Guaranty Agreement Limited Sum
1. Obligation(s) Guaranteed. [Name], a [state] corporation having an office at [address] (Lender), has made, and will continue to make, one or more loans (Loans) to [name], of [address] (Borrower).
2. Guaranty of Payment. Lender desired a third-party guaranty of payment of such loans as provided in this Agreement, and the party signing this Agreement (Guarantor) has agreed to provide such guaranty. Therefore, Guarantor guarantees prompt payment of the Loans when due, including all accrued interest and all reasonable expenses (including attorney fees) incurred in seeking payment of the Loans. This Obligation is limited, however, to the extent provided in Paragraph 3. This is an absolute and unconditional guaranty.
3. Monetary Limit. Guarantor's obligation under this Agreement shall in no event exceed the sum of ........ dollars ($........).
4. Termination. This Guaranty is not limited in duration. However, Guarantor may, at any time, terminate its continuing obligation with respect to any future loans to Borrower by written notice to Lender. On receipt of such notice, this Guaranty will end as to any future loans, but shall continue as to any Loans then outstanding.
5. Remedies. Lender is not required to seek payment from Borrower or out of any collateral for any of the Loans before seeking payment from Guarantor. Guarantor waives demand, presentment for payment, protest, notice of protest, nonpayment, and default.
6. Consent to Transfers and Modifications. Guarantor's liability is in no way diminished or impaired by any transfer, pledge, amendment, or extension of the Loans or the release or substitution of any collateral for any of the Loans.
7. Governing Law. This Guaranty shall be governed by the laws of [state].
8. Heirs, Successors, and Assigns. This Guaranty is binding on the heirs, legal representatives, successors, and assigns of Guarantor. It shall inure to the benefit of Lender, Lender's successors, and assigns.