[{"data":1,"prerenderedAt":528},["ShallowReactive",2],{"document-request-release-of-personal-guaranty-D299":3},{"document":4,"label":24,"preview":11,"thumb":25,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":26,"breadcrumb":30,"related":38,"customDescModule":185,"customdescription":6,"mdFm":186,"mdProseHtml":527},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":16,"keywords":23},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: REQUEST RELEASE OF PERSONAL GUARANTEE Dear [Contact name], As you will find in your records, [BANK] is currently holding a Guarantee given by [NAME OF GUARANTOR], [TITLE] securing the debts and obligations of our company to you.",null,"Request Release of Personal Guaranty","1",513,"doc","https://templates.business-in-a-box.com/imgs/1000px/request-release-of-personal-guaranty-D299.png","https://templates.business-in-a-box.com/imgs/250px/299.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#299.xml",{"title":15,"description":6},"request release of personal guaranty",[17,20],{"label":18,"url":19},"Finance & Accounting","/templates/finance-accounting/",{"label":21,"url":22},"Business Banking","/templates/business-banking/","request release personal guaranty","Request Release of Personal Guaranty Template","https://templates.business-in-a-box.com/imgs/400px/299.png",[27,17,20],{"label":28,"url":29},"Templates","/templates/",[31,32,35],{"label":28,"url":29},{"label":33,"url":34},"Legal Agreements","/templates/business-legal-agreements/",{"label":36,"url":37},"Guaranties & Collateral","/templates/guaranties-and-collateral/",[39,43,47,51,55,59,63,67,71,75,79,83,87,104,120,140,156,170],{"label":40,"url":41,"thumb":42,"extension":10},"Reference Request and Release","/template/reference-request-and-release-D605","https://templates.business-in-a-box.com/imgs/250px/605.png",{"label":44,"url":45,"thumb":46,"extension":10},"Guaranty","/template/guaranty-D401","https://templates.business-in-a-box.com/imgs/250px/401.png",{"label":48,"url":49,"thumb":50,"extension":10},"Personal Guarantee","/template/personal-guarantee-D405","https://templates.business-in-a-box.com/imgs/250px/405.png",{"label":52,"url":53,"thumb":54,"extension":10},"Notice to Suspend Deliveries and Request for Release","/template/notice-to-suspend-deliveries-and-request-for-release-D1069","https://templates.business-in-a-box.com/imgs/250px/1069.png",{"label":56,"url":57,"thumb":58,"extension":10},"Payment Guaranty","/template/payment-guaranty-D404","https://templates.business-in-a-box.com/imgs/250px/404.png",{"label":60,"url":61,"thumb":62,"extension":10},"Revocation of Guaranty","/template/revocation-of-guaranty-D409","https://templates.business-in-a-box.com/imgs/250px/409.png",{"label":64,"url":65,"thumb":66,"extension":10},"Unlimited Guaranty","/template/unlimited-guaranty-D412","https://templates.business-in-a-box.com/imgs/250px/412.png",{"label":68,"url":69,"thumb":70,"extension":10},"Mutual Release","/template/mutual-release-D1043","https://templates.business-in-a-box.com/imgs/250px/1043.png",{"label":72,"url":73,"thumb":74,"extension":10},"General Continuing Guaranty","/template/general-continuing-guaranty-D399","https://templates.business-in-a-box.com/imgs/250px/399.png",{"label":76,"url":77,"thumb":78,"extension":10},"Unilateral Liability Release","/template/unilateral-liability-release-D1045","https://templates.business-in-a-box.com/imgs/250px/1045.png",{"label":80,"url":81,"thumb":82,"extension":10},"Personal Leave Policy","/template/personal-leave-policy-D722","https://templates.business-in-a-box.com/imgs/250px/722.png",{"label":84,"url":85,"thumb":86,"extension":10},"Guaranty of a Lease","/template/guaranty-of-a-lease-D1177","https://templates.business-in-a-box.com/imgs/250px/1177.png",{"description":88,"descriptionCustom":6,"label":89,"pages":90,"size":9,"extension":10,"preview":91,"thumb":92,"svgFrame":93,"seoMetadata":94,"parents":96,"keywords":102,"url":103},"GENERAL RELEASE AND SETTLEMENT AGREEMENT This General Release and Settlement Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [PLAINTIFF'S FULL NAME] (the \"Plaintiff\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [DEFENDANT FULL NAME] (the \"Defendant\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] on behalf of themselves, their respective heirs, executors, administrators, agents, and assignees (collectively \"Defendant\"). (Plaintiff and Defendant are referred to herein collectively as the \"Party\" or \"Parties.\") WHEREAS, a dispute has arisen between the Parties regarding the [ describe dispute briefly] (the \"Dispute\"); and, WHEREAS, Plaintiff has filed an action in court in the matter of [case number and index number], (the \"Litigation\"); and, WHEREAS, Plaintiff has complained of economic damages arising out of the Dispute, which are expressly denied by Defendant; and, WHEREAS, the Parties have agreed to resolve the Dispute and the Litigation; and, WHEREFORE, intending to be legally bound, the Parties hereby agree as follows: SETTLEMENT PAYMENT 1.1. Defendant shall pay Plaintiff a total of $ [AMOUNT]. 1.2. At the time of the Parties' signing of this Agreement, Defendant shall have sent by hand delivery a bank check in the amount of $ [AMOUNT] (the \"Settlement Payment\") to the office of Plaintiff's attorney, [PLAINTIFF'S ATTORNEY], by [DELIVERY DATE]. 1.3. After the delivery of the Settlement Payment, Plaintiff shall execute an original and one copy of this Agreement and send to Defendant. Defendant shall execute and return a fully executed original of this Agreement to Plaintiff's counsel. Within one court day of receiving such fully executed Agreement and payment, Plaintiff will file a Stipulation of Discontinuance with the [COURT]. MUTUAL RELEASE In consideration for the Settlement Payment described in paragraph 1 above and other good and valuable consideration, receipt of which is hereby acknowledged, Plaintiff does hereby release, acquit, and forever discharge Defendant from any and all actions, claims, demands, damages, obligations, liabilities, controversies and executions, of any kind or nature whatsoever, whether known or unknown, whether suspected or not, which have arisen, or may have arisen, or shall arise by reason of any matter, cause or thing whatsoever, from the first day of the world, including this day and each day hereafter, and Plaintiff does specifically waive any claim or right to assert any cause of action or alleged cause of action or claim or demand which has, through oversight or error, intentionally or unintentionally or through a mutual mistake, been omitted from this Release. Defendant does hereby release, cancel, forgive and forever discharge Plaintiff and each of her holding companies, subsidiaries, affiliates, divisions, successors, heirs, and assigns in all capacities whatsoever, including without limitation as an officer, director, employee, representative, designee, agent, and shareholder thereof, from all actions, claims, demands, damages, obligations, liabilities, controversies and executions, of any kind or nature whatsoever, whether known or unknown, whether suspected or not, which have arisen, or may have arisen, or shall arise by reason of any matter, cause or thing whatsoever, from the first day of the world, including this day and each day hereafter, and Defendant does specifically waive any claim or right to assert any cause of action or alleged cause of action or claim or demand which has, through oversight or error, intentionally or unintentionally or through a mutual mistake, been omitted from this Release. DISMISSAL OF LAWSUIT ","General Release and Settlement Agreement","4","https://templates.business-in-a-box.com/imgs/1000px/general-release-and-settlement-agreement-D12554.png","https://templates.business-in-a-box.com/imgs/250px/12554.