Exhibit 10.2.24 UNCONDITIONAL, CONTINUING GUARANTY OF PAYMENT I. THE PARTIES This Unconditional, Continuing Guaranty of Payment (the "Guaranty"), dated effective as of the 1st day of October, 1992, is given to and in favor of General Motors Acceptance Corporation, a New York corporation, with branch operations offices located at (i) 325 Columbia Turnpike, Florham Park, New Jersey 07932; (ii) 2700 Westchester Avenue, Purchase, New York 10577-2535; (iii) 90 Woodbridge Center Drive, Woodbridge, New Jersey 07095; and (iv) 555 Long Wharf Drive, New Haven, Connecticut 06511 ("GMAC"), by each and every one of the following parties whose name, legal status, and address is listed (the "Guarantor(s)"). Guarantor Name Status Address -------------- ------ ------- County Auto Group Partnership NJ General 115 Route 59 t/a County Toyota Partnership Nyack, NY 10960 Rockland Motors Partnership NJ General 73 North Highland Avenue t/a Rockland Mitsubishi Partnership P.O. Box 724 Nyack, NY 10960 Somerset Motors Partnership NJ General Route 22 East t/a DiFeo Lexus Partnership P.O. Box 310 Bound Brook, NJ 08805 DiFeo Oldsmobile Partnership NJ General Route 22 East t/a DiFeo Volkswagen Partnership P.O. Box 310 Bridgewater Bound Brook, NJ 08805 Fair Motors Partnership NJ General 100 Federal Road t/a Fair Mitsubishi Partnership Danbury, CT 06813 Fair Chevrolet-Geo Partnership NJ General 100 Federal Road Partnership Danbury, CT 06813 Fair Hyundai Partnership NJ General 102D Federal Road t/a Fair Suzuki Partnership Danbury, CT 06813 Fair Infiniti Partnership NJ General 100B Federal Road Partnership Danbury, CT 06813 Fair Imports Partnership NJ General 100A Federal Road t/a Fair Acura Partnership Danbury, CT 06813 Danbury-Mt. Kisco Saturn NJ General 102C Federal Road Partnership t/a Saturn Partnership Danbury, CT 06813 of Danbury Fair Cadillac-Oldsmobile-Isuzu NJ General 102 Federal Road Partnership Partnership Danbury, CT 06813 Guarantor Name Status Address -------------- ------ ------- Danbury Auto Partnership NJ General 102D Federal Road t/a Fair Honda Partnership Danbury, CT 06813 [TO BE FORMED] DiFeo Nissan Partnership NJ General 977 Communipaw Avenue [TO BE FORMED] Partnership Jersey City, NJ 07304 DiFeo Jeep-Eagle Partnership NJ General 315 Clendenny Ave. Partnership Route 440 Jersey City, NJ 07304 DiFeo Autocenter Partnership NJ General Hudson Mall & Route 440 t/a DiFeo Mazda Partnership Jersey City, NJ 07304 DiFeo Subaru Partnership NJ General 315 Clendenny Avenue Partnership Jersey City, NJ 07304 DiFeo Chevrolet-Geo Partnership NJ General 315 Clendenny Ave. [TO BE FORMED] Partnership Route 440 Jersey City, NJ 07304 DiFeo Hyundai Partnership NJ General Hudson Mall & Route 440 Partnership Jersey City, NJ 07304 DiFeo Buick-Pontiac-GMC NJ General 919 Communipaw Avenue Truck Partnership Partnership Jersey City, NJ 07304 DiFeo BMW Partnership NJ General 301 County Road Partnership Tenafly, NJ 07670 DiFeo Imports Partnership NJ General 947 Communipaw Avenue t/a Jersey City Mitsubishi Partnership Jersey City, NJ 07304 J & F Oldsmobile-Isuzu NJ General 315 Clendenny Avenue Partnership Partnership Route 440 Jersey City, NJ 07304 DiFeo Leasing Partnership NJ General 977 Communipaw Avenue Partnership Jersey City, NJ 07304 Hudson Motors Partnership NJ General 585 Route 440 t/a Hudson Toyota Partnership Jersey City, NJ 07304 J & S Ford Partnership NJ General 599 Route 440 [TO BE FORMED] Partnership Jersey City, NJ 07304 DiFeo Volkswagen Partnership NJ General 599 Route 440 Partnership Jersey City, NJ 07304 North Jersey Manhattan Saturn NJ General 943 Communipaw Avenue Partnership Partnership Jersey City, NJ 07304 [TO BE FORMED] DiFeo-EMCO Management NJ General 977 Communipaw Avenue Partnership Partnership Jersey City, NJ 07304 -2- Guarantor Name Status Address -------------- ------ ------- County Auto Group, Inc. New York 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership RCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 DiFeo Partnership, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 EMCO Motor Holdings, Inc. Delaware 153 East 53 Street Corporation Suite 5900 New York, NY 10022 Rockland Motors Corp. New York 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership RCM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Somerset Motors, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership SCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Gateway Oldsmobile, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Motors Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership DM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Fair Chevrolet Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Hyundai Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Infiniti, Inc. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Imports Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Danbury-Mt. Kisco Saturn Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Cadillac-Oldsmobile Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 -3- JS2, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 JS1, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Jeep-Eagle, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Autocenter, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Subaru, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Hyundai, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Buick, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo BMW, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Imports, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership HCM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 J & F Oldsmobile Corp. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Leasing Corporation New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Hudson Toyota, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership HCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 DiFeo Volkswagen, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 J & S Ford, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 North Jersey Manhattan Saturn New Jersey 943 Communipaw Avenue Corporation Corporation Jersey City, NJ 07304 Samuel X. DiFeo Individual 121 Lorraine Avenue Spring Lake, NJ 07762 -4- Joseph C. DiFeo Individual 17 Blackpoint Horseshoe Rumson, NJ 07760 James G. Hetherington Individual 44 Minors Bridge Road Roxbury, CT. 06783 Neale A. Kuperman Individual 9 Sterling Forest Lane Suffern, NY 10901 Robert J. Cohen Individual 812 Napoleon Street Woodmere, NY 11598 Joseph J. Mitolo Individual 5 Michelle Lane Warren, NJ 07060 Richard Mutterperl Individual 3 Cherbourg Road Parsippany, NJ 07054 Sam C. DiFeo Individual 2219 First Avenue Spring Lake, NJ 07762 James Salerno Individual Kennady Road Mendham, NJ 07926 Michael Salerno Individual 228 E. Blackwell Street Dover, NJ 07801 Raymond Duane Individual 267 Broad Street Summit, NJ 07901 II. THE RECITALS A. WHEREAS, the following named entities, presently in existence or proposed to-be-formed, in their capacity as motor vehicle dealers (the "Dealer(s)"), have requested GMAC to extend or continue to extend credit accommodations to them as separate and distinct entities. The type of credit, in the aggregate, will likely exceed $100 million and involves one or more of (1) wholesale floorplan financing of motor vehicles, including related demonstrator, short-term rental, and delayed payment programs; (2) retail sales and lease financing; (3) all other obligations, indebtedness, and liabilities of Dealers to GMAC for loans, leases, financing, and other credit extensions which GMAC may, in its sole discretion, provide to one or more Dealers from time to time; and (4) all costs, expenses or fees relating to the extension, administration, and collection of the credit accommodations (the "Obligations"); and -5- Dealer Name Status Address ----------- ------ ------- County Auto Group Partnership NJ General 115 Route 59 t/a County Toyota Partnership Nyack, NY 10960 Rockland Motors Partnership NJ General 73 North Highland Avenue t/a Rockland Mitsubishi Partnership P.O. Box 724 Nyack, NY 10960 Somerset Motors Partnership NJ General Route 22 East t/a DiFeo Lexus Partnership P.O. Box 310 Bound Brook, NJ 08805 DiFeo Oldsmobile Partnership NJ General Route 22 East t/a DiFeo Volkswagen