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payable in full" (balloon payment). The 1989 note further
provided in pertinent part:
All persons or entities now or at any time liable,
whether primarily or secondarily, for the payment of
the indebtedness hereby evidenced, for themselves,
their heirs, legal representatives, successors and
assigns, respectively, hereby (1) expressly waive
presentment, demand for payment, notice of dishonor,
protest, notice of nonpayment or protest, and diligence
in collection; (2) consent that the time of all pay-
ments or any part thereof may be extended, rearranged,
renewed or postponed by the holder hereof and further
consent that any real or personal property securing
this Note or any part of such security may be released,
exchanged, added to or substituted by the holder of
this Note, without in anywise modifying, altering,
releasing, affecting or limiting their respective
liability or the lien of any instrument securing this
indebtedness; (3) agree that the holder of this Note
shall not be required first to institute any suit, or
to exhaust any of its remedies against the maker of
this Note or any other person or party to become liable
hereunder, in order to force payment of this Note;
(4) agree that the maker of this Note may be released
by the holder hereof from any or all liability under
this instrument, and such release shall not in any way
affect or modify the liabilities of the remaining
parties hereto * * *
(We shall sometimes refer to the indebtedness of Second Street as
evidenced by the 1989 note as the Second Street loan or the
Second Street debt.)
As a condition to making the Second Street loan, C&S Bank,
the lender, required Mr. McDaniel and Ms. McDaniel to, and each
did, execute a guaranty agreement (guaranty) under which each of
them guaranteed C&S Bank, inter alia, to make prompt payment of
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Last modified: May 25, 2011