Wisconsin 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 Wisconsin Guaranty of Promissory Note by Corporation — Individual Borrower is a legally binding document that serves as a guarantee for a promissory note issued by a corporation, with an individual borrower as the primary debtor. In this agreement, the corporation acts as the guarantor and assures the lender that it will fulfill the obligations stated in the promissory note in the event that the individual borrower defaults. Keywords: Wisconsin, Guaranty, Promissory Note, Corporation, Individual Borrower. This agreement is commonly used in commercial transactions where a corporation obtains a loan or credit from a lender, and an individual associated with the corporation (such as a director, officer, or shareholder) is required to personally guarantee the repayment of the borrowed funds. The guaranty serves as additional security for the lender, as it allows them to seek repayment from the corporation as well as the guarantor in the case of default. The Wisconsin Guaranty of Promissory Note by Corporation — Individual Borrower typically includes the following key elements: 1. Parties: The document identifies the corporation, individual borrower, and lender involved in the transaction. It specifies their legal names, addresses, and any other relevant identification information. 2. Promissory Note Details: The guaranty explicitly references the promissory note that it is attached to, including the principal amount, interest rate, repayment terms, and any other specific terms outlined in the note. 3. Guarantor's Undertaking: The guaranty clearly states that the corporation (as the guarantor) assumes full responsibility for fulfilling the borrower's obligations as outlined in the promissory note. This includes the repayment of principal and interest, as well as any additional fees or charges associated with the loan. 4. Waiver of Defenses: The guarantor typically waives any defenses, counterclaims, or set-offs that may otherwise be available to them against the lender. This ensures that the guarantor cannot refuse to pay or delay payment based on claims or disputes that the borrower may have with the lender. 5. Indemnification: The guarantor agrees to indemnify and hold harmless the lender from any losses, damages, costs, or expenses incurred as a result of the borrower's default. This means that the guarantor is liable for any losses suffered by the lender due to non-payment by the borrower. 6. Governing Law: The document specifies that it is governed by the laws of the state of Wisconsin, ensuring that any disputes or legal actions related to the guaranty will be resolved in accordance with Wisconsin law. It is important to note that there may be variations of the Wisconsin Guaranty of Promissory Note by Corporation — Individual Borrower based on the specific terms and conditions agreed upon between the parties involved in the transaction. These variations could include specific provisions related to default remedies, penalties, notice requirements, and other relevant aspects.

The Wisconsin Guaranty of Promissory Note by Corporation — Individual Borrower is a legally binding document that serves as a guarantee for a promissory note issued by a corporation, with an individual borrower as the primary debtor. In this agreement, the corporation acts as the guarantor and assures the lender that it will fulfill the obligations stated in the promissory note in the event that the individual borrower defaults. Keywords: Wisconsin, Guaranty, Promissory Note, Corporation, Individual Borrower. This agreement is commonly used in commercial transactions where a corporation obtains a loan or credit from a lender, and an individual associated with the corporation (such as a director, officer, or shareholder) is required to personally guarantee the repayment of the borrowed funds. The guaranty serves as additional security for the lender, as it allows them to seek repayment from the corporation as well as the guarantor in the case of default. The Wisconsin Guaranty of Promissory Note by Corporation — Individual Borrower typically includes the following key elements: 1. Parties: The document identifies the corporation, individual borrower, and lender involved in the transaction. It specifies their legal names, addresses, and any other relevant identification information. 2. Promissory Note Details: The guaranty explicitly references the promissory note that it is attached to, including the principal amount, interest rate, repayment terms, and any other specific terms outlined in the note. 3. Guarantor's Undertaking: The guaranty clearly states that the corporation (as the guarantor) assumes full responsibility for fulfilling the borrower's obligations as outlined in the promissory note. This includes the repayment of principal and interest, as well as any additional fees or charges associated with the loan. 4. Waiver of Defenses: The guarantor typically waives any defenses, counterclaims, or set-offs that may otherwise be available to them against the lender. This ensures that the guarantor cannot refuse to pay or delay payment based on claims or disputes that the borrower may have with the lender. 5. Indemnification: The guarantor agrees to indemnify and hold harmless the lender from any losses, damages, costs, or expenses incurred as a result of the borrower's default. This means that the guarantor is liable for any losses suffered by the lender due to non-payment by the borrower. 6. Governing Law: The document specifies that it is governed by the laws of the state of Wisconsin, ensuring that any disputes or legal actions related to the guaranty will be resolved in accordance with Wisconsin law. It is important to note that there may be variations of the Wisconsin Guaranty of Promissory Note by Corporation — Individual Borrower based on the specific terms and conditions agreed upon between the parties involved in the transaction. These variations could include specific provisions related to default remedies, penalties, notice requirements, and other relevant aspects.