Exhibit
4.3
GUARANTY
THIS GUARANTY
is made this 1 st day of October, 2008, by LEE OIL
COMPANY, INC. , a Virginia corporation, LEE’S FOOD
MART’S, LLC , a Tennessee limited liability company, and
MOUND TECHNOLOGIES, INC. , a Nevada corporation
(collectively “ Guarantors ”), in favor of
CHOICE FINANCIAL GROUP , a North Dakota state bank (“
Lender ”).
WHEREAS, Lender
has agreed to loan $3,250,000 (the “ Loan ”) to
Heartland, Inc., a Maryland corporation (“ Borrower
”);
WHEREAS, the
Loan will be evidenced by a Promissory Note of even date herewith
payable to the order of Lender in the original principal amount of
$3,250,000 (the “ Note ”) (the Note, the
Mortgage (as defined below) and the other documents executed in
connection with the Loan are collectively referred to as the
“ Loan Documents ”);
WHEREAS,
payment of the Note is be secured, among other things, by (i) a
mortgage lien evidenced by a Third Party Mortgage, Security
Agreement and Fixture Financing Statement on the fee interest in
certain real property located in Springboro, Ohio (the “
Ohio Property ”) owned by Mound Technologies, Inc., a
Nevada corporation (the “ Ohio Mortgage ”), (ii)
a mortgage lien evidenced by a Third Party Mortgage, Security
Agreement and Fixture Financing Statement on the fee interest in
certain real property located in _____________, Kentucky (the
“ Kentucky Property ”) owned by Lee’s Food
Mart’s, LLC, a Tennessee limited liability company (the
“ Kentucky Mortgage ”), and (iii) a mortgage
lien evidenced by a Third Party Deed of Trust, Security Agreement
and Fixture Financing Statement on the fee interest in certain real
property located in ______________, Virginia (the “
Virginia Property ”) owned by Lee Oil Company, Inc., a
Virginia corporation (the “ Virginia Deed of Trust
”) (the Ohio Property, the Kentucky Property and the Virginia
Property are collectively referred to as the “
Property ” and the Ohio Mortgage, the Kentucky
Mortgage and the Virginia Deed of Trust are collectively referred
to as the “ Mortgage ”); and
WHEREAS,
Guarantors are related or affiliated with Borrower and/or will
benefit from the Loan to Borrower;
WHEREAS,
Lender, as a condition to making the Loan, has required the
execution of this Guaranty;
NOW, THEREFORE,
in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, Guarantors hereby agree as follows:
1. Guarantors hereby
absolutely, unconditionally and jointly and severally guarantee to
Lender the full and prompt payment when due, whether at maturity or
earlier by reason of acceleration or otherwise, of (i) the payment
of all funds disbursed under and evidenced by the Note (and all
interest thereon) and any extensions or renewals thereof and
substitutions therefor; (ii) each and every sum secured by the Loan
Documents; and (iii) each and every other of the obligations in
connection with the Loan or sum now or hereafter owing under any
agreement now or hereafter entered into between Lender and Borrower
in connection with the Loan or the Property, including, without
limitation, all of the indemnification provisions of the Loan
Documents (all of said sums being hereinafter called the
“Indebtedness”); and Guarantors agree pay all costs,
expenses and attorneys’ fees paid or incurred by Lender in
endeavoring to collect the Indebtedness and in enforcing this
Guaranty. The obligations of Guarantors shall be joint
and several with all other parties liable for the
Indebtedness.
2. Each Guarantor
shall jointly and severally defend and indemnify Lender and its
shareholders, directors, officers, employees, agents, attorneys,
insurers, contractors, licensees, invitees, successors and assigns
(collectively “Indemnified Parties”) from and against,
shall hold the Indemnified Parties harmless from, and shall
reimburse the Indemnified Parties for any and all costs, directly
or indirectly incurred by the Indemnified Parties, including
attorneys’ and consultants’ fees resulting from any
violation of any Accessibility Regulation. This
Indemnity shall be deemed continuing for the benefit of the
Indemnified Parties, including any purchaser at a foreclosure or
other sale under the Mortgage, any transferee of the title from
Lender, and any subsequent owner of the Property, and shall survive
the satisfaction or release of the Mortgage, any foreclosure of or
other sale under the Mortgage and/or any acquisition of title to
the Property or any part thereof by Lender, or anyone claiming by,
through or under Lender, by deed in lieu of foreclosure or
otherwise, and also shall survive the repayment or any other
satisfaction of the Loan. Any amounts covered by the
foregoing indemnification shall bear interest from the date
incurred at the highest rate payable pursuant to the Note including
any default rate, as therein defined, and shall be payable on
demand. Each Guarantor agrees that its obligations under
this Agreement are separate from, independent of, and in addition
to its obligations, if any, under the Mortgage and other documents
which secure the Loan.
As used herein,
the following terms shall have the following meanings:
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“Accessibility Regulation” means a
Law relating to accessibility of facilities or properties for
disabled, handicapped and/or physically challenged persons,
including, without limitation, the Americans With Disabilities Act
of 1991, as amended.
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“Law” means any federal, state or
local law, statute, code, ordinance, rule, regulation or
requirement.
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3. Indebtedness of
Borrower under the Note or otherwise may be created and continued
in any amount without affecting or impairing the liability of
Guarantors hereunder, and Lender may pay (or allow for the payment
of) the excess out of any sums received by or available to Lender
on account of any Indebtedness from Borrower or any other person
(except Guarantors), from their properties, out of any collateral
security or from any other source, and such payment (or allowance)
shall not reduce, affect or impair the liability of Guarantors
hereunder.
4. No act or thing
need occur to establish the liability of Guarantors hereunder, and
with the exception of full payment, no act or thing (including, but
not limited to, a discharge in bankruptcy of the Indebtedness,
and/or the running of the statute of limitations) relating to the
Indebtedness which but for this provision could act as a release of
the liabilities of Guarantors hereunder, shall in any way exonerate
Guarantors, or affect, impair, reduce or release this Guaranty and
the liability of Guarantors hereunder; and this shall be a
continuing, absolute, unconditional and joint and several guaranty
and shall be in force and be binding upon Guarantors until the
Indebtedness is fully paid.
5. The liability of
Guarantors hereunder shall not be affected or impaired in any way
by any of the following acts or things (which Lender is hereby
expressly authorized to do, omit or suffer from time to time
without notice to or consent of anyone): (i) any acceptance of
collateral security, guarantors, accommodation parties or sureties
for any or all Indebtedness; (ii) any extension or renewal of
any Indebtedness (whether or not for longer than the original
period) or any modification of the interest rate, maturity or other
terms of any Indebtedness; (iii) any waiver or indulgence granted
to Borrower, any delay or lack of diligence in the enforcement of
the Note or any other Indebtedness, or any failure to institute
proceedings, file a claim, give any required notices or otherwise
protect any Indebtedness; (iv) any full or partial release of,
compromise or settlement with, or agreement not to sue, Borrower or
any other guarantor or other person liable on any Indebtedness or
the death of any other guarantor or obligor on any Indebtedness;
(v) any release, surrender, cancellation or other discharge of any
Indebtedness or the acceptance of any instrument in renewal or
substitution for any instrument evidencing Indebtedness; (vi) any
failure to obtain collateral security (including rights
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