PERSONAL GUARNTEE OF AN ACCOUNT
For valuable consideration, the receipt whereof
is hereby acknowledged, and to induce Sandy Hill building Supply co. hereafter referred to
as "seller" its successors and assigns at any time or from time to time to make
advances or loans or otherwise to give credit to ______________________ hereafter referred
to as the"Buyer" the undersigned individually and if plural,jointly and
severally, hereby personally and unconditionally guarantee(s) the payment of any bill for
merchandise to be sold by the seller to the said Buyer.
This is a continuing guarantee and shall cover and apply
to all transactions entered into by the Buyer prior to receipt by the Seller of a written
notice of the termination of the guarantee by any of the undersigned,but no such
termination shall affect any obligation of any of the undersigned pursuant to this
guarantee existing at the time such notice is received by the Seller and any termination
by one of the undersigned shall not affect the continuing obligations hereunder of such of
the undersigned as do not give such notice of termination.
The undersigned expressly agrees that this guarantee
shall be in no wise affected by any extensions of time to make payment and/or the
acceptance by the Seller of bills, checks, and other instruments for payment of money
and/or extensions or renewals therof. Each of the undersigned hereby waives any and all
suretyship defenses and defenses in the nature thereof and agrees that the Seller may
determine and without in anyway affecting the liability hereunder of any of the
undersigned. In addition if the Buyer is unable to pay for the merchandise
purchased, the Seller may bring immediate suit on this guarantee against the guarantors
without exhausting its remedies against the Buyer ad without first giving notice of the
Buyer's failure to pay. In the event suit is filed against the Buyer, the Buyer fully
agrees to assume the legal expenses of the Seller.
The undersigned may at anytime terminate this guarantee
bygiving10 days notice in writing to the Seller by Registered mail sent to the Seller's
office whereupon liability of the undersigned shall terminate as to the deliveries made
subsequent to the expiration of said 10 days period. it shall nevertheless continue in
full force as to all deliveries made at anytime prior to the expiration of said 10day
period.
It is further agreed that this guarantee shall continue
notwithstanding any chance in organization,corporation setup or partnership change unless
the Seller receives notice of such change at least five (5) days prior to delivery of any
merchandise and that this guarantee shall be binding upon the heirs,personal
representatives,estates, successors and assigns of each of the undersigned.
It is also agreed that a service charge will be paid at
a rate of 1.5% Per Month or18%Per Annum on all invoices not Paid within 30 days.
At no time,however, shall the undersigned be responsible
individually as a guarantor or guarantors for any sum in excess of $______________.
Please note that Sandy Hill is a member of the TRW
Information Services Network.
Dated_______________
_________________________________
(Individual
Guarantor)
____________________
_________________________________
(Company Guarantor)
(Individual Guarantor)
By__________________
__________________________________
(Spouse)