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prior parties to any of the collateral . The City shall not be <br /> liable or responsible in any way for the safekeeping, care or <br /> custody of any of the collateral , or for any loss or damage <br /> thereof, or for any dimunition in the value thereof , or for any <br /> act of default of any agent or bailee of the City or Omega or <br /> of any carrier, forwarding agency or other person whomsoever , <br /> or for the collection of any proceeds , by the same shall be at <br /> Omega ' s sole risk at all times . Omega hereby releases the City <br /> for any claims , causes of action and demands at any time arising <br /> out of or with respect to this Agreement , and any actions taken <br /> or omitted to be taken by the City with respect thereto , and <br /> Omega hereby agrees to hold the City harmless from and with <br /> respect to any and all such claims , causes of action and <br /> demands . <br /> 8 . Nonwaiver. No failure or delay on the part of the City <br /> in exercising any of its rights and remedies hereunder or otherwise <br /> shall constitute a waiver thereof, and no single or partial waiver <br /> by the City or any default or ,other right or remedy with it may <br /> have shall operate as a waiver of any other default , right or <br /> remedy or of the same default , right or remedy on a future <br /> occasion. <br /> 9. Guaranty. It is understood and recognized that all <br /> obligations of Omega under this Agreement , the Note and the <br /> Mortgage are unconditionally guaranteed by Omega Container , <br /> Inc . , a Louisiana corporation, pursuant to a Guaranty Agreement <br /> of even date herewith between Omega Container Batesville , Inc. , <br /> and the City of Batesville . <br /> 10 . Modification. No provision hereof shall be modified, <br /> altered or limited except by a written instrument expressly <br /> referring to this Agreement and to the provision so modified <br /> or limited, and executed by the party to be charged. <br /> 11 . Authorization. The execution and delivery of this <br /> Agreement has been authorized by the owners of Omega and by any <br /> necessary vote or consent of stockholders of Omega. <br /> 12. Binding effect . This Agreement shall be binding upon <br /> the successors and assigns of Omega, shall , together with the <br /> -9- <br />