Partnership P.O. Box 310 Bridgewater Bound Brook, NJ 08805 Fair Motors Partnership NJ General 100 Federal Road t/a Fair Mitsubishi Partnership Danbury, CT 06813 Fair Chevrolet-Geo Partnership NJ General 100 Federal Road Partnership Danbury, CT 06813 Fair Hyundai Partnership NJ General 102D Federal Road t/a Fair Suzuki Partnership Danbury, CT 06813 Fair Infiniti Partnership NJ General 100B Federal Road Partnership Danbury, CT 06813 Fair Imports Partnership NJ General 100A Federal Road t/a Fair Acura Partnership Danbury, CT 06813 Danbury-Mt. Kisco Saturn NJ General 102C Federal Road Partnership t/a Saturn of Danbury Partnership Danbury, CT 06813 Fair Cadillac-Oldsmobile- NJ General 102 Federal Road Isuzu Partnership Partnership Danbury, CT 06813 DiFeo Jeep-Eagle Partnership NJ General 315 Clendenny Ave. Partnership Route 440 Jersey City, NJ 07304 DiFeo Autocenter Partnership NJ General Hudson Mall & Route 440 t/a DiFeo Mazda Partnership Jersey City, NJ 07304 DiFeo Subaru Partnership NJ General 315 Clendenny Avenue Partnership Jersey City, NJ 07304 DiFeo Hyundai Partnership NJ General Hudson Mall & Route 440 Partnership Jersey City, NJ 07304 DiFeo Buick-Pontiac-GMC NJ General 919 Communipaw Avenue Truck Partnership Partnership Jersey City, NJ 07304 DiFeo BMW Partnership NJ General 301 County Road Partnership Tenafly, NJ 07670 DiFeo Imports Partnership NJ General 947 Communipaw Avenue t/a Jersey City Mitsubishi Partnership Jersey City, NJ 07304 J & F Oldsmobile-Isuzu Partnership NJ General 315 Clendenny Avenue Partnership Route 440 Jersey City, NJ 07304 Hudson Motors Partnership NJ General 585 Route 440 t/a Hudson Toyota Partnership Jersey City, NJ 07304 DiFeo Volkswagen Partnership NJ General 599 Route 440 Partnership Jersey City, NJ 07304 -6- Dealer Name Status Address ----------- ------ ------- J & S Ford Partnership NJ General 599 Route 440 [TO BE FORMED] Partnership Jersey City, NJ 07304 North Jersey Manhattan Partnership NJ General 943 Communipaw Avenue [TO BE FORMED] Partnership Jersey City, NJ 07304 Danbury Auto Partnership NJ General 102D Federal Road t/a Fair Honda Partnership Danbury, CT 06813 [TO BE FORMED] DiFeo Nissan Partnership NJ General 977 Communipaw Avenue (TO BE FORMED) Partnership Jersey City, NJ 07304 DiFeo Chevrolet-Geo Partnership NJ General 315 Clendenny Ave. [TO BE FORMED] Partnership Route 440 Jersey City, NJ 07304 B. WHEREAS, each Dealer is an affiliate of the other, having substantially similar financial, ownership, and management interests with one another; and C. WHEREAS, each Guarantor is allied to at least one of the other Guarantors by at least one of the following factors: financial, ownership, or management; and D. WHEREAS, GMAC has agreed to extend credit accommodations to Dealers pursuant to the terms and conditions of a Loan and Security Agreement executed on or about the date of this Guaranty, and such other documents, agreements, and instruments referred to therein, all of which may be amended, altered, suspended, or terminated from time to time in accordance with the terms thereof (the "GMAC Financing"); and E. WHEREAS, each Guarantor has determined that the execution, delivery, and performance of this Guaranty directly benefits, and is within the purposes and best interest of the Guarantor; and F. WHEREAS, GMAC has been induced to provide GMAC Financing by the execution, delivery, and performance of this Guaranty by all of the Guarantors; III. THE GUARANTY AGREEMENT NOW, THEREFORE, in consideration of the premises, the sufficiency of which is hereby acknowledged, Guarantors hereby agree as follows: 1. Guaranty of Payment. Guarantor hereby unconditionally, continuously, and absolutely guaranties to GMAC punctual payment of any and all Dealer Obligations now or hereafter arising, whether matured, contingent, or liquidated inclusive of all principal, interest, charges, costs, fees, and expenses. This Guaranty is unlimited as to the amount and extent of Obligations, except that as to individual Guarantors, James G. Hetherington, Neale A. Kuperman, Robert J. Cohen, Joseph J. Mitolo, Richard Mutterperl, Sam C. DiFeo, James Salerno, Michael Salerno and Raymond Duane, his or their liability hereunder shall be limited -7- (i) to Obligations incurred by Dealers in which he or they have an ownership interest as a shareholder of a general partner thereof; and (ii) shall terminate for such Dealer Obligations which are incurred up to two business days after his or their legal and equitable ownership interest therein shall cease. The Guaranty shall not apply to any Obligation for which the Guarantor is also the direct signatory/obligor of the aforementioned Loan and Security Agreement to the extent of and in the capacity as the Dealer thereunder. 2. Time for Payment. If any of the following events occur, GMAC may declare all or any part of the Obligations, regardless of their terms or conditions, and for the purposes of this Guaranty or otherwise, to be immediately due and payable: (a) any default with respect to payment or performance of any of the Obligations by any Dealer; or (b) any default in the observance or performance of any covenant or agreement of any Guarantor under this Guaranty or otherwise; or (c) insolvency, bankruptcy, or receivership proceeding initiated by or against any Dealer or Guarantor; or (d) the death, dissolution, or termination, as the case may be, of any Guarantor; (e) any material adverse change in the financial status of any Guarantor, including the sale, mortgage, pledge, or encumbrance of any real or personal property of the Guarantor without first obtaining the prior written consent of GMAC (except as may occur for permitted purchase money security interests and mortgages). 3. Right of Set-off. GMAC is hereby irrevocably authorized at any time and from time to time without notice to Guarantor (any such notice being expressly waived by Guarantor) to set-off, appropriate, recoup, and apply any and all payments, credits, indebtedness or claims or any part thereof, at any time held or owing by GMAC to or for the account of, or otherwise payable to, Guarantor against and on account of the obligations and liabilities of Guarantor to GMAC hereunder. 4. Waiver of Subrogation. Guarantor hereby waives and releases any rights that it may now possess or hereafter acquire, whether by operation of law, equity, or through contract, to obtain indemnity, reimbursement or repayment from Dealers of any amount paid by Guarantor to GMAC pursuant to this Guaranty, whether by way of subrogation, indemnity, defense, reimbursement or otherwise. In the event that any Dealer shall be the subject of a bankruptcy, insolvency or similar proceeding, Guarantor agrees to make no claim against any Dealer or the estate of any Dealer arising out of or in relation to the performance of this Guaranty -8- by Guarantor and to execute and deliver to the debtor-in-possession, trustee, receiver or other appropriate person such releases and waivers of any claims available to Guarantor as shall be required to evidence this waiver and release. 5. Certain Rights of GMAC. GMAC may at any time to the extent provided by the GMAC Financing, without the consent of, or notice (except as shall be required by applicable statute and which cannot be waived) to Guarantor, and without incurring responsibility to Guarantor or impairing, mitigating, or releasing the obligations of Guarantor hereunder: (a) change the manner, place or terms of payment, or change or extend the time of payment of, renew or alter any Obligations, any security therefor, or any liability incurred directly or indirectly in respect thereof, and the Guaranty herein made shall apply to the Obligations as so changed, extended, renewed or altered; (b) sell, exchange, release, subordinate, surrender, realize upon or otherwise deal with in any manner and in any order any property at any time pledged or mortgaged to secure the Obligations; fail to obtain, maintain, or perfect any lien, pledge, mortgage, or security interest in any property of the Dealer, delay in the perfection of any such interest, fail to fully and adequately conduct audits and verification reviews of such property or the books and records of the Dealer; or (c) exercise or refrain from exercising any rights or remedies against Dealer or others (including Guarantor or any other person directly or contingently liable for any or all the Obligations); (d) settle or compromise any Obligations, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of Dealers to creditors of Dealers; and (e) apply any sums however realized from Guarantor in the order of payment as set forth in the GMAC Financing agreements or, to the extent not set forth, in GMAC's reasonable discretion, provided GMAC has no duty to marshal assets for the benefit of any Dealer or Guarantor. 