What is effect on o''malleys guaranty of the agreement

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Question

Woodsmill Park Limited Partnership borrowed $6.2 million secured by real property in Chicago, Illinois. Bill and Brian Bruce and Matthew O'Malley signed guaranties to meet Woodsmill's obligation on the loan. Woodsmill defaulted on the payments. Northbrook Bank & Trust Company filed an action in an Illinois state court against Woodsmill and the Bruces to foreclose on the property. The defendants agreed to resolve the claim in exchange for a deed in lieu of foreclosure and a promise to pay the difference between the value of the property and the unpaid amount of the loan. The parties stipulated, "Nothing in this Agreement shall release or reduce O'Malley's obligations under O'Malley's Guaranty." What is the effect on O'Malley's guaranty of the agreement between Northbrook, Woodsmill, and the Bruces? Explain.

Reference no: EM133810894

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