Business Personal Guarantee
(To be completed by all business applicants)
Each of the undersigned hereby guarantees full payment of all present future indebtedness of the applicant. This guarantee is open and continuous and is given in induce Red Lake County Cooperative Inc, hereafter "The Cooperative" to extend credit to the applicant. This personal guarantee shall remain effective until evoked by the undersigned by notice in writing to The Cooperative. However, such a revocation shall be effective only as to amounts due which arise out of new contracts or transactions entered into more than 30 days after receipt of notice by The Cooperative. Such notice must be given by certified mail to The Cooperative. At any time, The Cooperative may, without notice, extend credit to applicant or modify, renew, extend, or compromise any indebtedness: take, subordinate or release any security interest; release applicant or any other guarantor from any liability for indebtedness and otherwise deal with applicant and other guarantors in any manner deemed fit, without waiving the effectiveness of this personal guaranty. Each guarantor waives presentment, demand, protest, and notice of any kind. If any guarantor, without first proceeding against the applicant, or any other person or security, and without pursuing any other remedy. In any proceeding to interpret or enforce this personal guaranty, The Cooperative shall be entitled to recover all of its costs and attorney fees from any personal guarantor. All notices regarding this personal guarantee must be sent to Red Lake County Cooperative Inc, PO Box 37, Brooks, MN 56715. Each guarantor hereby consents to the jurisdiction of the Court of the State of Minnesota, County of Red Lake, and the U.S. District for the District of Minnesota.