6. Other Agreements of Guarantor. Guarantor also agrees as follows: (a) the liability of Guarantor under this Guaranty is absolute and unconditional and may be enforced without requiring GMAC to first resort to any other right, remedy or security; -9- (b) no setoffs or counterclaims that any Dealer or Guarantor, or any other person, may have against GMAC shall impair or otherwise affect the rights of GMAC against Guarantor and Guarantor waives the assertion of any such setoffs or counterclaims in any proceeding to enforce Guarantor's Obligations under this Guaranty; (c) if any Dealer or Guarantor shall at any time become insolvent, make a general assignment for the benefit of creditors, or if a petition in bankruptcy or any insolvency or reorganization proceeding shall be commenced by, against or in respect of any of them, such action shall not release this Guaranty; (d) this Guaranty is a continuing Guaranty which may not be terminated so long as any Obligations remain outstanding; (e) nothing shall discharge or satisfy the liability of Guarantor except the full payment and performance of the Obligations; (f) no invalidity, irregularity or unenforceability of all or any part of the Obligations or of any security therefor shall affect, impair or be a defense to this Guaranty; and (g) this Guaranty is secured under separate security agreement, pledge, assignment, and/or mortgage in favor of GMAC. (h) Guarantor unconditionally and irrevocably waives each and every defense which, under principles of guarantee or suretyship law, would otherwise operate to impair or diminish the liability of Guarantor under this Guaranty, including, without limitation, Guarantor expressly waives and dispenses with notice of acceptance of this Guaranty, notices of non-payment or non-performance, notice of amount of indebtedness outstanding at any time, protests, demands, and prosecution of collection, foreclosure, and possessory remedies. Guarantor further waives any right to require GMAC to (i) proceed against other persons or any Dealer, (ii) advise the Guarantor of the results of any collateral checks or examinations, (iii) require any Dealer to comply with its agreement with GMAC, or (iv) proceed against Dealer or proceed against or exhaust any security. (i) Guarantor shall provide upon the execution of this Guaranty and upon request by GMAC a detailed financial statement for such Guarantor, upon the forms attached hereto as Exhibits "A" (GMAC Form 559) and "B" (GMAC Form 505 G). Continuing Guaranty. This is a continuing guaranty and shall remain in full force and effect until five business days after receipt by GMAC of written notice by the Guarantor terminating or modifying same; provided, however, that such notice shall not operate to release the Guarantor from liability hereunder with respect to any Obligations -10- incurred prior to the effective date of such notice; and provided further that such notice shall be effective only as to the Guarantor specifically giving such notice. Integration. Except as noted herein or in the GMAC Financing agreements, GMAC has made no promises to any Dealer or Guarantor to induce execution of this Guaranty and there are no other agreements or understandings, either oral or in writing, between GMAC and the Guarantor affecting this Guaranty. Joint and Several Liability. The Obligation of all parties signing this Guaranty shall be joint and several, and the failure of or subsequent release of any Guarantor named in this Guaranty to be bound hereby shall not mitigate, release, or impair the responsibility of every other Guarantor hereunder. Reinstatement. (a) Guarantor further agrees that if GMAC receives any payment or payments on account of the Obligations, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent, avoidable, or preferential, set aside or required to be repaid to a trustee, receiver, or any other party under any bankruptcy, state or federal law, common law or equitable doctrine, then to the extent of any sum not finally retained by GMAC, Guarantor's obligations under this Guaranty shall be reinstated and this Guaranty shall remain in full force and effect (or be reinstated) until payment of all the Obligations shall have been irrevocably and indefeasibly made to GMAC. If any action or proceeding seeking such repayment is pending or, in GMAC's reasonable judgment, threatened, this Guaranty shall remain in full force and effect notwithstanding that any Dealer may not then be obligated to GMAC. (b) If claim is ever made upon GMAC for repayment or recovery of any amount or amounts received by it in payment or on account of any of the Obligations and all or part of such amount is repaid by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over GMAC or any of its property, or (ii) any settlement or compromise of any such claim affected by GMAC with any such claimant (including Dealer), then and in such event Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding upon Guarantor, notwithstanding any revocation hereof or the cancellation of any note or other instrument evidencing any Obligations, and Guarantor shall be and remains liable to GMAC hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by GMAC. 11. Severability. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction or against any person -11- organized under the laws of such jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction or with respect to any other person. 12. Paragraph Headings. The paragraph headings used in this Guaranty are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 13. Rights and Remedies Not Waived. No course of dealing between GMAC and any Dealer and/or Guarantor or any failure or delay on the part of GMAC in exercising any rights or remedies hereunder shall operate as a waiver of any rights or remedies of GMAC and no single or partial exercise of any rights or remedies hereunder shall operate as a wiaver or preclude the exercise of any other rights or remedies hereunder. 14. Waivers and Amendments; Successors and Assigns; Governing Law. None of the terms or provisions of this Guaranty may be waived, altered, modified or amended except by a written instrument, duly executed by Guarantor and GMAC. This Guaranty and all obligations of Guarantor hereunder shall be binding upon the successors and assigns of Guarantor, and shall, together with the rights and remedies of GMAC hereunder, inure to the benefit of GMAC and its successors and assigns, provided that Guarantor may not assign or transfer any of its rights or obligations hereunder without the prior written consent of GMAC. This Guaranty shall be governed by, and be construed and interpreted in accordance with, the internal laws (and not the laws of conflict) of the State of New Jersey. 15. Notices. Any demand, notice or communication to be made or given hereunder shall be in writing, except as otherwise expressly permitted or required under this Guaranty, and may be made or given by personal delivery, overnight courier, registered or certified mail or by transmittal by telex or facsimile machine, whether by public or private means, addressed to the respective parties at the addresses set forth in Section I above. If the party making or giving such demand, notice or communication knows or ought reasonably to know of difficulties with the postal system which might affect the delivery of mail, any such demand, notice or communication shall not be mailed but shall be made or given by personal delivery or by telex or by facsimile transmission. 16. Counterparts. This Guaranty may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making -12- proof of this Guaranty to produce or account for more than one such counterpart. 