EX-10
from 10-Q
~5
pages
1. in Order to Induce the Huntington National Bank, a Michigan Banking Corporation (“Bank”), to Extend Credit and Other Financial Accommodations to Robert E. Schermer, Jr., Whose Address Is 475 Golf Road, Grand Rapids, Michigan 49546 (“Debtor”), Which Credit and Financial Accommodations Will Be Used by Debtor to Acquire Stock From Guarantor, Together With Other Valuable Consideration, the Receipt and Adequacy of Which Are Hereby Acknowledged the Undersigned, Meritage Hospitality Group Inc., a Michigan Corporation, With Its Principal Place of Business Located at 1971 East Beltline, N.E., Suite 200, Grand Rapids, Michigan 49525 (“Guarantor”), Absolutely, Unconditionally, and Irrevocably Guarantees Prompt Payment When Due and at All Times in the Future of Any and All Indebtedness and Liabilities of Every Nature and Kind of Debtor to Bank Pursuant to a Promissory Noted Dated March 1, 2002 in the Original Principal Amount of Five Hundred Thirty-Eight Thousand Nine Hundred Dollars ($538,900.00) (“Indebtedness”) a Copy of Which Is Attached Hereto. This Guaranty Shall Apply Only to the Indebtedness and Shall Terminate Upon the Full Satisfaction of the Indebtedness. if the Debtor Repays Any Portion of the Principal of the Indebtedness and Subsequently Borrows From Bank the Amount of Principal That Was Repaid, the Indebtedness Shall Not Include the Principal Amount Which Debtor Subsequently Borrows From Bank. 2. Guarantor Shall Reimburse Bank for All Costs, Reasonable Attorney Fees, and Other Expenses at Any Time Expended or Incurred by Bank in Collecting or Attempting to Collect the Indebtedness or in Enforcing This Guaranty or in Realizing Upon Any Security for This Guaranty
12/34/56
