Oregon 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 Oregon Guaranty of Promissory Note by Individual — Corporate Borrower is a legally binding agreement that outlines the responsibilities and obligations of an individual guarantor in relation to a promissory note issued by a corporate borrower. This type of guarantee is commonly used in business transactions where a lending institution requires additional security to ensure repayment. The primary purpose of this document is to establish a personal guarantee from an individual, also known as the guarantor, to the lender. By signing this agreement, the guarantor agrees to be personally liable for the repayment of the promissory note if the corporate borrower fails to fulfill its obligations. The Oregon Guaranty of Promissory Note by Individual — Corporate Borrower typically includes important provisions, such as: 1. Identification: The document identifies both the corporation borrowing the funds and the individual guarantor. It includes the full legal names, addresses, and contact information of both parties. 2. Promissory Note Details: The document references the promissory note being guaranteed and provides specific information about the principal amount, interest rate, repayment terms, and maturity date. 3. Guarantor's Responsibilities: The agreement explicitly states that the guarantor's liability is secondary to that of the corporate borrower. In other words, the lender must first attempt to collect from the corporate borrower before seeking repayment from the guarantor. 4. Guarantor's Consent: The guarantor acknowledges and consents to the lender's actions concerning the promissory note, such as modifications, renewals, or extensions, without obtaining further consent from the guarantor. 5. Waiver of Rights: The guarantor waives any rights or defenses that they may have against the lender, such as the right to be notified of any actions related to the promissory note. 6. Continuing Liability: The guarantor agrees that their liability under the guarantee will remain in effect even if the promissory note is modified or if the corporate borrower is released or discharged from their obligations. Different types of Oregon Guaranty of Promissory Note by Individual — Corporate Borrower may include variations based on the specific terms and conditions agreed upon by the parties involved. For example, there may be different guarantees for different loan amounts or repayment periods. However, the fundamental purpose and content of the guarantee generally remain the same across these variations. It is important to note that this description provides a general overview of what an Oregon Guaranty of Promissory Note by Individual — Corporate Borrower typically entails. Consultation with a legal professional is recommended to ensure compliance with the specific laws and regulations in Oregon and tailored language to the unique circumstances of each transaction.