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Guaranty Agreement Guarantor's Collateral To Secure Payment
1. Loan. [Name], a [state] corporation having an office at [address] (Lender), has this day made a loan of ........ dollars ($........) to [name] of [address] (Borrower), evidenced by a promissory note in that amount (the Loan).
2. Guaranty of Payment. Guarantors jointly and severally guarantee prompt payment of the Loan when due, including accrued interest and reasonable expenses (including attorney fees) incurred in seeking payment of the Loan. This Guaranty is absolute and unconditional.
3. Collateral. As security for this Guaranty, Guarantors pledge to Lender the following item(s) (the Collateral):
[description of collateral]
Lender is granted a security interest in the Collateral, and all proceeds of the Collateral, under the Uniform Commercial Code.
4. Deficiency. If there is any default under this Guaranty, Lender may realize on the Collateral, and Guarantors shall remain liable for any deficiency remaining after its disposition, as well as all expenses (including attorney fees) incurred by Lender in realizing on the Collateral and seeking a deficiency judgment.
5. Remedies of Lender. Lender is not required to seek payment from Borrower or out of any Collateral provided by Borrower for the Loan before seeking payment from Guarantors. Guarantors waive demand, presentment for payment, protest, notice of protest, nonpayment, and default.
6. Joint and Several Liability. The obligations of each Guarantor under this Guaranty are joint and several in all respects. The death or release of any Guarantor shall not affect the liability of the other(s).
7. Consent--Transfers and Modifications. Guarantor's liability is in no way diminished or impaired by any transfer, pledge, amendment, or extension of the Loan, or the release or substitution of any Collateral for the Loan.
8. Governing Law. This Guaranty shall be governed by the laws of [state].
9. Heirs, Successors, and Assigns. This Guaranty is binding on the heirs, legal representatives, successors, and assigns of each Guarantor. It shall inure to the benefit of Lender, Lender's successors, and assigns.
This Section for Notary:
State of _________
County of ________ [County]
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____