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R-1856 - 01/28/2020 - AGREEMENTS - Resolutions Exhibits 2020-03-12-C:1UsersydonnelyV"DataULocaMAi=soMWindowslTemporary Intemet F1WXGontent0utlookW4vMS4AAM2020 personal Guarenty.dom PERSONAL GUARANTY In consideration of the Village of Oak Brook's ("Village") execution and entry into a License Agreement dated I�("License")with Pineoak Partners LLC,an Illinois limited liability company, ("Pineoak") James J. Drury III ("Drury") does hereby unconditionally guarantee the prompt payment and performance of Pineoak under the terms of the License. In addition, Drury agrees to pay all costs of collection and legal fees paid or incurred by the Village in collecting amounts due or enforcing the terms of the License or this Guaranty up to the limits provided herein below. Drury's obligation and duty to pay under this Guaranty is limited to a maximum amount of Sixty-Five Thousand Dollars ($65,000.00) in total, and Drury shall not be obligated to pay more than Sixty-Five Thousand Dollars ($65,000.00) regardless of any claim, judgment or obligation of Pineoak under the License. No renewal, extension, modification, nullification, delay of enforcement or amendment to the License shall affect the liability and obligation of Drury hereunder. The License is incorporated herein by reference and specifically (but without limitation) the obligation of Pineoak to pay the Village under paragraphs 8, 9 and 13 of the License are hereby guaranteed by Drury. i This Guaranty is being made in substitution for the Letter of Credit provided for in the I License, and payment will be promptly made by Drury to the Village, in good funds, upon Drury's receipt, prior to October 10, 2020, of a statement signed by the Village Manager, approved by the Village Board of Trustees certifying that Pineoak has failed in making a demanded required payment under the License or has exercised a Cancellation Option under the License. If Drury disputes the claim in the statement, Drury shall deliver to the Village the amount due claimed in the letter and shall deliver his objection to the Village Manager. Any dispute or objection shall be resolved as provided below. 4 - 1 of3 - 4 , This Guaranty is not executed in relation to a consumer transaction. No modification, waiver or consent pursuant to any provision of this Guaranty shall be effective unless it is in writing and signed by the Village Manager. Furthermore, even if such action is in writing, its effect shall be strictly limited to the terms, situation and purpose stated therein and accordingly, any action shall not serve as an automatic entitlement to such action in the same or similar future circumstances. This Guaranty shall be construed and performed in accordance with, and governed by the laws of the State of Illinois. Wherever possible, each provision of this Guaranty shall be interpreted so that it will be legally effective and enforceable. If the applicable law prohibits or invalidates any provision of this Guaranty, such provision shall be rendered ineffective and severable from the remainder of the Guaranty without affecting or impairing such remainder's validity. In the event any dispute arises between Drury and the Village as it relates to this Guaranty, the parties shall resolve their dispute by arbitration in DuPage County, Illinois. The parties shall select the arbitrator. If they are unable to agree on an arbitrator, the licensed attorneys of the parties shall select the arbitrator. In all cases,the arbitrator shall be an attorney licensed to practice law in Illinois and in good standing. The arbitrator's fee shall be paid equally i by each party. The arbitrator shall produce a written award that includes findings. Either party may have the award of the arbitrator entered as a judgment in the Circuit Court of the j Eighteenth Judicial Circuit. i I This Guaranty shall be binding upon and inure to the benefit of Drury's representatives, E successors, assigns, heirs, administrators, beneficiaries guardians, and legatees. The delay or the failure of the Village to exercise any right under this Guaranty or the License shall not affect said party's rights nor shall it constitute an assent to a subsequent breach of this Guaranty or the License. - 2of3 - The License is incorporated into this Guaranty by this reference, and any reference to this Guaranty shall be deemed to include the License. In the event the Village Manager does not deliver a statement certifying an amount due hereunder to Drury by certified mail return receipt request at: James Drury Partners Ltd 875 N. Michigan Avenue, Suite 3805 Chicago, Illinois 60611 or c/o David F. Rolewick, Esq. Rolewick & Gutzke, P.C. 1776 S. Naperville Road, Suite 104A Wheaton, Illinois 60189 on or before October 10, 2020, this Guaranty is terminated and has no binding effect. IN WITNESS WHEREOF, James J. Drury III has executed this Guaranty this day of , 2020. Ja s . Dru JOCELYN DONNELLY OFFICIAL SEAL Notary Public,State of Illinois My Commission Expires N ve ber t3,2023 jot-elyn b0►im 1.' 31 �1 � 2aZ� - 3of3 -