Personal Guarantee Loan
IN CONSIDERATION OF the agreement between Ronald Sutherland of 581 Frederick Street El Paso Texas 79927 (hereinafter known as "Debtor") and Scott Lawrence of 1355 Willison Street Eagan Minnesota 55121 (hereinafter known as "Creditor");
For and in consideration of the amount of $ 2,300.00 from the agreement between the parties executed on Tuesday, March 10, 2020, in the event that it becomes due and demandable, and in the event that the Debtor fails to make payments to the Creditor of the said contract amount, the Guarantor/s do hereby guarantee the full principal amount and any other interests, conforming likewise to the clauses and coventants herein this agreement and in the same way and manner as Debtor should perform of upon acceleration of payment by reason of default of Debtor.
The Guarantor/s agree not to pledge, mortgage, sell, or otherwise transfer any and all assets of Guarantor/s without the prior written consent of the creditor.
This Personal Guarantee shall be construed in accordance with and governed by the laws of the State of New York and to the exclusion of other States. Any dispute arising from herein this agreement shall be only be brought to the courts of the State of New York.
This agreement constitutes the promise of the Guarantor/s to personally guarantee the Debtor's obligation. No understanding to the contrary shall be construed unless otherwise set in writing by the parties.
No waiver shall be considered to have agreed upon by the parties unless otherwise set in writing and signed by the parties to this agreement.
This agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall be considered as one and the same agreement.
The failure of any party to exercise on insisting on strict compliance with the performance of any of the covenants herein shall not be considered as waiver of the said party. Any waiver by such party shall only be considered when made in writing and duly signed by the waiving party.
The parties set their hand, sign and seal on the 3rd day of January, in the year 2020.
A Personal Guarantee Loan is a document that legalizes the party's intention to ensure or guarantee the loan or obligation of the debtor. This is a business agreement wherein case the debtor fails or is not able to pay back the obligation to the creditor, the creditor may proceed to demand the obligation of the debtor from the guarantor. In this case, the guarantor shall be compelled to make payment of the obligation to the creditor whether or not the debtor is insolvent. This document usually is needed when the creditor or lender is not confident in lending an amount to the debtor. In such a case, the debtor may seek and involve a guarantor to make a payment on behalf of the debtor in case the debtor fails to make payment.
This Personal Guarantee Loan PDF Template lets you create your Personal Guarantee Loan document ensuring to the creditor that the loan can be paid in due time through a guarantor if in case the debtor fails to make such a payment. Creating agreements can sometimes take hours. But this template will let you have your agreement in just minutes! Just have at least a free Jotform account and you are free to copy this template.
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