17. Waiver of Jury Trial. THE PARTIES HERETO ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT THIS RIGHT MAY BE WAIVED. GMAC AND EACH GUARANTOR EACH HEREBY KNOWINGLY, VOLUNTARILY AND WITHOUT COERCION, WAIVE ALL RIGHTS TO A TRIAL BY JURY OF ALL DISPUTES ARISING OUT OF OR IN RELATION TO THIS GUARANTY OR ANY OTHER AGREEMENTS BETWEEN THE PARTIES. NO PARTY SHALL BE DEEMED TO HAVE RELINQUISHED THE BENEFIT OF THIS WAIVER OF JURY TRIAL UNLESS SUCH RELINQUISHMENT IS IN A WRITTEN INSTRUMENT SIGNED BY THE PARTY TO WHICH SUCH RELINQUISHMENT WILL BE CHARGED. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. County Auto Group Partnership t/a County Toyota By /s/Ezra P. Mager ----------------------------- Title Ezra P. Mager, CEO ----------------------------- Attest/Certify /s/Donald Betson ----------------- Title Donald Betson, CFO -------------------------- Rockland Motors Partnership t/a Rockland Mitsubishi By /s/Ezra P. Mager ----------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- Somerset Motors Partnership t/a DiFeo Lexus By /s/Ezra P. Mager ----------------------------- Title Ezra P. Mager, CEO ----------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO ------------------------ -13- DiFeo Oldsmobile Partnership t/a DiFeo Volkswagen of Bridgewater By /s/Ezra P. Mager ----------------------------- Title Ezra P. Mager, CEO ----------------------------- Attest/Certify /s/Donald Betson ----------------- Title Donald Betson, CFO ------------------------ Fair Motors Partnership t/a Fair Mitsubishi By /s/Ezra P. Mager ----------------------------- Title Ezra P. Mager, CEO ----------------------------- Attest/Certify /s/Donald Betson -------------- Title Donald Betson, CFO ------------------------ Fair Chevrolet-Geo Partnership By /s/Ezra P. Mager -------------------------- Title Ezra P. Mager, CEO ----------------------------- Attest/Certify /s/Donald Betson -------------- Title Donald Betson, CFO ------------------------ Fair Hyundai Partnership t/a Fair Suzuki By /s/Ezra P. Mager ----------------------------- Title Ezra P. Mager, CEO ----------------------------- Attest/Certify /s/Donald Betson -------------- Title Donald Betson, CFO ------------------------ Fair Infiniti Partnership By /s/Ezra P. Mager ----------------------------- Title Ezra P. Mager, CEO ----------------------------- Attest/Certify /s/Donald Betson -------------- Title Donald Betson, CFO ------------------------ -14- Fair Imports Partnership t/a Fair Acura By /s/Ezra P. Mager ----------------------------- Title Ezra P. Mager, CEO ----------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO ------------------------ Danbury-Mt. Kisco Saturn Partnership t/a Saturn of Danbury By /s/Ezra P. Mager ---------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- Fair Cadillac-Oldsmobile- Isuzu Partnership By /s/Ezra P. Mager ---------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ----------------- Title Donald Betson, CFO -------------------------- Danbury Auto Partnership t/a Fair Honda By /s/Ezra P. Mager ---------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ----------------- Title Donald Betson, CFO -------------------------- DiFeo Nissan Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ----------------- Title Donald Betson, CFO -------------------------- -15- DiFeo Jeep-Eagle Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- DiFeo Autocenter Partnership t/a DiFeo Mazda By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- DiFeo Subaru Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ----------------- Title Donald Betson, CFO -------------------------- DiFeo Chevrolet-Geo Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ----------------- Title Donald Betson, CFO -------------------------- DiFeo Hyundai Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- -16- DiFeo Buick-Pontiac-GMC Truck Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- DiFeo BMW Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- DiFeo Imports Partnership t/a Jersey City Mitsubishi By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO ------------------------------- J & F Oldsmobile - Isuzu Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- DiFeo Leasing Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- -17- Hudson Motors Partnership t/a Hudson Toyota By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- J & S Ford Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- DiFeo Volkswagen Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- DiFeo-EMCO Management Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- County Auto Group, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Treasurer -------------------------------- -18- DiFeo Partnership PCT, Inc. By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- DiFeo Partnership, Inc. By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- EMCO Motor Holdings, Inc. By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- Rockland Motors Corp. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Asst. Sec. --------------------------------- DiFeo Partnership RCM, Inc. By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- -19- Somerset Motors, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, VP --------------------------- DiFeo Partnership SCT, Inc. By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- Gateway Oldsmobile, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, VP -------------------------- Fair Motors Corp. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Treasurer ------------------------------- Attest/Certify /s/Joseph C. DiFeo ---------------- Title Joseph C. DiFeo, Pres. ---------------------------- DiFeo Partnership DM, Inc. By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- -20- Fair Chevrolet Corp. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Sec. --------------------------- Fair Hyundai Corp. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Treasurer -------------------------------- Fair Infinite, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Sec. --------------------------- Fair Imports Corp. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Pres. ---------------------------- Danbury-Mt. Kisco Saturn Corp. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Sec. --------------------------- -21- Fair Cadillac-Oldsmobile Corp. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Sec. --------------------------- JS2, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, VP -------------------------- JS1, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, VP -------------------------- DiFeo Jeep Eagle, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Pres. ---------------------------- DiFeo Autocenter, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Tres. ---------------------------- -22- DiFeo Subaru, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Sec. --------------------------- DiFeo Hyundai, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Tres. ---------------------------- DiFeo Buick, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Sec. --------------------------- DiFeo BMW, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Sec. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Tres. ---------------------------- DiFeo Imports, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Pres. ---------------------------- -23- DiFeo Partnership HCM, Inc. By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- J & F Oldsmobile Corp. