GUARANTY
In order to induce BRASWELL
ENTERPRISES, L.P. , a limited partnership
located in the State of California (“Lender”), to loan
the principal amount of One-Million and No/100 Dollars
($1,000,000.00) 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
fifty percent (50%) or Five-Hundred Thousand and No/100 Dollars
($500,000.00) of 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 at any
time after ninety (90) days after the Obligations
