GUARANTOR CLAUSE I, (NAME), hereby agree as follows: IN CONSIDERATION of the premises and of the mortgagee advancing the said money to the mortgagor, the guarantor do hereby absolutely and unconditionally guarantee to the mortgagee, its successors and assigns, the due and punctual payment of all principal moneys, interest and other moneys owing on the security of this mortgage by the mortgagor, and the guarantor, for themselves, their heirs, executors and administrators, successors or assigns, covenant with the mortgagee that if the mortgagor shall at any time make default in the punctual payment of any moneys payable hereunder, he or they will pay all such moneys to the mortgagee without any demand being required to be made. AND it is hereby expressly declared that, although as between the guarantor and the mortgagor, the guarantor is only surety for the payment by the mortgagor of the moneys hereby guaranteed, yet as between the guarantor and the mortgagee, the guarantor shall be considered as primarily liable therefore and that no release or releases of any portion or portions of the mortgagee in respect of any default by the mortgagor or any successor which may arise under this mortgage, and that no extension or extensions granted by the mortgagee to the mortgagor or any successor for payment of the moneys hereby secured or for the doing, observing or performing of any covenant, agreement, matter or thing herein contained, to be done, observed, or performed by the mortgagor or any successor nor any variation in or departure from the provisions of this mortgage nor any release of the mortgagor or any other thing whatsoever whereby the guarantor as surety only would or might have been released shall in any way modify, alter, vary or in any way prejudice the mortgagee or affect the liability of the guarantor in any way under this covenant, which shall continue and be binding on the guarantor, and as well after as before default and after a before maturity of said loan, until the said money are fully paid and satisfied. AND any payment by the guarantor of any moneys under his or their guarantee shall not in any event be taken to affect the liability of the mortgagor for payment thereof but such liability shall remain unimpaired and enforceable by the guarantor against the mortgagor and the guarantor shall, to the extent of any such payments made by him, in addition to all other remedies, be subrogated as against the mortgagor to all rights, privileges and powers to which the mortgagee was entitled prior to payment by such guarantor; PROVIDED, NEVERTHELESS, that the guarantor shall not be entitled in any event to rank for payment against the mortgaged premises in competition with the mortgagee and shall not, unless and until the whole of the principal, interest and other moneys owing on the security of the mortgage shall have been paid, be entitled to any rights or remedies whatsoever in subrogation to the mortgagee. AND it is further hereby expressly declared that the release of any of the guarantors from his or their liability hereunder shall not affect the liability of the remaining guarantor or guarantors, which shall remain unimpaired and still in full force and effect as if the guarantor or guarantors so released had not been a party, or parties to this agreement. ALL covenants, liabilities and obligations entered into or imposed hereunder upon the guarantor or guarantors shall be equally binding upon his, or their heirs, executors, administrators and assigns, or successors and assigns, as the case may be, and all such covenants and liabilities and obligations shall be joint and several. The Mortgagee may vary any agreement or arrangement with the guarantor and grant extensions of time or otherwise deal with them, their executors or administrator, without any consent on the part of the mortgagor.