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obtaining the consent therefor of the Guarantor.
Guarantor hereby consents to the partial or total
release of Borrower or other persons primarily or
secondarily liable to Lender for Borrower's indebted-
ness. No act of omission of any kind by the Lender
shall affect or impair this Guarantee and the Lender
shall have no duties to the Guarantor. * * *
During the mid-to-late 1980's, the partnership interest of
each of five of the general partners of Second Street, excluding
Mr. Palermo, Mr. McDaniel, and Mr. Parker, was purchased by the
then remaining general partners, and either C&S Bank or its
successor NationsBank of Florida, N.A. (NationsBank) expressly
released each of those five partners from any liability with
respect to the Second Street loan. By the end of 1991, Mr.
McDaniel, Mr. Parker, and Mr. Palermo were the only general
partners of Second Street.
Since at least some time in 1991, Second Street was ex-
periencing negative cash-flows, which required its three general
partners to make monthly contributions to it. In May 1992, Mr.
McDaniel was unable to continue making his share of those con-
tributions. He approached Mr. Palermo, informed him that he was
unable to continue making monthly contributions to Second Street,
and offered to deed Mr. Palermo his partnership interest. By
quitclaim deed dated May 12, 1992, Mr. McDaniel transferred his
interest in the Second Street real property to George Palermo
Architect, Inc. On May 14, 1992, Mr. McDaniel assigned his
interest in Second Street to George Palermo Architect, Inc. At
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Last modified: May 25, 2011