Wake North Carolina Guaranty of Promissory Note by Corporation - Corporate Borrower

• Category: Promissory Notes - Guaranty
• State: Multi-State
• County: Wake
• 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. The Wake North Carolina Guaranty of Promissory Note by Corporation — Corporate Borrower is a legally binding document that provides protection and assurance for lenders in the event of default by a corporation borrowing funds through a promissory note in the state of Wake, North Carolina. This guaranty serves as a safeguard for lenders to ensure they receive the full repayment of the loan amount and any accompanying interest. In this agreement, the corporation (referred to as the "corporate borrower") accepts liability for the repayment of the promissory note, including all principal and interest, by signing the guaranty. By doing so, the corporate borrower assumes the responsibility of fulfilling the financial obligations in case of default. This Wake North Carolina Guaranty of Promissory Note by Corporation — Corporate Borrower may also have different types depending on the specific terms and conditions stated within. Some possible variations include: 1. Limited Guaranty: This type of guaranty may limit the liability of the corporate borrower to a specific amount or time period. It provides some protection to the borrower while still ensuring the lender's interests are secured. 2. Absolute Guaranty: In contrast to the limited guaranty, the absolute guaranty holds the corporate borrower fully responsible for the repayment of the promissory note. There are no restrictions on the liability, and the borrower is obliged to fulfill the debt entirely. 3. Continuing Guaranty: This type of guaranty extends the liability of the corporate borrower to cover future debt obligations, as well as the initial promissory note. It ensures that all subsequent loans or credit facilities obtained by the borrower will be covered under the same guaranty. 4. Collateralized Guaranty: This variation might include additional security measures, such as the use of specific assets as collateral for the loan. In case of default, the lender would have the option to seize and sell the collateral to recover the outstanding balance. It is important to note that the specific terms and provisions mentioned in the Wake North Carolina Guaranty of Promissory Note by Corporation — Corporate Borrower may vary depending on the agreement between the borrower and the lender. Legal advice is highly recommended ensuring compliance with local laws and to tailor the guaranty to meet the specific needs and preferences of both parties involved.

The Wake North Carolina Guaranty of Promissory Note by Corporation — Corporate Borrower is a legally binding document that provides protection and assurance for lenders in the event of default by a corporation borrowing funds through a promissory note in the state of Wake, North Carolina. This guaranty serves as a safeguard for lenders to ensure they receive the full repayment of the loan amount and any accompanying interest. In this agreement, the corporation (referred to as the "corporate borrower") accepts liability for the repayment of the promissory note, including all principal and interest, by signing the guaranty. By doing so, the corporate borrower assumes the responsibility of fulfilling the financial obligations in case of default. This Wake North Carolina Guaranty of Promissory Note by Corporation — Corporate Borrower may also have different types depending on the specific terms and conditions stated within. Some possible variations include: 1. Limited Guaranty: This type of guaranty may limit the liability of the corporate borrower to a specific amount or time period. It provides some protection to the borrower while still ensuring the lender's interests are secured. 2. Absolute Guaranty: In contrast to the limited guaranty, the absolute guaranty holds the corporate borrower fully responsible for the repayment of the promissory note. There are no restrictions on the liability, and the borrower is obliged to fulfill the debt entirely. 3. Continuing Guaranty: This type of guaranty extends the liability of the corporate borrower to cover future debt obligations, as well as the initial promissory note. It ensures that all subsequent loans or credit facilities obtained by the borrower will be covered under the same guaranty. 4. Collateralized Guaranty: This variation might include additional security measures, such as the use of specific assets as collateral for the loan. In case of default, the lender would have the option to seize and sell the collateral to recover the outstanding balance. It is important to note that the specific terms and provisions mentioned in the Wake North Carolina Guaranty of Promissory Note by Corporation — Corporate Borrower may vary depending on the agreement between the borrower and the lender. Legal advice is highly recommended ensuring compliance with local laws and to tailor the guaranty to meet the specific needs and preferences of both parties involved.