The Personal Guarantee Promissory Note serves as a crucial financial instrument in situations where additional security is required beyond a standard promissory note. This document is commonly used in the United States when a lender requires personal assurance of repayment, typically in business loans where the borrower is a corporation or LLC. The note includes detailed terms of the loan, repayment schedule, interest rates, and default provisions, while the personal guarantee component makes the guarantor personally liable for the debt, effectively pledging their personal assets as security. This combination provides lenders with stronger legal recourse and is particularly valuable for small business financing or situations where the borrower's creditworthiness alone may not be sufficient.
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1. Parties: Identification of lender, borrower, and guarantor with full legal names and addresses
2. Promise to Pay: Clear statement of debt obligation and guarantee, including the unconditional promise to pay
3. Principal Amount: Specific amount being borrowed stated in both numbers and words
4. Interest Rate: Interest rate, calculation method, and compliance with applicable usury laws
5. Payment Terms: Schedule and method of payments, including due dates and payment mechanisms
6. Default Provisions: Consequences of payment default and remedies available to the lender
7. Governing Law: Specification of applicable state law and jurisdiction
8. Signature Block: Execution section for all parties with dates and notarization requirements
1. Prepayment Terms: Optional terms for early repayment, including any prepayment penalties or benefits
2. Security Interest: Description of any collateral securing the note, if applicable
3. Late Payment Penalties: Additional charges for late payments and grace periods
4. Assignment Rights: Rights to transfer or assign the note to other parties
5. Attorney Fees: Provisions for recovery of attorney fees in case of enforcement
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates and amounts over the term of the note
2. Schedule B - Collateral Description: Detailed description of any security or collateral pledged against the note
3. Schedule C - Guarantor Financial Statement: Current financial position and statement of the guarantor
4. Schedule D - Truth in Lending Disclosures: Required federal disclosures including APR and finance charges
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