GUARANTY
(Specific Debt -- Limited)
DATE AND PARTIES: Th e date of this Guaranty
is August 30, 2006. The parties and their addresses are:
LENDER
FIRST COMMERCIAL BANK OF TAMPA BAY
4800 West
Kennedy Boulevard
Tampa Florida 33609
Telephone: 1-813-287-0500
BORROWER
MEDICAL GROUP SERVICES INC.
a Florida Corporation
2810 Went St. Isabel Street
Suite 201
Tampa, Florida 33607
GUARANTOR:
ANTHONY F. MANISCALCO
13722 Chesterwalll Drive
Tampa, Florida 33674
1. DEFINTIONS. As used in the Guaranty, the terms have the
following meanings:
A. Pronouns. The pronouns "I" & "me" and "my" refer to all
persons or entities signing this Guaranty, individually and
together. "You" and "your' refer to the Lender.
B. Note. Refers to the document that evidences the borrower's
Indebtedness and any extensions, renewals, modifications and
substitutions of the Note.
C. Property. "Property" mean's any property, real, personal or
intangible that secures performance of the obligation of the Note,
Debt or this Guaranty.
2. SPECIFIC DEBT GUARANTY. For good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, and to induce your forbearance with respect to any
Debt or to Induce you to extend and/or maintain credit or grant any
other financial accommodation, I absolutely and unconditionally
agree to all term of and guaranty to you the payment and
performance of the. following described Debts of the Borrower
including with out limitation, all principal, accrued interest,
attorneys fees, and collection costs when allowed by law that may
become due from the Borrow to you in collecting and enforcing the
Debt and all other agreements with respect to the borrower.
A promissory note or other agreement, No. 2166-1203. dated
August 30, 2006, from Medical Group Services, Inc. (Borrower) to
you. in the amount of
$ 300.000.00.
My liability will not exceed $100,000.00 of the principal amount
outstanding at default plus accrued interest, attorney fees and
collection costs, when allowed by law, and all other costs, fees,
and expenses agreed to be paid under all agreements evidencing the
Debt and securing the payment of the Debt. You may. without notice
apply this Guaranty to such Debt of the Borrower as you may select
from time to time.
3. EXTENSIONS: I consent to all renewals, extensions,
modifications, and substitutions of the Debt which may be made by
our upon such terms and conditions as you may see from time to time
without further notice to me and without limitation as to the
number of renewals, extensions, modifications, or
substitutions.
4. UNCONDITIONAL LIABILITY: I am unconditionally liable
under this guaranty, regardless of whether or note you pursue any
of your remedies against eh Borrower, against any other maker,
surety, guarantors, or endorsers of the Debt or against any
property. You may sue me alone, or anyone else who is obligated on
the Guaranty, or any number of us together, to collect the Debt. My
liability is not conditioned on the signing of this Guaranty by any
other person and further is not subject to any condition not
expressly set forth in this Guaranty or any instrument executed in
connection with the Debt. My obligation to pay according to the
terms of this Guaranty shall not be affected by the illegality,
invalidity or unenforceability of any notes or agreements
evidencing the Debt the violation of any applicable laws, forgery
or any other circumstances which make the indebtedness
unenforceable against the borrower. I will remain obligated to pay
on this Guaranty even if any other person who is obligated to pay
the Debt including the Borrower, has such obligation discharged in
bankruptcy, foreclosure, or otherwise discharged by law.
5. BANKRUPTCY. If a bankruptcy petition should at any time be
filed by or against the borrower, the maturity of the debt, so far
as my liability is concerned, shall be accelerated and the Debt
shall be immediately payable by me. I acknowledge and agree that
this guaranty, and the Debt secured hereby, will remain in full
force and effect at all times, notwithstanding any action or
undertakings by or against , your or against any property in
connection with any obligation in any proceeding in the United
States Bankruptcy Courts. Such action or undertaking includes,
without limitation, valuation or Property, election of remedies or
imposition of secured or unsecured claim status upon claims by you,
pursuant to the United States Bankruptcy Code, as amended in the
event that any payment or principal or interest received and paid
by any other guarantor, borrower, surety, endorser or co-maker is
deemed, by final order of a court of competent jurisdiction, to
have been a voidable preference under the bankruptcy or insolvency
laws of the United Sates or otherwise then my obligation till
remain as an obligation to you and will not be considered as having
been extinguished.
6. REVOCATION. I agree that this is an absolute and
unconditional Guaranty. This Guaranty cannot be revoked and will
remain in affect until the Debt is paid in full.
7. PROPERTY. I agree that any Property may be assigned,
exchanged, released in whole or in part or substituted without
notice to me and without defeating, discharging or diminishing my
liability. My obligation is absolute and your failure to perfect
any security interest or any act or omission by you which implies
the property will not relieve me or my liability under this
Guaranty. You are under no duty to preserve or protect any property
until you are in actual or constructive possession. For purposes of
this paragraph, you will only be in "actual" possession when you
have physical, immediate and exclusive control over the property
and have accepted such control in writing. Further, you will only
be deemed to be in "constructive" possession when you have both the
power and intent to exercise control over this property.
8. DEFAULT. I will be in default if any of the following
occur:
-
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Payments . I fail to make a payment in full when due.
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Insolvency or Bankruptcy. The death, dissolution or
insolvency of, appointment of a receiver by or on behalf of,
application of any debtor refief law the assignment for the benefit
of creditors or on behalf of , the voluntary or involuntary
termination of existence by or the commencement of any proceeding
under any present or future federal or state insolvency,
bankruptcy, reorganization, composition or debtor relief law by or
against me, borrower or any co-signer, surety or guarantor of this
guaranty or any debt.
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Death or Incompetency . I die or am declared legally
incompetent.
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Failure to Perform. I fail to perform any condition or to
keep any promise or covenant of this Guaranty.
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Other Documents . A default occurs under the terms of any
other document relating to the Debt.
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Other Agreements . I am in default on any other debt or
agreement I have with you.
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Misrepresentation. I make any verbal or written statement or
provide any financial information that is untrue, inaccurate, or
conceals a material fact at the time it is made or provided.
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Judgment. I fail to satisfy or appeal any judgment against
me.
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Forfeiture. The Property is used in a manner or for a
purpose that threatens confiscation by a legal authority.
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Name Change. I change my name or assume an additional name
without notifying you before making such a change.
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Property Transfer. I transfer all or a substantial party of
my money or property.
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Property Value. You determine in good faith that the value
of the Property has declined or is impaired.
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Insecurity. You determine in good faith that a material
adverse change has occurred in my financial condition from, the
condition, set forth in my most recent financial statement before
the date of this Guaranty or that the prospect for payment or
performance of the Debt is impaired for any reason.
9. WAIVERS AND CONSENT. To the extent not
prohibited by law, I waive protest, presentment for payment demand,
notic