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12554.xml",{"title":95,"description":6},"general release and settlement agreement",[97,99],{"label":33,"url":98},"business-legal-agreements",{"label":100,"url":101},"Release Agreements","release-agreement","general release settlement agreement","/template/general-release-and-settlement-agreement-D12554",{"description":105,"descriptionCustom":6,"label":106,"pages":90,"size":9,"extension":10,"preview":107,"thumb":108,"svgFrame":109,"seoMetadata":110,"parents":112,"keywords":111,"url":119},"SECURED LUMP-SUM PROMISSORY NOTE AGREEMENT This Secured Lump-Sum Promissory Note Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [FIRST PARTY NAME], (the \"Issuer\") a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at/Individual having an address at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME], (the \"Holder\") company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at/Individual having an address at: [YOUR COMPLETE ADDRESS] FOR VALUE RECEIVED, the undersigned Issuer hereby promises to pay to the order of the Holder, the maximum Principal Amount of [PRINCIPAL AMOUNT] together with interest on the unpaid Principal Amount (as defined in this Agreement) outstanding from time to time at the rate (or rates) hereafter specified, and all other sums which may be owing to the Holder by the Issuer hereunder. The terms of the Note are as follows: MATURITY DATE AND PAYMENT TERMS This Note will mature, and be due and payable in full, on [DATE] (the \"Maturity Date\") and shall be paid in the lump sum amount of [LUMP SUM AMOUNT TO BE PAID]. INTEREST From and after the date hereof, all outstanding principal of this Note will bear simple interest at the rate of [PERCENT OF INTEREST] per annum. On the date that is [NUMBER OF DAYS] days after the date of this Note, the Issuer shall pay the then accrued interest on this Note. Upon the occurrence and during the continuance of any Event of Default (as hereinafter defined) under this Note, all outstanding principal of this Note shall bear interest at the rate of [PERCENT OF INTEREST] per annum. All outstanding principal and accrued but unpaid interest on this Note shall be payable on the Maturity Date. SECURITY This Note is Secured by a Security Agreement on the Issuer's Property, described as [PROPERTY DESCRIPTION], hereinafter known as the \"Security,\" which shall transfer to the possession and ownership of the Holder immediately in case of Acceleration. The Security may not be sold or transferred without the Holder's consent until the Maturity Date. If the Issuer breaches this provision, the Holder may declare all sums due under this Note immediately due and payable, unless prohibited by applicable law. The Holder shall have the sole option to accept the Security as full payment for the Principal Amount without further liabilities or obligations. If the market value of the Security does not exceed the Principal Amount, the Issuer shall remain liable for the balance due while accruing interest at the maximum rate allowed by law. PREPAYMENT The Issuer may prepay this Note prior to the Maturity Date, without premium or penalty, upon written notice to the Holder. EVENTS OF DEFAULT The occurrence of any one or more of the following events shall constitute an \"Event of Default\" under this Note: the failure of the Issuer to pay any sum due under this Note when due, whether by demand or otherwise, and such sum remains unpaid for five (5) days after the Due Date; and any other Event of Default described in the Security Agreement that might be signed between the Parties regarding the Property that is pledged as collateral to the loan. RIGHTS AND REMEDIES UPON DEFAULT ","Secured Lumpsum Promissory Note Agreement","https://templates.business-in-a-box.com/imgs/1000px/secured-lumpsum-promissory-note-agreement-D13041.png","https://templates.business-in-a-box.com/imgs/250px/13041.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13041.xml",{"title":111,"description":6},"secured lumpsum promissory note agreement",[113,116],{"label":114,"url":115},"Business Plan Kit","business-plan-kit",{"label":117,"url":118},"Business Procedures","business-procedures","/template/secured-lumpsum-promissory-note-agreement-D13041",{"description":121,"descriptionCustom":6,"label":122,"pages":123,"size":124,"extension":10,"preview":125,"thumb":126,"svgFrame":127,"seoMetadata":128,"parents":129,"keywords":138,"url":139},"PROMISSORY NOTE This Promissory Note (the \"Note\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] TERMS FOR VALUE RECEIVED, the Borrower promises to pay to the order of Lender, at its principal office located at [ADDRESS], or at such other place that is designated in writing by the holder hereof, the principal sum of [AMOUNT], together with all charges and interest herein provided, payable at the rate and in the manner hereinafter set forth: Borrower shall make monthly payments of principal and interest at the rate of [%] per annum based upon an amortization of [NUMBER] months. Monthly payments shall be due on or before the first day of each month with the first payment being due on or before [DATE]. If not sooner paid, all amounts due under this Note, including principal, interest and other charges shall be due and payable in full on or before the first day of [MONTH], [YEAR] (the \"Maturity Date\"). Time is of the essence of the payment obligations hereunder and each monthly payment shall be due and payable on or before the first day of each month. This Note is and will be secured by a certain first priority security interest in all of the tangible and intangible property of the Borrower, to be recorded in all applicable governmental offices. The parties shall execute a separate security agreement, in form and substance acceptable to the Lender in all respects. Borrower agrees to execute any such security agreements presented by the Lender or other documents required by the Lender in order to perfect its security interest in the above described property. Said Security Agreement and any other instruments and documents executed in connection with or given as security for this Note shall hereinafter be referred to collectively as the \"Loan Documents.