Guaranty
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GUARANTY
FOR GOOD CONSIDERATION, and as an inducement for____________________
(Creditor), to extend credit to ________________________
(Customer), it is hereby agreed that the undersigned does hereby guaranty to
Creditor the prompt, punctual and full payment of all monies now or hereinafter
due Creditor from Customer.
Until termination, this guaranty is unlimited as to amount or duration and shall
remain in full force and effect notwithstanding any extension, compromise,
adjustment, forbearance, waiver, release or discharge of any party obligor or
guarantor, or release in whole or in part of any security granted for said
indebtedness or compromise or adjustment thereto, and the undersigned waives all
notices thereto.
The obligations of the undersigned shall be at the election of Creditor, shall be
primary and not necessarily secondary, and Creditor shall not be required to
exhaust its remedies as against Customer prior to enforcing its rights under
this guaranty against the undersigned.
The guaranty hereunder shall be unconditional and absolute and the undersigned
waive all rights of subrogation and set-off until all sums under this guaranty
are fully paid. The undersigned further waives all suretyship defenses or
defenses in the nature thereof, generally.
In the event payments due under this guaranty are not punctually paid upon
demand, then the undersigned shall pay all reasonable costs and attorney's fees
necessary for collection, and enforcement of this guaranty.
If there are two or more guarantors to this guaranty, the obligations shall be
joint and several and binding upon and inure to the benefit of the parties,
their successors, assigns and personal representatives.
The guaranty may be terminated by any guarantor upon fifteen (15) days written
notice of termination, mailed certified mail, return receipt requested to the
Creditor. Such termination shall extend only to credit extended beyond said
fifteen (15) day period and not to prior extended credit, or goods in transit
received by Customer beyond said date, or for special orders placed prior to
said date notwithstanding date of delivery. Termination of this guaranty by any
guarantor shall not impair the continuing guaranty of any remaining guarantors
of said termination.
Each of the undersigned warrants and represents it has full authority to enter
into this guaranty.
This guaranty shall be binding upon and inure to the benefit of the parties,
their successors, assigns and personal representatives.
This guaranty shall be construed and enforced under the laws of the State of
_______________________________.
Signed this_____ day of __________, 20____.
In the presence of:
______________________________
______________________________
Witness
Guarantor
______________________________
______________________________
Witness
Guarantor
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