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Personal/Corporate Guarantee

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PERSONAL GUARANTEE

THIS GUARANTEE (the "Guarantee") dated this 18th day of November, 2018

BETWEEN:

_________________________ of _________________________________________________
(the "Guarantor")

OF THE FIRST PART

- AND -

_________________________ of _________________________________________________
(the "Lender")

OF THE SECOND PART

- AND -

_________________________
(the "Debtor")

OF THE THIRD PART

IN CONSIDERATION OF good and valuable consideration, and any future credit that the Lender may extend from time to time to the Debtor, the receipt and sufficiency of which is hereby acknowledged, the Guarantor personally guarantees the prompt, full and complete performance of any and all existing duties and obligations of the Debtor to the Lender and the payment of any and all indebtedness due to the Lender by the Debtor, up to a limit of $__________, under the terms of certain debt agreements (the "Agreement"), and the following terms and conditions:

  1. Subject to the above limit, the Guarantor guarantees that the Debtor will promptly pay the full amount of principal and interest of the debt under the Agreement (the "Debt") as and when the same will in any manner be or become due, either according to the terms and conditions provided by the Agreement or upon acceleration of the payment under the Agreement by reason of a default.
  2. The Guarantor agrees not to pledge, hypothecate, mortgage, sell or otherwise transfer any of the Guarantor's assets without the prior written consent of the Lender.
  3. To the extent permitted by law, the Guarantor waives all defences, counterclaims or offsets that are legally available to the Guarantor with respect to the payment of the Debt of the Debtor.
  4. The Lender is hereby authorised at any time, in its sole discretion and without notice, to take, change, release or in any way deal with any security securing the Debt without in any way impairing the obligation of the Guarantor.
  5. The Lender will be under no obligation to collect or to protect any such security or the Debt, and its neglect or failure to collect or protect the security or the Debt is excused. Acceptance of the Guarantee is waived.
  6. The Lender may grant extensions of time or other indulgences and otherwise deal with the Debtor and with other parties and securities as the Lender may see fit without in any way limiting or lessening the liability of the Guarantor under this Agreement.
  7. Any impairment of the security, which the Lender may from time to time hold as security for the Debt, will in no way operate to discharge the Guarantor in whole or in part, it being specifically agreed that the Lender is not required to exercise diligence to enforce its rights against the Debtor.
  8. The Lender may release, surrender, exchange, modify, impair or extend the periods of duration or the time for performance or payment of any collateral securing the obligations of the Debtor to the Lender, and may also settle or compromise any claim of the Lender against the Debtor or against any other person or company whose obligation is held by the Lender as collateral security for any obligation of the Debtor or the Lender.
  9. This Guarantee is for the use and benefit of the Lender, and will also be for the use and benefit of any subsequent Lender to whom the Lender may assign this Guarantee.
  10. The liability of the Guarantor will continue until payment is made of every obligation of the Debtor now or later incurred in connection with the Debt and until payment is made of any loss or damage incurred by the Lender with respect to any matter covered by this Guarantee or any of the Agreement.
  11. The Guarantor further waives all rights, by statute or otherwise, to require the Lender to institute suit against the Debtor, and to exercise diligence in enforcing this Guarantee or any other instrument.
  12. Any and all present and future debts and liabilities of the Debtor to the Guarantor are postponed in favour of and subordinated to the full payment and performance of all present and future debts and obligations of the Debtor to the Lender. Upon any default by the Debtor under the Agreement, all present and future indebtedness of the Debtor to the Guarantor is hereby assigned to the Lender and any monies thereafter received by the Guarantor from the Debtor will be received in trust for the Lender and upon receipt are to be paid over to the Lender until such time as the Debt owed by the Debtor has been fully paid and satisfied.
  13. The Guarantor represents that at the time of the execution and delivery of this Guarantee nothing exists to impair the effectiveness of this Guarantee.
  14. All of the Lender's rights, powers and remedies available under this Guarantee and under any other agreement in force now or anytime later between the Lender and the Guarantor will be cumulative and not alternative, and will be in addition to all rights, powers and remedies given to the Lender by law or in equity.
  15. The Lender may, at its option, proceed in the first instance against the Guarantor to collect the obligations covered by this Guarantee without first proceeding against any other person, firm or company and without resorting to any property held by the Lender as collateral security.
  16. All pronouns will include masculine, feminine and/or neuter gender, single or plural number, as the context of this Guarantee may require.
  17. This Guarantee is made pursuant to the laws of the Australian Capital Territory. In the event that this Guarantee must be enforced by the Lender, all reasonable costs and expenses, including attorney's fees, incurred by the Lender will be paid by the Guarantor.
  18. The invalidity or unenforceability of any one or more phrases, sentences, clauses or sections in this Guarantee will not affect the validity or enforceability of the remaining portions of this Guarantee or any part of this Guarantee.
  19. No alteration or waiver of this Guarantee or of any of its terms, provisions or conditions will be binding upon the Lender unless made in writing over the signature of the Lender or its representative.
  20. Words of "Guarantee" contained in this Guarantee in no way diminish or impair the absolute liability created in this Guarantee.
  21. Any notice to be given to the Guarantor may be sent by mail, telephone, email or otherwise delivered to the address provided below.
    Name: _________________________
    Address: _________________________________________________
    Phone: __________
    E-mail: _________________________