\" All of the terms, covenants, Conditions, representations and warranties contained in the Loan Documents are hereby made part of this Note to the same extent and with the same force and effect as if fully set forth herein. If all or any portion of any payment due hereunder is not received by the Lender within [NUMBER] calendar days after the date when such payment is due, Borrower shall pay a late charge equal to [%] of such payment, such late charge to be immediately due and payable without demand by Lender. Borrower shall have the right to prepay all (but not a portion) of the indebtedness evidenced by this Note at any time, by paying the Lender an amount equal to the sum of (I) the principal balance then outstanding, (ii) all interest accrued to the date of such prepayment, (iii) all interest calculated through the Maturity Date, and (iv) any late charge or charges then due and owing. If any payment under this Note is not paid in full by the [DAY] of any month during the term hereof or if the entire amount due as represented by this Note is not paid in full on or before the Maturity Date, or should default be made in the performance or observation of any of the terms, covenants, or conditions contained in the Loan Documents, or if any representation or warranty contained in the Loan Documents is breached or is or becomes untrue, this Note shall be in default, and the entire principal amount outstanding hereunder, accrued interest thereon, all late charges, if any, and any and all other charges due hereunder, shall, at Lender's option, immediately become due and payable, without further notice, the giving of such notice being expressly waived by the Borrower","Promissory Note","3",39,"https://templates.business-in-a-box.com/imgs/1000px/promissory-note-D434.png","https://templates.business-in-a-box.com/imgs/250px/434.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#434.xml",{"title":6,"description":6},[130,132,135],{"label":18,"url":131},"finance-accounting",{"label":133,"url":134},"Business Loans","business-loan",{"label":136,"url":137},"Promissory Notes","promisory-note","promissory note","/template/promissory-note-D434",{"description":141,"descriptionCustom":6,"label":142,"pages":8,"size":9,"extension":10,"preview":143,"thumb":144,"svgFrame":145,"seoMetadata":146,"parents":148,"keywords":147,"url":155},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: OFFICIAL DEMAND LETTER REGARDING [DESCRIBE] Dear [CONTACT NAME], Based on our records, you were required to have paid $ [AMOUNT] USD (the \"Debt\") to [COMPANY NAME] on [DATE], for [SERVICE REQUIRING PAYMENT]. This Debt remains outstanding, despite our initial requests for payment. ","Demand Letter","https://templates.business-in-a-box.com/imgs/1000px/demand-letter-D13262.png","https://templates.business-in-a-box.com/imgs/250px/13262.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13262.xml",{"title":147,"description":6},"demand letter",[149,152],{"label":150,"url":151},"Human Resources","human-resources",{"label":153,"url":154},"Company Policies","company-policies","/template/demand-letter-D13262",{"description":157,"descriptionCustom":6,"label":158,"pages":8,"size":9,"extension":10,"preview":159,"thumb":160,"svgFrame":161,"seoMetadata":162,"parents":164,"keywords":168,"url":169},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: DEFAULT ON PROMISSORY NOTE Dear [CONTACT NAME], Reference is made to the promissory note dated [DATE], in the original amount of [AMOUNT]. You have defaulted under said note in that the installment due on [DATE], in the amount of [AMOUNT] has not been paid. Accordingly, demand is hereby made upon you for full payment of the entire balance on said note in the amount of [AMOUNT], including accrued interest to date. In the event the entire balance is not paid within the next [NUMBER] days, I shall refer this matter to an attorney resulting in additional costs of collection. Sincerely, [YOUR NAME] [YOUR TITLE] [YOUR PHONE NUMBER] [YOUREMAIL@YOURCOMPANY.COM] [IF SENT BY EMAIL YOU MAY INCLUDE THIS NOTICE] This email is intended only for the person to whom it is addressed and/or otherwise authorized personnel","Letter of Default on Promissory Note","https://templates.business-in-a-box.com/imgs/1000px/letter-of-default-on-promissory-note-D431.png","https://templates.business-in-a-box.com/imgs/250px/431.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#431.xml",{"title":163,"description":6},"letter of default on promissory note",[165,166,167],{"label":18,"url":131},{"label":133,"url":134},{"label":136,"url":137},"letter default promissory note","/template/letter-of-default-on-promissory-note-D431",{"description":171,"descriptionCustom":6,"label":172,"pages":173,"size":9,"extension":10,"preview":174,"thumb":175,"svgFrame":176,"seoMetadata":177,"parents":179,"keywords":178,"url":184},"FORBEARANCE AGREEMENT This Forbearance Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [NAME OF THE LENDER] (the \"Lender\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF THE BORROWER] (the \"Borrower \"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS the Lender has made a loan to the Borrower in the original principal amount of [LOAN AMOUNT] (the \"Loan\") pursuant to that certain Loan Agreement, by and between the Lender and the Borrower, dated as of [MONTH] [DAY], [YEAR] (the \"Loan Agreement\") and certain related agreements, as the same may have been or may be further amended, modified, supplemented, extended, renewed, restated, or replaced (collectively, the \"Loan Documents\"). All capitalized terms not defined herein shall have the meanings ascribed to them in the Loan Documents. WHEREAS, the Loan is secured by that certain [NAME OF MORTGAGE/DEED OF TRUST OR OTHER SECURITY INSTRUMENT] covering certain real property owned by the Borrower as more specifically set forth in the Loan Documents. WHEREAS, Events of Default under the Loan Documents have occurred, specifically [DEFAULTS] (\"Existing Defaults\"). Pursuant to the terms of the Loan Documents, all obligations of the Borrower to the Lender under the Loan Documents can now be declared by the Lender to be immediately due and payable. The Borrower has requested that the Lender forbear from exercising its rights and remedies under the Existing Defaults, and the Lender has agreed to do so, subject to the terms and conditions set forth herein. NOW THEREFORE, for good and valuable consideration, set forth herein, the Lender, the Borrower, and each Guarantor agree as follows: RECITALS AND PERIOD OF FORBEARANCE The recitals to this Agreement are incorporated into this Agreement as if fully set forth herein. Upon satisfaction of the conditions set forth in this Agreement, the Lender shall forbear (the \"Forbearance\") from exercising its rights and remedies under the Loan Documents arising from the Existing Default for the Forbearance Period (as defined in Section 3.2). ACKNOWLEDGEMENTS The Borrower hereby agrees that as of [DATE], the Borrower is indebted to the Lender under the Loan Documents in the amount of [AMOUNT OWED]. All such amounts and all hereafter accruing principal, fees, and interest are unconditionally owed by the Borrower to the Lender without offset, defence, or counterclaim of any nature. The Borrower hereby agrees that (i) each of the Loan Documents has been duly executed and shall remain in full force and effect as of the Effective Date of this Agreement, except as expressly modified herein; (ii) the agreements and obligations of the Borrower contained in the Loan Documents and this Agreement are valid and binding, enforceable against the Borrower in accordance with the terms of the Loan