FOR VALUE RECEIVED， the undersigned hereby guarantee absolutely and unconditionally prompt payment of the within Note and agree to pay all cost of collection， legal expenses and attorneys' fees， incurred or paid by the holder of the within Note in the collection and/or enforcement of said Note and the enforcement of this Guaranty.

No renewal or extension of said Note， no release or surrender of any security for said Note or this Guaranty，no release of any person primarily or secondarily liable on said Note （including any maker， endorser or guarantor），no delay in the enforcement of payment of said Note or this Guaranty and no delay or omission in exercising any right or power under said Note on this Guaranty shall affect the liability of any of the undersinged hereunder. The undersigned expressly waives presentment， protest，demand， notice of dishonor or default， notice of acceptance of this Guaranty and notice of any kind with respect to said Note or this Guaranty or the performance of the obligation under said Note or Guaranty.

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