|
We the undersigned
(hereinafter known as the Guarantors), declare that
we stand surety and in this capacity do guarantee _____________________ of _______________________________
(hereinafter known as the Borrower) in respect of all sums which the Borrower
owes or may owe to _________________________ of ____________________________________
(hereinafter known as the Lender) in respect of a loan credit furnished for ____________
Except as hereinafter defined in this guarantee whereby any claim payment will
be increased by interest following notification of a claim, the maximum liability
under this guarantee shall in no way exceed ________
The present cover
guarantees remittance by the Borrower of repayment in accordance with the Loan
Agreement dated ________________ (hereinafter known as the Agreement) attached
to and forming part of this guarantee, said Agreement shall contain details of
the security being taken by the Guarantor to secure this loan and distribution
of funds.
Any failure to make repayments, in accordance with the Agreement
by the Borrower, must be notified to the Guarantors within 14 days, and the Guarantors
must be allowed 21 days to cure the default.
Default is defined as the
failure of the Borrower to make repayment following the curing of the default
as outlined in the Agreement attached hereto.
In the event of a demand
being made to cure any default, or in the event of the default not being cured
within 21 days of the demand being made, and the loan being called, the Lender
shall submit to the Guarantors with any demand for payment, the following:
1. Details of the alleged default, together with an itemized notarized statement
of all payments made by the Borrower.
2. Copy of the demand made upon
the Borrower for the payment.
3. A certified copy of this guarantee,
and confirmation that the original will be surrendered for cancellation against
payment of the amount outstanding.
Following the curing of any default(s)
or the payment of any installment(s) demanded under this guarantee, the Lender
undertakes to hold all the security outlined in the Agreement and/or any other
agreement pertaining to this contract to the order of and for the control of the
Guarantors. In the event of partial payment being made to cure a default, the
security is to be held jointly to the order of the Guarantors and the Lender,
in proportion to payments made.
In the event of default being cured,
and providing payments are made to honor the Agreement either by the Borrower
or the Guarantor then the loan will be allowed to continue to run its normal course
and no accelerated repayment will be allowed.
In the event of default
as heretofore defined occurring, and demand for payment being made, the Lender
agrees to allow the Guarantor a period of 90 days in which:
o To check
the validity of the claim.
o To take possession of and obtain title to the
security.
o To market and liquidate the security.
Following the
liquidation of the security or the expiry the 90-day period, whichever is the
sooner; the Guarantor undertakes to pay forthwith the amount of the claim as agreed
between the Lender and Guarantor.
Following default and the notification
of a claim, the Guarantor agrees that any claim payment will be increased by interest
at 2% per month to be calculated from the date of default, up to the date of payment.
This Guarantee is for one year and shall expire on __________________.
Should no default occur under this Guarantee, and subject to the payment of the
appropriate renewal fee not later than 14 days prior to each expiry, this Guarantee
may be extended for a further two (2) periods of 1 year, expiring on __________________
and ___________ respectively.
This Guarantee will be governed in all
respects by the laws of the State of place of jurisdiction _________________________
Made at __________________________ on _____
Signed by: ________________________________
Remark:
Please kindly be advised that funding source and guarantor identities will be
disclosed to borrower(s) only after a Non Disclosure Non Circumvent - NDNC
- Agreement had
been signed between Borrower(s) and BusinessAfrica / Dr. Quenum and Associates.
(Completed "Funding Request"
and attached "Executive Summary"
to be mailed to click here to get email address
or Fax to BusinessAfrica: +1 347 534 9329)
|
.
-