Documents and Agreement; (iii) the Borrower has no valid defence to the enforcement of the Borrower's obligations under the Loan Documents and this Agreement; and (iv) the Lender is and shall be entitled to the rights and remedies provided for under the Loan Documents, this Agreement and applicable law. [Each Guarantor hereby agrees that (i) each of the Guaranty Documents has been duly executed and shall remain in full force and effect as of the Effective Date of this Agreement, except as expressly modified herein; (ii) the agreements and obligations of the Guarantor contained in the Guaranty Documents and this Agreement are valid and binding, enforceable against the Guarantor in accordance with the terms of the Guaranty Documents and this Agreement; (iii) the Guarantor has no valid defence to the enforcement of the Guarantor's obligations under the Guaranty Documents and this Agreement; and (iv) the Lender is and shall be entitled to the rights and remedies provided for under the Guaranty Documents, this Agreement and applicable law.] FORBEARANCE IN RESPECT OF EXISTING DEFAULTS The Borrower hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, each of which constitutes an Event of Default and entitles the Lender to exercise its rights and remedies under the Loan Documents and applicable law. The Borrower represents and warrants that, as of the Effective Date, no other Events of Default exist other than the Existing Defaults. The Borrower hereby acknowledges and agrees that the Lender is entitled under the terms of the Loan Documents to, among other remedies, declare the Borrower's obligations under the Loan Documents to be immediately due and payable. Forbearance: In reliance upon the representations, recitals, warranties, and covenants of the Borrower made in this Agreement, and subject to the terms and conditions of this Agreement and any documents or instruments executed in connection with this Agreement, the Lender agrees to forbear from exercising its rights and remedies under the Loan Documents or applicable law arising out of the Existing Defaults, for the period (the \"Forbearance Period\") commencing on the Effective Date and ending on the date which is the earlier of (a) [MONTH] [DAY], [YEAR], or (b) the occurrence or existence of any Event of Default, other than any Existing Default. Upon the termination of the Forbearance Period, the agreement of the Lender to forbear shall automatically and without further action terminate and be of no force and effect, it being expressly agreed that the effect of such termination will be to permit the Lender to exercise immediately all rights and remedies under the Loan Documents and applicable law, including, but not limited to, (a) ceasing to make any further Loans, and (b) accelerating all of the obligations of the Borrower under the Loan Documents; in each case without any further notice to the Borrower or forbearance of any kind. The Parties to this Agreement acknowledge and agree that any misrepresentation by the Borrower or the Guarantor (hereinafter referred to as \"the Borrowing Parties\" for this section 3.2.3) or any failure of the Borrowing Parties to comply with the covenants, conditions and agreements contained in this Agreement, the Loan Documents [the Guaranty Documents] or any other agreement, document or instrument at any time executed and/or delivered by the Borrowing Parties with, to or in favour of the Lender shall constitute an Event of Default under this Agreement and the Loan Documents. No Other Waivers; Reservation of Rights: The Lender has not waived, and is not by this Agreement waiving, any Existing Defaults or any Events of Default which may occur after the Effective Date, and the Lender has not agreed to forbear with respect to any of its rights and remedies concerning any Event of Default, except for Existing Defaults as set forth in this Agreement. Subject to Section 3 herein, the Lender reserves the right, in its discretion, to exercise any or all of its rights and remedies under the Loan Documents as a result of any other Events of Default occurring at any time. The Lender has not waived any such rights and remedies, and nothing in this Agreement, and no delay on its part in exercising such rights or remedies, shall be construed as a waiver of such rights and remedies. REPRESENTATIONS AND WARRANTIES OF BORROWER The Borrower hereby represents, warrants, and covenants as follows:","Forbearance Agreement","7","https://templates.business-in-a-box.com/imgs/1000px/forbearance-agreement-D12966.png","https://templates.business-in-a-box.com/imgs/250px/12966.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12966.xml",{"title":178,"description":6},"forbearance agreement",[180,181],{"label":114,"url":115},{"label":182,"url":183},"Administration","business-administration","/template/forbearance-agreement-D12966",false,{"seo":187,"reviewer":199,"legal_disclaimer":203,"quick_facts":204,"at_a_glance":206,"personas":210,"variants":235,"glossary":261,"clauses":294,"how_to_fill":340,"common_mistakes":381,"faqs":406,"industries":434,"comparisons":451,"diy_vs_lawyer":467,"jurisdictions":480,"related_template_ids_curated":501,"educational_modules":512,"schema":515,"classification":516},{"meta_title":188,"meta_description":189,"primary_keyword":15,"secondary_keywords":190},"Request Release of Personal Guaranty Template | BIB","Free template to formally request release from a personal guaranty obligation.",[191,192,193,194,195,196,197,198],"release of personal guaranty template","personal guaranty release letter","how to get released from personal guarantee","personal guarantee release request word","remove personal guarantee from loan","release of guaranty agreement","personal guaranty release form free","business loan personal guarantee removal",{"name":200,"credential":201,"reviewed_date":202},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":205,"legal_review_recommended":203,"signature_required":203,"notarization_required":185},"advanced",{"what_it_is":207,"when_you_need_it":208,"whats_inside":209},"A Request Release of Personal Guaranty is a formal written letter or agreement in which a guarantor asks a lender, landlord, or creditor to discharge them from the personal liability they previously assumed under a guaranty agreement. This free Word download gives you a structured, attorney-style starting point you can edit online and export as PDF to present to any creditor.\n","Use it when the underlying obligation has been substantially paid down, the primary borrower's creditworthiness has improved materially, a business has been sold or restructured, or a co-guarantor has exited the business and needs their personal exposure removed from an existing credit facility or lease.\n","Identification of the parties and the original guaranty, the grounds for requesting release, a summary of current obligation status, supporting documentation references, proposed release conditions, a lender acknowledgment block, and signature lines for both the guarantor and the creditor.