This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
In consideration of the execution and delivery of the foregoing (or, within) contract by the above (or, within) named C. D. [name of party to whom guaranty is given], and in further consideration of one dollar paid to me by said C. D., the receipt of which is hereby acknowledged, I hereby guarantee the faithful and complete performance by the above (or, within) named X. Y. [name of party whose performance is guaranteed], of all the agreements and covenants on his part to be performed under said contract.
Provided, however, that, in case default be made by the said X. Y. in the performance of any of the agreements and covenants on his part to be performed, notice thereof shall be given to me by mail by said C. D. within--------days after knowledge or notice thereof shall have come to the said C. D., and thereupon I shall have the right, within---------days after receiving such notice, myself to commence the performance of the agreements and things in respect to which such default shall have been made, and that I shall be entitled to a reasonable time thereafter in which to complete such performance. In witness whereof, etc.