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10.2
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Guaranty of
William C. Parker in favor of Globank Corp. dated as of July 29,
2008
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GUARANTY OF WILLIAM C.
PARKER
THIS
GUARANTY (this
“Guaranty”) dated July 29, 2008 is made by William C.
Parker (the “Guarantor”), a resident of Chatham County,
Georgia, in favor of Globank Corp. (the “Lender”), a
Nevada corporation.
WHEREAS , Lender has agreed to make a loan in the
principal amount of $500,000.00 to MIT Holding, Inc. (the
“Borrower”) as provided in the promissory note between
Lender and Borrower dated the date hereof (the “Promissory
Note”); and
WHEREAS , Lender has requested that Guarantor guarantee
Borrower’s obligations under the Promissory Note.
Accordingly the
Guarantor agrees as follows:
1.1 The Guaranty . The Guarantor hereby guaranties the full and
punctual payment and performance when due (whether at stated
maturity, upon acceleration or otherwise) of all amounts payable
by, and all other obligations to be performed by, the Borrower
under the Promissory Note, whether now due or hereafter arising.
Upon failure by the Borrower to pay punctually any such payment, or
to perform punctually any such other obligations, the Guarantor
shall forthwith on demand pay the amount not so paid in immediately
available funds at the place specified in the Promissory Note or
perform such obligations, as the case may be.
1.2 Guaranty Unconditional . The obligations of the Guarantor hereunder
shall be irrevocable, unconditional and absolute without regard
to:
(a) any extension, renewal, settlement, compromise,
indulgence, waiver or release in respect of any obligation of the
Borrower or any other party thereto under the Promissory
Note;
(b) any modification or amendment of or supplement
to the Promissory Note;
(c) any release, non-perfection or invalidity of
any direct or indirect security for any obligation of the Borrower
or any other party thereto under the Promissory Note;
(d) any change in the corporate existence,
structure or ownership of, or any insolvency, bankruptcy,
reorganization or other similar proceeding affecting, the Borrower
or its assets;
(e) any invalidity or unenforceability (for any
reason) relating to or against the Borrower or any provision of
applicable law or regulation purporting to prohibit the payment by
the Borrower of (or to reduce or otherwise limit the obligation of
the Borrower to pay) any amount payable by the Borrower under the
Promissory Note; or
(f) any exercise or failure to exercise by the
Lender of any other rights or remedies it may have under the
Promissory Note or the exercise by the Lender of its rights and
remedies in any manner or order.
1.3 Discharge Upon Payment in Full: Reinstatement in
Certain Circumstances .
The Guarantor’s obligations hereunder shall remain in full
force and effect until the amounts payable by the Borrower under
the Promissory Note shall have been paid in full. If at any time
any amount payable by the Borrower under the Promissory Note is
rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy or reorganization of the Borrower or
otherwise, the Guarantor’s obligations hereunder with respect
to such payment shall be reinstated at such time as though such
payment