\n",[211,215,219,223,227,231],{"title":212,"use_case":213,"icon_asset_id":214},"Business owners who have sold their company","Requesting removal from a guaranty that did not transfer with the sale","persona-small-business-owner",{"title":216,"use_case":217,"icon_asset_id":218},"Departing partners or co-founders","Releasing personal liability on a business loan after leaving the partnership","persona-startup-founder",{"title":220,"use_case":221,"icon_asset_id":222},"Commercial tenants","Asking a landlord to release a personal guaranty on an improved lease after years of on-time rent","persona-commercial-tenant",{"title":224,"use_case":225,"icon_asset_id":226},"Executives and directors","Removing a personal guaranty tied to a corporate credit line as the company's balance sheet strengthens","persona-ceo",{"title":228,"use_case":229,"icon_asset_id":230},"Franchise owners","Requesting release from a franchisor-required guaranty after an agreed performance period","persona-franchise-applicant",{"title":232,"use_case":233,"icon_asset_id":234},"Family business successors","Releasing a retiring founder from a guaranty when the next generation takes over operations","persona-operations-director",[236,240,243,247,251,254,258],{"situation":237,"recommended_template":238,"slug":239},"Full release from all liability under the guaranty","Request Release of Personal Guaranty (Full Discharge)","request-release-of-personal-guaranty-D299",{"situation":241,"recommended_template":242,"slug":239},"Reducing guaranty exposure from unlimited to a capped dollar amount","Limited Personal Guaranty Amendment",{"situation":244,"recommended_template":245,"slug":246},"Substituting a new guarantor in place of the departing one","Guarantor Substitution Agreement","demand-on-guarantor-D398",{"situation":248,"recommended_template":249,"slug":250},"Releasing a guaranty tied specifically to a commercial lease","Commercial Lease Guaranty Release","guaranty-of-a-lease-D1177",{"situation":252,"recommended_template":253,"slug":239},"Releasing a guaranty after the underlying debt is fully paid off","Release and Satisfaction of Guaranty",{"situation":255,"recommended_template":256,"slug":257},"Requesting partial release as a milestone in a loan restructuring","Loan Modification and Guaranty Reduction Agreement","guaranty-agreement-D13699",{"situation":259,"recommended_template":260,"slug":239},"Documenting lender's formal written acknowledgment of release","Lender Acknowledgment of Guaranty Release",[262,265,268,271,274,276,279,282,285,288,291],{"term":263,"definition":264},"Personal Guaranty","A contractual promise by an individual to repay a debt or fulfill an obligation if the primary borrower or lessee defaults.",{"term":266,"definition":267},"Guarantor","The individual who signs a personal guaranty and assumes secondary liability for another party's debt or performance obligation.",{"term":269,"definition":270},"Creditor","The lender, landlord, or other party in whose favor the personal guaranty was originally executed.",{"term":272,"definition":273},"Release of Guaranty","A formal written discharge by the creditor that extinguishes the guarantor's personal liability under the guaranty agreement.",{"term":64,"definition":275},"A guaranty that covers the entire outstanding balance of a debt, including principal, interest, fees, and collection costs, with no cap.",{"term":277,"definition":278},"Limited Guaranty","A guaranty that caps the guarantor's personal exposure at a fixed dollar amount or a defined percentage of the total obligation.",{"term":280,"definition":281},"Consideration","Something of value exchanged between parties to make a legal agreement enforceable — a release of guaranty typically requires consideration from the creditor.",{"term":283,"definition":284},"Subordination","An arrangement in which one creditor agrees that its claim ranks below another creditor's claim in priority upon default or liquidation.",{"term":286,"definition":287},"Recourse Debt","Debt for which the lender can pursue the borrower's personal assets — including assets pledged under a personal guaranty — if the collateral is insufficient.",{"term":289,"definition":290},"Indemnification","A contractual obligation by one party to compensate another for specified losses or liabilities, sometimes included in a guaranty release to protect the creditor post-discharge.",{"term":292,"definition":293},"Novation","The substitution of a new party or obligation for an existing one, extinguishing the original obligation — a guarantor substitution is a form of novation.",[295,300,305,310,315,320,325,330,335],{"name":296,"plain_english":297,"sample_language":298,"common_mistake":299},"Parties and Original Guaranty Reference","Identifies the guarantor, the creditor, the primary obligor (borrower or lessee), and cites the original guaranty agreement by date and document reference.","This Request is submitted by [GUARANTOR FULL LEGAL NAME] ('Guarantor') to [CREDITOR NAME] ('Creditor') in connection with the Personal Guaranty dated [DATE] ('Guaranty') executed by Guarantor in favor of Creditor, relating to the [LOAN / LEASE AGREEMENT] dated [DATE] between [PRIMARY OBLIGOR NAME] and Creditor.","Referencing only the loan agreement rather than the specific guaranty document. A guaranty is a separate instrument and must be identified by its own execution date and document number to avoid ambiguity about which obligation is being released.",{"name":301,"plain_english":302,"sample_language":303,"common_mistake":304},"Grounds for Release","States the specific factual and legal basis on which the guarantor believes release is warranted — paid-down balance, improved creditworthiness, business sale, or co-guarantor departure.","Guarantor respectfully requests release on the following grounds: (a) the outstanding principal balance has been reduced from $[ORIGINAL AMOUNT] to $[CURRENT BALANCE], representing a [X]% reduction; (b) [PRIMARY OBLIGOR NAME] has maintained a debt-service-coverage ratio of [X] for the past [X] consecutive quarters; and (c) [ANY ADDITIONAL GROUND].","Providing only a vague statement like 'the business is doing well' without quantified evidence. Creditors evaluate release requests against underwriting criteria — specific metrics dramatically increase the probability of approval.",{"name":306,"plain_english":307,"sample_language":308,"common_mistake":309},"Current Status of the Underlying Obligation","Summarizes the current outstanding balance, payment history, collateral position, and any covenant compliance status to give the creditor a factual snapshot.","As of [DATE], the outstanding balance under the [LOAN / LEASE] is $[AMOUNT]. [PRIMARY OBLIGOR NAME] has made [X] consecutive on-time payments totaling $[AMOUNT]. No defaults, waivers, or forbearances are outstanding as of the date of this Request.","Omitting the payment history entirely. A clean payment record is the creditor's primary comfort factor; leaving it out forces the creditor to pull the file themselves, slowing the process.",{"name":311,"plain_english":312,"sample_language":313,"common_mistake":314},"Supporting Documentation Schedule","Lists all exhibits attached to the request — audited financials, credit reports, appraisals, sale agreements, or other evidence supporting the grounds for release.","In support of this Request, Guarantor attaches the following: Exhibit A — [PRIMARY OBLIGOR] audited