R-1856 - 01/28/2020 - AGREEMENTS - Resolutions Exhibits (2) 2020-03-12-C:IUsersydonnellylAppDatelLocoWicrosoft%WindowslTemporary Iftmet FIIesXConterrt.outWklQ4VWs4MN12020 personal
Guaranty.dom
• PERSONAL GUARANTY
In consideration of the Village of Oak Brook's ("Village") execution and entry into a
License Agreement dated 1 l 2- ("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.
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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.
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This Guaranty is being made in substitution for the Letter of Credit provided for in the
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.
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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.
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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
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
Eighteenth Judicial Circuit.
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This Guaranty shall be binding upon and inure to the benefit of Drury's representatives,
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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.
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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% 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 T ► i // , 2020.
JOCE N DONNELEY Ja s . Dru
OFFICIAL SEAL
Notary Public,State of Illinois
MY Commission Expires
N vemger 3,2023
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