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Asst. Sec. --------------------------------- DiFeo Leasing Corporation By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Sec. --------------------------- Hudson Toyota, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, VP ------------------------- DiFeo Partnership HCT, Inc. By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO ------------------------ -24- DiFeo Volkswagen, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, VP ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, Tres. ---------------------------- /s/ Samuel X. DiFeo ------------------------------- Samuel X. DiFeo, Individual North Jersey-Manhattan Saturn Corporation By /s/Samuel X. DiFeo ------------------------------- Title ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title ---------------------------- North Jersey Manhattan Saturn Partnership By /s/Ezra P. Mager ------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/Donald Betson ---------------- Title Donald Betson, CFO -------------------------- J & S Ford, Inc. By /s/Samuel X. DiFeo ------------------------------- Title Samuel X. DiFeo, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ------------------ Title Joseph C. DiFeo, VP -------------------------- /s/Joseph C. DiFeo - ------------------------------- ------------------------------- James Salerno, Individual Joseph C. DiFeo, Individual - ------------------------------- ------------------------------- Michael Salerno, Individual James G. Hetherington, Individual - ------------------------------- ------------------------------- Raymond Duane, Individual Neale A. Kuperman, Individual -25- - ------------------------------- ------------------------------- Richard Mutterperl, Robert J. Cohen, Individual Individual /s/Sam C. DiFeo - ------------------------------- ------------------------------- Sam C. DiFeo, Individual Joseph J. Mitolo, Individual GENERAL MOTORS ACCEPTANCE CORPORATION By: /s/Illegible - ------------------------------- Its: Asst. Tres. ------------ -26- FIRST AMENDMENT TO UNCONDITIONAL CONTINUING GUARANTY OF PAYMENT I. THE PARTIES This First Amendment to Unconditional, Continuing Guaranty of Payment (the "Amendment") is dated effective the 8th day of February, 1993, and executed by and between General Motors Acceptance Corporation, a New York corporation, with branch operations offices located at (i) 325 Columbia Turnpike, Florham Park, New Jersey 07932; (ii) 2700 Westchester Avenue, Purchase, New York 10577-2535; (iii) 90 Woodbridge Center Drive, Woodbridge, New Jersey 07095; and (iv) 555 Long Wharf Drive, New Haven, Connecticut 06511 ("GMAC"); Fair Chrysler Plymouth Partnership, a New Jersey general partnership, trading as Fair Chrysler Plymouth and located at 100C Federal Road, Danbury, Connecticut 06813 ("Fair Chrysler"); and by each and everyone of the following persons whose name, legal status, and address is listed (the "Guarantors"): Guarantor Name Status Address - -------------- ------ ------- County Auto Group Partnership NJ General 115 Route 59 t/a County Toyota Partnership Nyack, NY 10960 Rockland Motors Partnership NJ General 73 North Highland Avenue t/a Rockland Mitsubishi Partnership P.O. Box 724 Nyack, NY 10960 Somerset Motors Partnership NJ General Route 22 East t/a DiFeo Lexus Partnership P.O. Box 310 Bound Brook, NJ 08805 DiFeo Oldsmobile Partnership NJ General Route 22 East t/a Difeo Volkswagen Bridgewater Partnership P.O. Box 310 Bound Brook, NJ 08805 Fair Motors Partnership NJ General 100 Federal Road t/a Fair Mitsubishi Partnership Danbury, CT 06813 Fair Chevrolet-Geo Partnership NJ General 100 Federal Road Partnership Danbury, CT 06813 Fair Hyundai Partnership NJ General 102D Federal Road t/a Fair Suzuki Partnership Danbury, CT 06813 Fair Infiniti Partnership NJ General 100B Federal Road -27- Partnership Danbury, CT 06813 Fair Imports Partnership NJ General 100A Federal Road t/a Fair Acura Partnership Danbury, CT 06813 Danbury-Mt. Kisco Saturn NJ General 102C Federal Road Partnership t/a Saturn of Danbury Partnership Danbury, CT 06813 Fair Cadillac-Oldsmobile-Isuzu NJ General 102 Federal Road Partnership Partnership Danbury, CT 06813 Danbury Auto Partnership NJ General 102D Federal Road t/a Fair Honda Partnership Danbury, CT 06813 DiFeo Nissan Partnership NJ General 977 Communipaw Avenue Partnership Jersey City, NJ 07304 DiFeo Jeep-Eagle Partnership NJ General 315 Clendenny Avenue Partnership Route 440 Jersey City, NJ 07304 DiFeo Autocenter Partnership NJ General Hudson Mall & Route 440 t/a DiFeo Mazda Partnership Jersey City, NJ 07304 DiFeo Subaru Partnership NJ General 315 Clendenny Avenue Partnership Jersey City, NJ 07304 DiFeo Chevrolet-Geo NJ General 315 Clendenny Avenue Partnership Partnership Route 440 Jersey, City, NJ 07304 DiFeo Hyundai Partnership NJ General Hudson Mall & Route 440 Partnership Jersey City, NJ 07304 DiFeo Buick-Pontiac-GMC NJ General 919 Communipaw Avenue Truck Partnership Partnership Jersey City, NJ 07304 DiFeo BMW Partnership NJ General 301 County Road Partnership Tenafly, NJ 07670 DiFeo Imports Partnership NJ General 947 Communipaw Avenue t/a Jersey City Mitsubishi Partnership Jersey City, NJ 07304 J & F Oldsmobile-Isuzu NJ General 315 Clendenny Avenue Partnership Partnership Route 440 Jersey City, NJ 07304 -28- DiFeo Leasing Partnership NJ General 977 Communipaw Avenue Partnership Jersey City, NJ 07304 Hudson Motors Partnership NJ General 585 Route 440 t/a Hudson Toyota Partnership Jersey City, NJ 07304 J & S Ford Partnership NJ General 599 Route 440 Partnership Jersey City, NJ 07304 DiFeo Volkswagen Partnership NJ General 599 Route 440 Partnership Jersey City, NJ 07304 North Jersey Manhattan Saturn NJ General 943 Communipaw Avenue Partnership Partnership Jersey City, NJ 07304 DiFeo-EMCO Management NJ General 977 Communipaw Avenue Partnership Partnership Jersey City, NJ 07304 County Auto Group, Inc. NY Corporation 585 Route 440 c/o Joseph C. DiFeo Jersey City, NJ 07304 DiFeo Partnership RCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 DiFeo Partnership, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 EMCO Motor Holdings, Inc. Delaware 153 East 53 Street Corporation Suite 5900 New York, NY 10022 Rockland Motors Corp. New York 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership RCM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Somerset Motors, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership SCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Gateway Oldsmobile, Inc. New Jersey 585 Route 440 -29- c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Motors Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership DM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Fair Chevrolet Corp. Connecticut 585 Route 440 c/o Joseph C. DeFeo Corporation Jersey City, NJ 07304 Fair Hyundai Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Infiniti, Inc. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Imports Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Danbury-Mt. Kisco Saturn Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Cadillac-Oldsmobile Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 JS2, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 JS1, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Jeep-Eagle, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Autocenter, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Subaru, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Hyundai, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Buick, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 -30- DiFeo BMW, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Imports, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership HCM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 J & F Oldsmobile Corp. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Leasing Corporation New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Hudson Toyota, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership HCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 DiFeo Volkswagon, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 J & S Ford, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 North Jersey Manhattan Saturn New Jersey 943 Communipaw Avenue Corporation Corporation Jersey City, NJ 07304 Samuel X. DiFeo Individual 121 Lorraine Avenue Spring Lake, NJ 07762 Joseph C. DiFeo Individual 17 Blackpoint Horseshoe Rumson, NJ 07760 James G. Hetherington Individual 44 Minors Bridge Road Roxbury, CT 06783 Sam C. DiFeo Individual 2219 First Avenue Spring Lake, NJ 07762 II. THE RECITALS -31- A. WHEREAS, each of the Guarantors executed and delivered to and in favor of GMAC an Unconditional, Continuing Guaranty of Payment, dated effective October 1, 1992, (the "Guaranty"); and B. WHEREAS, the Guaranty is an unconditional, continuing guaranty of payment of any and all obligations which the Dealers whose names were described therein then or thereafter owed to GMAC, except that certain limitations applied as to the Individual Guarantors, as more fully