financial statements for fiscal years [YEAR] and [YEAR]; Exhibit B — most recent [CREDIT BUREAU] credit report for [PRIMARY OBLIGOR]; Exhibit C — [APPRAISAL / VALUATION] of collateral dated [DATE].","Submitting outdated financial statements — anything older than 12 months carries little weight with underwriting teams reviewing a release request and will almost always trigger a request for more current data.",{"name":316,"plain_english":317,"sample_language":318,"common_mistake":319},"Proposed Release Conditions","Identifies any conditions the guarantor agrees to as part of the release — a one-time fee, a partial principal paydown, a replacement guarantor, or enhanced collateral.","In consideration of the release, Guarantor proposes the following: (a) a one-time principal reduction payment of $[AMOUNT] on or before [DATE]; and/or (b) substitution of [REPLACEMENT GUARANTOR NAME] as guarantor under the terms of the original Guaranty, subject to Creditor's approval of Replacement Guarantor's creditworthiness.","Offering no consideration at all. A release is a contractual concession by the creditor — without at least a nominal exchange of value, the release may be unenforceable and most creditors will decline to execute it.",{"name":321,"plain_english":322,"sample_language":323,"common_mistake":324},"Representations and Warranties of Guarantor","The guarantor confirms that they have disclosed all material facts, that no default is known or anticipated, and that the supporting documentation is accurate and complete.","Guarantor represents and warrants that: (a) all information provided in this Request and the attached Exhibits is true, accurate, and complete as of the date hereof; (b) Guarantor is not aware of any existing or threatened default under the [LOAN / LEASE AGREEMENT]; and (c) no material adverse change has occurred in the financial condition of [PRIMARY OBLIGOR] since the date of the most recent financial statements provided.","Omitting a representations and warranties clause. Without it, a creditor who later discovers undisclosed adverse information may seek to rescind the release on grounds of fraudulent inducement.",{"name":326,"plain_english":327,"sample_language":328,"common_mistake":329},"Creditor Review Period and Response Deadline","Sets a reasonable deadline by which the creditor must respond — approve, deny, or request additional information — preventing the request from sitting unanswered indefinitely.","Guarantor respectfully requests that Creditor review this Request and provide a written response no later than [DATE], which is [X] business days from the date of this letter. If no response is received by the deadline, Guarantor reserves the right to escalate this Request in accordance with the terms of the original Guaranty.","Setting no response deadline at all. Without a deadline, release requests routinely sit in a credit officer's queue for months; a stated deadline creates accountability and gives the guarantor a concrete trigger for follow-up.",{"name":331,"plain_english":332,"sample_language":333,"common_mistake":334},"Release and Discharge Language","The operative provision — executed by the creditor — that formally discharges the guarantor from all present and future liability under the guaranty.","Upon execution below by an authorized representative of Creditor, [CREDITOR NAME] hereby releases and forever discharges [GUARANTOR FULL LEGAL NAME] from any and all obligations, liabilities, and claims arising under the Personal Guaranty dated [DATE], effective as of [EFFECTIVE DATE]. This release is not a release of [PRIMARY OBLIGOR NAME] or any other guarantor.","Using release language that is limited to 'known' claims only. Phrases like 'releases all known claims' leave the door open for the creditor to assert claims that were not yet identified at the time of signing.",{"name":336,"plain_english":337,"sample_language":338,"common_mistake":339},"Governing Law and Entire Agreement","Specifies the jurisdiction whose law governs the release and confirms that the release document supersedes all prior negotiations or agreements about the guarantor's discharge.","This Release shall be governed by the laws of [STATE / PROVINCE / COUNTRY]. This document constitutes the entire agreement between the parties with respect to the release of Guarantor's obligations under the Guaranty and supersedes all prior discussions, representations, and agreements relating thereto.","Defaulting to the governing law of the original loan agreement without checking whether that jurisdiction is appropriate for the individual guarantor — particularly relevant when the guarantor has moved to a different state or country since signing.",[341,346,351,356,361,366,371,376],{"step":342,"title":343,"description":344,"tip":345},1,"Gather the original guaranty and loan documents","Locate the exact guaranty agreement — including its execution date, parties, and document reference number — along with the underlying loan, lease, or credit agreement it supports. You will need to cite these precisely.","If you cannot locate the original guaranty, request a copy from the creditor's servicing department before submitting anything — referencing a wrong date or agreement number can delay processing significantly.",{"step":347,"title":348,"description":349,"tip":350},2,"Identify and document your grounds for release","Choose the specific factual basis for your request — loan paydown, improved business financials, business sale, or departure from the entity — and gather quantified evidence for each ground.","Lead with the strongest ground first. Creditors are most receptive to release requests backed by a debt-service-coverage ratio above 1.25x for at least four consecutive quarters.",{"step":352,"title":353,"description":354,"tip":355},3,"Compile your supporting documentation","Assemble audited or reviewed financial statements for the most recent two fiscal years, a current credit report for the primary obligor, any collateral appraisals, and copies of any business sale or ownership-change documents.","Financial statements must be dated within 12 months of the request date — older documents will almost always trigger a request for updated materials and reset your timeline.",{"step":357,"title":358,"description":359,"tip":360},4,"Draft the current obligation status summary","Enter the current outstanding balance, the original loan or lease amount, the number and amount of on-time payments made, and confirm in writing that no defaults or waivers are outstanding.","Request a formal payoff or balance statement from the creditor's servicing team so the figures in your request match the creditor's own records exactly.",{"step":362,"title":363,"description":364,"tip":365},5,"Propose specific release conditions","Determine what you are willing to offer — a lump-sum principal reduction, a replacement guarantor, enhanced collateral, or a combination — and state the terms clearly in the proposed conditions clause.","A modest principal paydown (even 5–10% of the remaining balance) signals good faith and materially increases the likelihood of approval compared to requests offering no consideration.",{"step":367,"title":368,"description":369,"tip":370},6,"Set