Personal Guarantee Agreement Form printable pdf download

PERSONAL GUARANTY AGREEMENT

This Guaranty is given this ____ day of _____________, 20__, by ________________________

(“Guarantor”) who has an ownership interest in _________________________________________,

shareholder #_____________ (“Shareholder”), the owner or proposed transferee of ____________

Preferred Shares of American Crystal Sugar Company (“ACSC”). This Guaranty is given in

consideration of ACSC’s transfer of the Preferred Shares to Shareholder, and in accordance with the

terms or the Five Year Agreement between Shareholder and ACSC, and the related Stock Ownership

Policy of ACSC, to guaranty the contractual performance and payment obligations of Shareholder

under its Five Year Agreement with ACSC. Effective as of the transfer of Preferred Shares to

Shareholder, Guarantor hereby agrees as follows:

1. OBLIGATIONS GUARANTEED.

Guarantor irrevocably, absolutely, and unconditionally

guaranties to ACSC the full and punctual performance of the following ( the “Obligations”):

a. Shareholder’s performance and payment obligations under the Five Year Agreement and

related Annual Contract(s) between Shareholder and ACSC; and

b. Payment of all amounts due to ACSC by Shareholder, including without limitation liquidated

damages for failure to plant, grow and deliver a sugarbeet crop, together with all attorneys’

fees and legal expenses incurred by ACSC to secure Shareholder’s performance of its

Obligations and collection of any amounts due hereunder.

2. WAIVER AND CONSENT.

Guarantor waives diligence, presentment, protest, notice of

dishonor, notice of default by Shareholder, demand for payment, extension of time for payment,

notice of acceptance of this Guaranty, and indulgences and notices of every kind. Guarantor

waives any rights of subrogation, indemnity, reimbursement, and contribution which would

otherwise be acquired by Guarantor by reason of its payment of any part of the Obligations.

ACSC may do the following from time to time without notice to, or consent of, Guarantor and

without affecting Guarantor’s liability under this Guaranty:

a. Change the terms of the Obligations or of any debts or liabilities of Shareholder to ACSC.

b. Release, settle, or compromise any debts or liabilities of Shareholder.

c. Exchange, modify, release, impair, or fail to perfect a security interest in, any collateral

securing the Obligations.

d. Guarantor shall remain liable until all terms of the Obligations are fully performed by

Shareholder, notwithstanding any event that would, in the absence of these provisions, result

in the discharge of Guarantor.

3. ENFORCEMENT. This is a continuing guaranty of payment and performance, not a guaranty

of collection. ACSC may enforce this Guaranty without first proceeding against Shareholder,

any other guarantor, any other person or any security or collateral, and without first pursuing any

other right or remedy. This Guaranty remains enforceable regardless of any defenses that the

Shareholder may assert on the Obligations, including but not limited to, failure of consideration,

breach of warranty, fraud, statute of frauds, bankruptcy, lack of legal capacity, statute of

limitations, lender liability, accord and satisfaction, and usury. If foreclosure or other remedy is

pursued, only the net proceeds, after deduction of all charges and expenses, shall be applied to

the amount due on the Obligations. ACSC may purchase all or part of the collateral or security at

#51077969v3

Rev. November, 2014

Personal Guarantee Agreement Form

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