set forth in paragraph 1 of the Guaranty; and C. WHEREAS, each of the Dealers described in the Guaranty ("Dealers") has previously executed, inter alia, a Loan and Security Agreement with GMAC (the "Loan Agreement") which, among other things, required the cross-guaranty of each Dealer, all Affiliates thereto, and certain other parties named in paragraph 4 of the Loan Agreement; and D. WHEREAS, Fair Chrysler has, contemporaneous with the execution of this First Amendment, executed a Loan Agreement and other related documents, instruments, and agreements with GMAC, and in connection therewith, will become an "Affiliate" of the Dealers as that term is described in paragraph 6(I) of each and every Loan Agreement; and E. WHEREAS, GMAC requires, in connection with all such Loan Agreements, that each Guarantor unconditionally and continuously guaranty the payment of the obligations of Fair Chrysler to GMAC and vice versa (the "Cross Guaranty"); and F. WHEREAS, except for certain Individual Guarantors whose obligations are not increased or altered by this First Amendment, each of the Parties hereto intend that the Guaranty be amended to include the Cross-Guaranty of Fair Chrysler. III. THE AMENDMENT AGREEMENT NOW, THEREFORE, in consideration of the premises, the sufficiency of which is hereby acknowledged, GMAC, Fair Chrysler, and each of the undersigned Guarantors hereby agree, in conformity with paragraph 14 of the Guaranty, as follows: 1. The Guaranty is hereby amended to make and designate Fair Chrysler a "Guarantor" and a "Dealer" as ascribed in the Guaranty and for all intents and purposes thereunder, with all duties, obligations, and liabilities as a Guarantor and Dealer as though originally executed by Fair Chrysler. 2. Except as noted above, the Guaranty remains in full force and effect and is not otherwise waived, altered, modified, or amended hereby. -32- Fair Chrysler Plymouth Partnership GENERAL MOTORS ACCEPTANCE t/a Fair Chrysler Plymouth CORPORATION By /s/ E.P. Mager By /s/ Paul A. Given - ---------------------------------- ------------------------------- Title President Paul A. Given, ---------------------------- Control Branch Manager Attest/Certify /s/ George Lowrance ------------------- Title General Counsel -------------------- County Auto Group Partnership t/a County Toyota By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Rockland Motors Partnership t/a Rockland Mitsubishi By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Somerset Motors Partnership t/a DiFeo Lexus By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Oldsmobile Partnership t/a Difeo Volkswagen of Bridgewater By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -33- Fair Motors Partnership t/a Fair Mitsubishi By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Chevrolet-Geo Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Hyundai Partnership t/a Fair Suzuki By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Infiniti Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Imports Partnership t/a Fair Acura By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -34- Danbury-Mt. Kisco Saturn Partnership t/a Saturn of Danbury By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Cadillac-Oldsmobile-Isuzu Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Danbury Auto Partnership t/a Fair Honda By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Nissan Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Jeep-Eagle Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -35- DiFeo Autocenter Partnership t/a DiFeo Mazda By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Subaru Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Chevrolet-Geo Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Hyundai Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Buick-Pontiac-GMC Truck Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -36- DiFeo BMW Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Imports Partnership t/a Jersey City Mitsubishi By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- J & F Oldsmobile-Isuzu Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Leasing Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Hudson Motors Partnership t/a Hudson Toyota By /s/ E.P. Mager ------------------------------- Title President ------------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -37- J & S Ford Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Volkswagen Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo-EMCO Management Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- County Auto Group, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Partnership RCT, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel -------------------------- DiFeo Partnership, Inc. -38- By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- EMCO Motor Holdings, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Rockland Motors Corp. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Partnership RCM, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Somerset Motors, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Partnership SCT, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance -------------------- Title General Counsel -------------------------- -39- Gateway Oldsmobile, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Motors Corp. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Partnership DM, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------ Fair Chevrolet Corp. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Hyundai Corp. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -40- Fair Infiniti, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Imports Corp. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Danbury-Mt. Kisco Saturn Corp. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Fair Cadillac-Oldsmobile Corp. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- JS2, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -41- JS1, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Jeep-Eagle, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Autocenter, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Subaru, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Hyundai, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -42- DiFeo Buick, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo BMW, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Imports, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Partnership HCM, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- J & F Oldsmobile Corp. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -43- DiFeo Leasing Corporation By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- Hudson Toyota, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Partnership HCT, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Volkswagon, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- North Jersey Manhattan Saturn Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- -44- DiFeo-EMCO Mangement Avenue Partnership By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- DiFeo Partnership RCT, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- J & S Ford, Inc. By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- North Jersey Manhattan Saturn Corporation By /s/ E.P. Mager ------------------------------- Title President ---------------------------- Attest/Certify /s/ George Lowrance ------------------- Title General Counsel ------------------------- /s/ Samuel X. DiFeo ---------------------------------- Samuel X. DiFeo, Individual /s/ Joseph C. DiFeo ---------------------------------- Joseph C. DiFeo, Individual /s/ James G. Hetherington ---------------------------------- James G. Hetherington, Individual -45- /s/ Sam C. DiFeo ---------------------------------- Sam C. DiFeo, Individual -46- SECOND AMENDMENT TO UNCONDITIONAL CONTINUING GUARANTY OF PAYMENT I. THE PARTIES This Second Amendment to Unconditional, Continuing Guaranty of Payment (the "Second Amendment") is dated effective the 7th day of April, 1993, and executed by and between General Motors Acceptance Corporation, a New York corporation, with a branch operations office located at 325 Columbia Turnpike, Florham Park, New Jersey 07932, and by each and everyone of the following