Guarantee and Postponement of Claim

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Guarantee of a debt and a postponement of a claim by a Guarantor in favour of a Creditor.

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This form provides for a guarantor for the repayment of a debt. This guarantor is, in effect, a co-signer for the obligation. The guarantor agrees that if any of the payments are late or not paid, they will make the payments. The guarantor also agrees that the guarantee may be enforced without having to first exhaust all other remedies against the borrower. A mere default by the borrower without any court action will suffice to require the guarantor to make good on the obligation.

In addition, this particular guarantee also includes a postponement of any claim the guarantor my have against the borrower until such time as the debt owed to the creditor is paid off.

This form includes special formatting features to assist you in completing the agreement.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Guarantee and Postponement
(Simple Form)

 

 

TO:   [Name of Creditor (ie. Person Receiving Guarantee)]
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the undersigned and each of them hereby jointly and severally guarantee payment to [Name of Creditor (ie. Person Receiving Guarantee)] (the “Creditor”) of [Amount of Debt] Dollars ($[Amount of Debt (in numbers)]) owed by [Name of Debtor] (the “Debtor”) to the Creditor together with interest at the rate of [Interest Rate] percent ([Interest Rate (in numbers)]%) per annum (the foregoing debt together with interest are collectively referred to as the Indebtedness).
The undersigned and each of them hereby jointly and severally agree with the Creditor as follows:
1.   The Creditor shall not be bound to exhaust his recourse against the Debtor or others or any securities it may at any time hold before being entitled to payment from the undersigned of the Indebtedness. The undersigned renounce to all benefits of discussion and division.
2.   All indebtedness and liability, present and future, of the Debtor to the undersigned or any of them are hereby assigned to the Creditor and postponed to the Indebtedness and all moneys received by the undersigned or any of them in respect thereof shall be received in trust for the Creditor and forthwith upon receipt shall be paid over to the Creditor, the whole without in any way limiting or lessening the liability of the undersigned under this Guarantee.
3.   This Guarantee shall not be affected by the death or loss or diminution of capacity of the undersigned or any of them or by any change in the name of the Debtor, or by any change whatsoever in the objects, capital structure or constitution of the Debtor, but shall notwithstanding the happening of any such event continue to apply to the Indebtedness whether theretofore or thereafter incurred or arising and in this Guarantee the word “Debtor” shall include every such firm and corporation.
4.   The undersigned and each of them shall be bound by any account settled between the Creditor and the Debtor, and if no such account has been so settled immediately before demand for payment under this Guarantee any account stated by the Creditor shall be accepted by the undersigned and each of them as conclusive evidence of the amount which at the date of the account so stated is due by the Debtor to the Creditor or remains unpaid by the Debtor to the Creditor.
5.   This Guarantee shall be operative and binding upon every signatory thereof notwithstanding the non-execution thereof by any other proposed signatory or signatories, and possession of this Guarantee by the Creditor shall be conclusive evidence against the undersigned and each of them that this Guarantee was not delivered in escrow or pursuant to any agreement that it should not be effective until any conditions precedent or subsequent had been complied with, unless at the time of receipt of this Guarantee by the Creditor each signatory thereof obtains from the Creditor a letter setting out the terms and conditions under which this Guarantee was delivered and the conditions, if any, to be observed before it becomes effective.
6.   No suit based on this Guarantee shall be instituted until demand for payment has been made, and demand for payment shall be deemed to have been effectually made upon any guarantor if and when an envelope containing such demand, addressed to such guarantor at the address of such guarantor last known to the Creditor, is posted, postage prepaid, in the post office, and in the event of the death of any guarantor demand for payment addressed to any of such guarantors heirs, executors, administrators or legal representatives at the address of the addressee last known to the Creditor and posted as aforesaid shall be deemed to have been effectually made upon all of them. Moreover, when demand for payment has been made, the undersigned shall also be liable to the Creditor for all legal costs (on a solicitor and client basis) incurred by or on behalf of the Creditor resulting from any action instituted on the basis of the Guarantee.
7.   This Guarantee shall extend to and enure to the benefit of the Creditor and its heirs, executors, successors and assigns, and every reference herein to the undersigned or to each of them or to any of them, is a reference to and shall be construed as including the undersigned and the heirs, executors, administrators, legal representatives, successors and assigns of the undersigned or of each of them or of any of them, as the case may be, to and upon all of whom this Guarantee shall extend and be binding.
8.   This Guarantee shall be governed by the laws of the State of [State (ie. California)].
IN WITNESS WHEREOF the Guarantor has executed this Guarantee as of [Date of Guarantee].
 