a creditor response deadline","Calculate a reasonable review period — typically 20–30 business days from delivery — and enter it as the response deadline. State clearly what action you will take if the deadline passes without a response.","Send the request by certified mail or courier and by email to the creditor's relationship manager and credit officer simultaneously to create a documented delivery record.",{"step":372,"title":373,"description":374,"tip":375},7,"Execute and submit with all exhibits","Sign the request, attach all exhibits in the order listed in the supporting documentation clause, and deliver the complete package to the creditor's relationship manager and credit department.","Follow up with a brief email three business days after delivery to confirm receipt and identify the reviewing officer by name — this reduces the risk of the package sitting unassigned.",{"step":377,"title":378,"description":379,"tip":380},8,"Obtain the creditor's countersignature on the release block","Once the creditor approves, ensure an authorized representative of the creditor executes the release and discharge clause with their name, title, and date. Store the fully executed copy securely.","A release that is not signed by an authorized creditor officer is not enforceable — verify the signatory's authority before treating the obligation as discharged.",[382,386,390,394,398,402],{"mistake":383,"why_it_matters":384,"fix":385},"No quantified evidence supporting the release grounds","Creditors route release requests through underwriting; a letter with only qualitative claims fails the review criteria and is returned for more information, adding weeks to the process.","Attach two full years of audited financials, a current credit report for the primary obligor, and a debt-service-coverage ratio calculation before submitting.",{"mistake":387,"why_it_matters":388,"fix":389},"Offering no consideration for the release","A release is a modification of a binding contract — without consideration exchanged, courts in most jurisdictions may decline to enforce it if the creditor later attempts to reinstate the guaranty.","Propose at least a nominal exchange of value: a principal paydown, a fee, enhanced collateral, or a replacement guarantor with equivalent creditworthiness.",{"mistake":391,"why_it_matters":392,"fix":393},"Failing to obtain a countersignature from an authorized creditor officer","A release executed only by the guarantor is not a release — it is a request. Without the creditor's authorized signature, the guaranty obligation remains fully intact and enforceable.","Before treating any obligation as discharged, confirm the signatory's title and authority level, and verify that the creditor's internal approval threshold for releases was met.",{"mistake":395,"why_it_matters":396,"fix":397},"Using outdated financial statements as supporting exhibits","Underwriting teams typically require financial statements dated within 12 months — submitting older documents stalls the review and signals the guarantor has not prepared the request carefully.","Request interim financial statements or a CPA-compiled report if the most recent annual statements are more than 9 months old at the time of submission.",{"mistake":399,"why_it_matters":400,"fix":401},"Submitting the request without a stated response deadline","Without a deadline, release requests routinely sit unresolved for months in a creditor's queue, leaving the guarantor in continuing personal exposure with no clear path to resolution.","State a specific response deadline — 20 to 30 business days is standard — and specify that you will escalate to senior management or legal counsel if the deadline passes without a written response.",{"mistake":403,"why_it_matters":404,"fix":405},"Referencing the loan agreement instead of the specific guaranty instrument","The guaranty is a separate legal document from the underlying loan — citing only the loan agreement creates ambiguity about which instrument is being released, which a creditor's legal team will use to delay or deny the request.","Cite the guaranty by its exact title, execution date, and all party names as they appear on the original document, and attach a copy of the guaranty as an exhibit.",[407,410,413,416,419,422,425,428,431],{"question":408,"answer":409},"What is a request release of personal guaranty?","A request release of personal guaranty is a formal written document submitted by a guarantor to a creditor asking to be discharged from the personal liability they assumed under an earlier guaranty agreement. It identifies the original guaranty, presents the grounds for release — such as loan paydown or improved creditworthiness — attaches supporting documentation, and proposes any conditions the guarantor is willing to meet in exchange for the creditor's written discharge.\n",{"question":411,"answer":412},"Can a creditor refuse to release a personal guaranty?","Yes. A creditor has no general legal obligation to release a guarantor before the underlying obligation is fully discharged, unless the original guaranty agreement includes a specific release trigger or the parties have negotiated a separate release agreement. However, well-documented requests supported by strong financials and a good payment history significantly increase the probability of approval. Creditors may counter with modified conditions rather than an outright denial.\n",{"question":414,"answer":415},"What happens to a personal guaranty when a business is sold?","A personal guaranty does not automatically terminate when the underlying business is sold. The guarantor remains personally liable unless the creditor formally agrees to release them in writing. Many business sales require the buyer to provide a substitute guarantor or pay down the guaranteed debt as a closing condition. Without a documented release from the creditor, the original guarantor retains full exposure even after the sale is complete.\n",{"question":417,"answer":418},"What evidence should I include with a release request?","The most persuasive supporting materials are two years of audited or reviewed financial statements for the primary borrower, a current third-party credit report, a statement of the current outstanding balance and payment history from the creditor's servicing system, any recent collateral appraisal, and documentation of any ownership change or business sale. The stronger the primary obligor's demonstrated ability to service the debt independently, the stronger the release request.\n",{"question":420,"answer":421},"Is a personal guaranty release enforceable without consideration?","In most jurisdictions, a creditor's release of a guaranty requires consideration to be contractually binding — meaning the guarantor must provide something of value in exchange. A principal paydown, a fee, a replacement guarantor, or enhanced collateral all satisfy this requirement. A release signed without any consideration may be challenged and potentially rescinded by the creditor, particularly if the underlying debt later goes into default.