Tarrant Texas Garantía de Pagaré por Individuo - Prestatario Corporativo - Guaranty of Promissory Note by Individual - Corporate Borrower

• Category: Garantía - Notas
• State: Multi-State
• County: Tarrant
• Control #: US-00527
• Format: Word

Description

This form states that in order to get the borrower to enter into certain promissory notes, the guarantor unconditionally and absolutely guarantees to payees, jointly and severally, the full and prompt payment and performance by the borrower of all of its obligations under and pursuant to the promissory notes, together with the full and prompt payment of any and all costs and expenses of and incidental to the enforcement of this Guaranty, including, without limitation, reasonable attorneys' fees.

Tarrant Texas Guaranty of Promissory Note by Individual — Corporate Borrower is a legal document that outlines the obligations and responsibilities of an individual who guarantees the repayment of a promissory note issued by a corporate borrower in Tarrant County, Texas. This type of guarantee provides additional security to lenders, ensuring that the repayment of the promissory note will be fulfilled. The Tarrant Texas Guaranty of Promissory Note by Individual — Corporate Borrower serves as a binding agreement between the guarantor and the lender. By signing this document, the guarantor agrees to be personally liable for the repayment of the promissory note if the corporate borrower fails to fulfill its obligations. The guarantor effectively becomes a co-signer and assumes the financial responsibility in case of default or non-payment by the corporate borrower. This guaranty protects the lender by providing an additional source of repayment beyond the corporate borrower. It helps to mitigate the risk associated with lending money to a corporate entity by involving a trustworthy individual who can be held personally accountable. There can be different types of Tarrant Texas Guaranty of Promissory Note by Individual — Corporate Borrower, based on specific situations or terms specified in the agreement. Some possible variations include: 1. Limited Guaranty: This type of guaranty may limit the guarantor's liability to a certain amount or for a specific period. It sets a cap on the guarantor's responsibility in case of default. 2. Continuing Guaranty: Unlike a limited guaranty, a continuing guaranty does not have an expiration or termination date. The guarantor remains obligated until the promissory note is fully paid or until the guaranty is formally released. 3. Unconditional Guaranty: This type of guaranty holds the guarantor fully responsible for the repayment of the promissory note, regardless of any circumstances or obstacles faced by the corporate borrower. It provides maximum security to the lender. 4. Guaranty of Collection: In some cases, the guarantor's liability may be contingent upon the lender's efforts to collect from the corporate borrower. This type of guaranty ensures that the lender diligently pursues all available legal remedies before turning to the guarantor for repayment. It's important to consult with legal professionals to ensure that the Tarrant Texas Guaranty of Promissory Note by Individual — Corporate Borrower accurately reflects the intentions of all parties involved and complies with relevant legal requirements and regulations.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.