Promissory Note – With Guarantee Form is a legal document signed by the maker to the holder. This promissory note offers the flexibility of repayment in monthly installments as stated within the clause. However, it also reserves the right to instigate full demand for the payment along with accrued interest in the case of the default of the payment in mutually agreed installments.
The maker and the guarantors/s undertake the responsibility of repayment as well as higher interest rates, attorney fees, and every other expenses incurred during the recovery of past due debts. Maker, holder, and guarantor of this promissory note legally endorse to honor the promissory note in every respect. Read various terms and conditions mentioned in the promissory note and the undertaking within it. Signing the promissory note is executing it and it therefore attracts the interest from the date of the execution.
- The promissory note has a provision for a personal guarantee for repayment.
- US dollar is the only currency considered in the repayment of the debt.
- Simple interest is considered for the computation of debts.
- Read the terms of the promissory note carefully before signing and executing it.
- Maker of the promissory note is liable for repayment, higher interest rate, and all other incidental expenses incurring during the recovery in case of a repayment default.
- The promissory note has provision to accelerate the repayment mode in the case of repayment default in the form of monthly installments as stated and agreed within the note.
Begin by typing the date of the execution of the Promissory Note – With Guarantee Form followed by the amount agreed for disbursement and repayment. The amount needs to be in US dollars as it is the only currency form recognized by this legal document.
Proceed with writing the legal name of the Maker followed by entering the legal name of the Holder of the Promissory Note – With Guarantee Form. Type the amount in figures subsequently in words in the prescribed format. Mention the place/ address as applicable in the next line and continue by typing the rate of the interest.
Enter the number of installments followed by the payment schedule in the respective spaces. Select between weekly or monthly installments as mutually agreed. Enter the amount of each installment in figure and words in the spaces provided. Complete the first portion of the Promissory Note – With Guarantee Form with Maker’s signature in the space available for the same.
Proceed with reading the terms of a personal guarantee and complete the portion with signatures of the guarantors in the space provided for the same.