persons whose name, legal status, and address is listed below (the "Guarantors"): Guarantor Name Status Address -------------- ------ ------- County Auto Group Partnership NJ General 115 Route 59 t/a County Toyota Partnership Nyack, NY 10960 Rockland Motors Partnership NJ General 73 North Highland Avenue t/a Rockland Mitsubishi Partnership P.O. Box 724 Nyack, NY 10960 Somerset Motors Partnership NJ General Route 22 East t/a DiFeo Lexus Partnership P.O. Box 310 Bound Brook, NJ 08805 DiFeo Oldsmobile Partnership NJ General Route 22 East t/a Difeo Volkswagen Partnership P.O. Box 310 Bridgewater Bound Brook, NJ 08805 Fair Motors Partnership NJ General 100 Federal Road t/a Fair Mitsubishi Partnership Danbury, CT 06813 Fair Chevrolet-Geo Partnership NJ General 100 Federal Road Partnership Danbury, CT 06813 Fair Hyundai Partnership NJ General 102D Federal Road t/a Fair Suzuki Partnership Danbury, CT 06813 Fair Infiniti Partnership NJ General 100B Federal Road Partnership Danbury, CT 06813 Fair Imports Partnership NJ General 100A Federal Road t/a Fair Acura Partnership Danbury, CT 06813 Danbury-Mt. Kisco Saturn NJ General 102C Federal Road Partnership t/a Saturn of Partnership Danbury, CT 06813 Danbury and t/a Saturn of Watertown Fair Cadillac-Oldsmobile-Isuzu NJ General 102 Federal Road Partnership Partnership Danbury, CT 06813 Danbury Auto Partnership NJ General 102D Federal Road t/a Fair Honda Partnership Danbury, CT 06813 DiFeo Nissan Partnership NJ General 977 Communipaw Avenue Partnership Jersey City, NJ 07304 -47- Guarantor Name Status Address -------------- ------ ------- DiFeo Chrysler-Plymouth NJ General 315 Clendenny Ave. Jeep-Eagle Partnership Partnership Route 440 Jersey City, NJ 07304 DiFeo Autocenter Partnership NJ General Hudson Mall & Route 440 t/a DiFeo Mazda Partnership Jersey City, NJ 07304 DiFeo Subaru Partnership NJ General 315 Clendenny Avenue Partnership Jersey City, NJ 07304 DiFeo Chevrolet-Geo Partnership NJ General 315 Clendenny Ave. Partnership Route 440 Jersey City, NJ 07304 DiFeo Hyundai Partnership NJ General Hudson Mall & Route 440 Partnership Jersey City, NJ 07304 DiFeo Buick-Pontiac-GMC Truck NJ General 919 Communipaw Avenue Partnership Partnership Jersey City, NJ 07304 DiFeo BMW Partnership NJ General 301 County Road Partnership Tenafly, NJ 07670 DiFeo Imports Partnership NJ General 947 Communipaw Avenue t/a Jersey City Mitsubishi Partnership Jersey City, NJ 07304 J & F Oldsmobile-Isuzu NJ General 315 Clendenny Avenue Partnership Partnership Route 440 Jersey City, NJ 07304 DiFeo Leasing Partnership NJ General 977 Communipaw Avenue Partnership Jersey City, NJ 07304 Hudson Motors Partnership NJ General 585 Route 440 t/a Hudson Toyota Partnership Jersey City, NJ 07304 J & S Ford Partnership NJ General 599 Route 440 TO BE FORMED Partnership Jersey City, NJ 07304 DiFeo Volkswagen Partnership NJ General 599 Route 440 Partnership Jersey City, NJ 07304 North Jersey Manhattan Saturn NJ General 943 Communipaw Avenue Partnership Partnership Jersey City, NJ 07304 DiFeo-EMCO Management NJ General 585 Route 440 Partnership Partnership Jersey City, NJ 07304 County Auto Group, Inc. New York 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership RCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 DiFeo Partnership, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 EMCO Motor Holdings, Inc. Delaware 153 East 53 Street Corporation Suite 5900 New York, NY 10022 -48- Guarantor Name Status Address -------------- ------ ------- Rockland Motors Corp. New York 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership RCM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Somerset Motors, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership SCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Gateway Oldsmobile, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Motors Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership DM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 Fair Chevrolet Corp. Connecticut 585 Route 440 c/o Joseph C. Difeo Corporation Jersey City, NJ 07304 Fair Hyundai Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Infiniti, Inc. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Imports Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Danbury-Mt. Kisco Saturn Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Cadillac-Oldsmobile Corp. Connecticut 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 JS2, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 JS1, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Jeep-Eagle, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Autocenter, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Subaru, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Hyundai, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Buick, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 -49- Guarantor Name Status Address -------------- ------ ------- DiFeo BMW, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Imports, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership HCM, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 J & F Oldsmobile Corp. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Leasing Corporation New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Hudson Toyota, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 DiFeo Partnership HCT, Inc. Delaware 153 East 53 Street c/o EMCO Motor Holdings, Inc. Corporation Suite 5900 New York, NY 10022 DiFeo Volkswagen, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 J & S Ford, Inc. New Jersey 585 Route 440 c/o Joseph C. DiFeo Corporation Jersey City, NJ 07304 Fair Chrysler Plymouth NJ General 100 C Federal Road Partnership Partnership Danbury, CT 06813 t/a Fair Chrysler Plymouth Samuel X. DiFeo Individual 121 Lorraine Avenue Spring Lake, NJ 07762 Joseph C. DiFeo Individual 17 Blackpoint Horseshoe Rumson, NJ 07760 II. THE RECITALS A. WHEREAS, each of the Guarantors executed and delivered to and in favor of GMAC an Unconditional, Continuing Guaranty of Payment, dated effective October 1, 1992, (the "Guaranty"); and B. WHEREAS, the Guaranty is an unconditional, continuing guaranty of payment of any and all obligations while the Dealers whose names were described therein then or thereafter owed to GMAC, except that certain limitations applied as to certain of the Individual Guarantors, as more fully set forth in paragraph 1 of the Guaranty or as subsequently modified in writing by GMAC; and C. WHEREAS, the Guaranty was first amended effective February 8, 1993, for the purpose of adding an additional party thereto both as a named "Guarantor" and a named "Dealer" thereunder; and -50- D. WHEREAS, each of the Dealers named in the Guaranty (as amended) have hired and retained DiFeo-EMCO Management Partnership, a New Jersey general partnership (with its principal administrative office located at 585 Route 440, Jersey City, New Jersey 07304) for the purpose of coordinating, managing, and supervising various business, financial, organizational, management, and operational matters for each such Dealer, and in connection therewith, have deemed it in their best interests that DiFeo-EMCO Management Partnership borrow money and procure extensions of credit for and on behalf of itself and each such Dealer (the "Group Loans"); and E. WHEREAS, DiFeo-EMCO Management Partnership has requested and GMAC is willing to provide the Group Loans but only in accordance with the terms and conditions of a certain Term Loan and Borrowing Base Credit Line Loan Agreement, dated of even date herewith, substantially in the form of Exhibit "A" hereto (the "Loan Agreement"; and F. WHEREAS, the Loan Agreement requires, among other things, the unconditional, continuing guaranty of payment by the Guarantors of all Group Loans, made in accordance with the Loan Agreement; and G. WHEREAS, each of the Guarantors agree and acknowledge that the Group Loans are in their best interest, irrespective of whether they are a direct recipient or beneficiary thereof, and intend hereby that the Guaranty, as amended, by further amending to include as a Dealer Obligation guarantied thereby, the Global Loans pursuant to the Loan Agreement. III. THE AMENDMENT AGREEMENT NOW, THEREFORE, in consideration of the premises, the sufficiency of which is hereby acknowledged, GMAC, and each of the undersigned Guarantors hereby agree, in conformity with paragraph 14 of the Guaranty, as follows: 1. The Guaranty is hereby amended to make and designate DiFeo-EMCO Management Partnership as a "Dealer" under the Guaranty and all Group Loans under the Loan Agreement as an "Obligation" guarantied thereby, for all intents and purposes thereunder, as though originally executed by the Guarantors in this manner. 