IMPORTANT

 

BEFORE YOU SIGN

 

THINGS YOU MUST KNOW

 

* READ THIS GUARANTEE AND THE CREDIT CONTRACT DOCUMENT
* You should also read the information statement: ‘THINGS YOU SHOULD KNOW ABOUT GUARANTEES’.
* You should obtain independent legal advice.
* You should also consider obtaining independent financial advice.
* You should make your own inquiries about the credit worthiness, financial position and honesty of the debtor.

 

* Understand that, by signing this guarantee, you may become personally responsible instead of, or as well as, the debtor to pay the amounts which the debtor owes and the reasonable expenses of the credit provider in enforcing the guarantee.
* If the debtor does not pay you must pay. This could mean you lose everything you own including your home.
* You may be able to withdraw from this guarantee or limit your liability. Ask your legal adviser about this before you sign this guarantee.
* You are not bound by a change to the credit contract, or by a new credit contract, that increases your liabilities under the guarantee unless you have agreed in writing and have been given written particulars of the change or a copy of the new credit contract document.

IN WITNESS WHEREOF the Guarantor has duly affixed their signature under hand and seal, this 18th day of November, 2018.

SIGNED, SEALED, AND DELIVERED
in the presence of:


______________________________
A NOTARY PUBLIC IN AND FOR
THE AUSTRALIAN CAPITAL TERRITORY
My commission expires on the _______ day of _____________________, 20_____


______________________________________
_________________________

CERTIFICATE OF NOTARY PUBLIC

I, __________________, a Notary Public in and for the Australian Capital Territory, DO HEREBY CERTIFY that _________________________, personally known to me (or satisfactorily proven) to be the same person whose name is subscribed to the foregoing Guarantee, appeared before me this day in person, and acknowledged that he/she signed, sealed and delivered the said instrument as his/her free and voluntary act, for the uses and purposes set forth in this Guarantee.

Given under my hand and notarial seal this______ day of ____________, 20__.


______________________
Notary Public
My Commission Expires:______________________


CERTIFICATE OF INDEPENDENT LEGAL ADVICE

THE AUSTRALIAN CAPITAL TERRITORY

I, ________________________, of the City of ___________________, in the Australian Capital Territory, Australian Legal Practitioner, DO HEREBY CERTIFY:

THAT I was this day consulted in my professional capacity by _________________________ (the 'Guarantor'), named in the within instrument, being a Personal Guarantee, separate and apart from _________________________ (the 'Borrower'), as to _________________________'s legal rights and liabilities under the terms and conditions of the said Personal Guarantee, and that I acted solely for them.

I explained fully to _________________________:

  • The general nature and effect of the said  Personal Guarantee;
  • That if the Borrower defaults in payments or in other obligations to _________________________ (the 'Lender') the Guarantor would be liable to make good the default, which could include all amounts owed by the Borrower to the Lender and substantial arrears of interests and costs;
  • That in certain circumstances the Guarantor would be liable to pay, even if the Borrower is not liable to pay; and
  • That the giving of a guarantee involves considerable risk, including the risk of losing any security, property and other assets and requires very careful thought.

Following the above explanations, _________________________ stated to me:

  • That they understood the general nature and effect of the Personal Guarantee and the obligations and risks involved in signing the Personal Guarantee. It appeared to me that they did have such understanding; and
  • That they were signing the Personal Guarantee freely, voluntarily and without pressure from _________________________, or any other person.


DATED at the City of ___________________, in the Australian Capital Territory this ____________ day of _________, 20___.

________________________
AUSTRALIAN LEGAL PRACTITIONER
Print Name: ______________


I, _________________________, the person named in the annexed Personal Guarantee, hereby acknowledge the foregoing this ____day of ______________20___.


________________________
_________________________

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