For value received, we, and each and all of the indorsers here, jointly and severally guarantee payment of the note within, accepting all its provisions authorizing the maker, without notice to us or either of us, to obtain an extension or extensions in whole or in part and waiving presentment for payment, demand, protest and notice of protest and nonpayment; also agreeing that in case of nonpayment of principal or interest when due such arrearage may be offset by application of any amount or amounts, whole or in part, which may be due any of us, from the holder of such note and action may be brought by the holder of this note against any one or more or all of us, at the option of the holder, whether such action has been commenced against the maker or not and that in any such action, the maker may be joined with one or more or all of us, at the option of the holder.

If this note, or the interest, is not paid when due, then the amount remaining unpaid here shall, without notice, become immediately due and payable, at the option of the holder. The acceptance of any installment of this note by the payee after the time it becomes due shall not be held to establish a custom and shall not relieve the indorsers or waive any rights of the payee.

The holder of this note shall not be required to look to the security for the payment of this note, but may proceed against us, or either or all of us, immediately upon a default in payment or otherwise.