PERSONAL GUARANTY OF ACCOUNT
The undersigned hereby requests Reeder Distributors, Inc. and/or any other division, subsidiary, affiliate thereof (“RDI”) to extend credit to (customer). In consideration thereof and of the terms of sale of petroleum products and the extension of credit by RDI to CUSTOMER, the undersigned (each, any and all of whom are hereby called “GUARANTOR”), for himself, his heirs, executors and administrators hereby unconditionally guarantees the due and punctual payment of any and all obligations of CUSTOMER to RDI whatsoever and the due performance of any and all agreements with RDI by CUSTOMER. This Guaranty is absolute, continuing and unlimited and shall not be affected, impaired, or discharged by any renewals or extensions of time of payment or credit or partial payment or by the making of any agreement relating to the manner of payment of by any modification, release or other alteration of any obligation hereby guaranteed, to all of which the undersigned expressly consents. All rights of RDI are cumulative and not alternative.
GUARANTOR hereby agrees to pay upon demand any and all amounts due and in arrears by CUSTOMER to RDI and waives notices of acceptance hereof and of notice of shipment, default, and of presentment and protest of any instrument, and any other demands and notices otherwise required by law. Guarantor acknowledges and agrees that RDI regularly renders to CUSTOMER statements of account that all of such statements shall be deemed correct and binding unless written notice of objection thereto is given to RDI within ten (10) days after receipt by CUSTOMER. GUARANTOR expressly waives any and all rights to require RDI to proceed first against CUSTOMER, or to exhaust its remedies against CUSTOMER or against any collateral before proceeding against the GUARANTOR.
In the event GUARANTOR shall fail to make payment(s) upon demand, then RDI may refer the matter to an attorney or collection service, in which case GUARANTOR agrees to be liable for all reasonable attorneys and collection fees incurred, including any reasonable expenses relating thereto, and for any court costs and fees.
This Guaranty shall be construed in accordance with the laws of the State of Texas. GUARANTOR hereby consents to personal jurisdiction of the Texas State Courts located in the County of Tarrant.
GUARANTOR may at any time terminate the Guaranty by giving thirty (30) days notice in writing to RDI only by registered mail and addressed to its headquarters’ office presently at 5450 Wilbarger Street, Fort Worth, TX 76119. The liability of GUARANTOR shall thereupon terminate as to deliveries make subsequent to the expiration of such thirty (30) day period but shall nevertheless continue in full force and effect as to all deliveries made, or obligations incurred, at any time prior to the expiration of such thirty (30) day period.