Georgia Guaranty of Promissory Note by Individual - Corporate Borrower

• Category: Promissory Notes - Guaranty
• State: Multi-State
• Control #: US-00527
• Format: Word; PDF; Rich Text

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. The Georgia Guaranty of Promissory Note by Individual — Corporate Borrower is a legal document used in the state of Georgia that establishes the personal liability of an individual guarantor for the repayment of a promissory note by a corporate borrower. This agreement is commonly used when a corporation or business entity seeks to obtain financing from a lender and requires a personal guarantee to secure the loan. In this agreement, the individual guarantor (also referred to as the "Guarantor") pledges their personal assets and income as collateral for the repayment of the promissory note in the event that the corporate borrower (also referred to as the "Borrower") defaults on the loan. The Guarantor agrees to be fully responsible for the repayment of the debt, including any interest, fees, or costs associated with the loan. The Georgia Guaranty of Promissory Note by Individual — Corporate Borrower typically includes the following key provisions: 1. Identification of the parties: The agreement identifies the individual guarantor and the corporate borrower. It provides their legal names, addresses, and contact information. 2. Description of the promissory note: The agreement states the specific details of the promissory note, including the principal amount borrowed, the interest rate, repayment terms, and any additional terms relevant to the loan. 3. Guarantor's obligations: The document outlines the Guarantor's obligations, which typically include guaranteeing the repayment of the promissory note, paying any amounts due in the event of default, and reimbursing the lender for any expenses incurred in enforcing the guarantee. 4. Release provisions: The agreement may include provisions for releasing the Guarantor from their obligations under certain circumstances, such as the repayment of a specific amount of the loan or the sale of certain assets of the corporate borrower. 5. Governing law: The agreement specifies that it is governed by the laws of the state of Georgia and any disputes arising out of or relating to the agreement will be resolved in Georgia courts. Different types or variations of the Georgia Guaranty of Promissory Note by Individual — Corporate Borrower include: 1. Full recourse Guaranty: This type of guaranty holds the individual guarantor fully responsible for the repayment of the promissory note, including any deficiencies if the collateral obtained by the lender upon default is not sufficient to cover the outstanding debt. 2. Limited recourse Guaranty: This type of guaranty limits the individual guarantor's liability to a specific amount or percentage of the outstanding balance of the promissory note. 3. Conditional Guaranty: This type of guaranty may include conditions or requirements that must be met by the lender or borrower before the Guarantor's obligations become effective. For example, the Guarantor may require the Borrower to provide regular financial statements or maintain a specific debt-to-equity ratio. It is important to note that while this description provides a general overview of the Georgia Guaranty of Promissory Note by Individual — Corporate Borrower, it is advisable to consult an attorney or legal professional to ensure the specific terms and provisions of the agreement meet the requirements of the parties involved and comply with applicable laws in Georgia.

The Georgia Guaranty of Promissory Note by Individual — Corporate Borrower is a legal document used in the state of Georgia that establishes the personal liability of an individual guarantor for the repayment of a promissory note by a corporate borrower. This agreement is commonly used when a corporation or business entity seeks to obtain financing from a lender and requires a personal guarantee to secure the loan. In this agreement, the individual guarantor (also referred to as the "Guarantor") pledges their personal assets and income as collateral for the repayment of the promissory note in the event that the corporate borrower (also referred to as the "Borrower") defaults on the loan. The Guarantor agrees to be fully responsible for the repayment of the debt, including any interest, fees, or costs associated with the loan. The Georgia Guaranty of Promissory Note by Individual — Corporate Borrower typically includes the following key provisions: 1. Identification of the parties: The agreement identifies the individual guarantor and the corporate borrower. It provides their legal names, addresses, and contact information. 2. Description of the promissory note: The agreement states the specific details of the promissory note, including the principal amount borrowed, the interest rate, repayment terms, and any additional terms relevant to the loan. 3. Guarantor's obligations: The document outlines the Guarantor's obligations, which typically include guaranteeing the repayment of the promissory note, paying any amounts due in the event of default, and reimbursing the lender for any expenses incurred in enforcing the guarantee. 4. Release provisions: The agreement may include provisions for releasing the Guarantor from their obligations under certain circumstances, such as the repayment of a specific amount of the loan or the sale of certain assets of the corporate borrower. 5. Governing law: The agreement specifies that it is governed by the laws of the state of Georgia and any disputes arising out of or relating to the agreement will be resolved in Georgia courts. Different types or variations of the Georgia Guaranty of Promissory Note by Individual — Corporate Borrower include: 1. Full recourse Guaranty: This type of guaranty holds the individual guarantor fully responsible for the repayment of the promissory note, including any deficiencies if the collateral obtained by the lender upon default is not sufficient to cover the outstanding debt. 2. Limited recourse Guaranty: This type of guaranty limits the individual guarantor's liability to a specific amount or percentage of the outstanding balance of the promissory note. 3. Conditional Guaranty: This type of guaranty may include conditions or requirements that must be met by the lender or borrower before the Guarantor's obligations become effective. For example, the Guarantor may require the Borrower to provide regular financial statements or maintain a specific debt-to-equity ratio. It is important to note that while this description provides a general overview of the Georgia Guaranty of Promissory Note by Individual — Corporate Borrower, it is advisable to consult an attorney or legal professional to ensure the specific terms and provisions of the agreement meet the requirements of the parties involved and comply with applicable laws in Georgia.