Whereas,
_______(customer)____________,
(hereinafter called the
"Borrower"),
desires to transact business with and obtain credit or a continuation of credit
from _____(creditor)_____________________,
a __state of
incorporation__
corporation (hereinafter called "Creditor'');
Whereas,
Creditor is unwilling to extend or continue credit to the Borrower unless it
receives a guaranty of the undersigned covering the Liabilities of the Borrower
to Creditor, as hereinafter defined.
Now,
therefore, in consideration of the premises and of other good and valuable
consideration and in order to induce Creditor from time to time, in its
discretion, to extend or continue credit to the unconditionally, to Creditor
the payment of all liabilities of the Borrower to Creditor of whatever nature, whether
now existing or hereafter incurred, whether created directly or acquired by
Creditor by assignment or otherwise, whether matured or unmatured and whether
absolute of contingent (all of which are herein collectively referred to as the
"Liabilities of the Borrower").
The
undersigned agrees that, with or without notice or demand, the undersigned
shall reimburse Creditor, to the extent that such reimbursement is not made by
the Borrower, for all expenses (including counsel fees) incurred by Creditor in
connection with any of the Liabilities of the Borrower or the collection
thereof.
This
guaranty is a continuing guaranty and shall remain in full force and effect
irrespective of any interruptions in the business relations of the Borrower
with Creditor; provided, however, that the undersigned may be noticed in
writing, delivered personally to or received by registered mail by the Credit
Manager of Creditor at Creditor's Address, terminate this guaranty with respect
to all Liabilities of the Borrower incurred or contracted by the Borrower or
acquired by Creditor after the date on which such notice is so delivered or
received.
All
monies available to Creditor for application in payment or reduction of the
Liabilities of the Borrower may be applied by Creditor in such manner and in
such amounts and at such time or times as it may see fit to the payment or
reduction of such of the Liabilities of the Borrower as Creditor may elect, and
the obligations pursuant to this guaranty shall not be affected by any surrender
or release by the Borrower of any other security held by it for any claim
hereby guaranteed.
The
undersigned hereby waives (a) notice of acceptance of this guaranty and of
extensions of credit by Creditor to the Borrower (b) presentment and demand for
payment of any of the Liabilities of the Borrower (c) protest and notice of
dishonor or default to the undersigned or to any other party with respect to
any of the Liabilities of the Borrower; (d) all other notices to which the
undersigned might otherwise be entitled; and (e) any demand for payment under
this guaranty.
This
is a guaranty of payment and not of collection and the undersigned further
waives any right to require that any action be brought against the Borrower or
any other person or to require that: resort be had to any security Or to any
balance of any deposit account or credit on the books of Creditor in favor of
the Borrower or any other person.
No
delay on the part of Creditor in exercising any rights hereunder or failure to
exercise the same shall operate as a waiver of such rights; no notice to or
demand on the undersigned shall be deemed to be a waiver of the obligations of
the undersigned or of the right of Creditor to take further action without
notice or demand as provided herein; not in any event shall any modifications
or waiver of the provisions of this guaranty be effective unless in writing nor
shall any such waiver be applicable except in the specific instance for which
given.
This
guaranty is, and shall be deemed to be, a contract entered into under and
pursuant to the laws of the state of ___(your
location)___ and shall be in all respects governed, construed, applied and
enforced in accordance with the laws of said State, and no defense given or
allowed by the laws of any other state shall be interposed in any action hereon
unless defense is also given or allowed by the laws of the State of __(borrower’s location).
By:
_______________________________________
(Name of Guarantor)
Address: ____________________________________________________
____________________________________________________
Repeat
guarantors as necessary
Witness: _____________________________________________
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