Massachusetts 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. Massachusetts Guaranty of Promissory Note by Individual — Corporate Borrower is a legal document that outlines the obligations and responsibilities of an individual guarantor towards a promissory note taken by a corporate borrower. This document is applicable in the state of Massachusetts and is used to secure the rights of the lender in case of default or non-payment by the borrower. The guaranty is characterized by the guarantee provided by the individual, who acts as a backup for the corporate borrower. By signing this agreement, the guarantor agrees to assume liability for the debt owed by the borrower and promises to pay off the remaining balance in case of default. This document includes several key provisions, including: 1. Identification: The document begins by clearly identifying the individual guarantor and the corporate borrower. This includes their full legal names and addresses. 2. Recitals: The document generally contains a section that sets out the background and purpose of the guaranty, along with the underlying promissory note. It explains the reason for the guarantor's involvement and the terms of the loan. 3. Guarantor's Obligations: The guaranty explicitly lays out the obligations and responsibilities of the guarantor. This includes the promise to pay the debt owed by the borrower, including principal, interest, and other related costs. 4. Waiver of Rights: The guarantor typically waives various rights, such as the right to demand payment from the borrower before paying the debt, the right to receive notice of default, and the right to participate in any recourse against the borrower. 5. Indemnification: The guarantor agrees to indemnify the lender for any costs, expenses, or losses incurred due to the borrower's default or non-payment, including reasonable attorney fees. 6. Governing Law: This provision states that the laws of the state of Massachusetts govern the interpretation, enforcement, and validity of the guaranty. Different types or variations of the Massachusetts Guaranty of Promissory Note by Individual — Corporate Borrower may exist, depending on specific circumstances or customization required by the parties involved. Some variations could include provisions related to collateral, personal guarantees, or additional rights and responsibilities of the guarantor. It is important to note that legal documents should always be customized to meet the specific needs and requirements of the parties involved. Consulting with a legal professional is highly recommended ensuring the document accurately reflects the intentions and protects the interests of all parties involved.

Massachusetts Guaranty of Promissory Note by Individual — Corporate Borrower is a legal document that outlines the obligations and responsibilities of an individual guarantor towards a promissory note taken by a corporate borrower. This document is applicable in the state of Massachusetts and is used to secure the rights of the lender in case of default or non-payment by the borrower. The guaranty is characterized by the guarantee provided by the individual, who acts as a backup for the corporate borrower. By signing this agreement, the guarantor agrees to assume liability for the debt owed by the borrower and promises to pay off the remaining balance in case of default. This document includes several key provisions, including: 1. Identification: The document begins by clearly identifying the individual guarantor and the corporate borrower. This includes their full legal names and addresses. 2. Recitals: The document generally contains a section that sets out the background and purpose of the guaranty, along with the underlying promissory note. It explains the reason for the guarantor's involvement and the terms of the loan. 3. Guarantor's Obligations: The guaranty explicitly lays out the obligations and responsibilities of the guarantor. This includes the promise to pay the debt owed by the borrower, including principal, interest, and other related costs. 4. Waiver of Rights: The guarantor typically waives various rights, such as the right to demand payment from the borrower before paying the debt, the right to receive notice of default, and the right to participate in any recourse against the borrower. 5. Indemnification: The guarantor agrees to indemnify the lender for any costs, expenses, or losses incurred due to the borrower's default or non-payment, including reasonable attorney fees. 6. Governing Law: This provision states that the laws of the state of Massachusetts govern the interpretation, enforcement, and validity of the guaranty. Different types or variations of the Massachusetts Guaranty of Promissory Note by Individual — Corporate Borrower may exist, depending on specific circumstances or customization required by the parties involved. Some variations could include provisions related to collateral, personal guarantees, or additional rights and responsibilities of the guarantor. It is important to note that legal documents should always be customized to meet the specific needs and requirements of the parties involved. Consulting with a legal professional is highly recommended ensuring the document accurately reflects the intentions and protects the interests of all parties involved.