Kansas Guaranty of Promissory Note by Corporation - Individual Borrower

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

Description

This Guaranty of Promissory Note by Corporation - Individual Borrower is a guarantee 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 the Guaranty, including attorneys' fees. The Kansas Guaranty of Promissory Note by Corporation — Individual Borrower is a legal document that outlines the agreement between a corporation and an individual borrower. The purpose of this document is to secure a personal guarantee from the individual borrower for a promissory note issued by the corporation. In this arrangement, the corporation acts as the borrower and is responsible for paying off the promissory note. However, to provide additional security for the lender, the individual borrower agrees to guarantee the repayment of the promissory note in case the corporation fails to honor its obligations. This guaranty is enforceable under the laws of Kansas, and it is essential to clearly define the terms and conditions of the guaranty to avoid any potential disputes in the future. The document typically includes key components such as: 1. Parties Involved: The document identifies the corporation and the individual borrower as the parties entering into the guaranty agreement. 2. Promissory Note Details: The document identifies the promissory note for which the guaranty is being provided, including the principal amount, interest rate, repayment terms, and any other relevant details. 3. Guarantor's Obligations: The document specifies the guarantor's obligations, stating that the guarantor shall be fully liable for the prompt payment, full performance, and satisfaction of all the obligations under the promissory note. 4. Waiver of Defenses: The guarantor typically waives any rights to assert any claims, counterclaims, or defenses that they may have against the corporation or the lender concerning the promissory note. 5. Indemnification: The document may include provisions for the guarantor to indemnify the lender for any costs, expenses, or damages incurred due to the borrower's default on the promissory note. 6. Governing Law and Venue: The document specifies that Kansas law governs the guaranty agreement and designates a specific jurisdiction or venue in Kansas where any disputes arising from the agreement shall be resolved. Different types of Kansas Guaranty of Promissory Note by Corporation — Individual Borrower may exist based on variations in specific terms and conditions, the nature of the promissory note, or the context of the borrowing arrangement. However, these variations mainly concern the specifics of the underlying promissory note and may not significantly impact the general structure and purpose of the guaranty agreement.

The Kansas Guaranty of Promissory Note by Corporation — Individual Borrower is a legal document that outlines the agreement between a corporation and an individual borrower. The purpose of this document is to secure a personal guarantee from the individual borrower for a promissory note issued by the corporation. In this arrangement, the corporation acts as the borrower and is responsible for paying off the promissory note. However, to provide additional security for the lender, the individual borrower agrees to guarantee the repayment of the promissory note in case the corporation fails to honor its obligations. This guaranty is enforceable under the laws of Kansas, and it is essential to clearly define the terms and conditions of the guaranty to avoid any potential disputes in the future. The document typically includes key components such as: 1. Parties Involved: The document identifies the corporation and the individual borrower as the parties entering into the guaranty agreement. 2. Promissory Note Details: The document identifies the promissory note for which the guaranty is being provided, including the principal amount, interest rate, repayment terms, and any other relevant details. 3. Guarantor's Obligations: The document specifies the guarantor's obligations, stating that the guarantor shall be fully liable for the prompt payment, full performance, and satisfaction of all the obligations under the promissory note. 4. Waiver of Defenses: The guarantor typically waives any rights to assert any claims, counterclaims, or defenses that they may have against the corporation or the lender concerning the promissory note. 5. Indemnification: The document may include provisions for the guarantor to indemnify the lender for any costs, expenses, or damages incurred due to the borrower's default on the promissory note. 6. Governing Law and Venue: The document specifies that Kansas law governs the guaranty agreement and designates a specific jurisdiction or venue in Kansas where any disputes arising from the agreement shall be resolved. Different types of Kansas Guaranty of Promissory Note by Corporation — Individual Borrower may exist based on variations in specific terms and conditions, the nature of the promissory note, or the context of the borrowing arrangement. However, these variations mainly concern the specifics of the underlying promissory note and may not significantly impact the general structure and purpose of the guaranty agreement.