 
 
Witness
 
[NAME OF GUARANTOR]
 
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28621
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Guarantee and Postponement
(Simple Form)

 

 

TO:   [Name of Creditor (ie. Person Receiving Guarantee)]
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the undersigned and each of them hereby jointly and severally guarantee payment to [Name of Creditor (ie. Person Receiving Guarantee)] (the “Creditor”) of [Amount of Debt] Dollars ($[Amount of Debt (in numbers)]) owed by [Name of Debtor] (the “Debtor”) to the Creditor together with interest at the rate of [Interest Rate] percent ([Interest Rate (in numbers)]%) per annum (the foregoing debt together with interest are collectively referred to as the Indebtedness).
The undersigned and each of them hereby jointly and severally agree with the Creditor as follows:
1.   The Creditor shall not be bound to exhaust his recourse against the Debtor or others or any securities it may at any time hold before being entitled to payment from the undersigned of the Indebtedness. The undersigned renounce to all benefits of discussion and division.
2.   All indebtedness and liability, present and future, of the Debtor to the undersigned or any of them are hereby assigned to the Creditor and postponed to the Indebtedness and all moneys received by the undersigned or any of them in respect thereof shall be received in trust for the Creditor and forthwith upon receipt shall be paid over to the Creditor, the whole without in any way limiting or lessening the liability of the undersigned under this Guarantee.
3.   This Guarantee shall not be affected by the death or loss or diminution of capacity of the undersigned or any of them or by any change in the name of the Debtor, or by any change whatsoever in the objects, capital structure or constitution of the Debtor, but shall notwithstanding the happening of any such event continue to apply to the Indebtedness whether theretofore or thereafter incurred or arising and in this Guarantee the word “Debtor” shall include every such firm and corporation.
4.   The undersigned and each of them shall be bound by any account settled between the Creditor and the Debtor, and if no such account has been so settled immediately before demand for payment under this Guarantee any account stated by the Creditor shall be accepted by the undersigned and each of them as conclusive evidence of the amount which at the date of the account so stated is due by the Debtor to the Creditor or remains unpaid by the Debtor to the Creditor.
5.   This Guarantee shall be operative and binding upon every signatory thereof notwithstanding the non-execution thereof by any other proposed signatory or signatories, and possession of this Guarantee by the Creditor shall be conclusive evidence against the undersigned and each of them that this Guarantee was not delivered in escrow or pursuant to any agreement that it should not be effective until any conditions precedent or subsequent had been complied with, unless at the time of receipt of this Guarantee by the Creditor each signatory thereof obtains from the Creditor a letter setting out the terms and conditions under which this Guarantee was delivered and the conditions, if any, to be observed before it becomes effective.
6.   No suit based on this Guarantee shall be instituted until demand for payment has been made, and demand for payment shall be deemed to have been effectually made upon any guarantor if and when an envelope containing such demand, addressed to such guarantor at the address of such guarantor last known to the Creditor, is posted, postage prepaid, in the post office, and in the event of the death of any guarantor demand for payment addressed to any of such guarantors heirs, executors, administrators or legal representatives at the address of the addressee last known to the Creditor and posted as aforesaid shall be deemed to have been effectually made upon all of them. Moreover, when demand for payment has been made, the undersigned shall also be liable to the Creditor for all legal costs (on a solicitor and client basis) incurred by or on behalf of the Creditor resulting from any action instituted on the basis of the Guarantee.
7.   This Guarantee shall extend to and enure to the benefit of the Creditor and its heirs, executors, successors and assigns, and every reference herein to the undersigned or to each of them or to any of them, is a reference to and shall be construed as including the undersigned and the heirs, executors, administrators, legal representatives, successors and assigns of the undersigned or of each of them or of any of them, as the case may be, to and upon all of whom this Guarantee shall extend and be binding.
8.   This Guarantee shall be governed by the laws of the State of [State (ie. California)].
IN WITNESS WHEREOF the Guarantor has executed this Guarantee as of [Date of Guarantee].
 
 
 
Witness
 
[NAME OF GUARANTOR]
 
 
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