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Title: |
Personal Guaranty |
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Date: |
2001 |
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Preview shows 3KB of 11KB total |
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$35 |
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#1612028 |
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8 0008.txt PERSONAL GUARANTY
PERSONAL GUARANTY
To: Interiors Investors, L.L.C. (the "Lender")
c/o Robert Berman
100 E. Huron, Apartment No. 3405
Chicago, Illinois 60616
Ladies and Gentlemen:
To induce the Lender to provide or to continue to make extensions of
credit and other financial accommodations to Stylecraft Lamps, Inc., a Tennessee
corporation ("Stylecraft"), and Petals, Inc., a Delaware corporation ("Petals",
and, together with Stylecraft, the "Borrowers") as evidenced by that certain
Promissory Note, dated as of March 19, 2001 issued by the Borrowers to the
Lender (as amended, restated, supplemented or otherwise modified from time to
time, the "Promissory Note"), and the Loan Documents related thereto, in respect
of which financial accommodations the undersigned shall derive direct and
indirect benefits, the undersigned, each having an address at c/o Interiors,
Inc., 320 Washington St., Mount Vernon, New York 10553, hereby unconditionally
guarantee to you and your successors and assigns, prompt payment when due, of
all sums which shall or may become due to you pursuant to the Promissory Note
and the other Loan Documents or any other agreement, purchase order, document or
instrument, heretofore, now or hereafter executed by Borrowers and delivered to
you in connection with the Promissory Note and the other Loan Documents, and of
all costs, expenses and attorneys' fees incurred by you by reason of default by
the Borrowers thereunder and by reason of your enforcement of this Guaranty
(such sums are hereinafter collectively referred to as the "indebtedness"). The
undersigned hereby agree that this Guaranty is an absolute guaranty of payment
and is not a guaranty of collection. Capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Promissory Note.
The undersigned hereby unconditionally guarantee, jointly and
severally, the full and punctual payment when due (whether at stated maturity,
upon acceleration or otherwise) of the Obligations, including, without
limitation, (i) the principal of and interest on the Term Loan, (ii) the Special
Sale Payment, if any, and (iii) all other amounts payable by the Borrowers under
the Promissory Note and the other Loan Documents (all of the foregoing, the
"Guaranteed Obligations"). Upon the failure by any Borrower to pay punctually
any such amount, each of the undersigned agrees that he/she shall forthwith on
demand pay such amount at the place and in the manner specified in the
Promissory Note or the relevant Loan Document, as the case may be.
Except for written demand made by Lender with respect to payment
hereunder, the undersigned hereby waive diligence, demand for payment and any
and all notices with respect to the indebtedness. The undersigned hereby
covenant that this Guaranty shall not be discharged and terminated except by and
upon the complete performance (i) by the undersigned of the obligations
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