Harris Texas Guaranty of Promissory Note by Corporation - Corporate Borrower

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

Description

This form states that in order to get the borrower to enter into certain promissory notes, the corporate 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. Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower is a legally binding contract that outlines the obligations and responsibilities of a corporation as a borrower in relation to a promissory note. This type of guaranty is specific to the state of Texas. The Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower serves as a protection for the lender, ensuring that the borrowed amount is repaid in a timely and consistent manner. The guaranty is typically executed by a separate corporation that agrees to be held responsible for the debt if the primary borrower defaults. Key elements covered in Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower typically include: 1. Identification: The guaranty clearly states the names and contact information of the corporation serving as the borrower, the corporation acting as the guarantor, and the lender. 2. Promissory Note Details: The guaranty references the promissory note by providing specific details such as the principal amount borrowed, interest rate, repayment schedule, and any other terms and conditions defined in the note. 3. Guarantee of Payment: The corporation acting as the guarantor guarantees the full and prompt payment of the promissory note in case of default by the borrower. This ensures that the lender has an additional source of repayment if the borrower fails to fulfill their obligations. 4. Representations and Warranties: The guaranty often includes representations and warranties provided by the corporation acting as the guarantor, affirming that it is a valid entity, legally authorized to enter into such agreements, and has the financial capacity to meet its obligations. 5. Continuing Liability: The guaranty typically states that the guarantor's liability remains in effect until the promissory note is fully paid, regardless of any changes in the underlying agreement or any other factors that could release the borrower from their obligations. Different types or variations of Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower may include: 1. Harris Texas Limited Guaranty of Promissory Note by Corporation — Corporate Borrower: In this case, the guarantor's liability is limited to a specific portion of the debt or for a defined period. 2. Harris Texas Absolute or Unconditional Guaranty of Promissory Note by Corporation — Corporate Borrower: This type of guaranty holds the guarantor fully responsible for the debt and its timely repayment, with no limitations on liability. 3. Harris Texas Revolving Guaranty of Promissory Note by Corporation — Corporate Borrower: This type of guaranty applies to a revolving credit facility, allowing multiple borrowings and repayments within a specified limit, with the guarantor providing an ongoing guarantee for all amounts borrowed. In summary, the Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower is a legal contract that offers protection to lenders by providing an additional source of repayment in case of default. It outlines the obligations and responsibilities of the borrower and guarantor, ensuring the timely repayment of the promissory note.

Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower is a legally binding contract that outlines the obligations and responsibilities of a corporation as a borrower in relation to a promissory note. This type of guaranty is specific to the state of Texas. The Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower serves as a protection for the lender, ensuring that the borrowed amount is repaid in a timely and consistent manner. The guaranty is typically executed by a separate corporation that agrees to be held responsible for the debt if the primary borrower defaults. Key elements covered in Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower typically include: 1. Identification: The guaranty clearly states the names and contact information of the corporation serving as the borrower, the corporation acting as the guarantor, and the lender. 2. Promissory Note Details: The guaranty references the promissory note by providing specific details such as the principal amount borrowed, interest rate, repayment schedule, and any other terms and conditions defined in the note. 3. Guarantee of Payment: The corporation acting as the guarantor guarantees the full and prompt payment of the promissory note in case of default by the borrower. This ensures that the lender has an additional source of repayment if the borrower fails to fulfill their obligations. 4. Representations and Warranties: The guaranty often includes representations and warranties provided by the corporation acting as the guarantor, affirming that it is a valid entity, legally authorized to enter into such agreements, and has the financial capacity to meet its obligations. 5. Continuing Liability: The guaranty typically states that the guarantor's liability remains in effect until the promissory note is fully paid, regardless of any changes in the underlying agreement or any other factors that could release the borrower from their obligations. Different types or variations of Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower may include: 1. Harris Texas Limited Guaranty of Promissory Note by Corporation — Corporate Borrower: In this case, the guarantor's liability is limited to a specific portion of the debt or for a defined period. 2. Harris Texas Absolute or Unconditional Guaranty of Promissory Note by Corporation — Corporate Borrower: This type of guaranty holds the guarantor fully responsible for the debt and its timely repayment, with no limitations on liability. 3. Harris Texas Revolving Guaranty of Promissory Note by Corporation — Corporate Borrower: This type of guaranty applies to a revolving credit facility, allowing multiple borrowings and repayments within a specified limit, with the guarantor providing an ongoing guarantee for all amounts borrowed. In summary, the Harris Texas Guaranty of Promissory Note by Corporation — Corporate Borrower is a legal contract that offers protection to lenders by providing an additional source of repayment in case of default. It outlines the obligations and responsibilities of the borrower and guarantor, ensuring the timely repayment of the promissory note.