Harris Texas Guaranty of Promissory Note by Individual - Corporate Borrower

• Category: Promissory Notes - Guaranty
• State: Multi-State
• County: Harris
• 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 Harris Texas Guaranty of Promissory Note by Individual — Corporate Borrower is a legally binding document that outlines the responsibilities and obligations of an individual guarantor towards a promissory note issued by a corporate borrower located in Harris County, Texas. It provides a detailed description of the terms and conditions under which the guarantor becomes liable for the repayment of the promissory note in case of default by the corporate borrower. Keywords: Harris Texas, guaranty of promissory note, individual, corporate borrower, responsibilities, obligations, terms and conditions, liable, repayment, default, legally binding. Types of Harris Texas Guaranty of Promissory Note by Individual — Corporate Borrower: 1. Limited Guaranty: The limited guaranty specifies a predetermined amount for which the individual guarantor would be liable in case of default by the corporate borrower. This amount is often capped and agreed upon by all parties involved. 2. Unlimited Guaranty: Unlike the limited guaranty, the unlimited guaranty does not have a predetermined amount. The individual guarantor is responsible for the entire outstanding balance of the promissory note, along with any interest, fees, or expenses incurred as a result of the corporate borrower's default. 3. Conditional Guaranty: A conditional guaranty imposes specific conditions and requirements on the individual guarantor. It may include provisions relating to the borrower's financial status, the occurrence of specified events, or the borrower's compliance with certain obligations. If these conditions are not met, the guarantor's liability may be waived. 4. Unconditional Guaranty: An unconditional guaranty does not impose any conditions or requirements on the individual guarantor. Once signed, the guarantor becomes directly and unconditionally liable for the repayment of the promissory note, regardless of the circumstances or actions of the corporate borrower. 5. Continuing Guaranty: A continuing guaranty extends the guarantor's liability beyond a specific period. It implies that the guarantor will remain liable for the promissory note's repayment until it is fully satisfied, even if the note undergoes extensions, renewals, or modifications. 6. Limited Recourse Guaranty: A limited recourse guaranty limits the remedies available to the lender against the individual guarantor in case of default by the corporate borrower. It may restrict the lender's ability to pursue certain assets of the guarantor or impose a cap on the total amount that can be recovered. By understanding the different types of Harris Texas Guaranty of Promissory Note by Individual — Corporate Borrower, individuals and corporate borrowers can select an appropriate guaranty that suits their specific needs, level of liability, and risk tolerance. It is essential to consult legal and financial professionals for advice before entering into any such agreement.

The Harris Texas Guaranty of Promissory Note by Individual — Corporate Borrower is a legally binding document that outlines the responsibilities and obligations of an individual guarantor towards a promissory note issued by a corporate borrower located in Harris County, Texas. It provides a detailed description of the terms and conditions under which the guarantor becomes liable for the repayment of the promissory note in case of default by the corporate borrower. Keywords: Harris Texas, guaranty of promissory note, individual, corporate borrower, responsibilities, obligations, terms and conditions, liable, repayment, default, legally binding. Types of Harris Texas Guaranty of Promissory Note by Individual — Corporate Borrower: 1. Limited Guaranty: The limited guaranty specifies a predetermined amount for which the individual guarantor would be liable in case of default by the corporate borrower. This amount is often capped and agreed upon by all parties involved. 2. Unlimited Guaranty: Unlike the limited guaranty, the unlimited guaranty does not have a predetermined amount. The individual guarantor is responsible for the entire outstanding balance of the promissory note, along with any interest, fees, or expenses incurred as a result of the corporate borrower's default. 3. Conditional Guaranty: A conditional guaranty imposes specific conditions and requirements on the individual guarantor. It may include provisions relating to the borrower's financial status, the occurrence of specified events, or the borrower's compliance with certain obligations. If these conditions are not met, the guarantor's liability may be waived. 4. Unconditional Guaranty: An unconditional guaranty does not impose any conditions or requirements on the individual guarantor. Once signed, the guarantor becomes directly and unconditionally liable for the repayment of the promissory note, regardless of the circumstances or actions of the corporate borrower. 5. Continuing Guaranty: A continuing guaranty extends the guarantor's liability beyond a specific period. It implies that the guarantor will remain liable for the promissory note's repayment until it is fully satisfied, even if the note undergoes extensions, renewals, or modifications. 6. Limited Recourse Guaranty: A limited recourse guaranty limits the remedies available to the lender against the individual guarantor in case of default by the corporate borrower. It may restrict the lender's ability to pursue certain assets of the guarantor or impose a cap on the total amount that can be recovered. By understanding the different types of Harris Texas Guaranty of Promissory Note by Individual — Corporate Borrower, individuals and corporate borrowers can select an appropriate guaranty that suits their specific needs, level of liability, and risk tolerance. It is essential to consult legal and financial professionals for advice before entering into any such agreement.