Guaranty Agreement Guarantors 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
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
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
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
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.