PERSONAL GUARANTEE FOR: (Principal Debtor)
To Saris Cycling Group, Inc. (Saris)
In consideration of Saris supplying goods and/or services from time to time to the above-mentioned Principal Debtor, on such terms of credit as shall be agreed upon between the parties:
The undersigned, (Guarantor), having read the above credit application and understanding all its terms and conditions does, HEREBY GUARANTEE to Saris the payment of all monies which are now or shall at any time hereafter due Saris from the Principal Debtor for such goods.
This guarantee shall be a continuing guarantee, and shall cover all liabilities which the Principal Debtor may incur before Guarantor or Guarantor’s legal representatives shall have given Saris written notice to discontinue further advances based upon the security of this guarantee.
The liability of Guarantor hereunder is independent of any other security held by Saris. Guarantor expressly waives diligence in collection or prosecution, presentment, demand or protest in giving notice of default, nonperformance or nonpayment or of the creation or existence of any obligation. Release by Saris of the Principal Debtor shall in no way affect the liability of the Guarantor.
The obligation of the Guarantor shall be primary, and Saris shall not first seek payment from the Principal Debtor. If legal action is instituted to effect collection under any claim incurred hereunder, the Guarantor agrees to pay on demand reasonable attorney’s fees, costs, service charge on the past due sums, and other expense incurred by Saris in collecting any indebtedness of Principal Debtor guaranteed herein or in enforcing this guarantee against Guarantor.
This guarantee shall inure to the benefit of Saris, its successors and assigns and shall be binding on the heirs, personal representatives, successors and assigns of Guarantor. This guarantee shall be governed by the laws of the State of Wisconsin and shall in all respects be governed by and construed, applied and enforced in accordance with such laws and no defense given or allowed by the laws of any other jurisdiction shall be interposed in any action hereon, unless such defense is also given or allowed by the laws of the State of Wisconsin.