In order to induce Leff Electric Company, Inc., as well as its subsidiaries and affiliates, to extend credit to the person or business applying for credit above, Guarantor(s) hereby GUARANTY to Leff Electric Company, Inc., prompt payment for all material purchased from Leff Electric, whether or not said purchase exceeds the credit limit requested in the credit application. Guarantor(s) further GUARANTY payment of interest in the amount of 18% per annum on any unpaid balance 30 days past due from invoice date.
This is a continuing GUARANTY and shall remain in full force and effect until revoked by Guarantor(s) by notice in writing by certified mail/return receipt requested to Leff Electric Company, Inc. Such revocation shall be effective only as to claims that arise out of transactions entered into after the receipt of notice. This GUARANTY shall be binding upon the heirs, representatives, successors and assigns of Guarantor(s) hereby waive any homestead exemption and all requirements or rights with regard to notice, demand, presentment, or protest and appoint any employee of Leff Electric Company, Inc. or attorney to appear in any court of competent jurisdiction for the purpose of confessing judgment on all amounts due pursuant to this GUARANTY.
Guarantor(s) recognizing that their individual credit history may be a factor in the evaluation of accepting this GUARANTY, hereby consent to and authorize Leff Electric Company, Inc. to obtain and use (from time to time an on an "as needed" basis) any and all information related to the credit evaluation process, including but not limited to, the Guarantor(s) consumer credit report.
IMPORTANT NOTICE: THIS INSTRUMENT PERMITS US TO OBTAIN AND USE YOUR INDIVIDUAL CREDIT HISTORY FOR CREDIT EVALUATION PURPOSES. THIS INSTRUMENT FURTHER CONTAINS A CONFESSION OF JUDGEMENT PROVISION, WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS YOUR MAY HAVE A DEBTOR AND ALLOWS THE CREDITOR TO OBTAIN A JUDGMENT AGAINST YOU WITHOUT FURTHER NOTICE