(This is a longer form for a guarantee.)
[Name], referred to as GUARANTOR, in consideration of the extension of credit by [Name], CREDITOR, to [Name], DEBTOR, agrees:
GUARANTOR unconditionally guarantees to creditors and its successors and assigns, the full and complete payment, as and when the same becomes due and payable, the following obligations of the DEBTOR to the CREDITOR:
and in addition, all extensions, renewals and consolidations of the obligation, together with such interest and late charges as may accrue upon the same. For purposes of this agreement, the term "obligation," "agreement" or "debt" includes any renewals, replacements or modifications of the same;
Guarantor shall not be released from the obligations herein due to:
a) the taking of security for the obligation;
b) the failure or delay in taking legal action against the DEBTOR or collateral, if any;
c) any other actions permitted under the loan agreement;
d) any negligence or failure to act of the CREDITOR.
The CREDITOR, in its discretion, may bring suit against the GUARANTOR, or GUARANTOR(s), jointly severally or individually, before bringing action against the DEBTOR. The CREDITOR in its discretion may settle, release and compromise the liability of debtor or any other guarantor(s) of this agreement without affecting the liability of the DEBTOR.
This agreement shall bind the successor, heirs, administrators and legal representatives of the CREDITOR.