Terms of Registration/Guarantee

In consideration of Auction allowing Dealer to buy and sell vehicles through Auction, the undersigned, whether one or more, personally, covenant, guarantee and warrant that the title to each vehicle sold by Dealer through Auction will be free and clear of all liens and encumbrances whatsoever. The undersigned unconditionally agrees to reimburse Auction for any loss, damage, expense or costs, including attorney’s fees incurred by Auction as a result of breach of the foregoing warranty of title as to any such motor vehicle.

The undersigned further guarantees full payment of any debts of Dealer to Auction, including any checks or drafts issued by Dealer or any Dealer’s representatives, together with any loss or expense incurred by Auction in collecting or attempting to collect such debt, including attorney fees.

The undersigned acknowledges that Auction shall have the right to refuse to transact business with Dealer, to verify credit history through credit reporting agencies, to modify or release any and all collateral security, to extend or change time of payment and to settle or compromise with Dealer without notice to the undersigned and without discharging or affecting the liability of the undersigned hereunder. This guarantee is to be a continuing guarantee and the undersigned hereby waives notice of acceptance of this guarantee and presentment, demand, protest and any notice of non-payment or dishonor. The undersigned shall be liable as principal debtor and to merely as surety, and the bankruptcy or any assignment in favor of Creditors of Dealer shall not affect the enforceability of this agreement.

This instrument shall bind the respective heirs, executors, administrators, and assigns of the undersigned and shall endure to the benefit of Auction, its successors, assigns, and subrogees. Where there is more than one signatory to this agreement, each signatory shall be jointly and severally liable under this agreement.

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