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PROMISSORY NOTE WITH GUARANTEE Date: Maker: name of production company Maturity Date: Note #: Principal Amount: $ FOR VALUE RECEIVED, on the maturity date set forth above, the undersigned insert name

How to fill out promissory note with guarantee

How to fill out a promissory note with guarantee:

1. Begin by including relevant information at the top of the promissory note, such as the date, the names and addresses of both the borrower and the lender, and the principal amount being borrowed.
2. Clearly state the terms and conditions of the loan agreement, including the repayment schedule, the interest rate (if applicable), and any penalties or late fees for non-payment.
3. Make sure to include a guarantor section in the promissory note. This section should include the name and contact information of the guarantor, who is the person or entity providing a guarantee for the loan repayment.
4. Specify the responsibilities and obligations of the guarantor in the promissory note. This may include ensuring timely payment by the borrower, covering the loan in case of default, and any other relevant terms agreed upon.
5. Both the borrower and the guarantor should review the promissory note thoroughly before signing. It is recommended to consult a legal professional if there are any doubts or concerns.

Who needs a promissory note with guarantee:

1. Individuals or businesses lending money to someone may require a promissory note with guarantee as a means to secure the loan repayment. By having a guarantor involved, it adds an extra layer of assurance that the loan will be repaid even if the borrower defaults.
2. Borrowers with less than ideal credit or history may be required by lenders to have a guarantor on their promissory note. This can help alleviate concerns about the borrower's ability to repay the loan.
3. Financial institutions or organizations providing loans to individuals or businesses may also use promissory notes with guarantee to protect their interests and reduce the risk of non-payment.

In summary, filling out a promissory note with guarantee involves including the necessary details of the loan agreement, specifying the terms and conditions, and incorporating the role and responsibilities of the guarantor. Such promissory notes are commonly used by lenders and borrowers seeking additional security for the loan agreement.

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