2. The Guaranty is hereby further amended to make and designate as a "Dealer" for all intents and purposes under the Guaranty, and without further amendment or notice thereof, any corporate or partnership entity which is later formed and which has substantially similar and common financial, ownership, and management interests as each of the Dealers presently designated hereunder, as of the date hereof. -51- 3. Except as noted above, the Guaranty remains in full force and effect and is not otherwise waived, altered, modified, or amended hereby. GENERAL MOTORS ACCEPTANCE CORPORATION By /s/Paul A. Given ---------------------------------- Paul A. Given, Control Branch Manager County Auto Group Partnership t/a County Toyota By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Rockland Motors Partnership t/a Rockland Mitsubishi By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Somerset Motors Partnership t/a DiFeo Lexus By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Oldsmobile Partnership t/a Difeo Volkswagen of Bridgewater By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- -52- Fair Chrysler Plymouth Partnership t/a Fair Chrysler Plymouth By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Fair Motors Partnership t/a Fair Mitsubishi By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Fair Chevrolet-Geo Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Fair Hyundai Partnership t/a Fair Suzuki By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Fair Infiniti Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- -53- Fair Imports Partnership t/a Fair Acura By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Danbury-Mt. Kisco Saturn Partnership t/a Saturn of Danbury and t/a Saturn of Watertown By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Fair Cadillac-Oldsmobile- Isuzu Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Danbury Auto Partnership t/a Fair Honda By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Nissan Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- -54- DiFeo Chrysler-Plymouth Jeep-Eagle Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Autocenter Partnership t/a DiFeo Mazda By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Subaru Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Chevrolet-Geo Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Hyundai Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- -55- DiFeo Buick-Pontiac-GMC Truck Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo BMW Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Imports Partnership t/a Jersey City Mitsubishi By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- J & F Oldsmobile-Isuzu Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Leasing Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ------------------------------- Title V. Pres. -------------------- -56- Hudson Motors Partnership t/a Hudson Toyota By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- J & S Ford Partnership TO BE FORMED By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Volkswagen Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo-EMCO Management Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, CEO ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- County Auto Group, Inc. By /s/ Joseph DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- -57- DiFeo Partnership RCT, Inc. By /s/E.P. Mager Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Partnership, Inc. By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- EMCO Motor Holdings, Inc. By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Rockland Motors Corp. By /s/ Joseph C. DiFeo ---------------------------------- Title Tres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title Pres. -------------------- DiFeo Partnership RCM, Inc. By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Somerset Motors, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title V. Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title Pres. -------------------- -58- DiFeo Partnership SCT, Inc. By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- Gateway Oldsmobile, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title V. Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title Pres. -------------------- Fair Motors Corp. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Partnership DM, Inc. By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/ Joseph C. DiFeo ---------------------- Title Treasurer -------------------- Fair Chevrolet Corp. By /s/Joseph C. DiFeo ---------------------------------- Title V. Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- Fair Hyundai Corp. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- -59- Fair Infiniti, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title Treasurer ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title Pres. -------------------- Fair Imports Corp. By /s/Joseph C. DiFeo ---------------------------------- Title Pres ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- Danbury-Mt. Kisco Saturn Corp. By /s/Joseph C. DiFeo ---------------------------------- Title Sec. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- Fair Cadillac-Oldsmobile Corp. By /s/Joseph C. DiFeo ---------------------------------- Title -------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title --------------------- JS2, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title V. Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title Pres. -------------------- JS1, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title V. Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title Pres. -------------------- -60- DiFeo Jeep-Eagle, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Autocenter, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Subaru, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title V. Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title Pres. -------------------- DiFeo Hyundai, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Buick, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title V. Pres ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title Pres. -------------------- DiFeo BMW, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- -61- DiFeo Imports, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres -------------------- DiFeo Partnership HCM, Inc. By /s/E.P. Mager ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- J & F Oldsmobile Corp. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. --------------------- DiFeo Leasing Corporation By /s/Joseph C. DiFeo ---------------------------------- Title Sec. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- Hudson Toyota, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title V. Pres ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Partnership HCT, Inc. By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- -62- DiFeo Volkswagen, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title Pres. ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- North Jersey Manhattan Saturn Partnership By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ---------------------- Title V. Pres. -------------------- DiFeo Partnership RCT, Inc. By /s/E.P. Mager ---------------------------------- Title Ezra P. Mager, Pres. ------------------------------- Attest/Certify /s/Joseph C. DiFeo ---------------------- Title --------------------- J & S Ford, Inc. By /s/Joseph C. DiFeo ---------------------------------- Title Pres ------------------------------- Attest/Certify /s/Samuel X. DiFeo ---------------------- Title V. Pres. -------------------- /s/Samuel X. DiFeo ------------------------------------- Samuel X. DiFeo, Individual /s/Joseph C. DiFeo ------------------------------------- Joseph C. DiFeo, Individual -63-