.
The Undersigned hereby waives diligence,
presentment, protest, notice of dishonor, extension of time of
payment, and notice of acceptance of this Guaranty and hereby
consents to any and all forbearances and extensions of time of
payment of the Obligations and to any and all of the changes in the
terms, covenants and conditions thereof hereafter made or
guaranteed.
The Undersigned agrees that this Guaranty shall
constitute a guaranty of payment and not of collection and that,
upon a reasonable determination by Lender that it will not be able
to collect the Obligations in full or without substantial delay
from other sources, this Guaranty may be enforced by Lender within
90 days after the Obligations become due and payable whether on the
Maturity Date as defined in the Promissor
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