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Exhibit 99.2
LEASE GUARANTY
THIS
GUARANTY, executed this 16th day of March, 2007 and effective the
1st
day of January, 2007, by Broadview Institute, Inc. ("Guarantor") to
Myhre
Holdings-Utah, LLC, a Minnesota limited liability company
("Lessor").
RECITALS
A.
Lessor owns certain property located at 869 West Hillfield Road,
Layton,
Utah.
B. C
Square Educational Enterprises d/b/a Utah Career College
("Tenant")
desires to lease the property pursuant to a Lease of even date
herewith. Tenant
is a wholly owned subsidiary of Guarantor.
C.
As additional consideration to Lessor, without which it would not
enter
into a Lease with Tenant, Guarantor hereby agrees to guaranty the
Lease.
NOW,
THEREFORE, FOR VALUE RECEIVED, and in order to induce Lessor to
make
the
Lease above referenced, Guarantor absolutely and
unconditionally
guarantees to Lessor, and the successors and assigns of Lessor:
(i)
the due and prompt payment of all Rent and monetary sums due under
the
Lease.
(ii)
The due and prompt performance and observance of all of the terms
and
conditions of the Lease.
(iii) The due and prompt payment of all costs incurred,
including
reasonable attorney's fees, in enforcing payment and performance of
the
Lease.
The aforesaid being herein collectively referred to as the
"Indebtedness
Guaranteed". If at any time default shall be made by Tenant in the
performance
or observance of any of the terms, covenants or conditions in the
Lease
contained on Tenant's part to be kept, performed or observed,
Guarantor will
keep, perform and observe the same, as the case may be, in place
and stead of
Tenant.
1. Lessor may, from time to time, without notice to or consent of
Guarantor, and
upon such terms and conditions as the Lessor may deem advisable,
without
affecting this Guaranty:
(a)
release any of the Undersigned, any maker, surety or other
person
liable for payment of all or any part of the Indebtedness
Guaranteed;
(b)
make any agreement extending or otherwise altering the time for or
the
terms of payment of all or any part of the Indebtedness
Guaranteed;
(c)
modify, waive, compromise, release, subordinate, resort to exercise
or
refrain from exercising any right the Lessor may have hereunder
related to the
Indebtedness Guaranteed;
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(d)
accept additional security or guarantees of any kind;
(e)
transfer or assign the Lease to any other party;
(f)
accept partial payment or payments on account of the
Indebtedness
Guaranteed;
(g)
release, settle or compromise any claim of the Lessor against
any
person, firm or corporation whose obligation is held as collateral
security for
the Indebtedness Guaranteed.
2. Guarantor unconditionally and absolutely waives:
(a)
notice of acceptance of this Guaranty by the Lessor;
(b)
notice of presentment, demand for payment, notice of
non-performance,
protest, notices of protest and notices of dishonor, notice of
non-payment or
partial payment;
(c)
notice of any defaults under the Lease, or in the performance of
any of
the covenants and agreements contained therein or in any instrument
given as
security for the Lease;
(d)
any defense, offset or claim Tenant may have against the
Lessor;
(e)
any limitation or exculpation of liability on the part of
Tenant,
whether contained in the Lease or otherwise;
(f)
any right to insist that the Lessor resort to any instrument or
security given to secure the Indebtedness Guaranteed or to
procee