\n",{"question":423,"answer":424},"Do I need a lawyer to request a release of personal guaranty?","For straightforward requests — strong payment history, significant loan paydown, clear business transition — a well-structured template is typically sufficient to initiate the process. Engaging a lawyer is advisable when the guaranty amount is material (generally above $100,000), the creditor has previously denied a release, the release is tied to a business sale with complex representations, or there is any dispute about what the original guaranty covers.\n",{"question":426,"answer":427},"What is the difference between a full release and a partial release?","A full release discharges the guarantor from all present and future liability under the guaranty. A partial release reduces the guarantor's exposure — either capping it at a lower dollar amount, releasing it from specific tranches of the debt, or converting an unlimited guaranty to a limited one. Partial releases are more commonly granted when the creditor is unwilling to remove all security but is willing to acknowledge the guarantor's improved position.\n",{"question":429,"answer":430},"How long does it take a creditor to respond to a release request?","Response timelines vary widely by institution and loan type. Bank credit officers typically take 15–45 business days to route a release request through underwriting and credit approval. Commercial landlords often respond faster — within 10–20 business days for straightforward lease guaranty releases. Including a stated response deadline in the request and following up proactively with the relationship manager can reduce actual response time significantly.\n",{"question":432,"answer":433},"Can a departing business partner be released from a guaranty without the lender's consent?","No. A departing partner cannot unilaterally remove themselves from a personal guaranty they signed — only the creditor can release them. Internal partnership agreements that purport to shift guaranty liability to remaining partners have no effect on the creditor's rights. The creditor's written release is the only instrument that legally discharges the departing partner's personal exposure.\n",[435,439,443,447],{"industry":436,"icon_asset_id":437,"specifics":438},"Commercial Real Estate","industry-real-estate","Tenants with strong multi-year payment records seek release from personal guaranty clauses in commercial leases as a condition of lease renewal or when transitioning the business to a new owner.",{"industry":440,"icon_asset_id":441,"specifics":442},"Banking and Financial Services","industry-fintech","Business loan guarantors request release when the borrower's DSCR and credit profile have improved sufficiently to meet the bank's unsecured lending criteria, often as part of an annual credit review.",{"industry":444,"icon_asset_id":445,"specifics":446},"Franchising","industry-franchise","Franchisees who have operated successfully for a defined period submit release requests when franchise agreements include performance-based guaranty reduction milestones or upon resale to a qualified buyer.",{"industry":448,"icon_asset_id":449,"specifics":450},"Manufacturing and Distribution","industry-manufacturing","Owners who personally guaranteed equipment financing or supplier credit lines request release when the business's asset base and receivables are sufficient to support the obligation on a standalone basis.",[452,456,460,464],{"vs":453,"vs_template_id":454,"summary":455},"Personal Guaranty Agreement","personal-guaranty-D12756","A personal guaranty agreement creates the original obligation — it is the document the guarantor signs to assume liability for another party's debt. A request release of personal guaranty is the downstream document used to exit that obligation. The guaranty creates the exposure; the release request initiates the process of removing it.",{"vs":457,"vs_template_id":458,"summary":459},"Release and Waiver Agreement","general-release-agreement-D12694","A general release and waiver covers a broad discharge of all claims between parties arising from a dispute or transaction. A request release of personal guaranty is narrowly targeted at a specific financial obligation and requires the creditor's active cooperation and countersignature. General releases are typically mutual; a guaranty release is unilateral from the creditor.",{"vs":461,"vs_template_id":462,"summary":463},"Loan Modification Agreement","loan-modification-agreement-D13543","A loan modification agreement restructures the terms of the underlying debt — interest rate, payment schedule, or maturity date — without necessarily altering the guaranty. A guaranty release targets the guarantor's personal liability specifically and does not change the loan terms. The two documents are often used together in a debt restructuring but serve distinct legal purposes.",{"vs":245,"vs_template_id":465,"summary":466},"D{GUARANTOR_SUBSTITUTION_ID}","A guarantor substitution agreement replaces one guarantor with another rather than eliminating the guaranty entirely. A request release of personal guaranty seeks a full discharge with no replacement. Substitution is the appropriate path when the creditor insists on maintaining personal credit support but is willing to accept a different individual with equivalent or stronger creditworthiness.",{"use_template":468,"template_plus_review":472,"custom_drafted":476},{"best_for":469,"cost":470,"time":471},"Guarantors with strong payment histories and documented financial improvement on obligations under $100,000","Free","2–4 hours to prepare the request and exhibits",{"best_for":473,"cost":474,"time":475},"Guaranty amounts between $100,000 and $500,000, business sale transitions, or first-time denial responses","$300–$800 for a one-hour attorney review and redline","2–5 business days",{"best_for":477,"cost":478,"time":479},"Complex multi-lender facilities, guaranties above $500,000, disputed obligations, or releases tied to litigation","$1,500–$5,000+ depending on complexity","1–3 weeks",[481,486,491,496],{"code":482,"name":483,"flag_asset_id":484,"note":485},"us","United States","flag-us","Guaranty law is primarily state-governed in the US, meaning enforceability standards, required disclosures, and consideration requirements vary by state. California, for example, requires creditors to pursue the primary obligor before enforcing a guaranty in some circumstances (anti-deficiency rules). The Statute of Frauds in all US states requires guaranty agreements — and releases — to be in writing to be enforceable. Some states, including New York, impose strict requirements on the language of commercial guaranty waivers.",{"code":487,"name":488,"flag_asset_id":489,"note":490},"ca","Canada","flag-ca","In Canada, guaranty law varies by province under both common law and civil law frameworks. Ontario and most common-law provinces require guaranty agreements to be in writing under the Statute of Frauds. Quebec treats guaranties (called suretyships) under the Civil Code, which imposes distinct rules on release, including the creditor's obligation to disclose material changes to the underlying obligation. A release of guaranty in Canada should always be executed under seal or supported by documented consideration to be enforceable.",{"code":492,"name":493,"flag_asset_id":494,"note":495},"uk","United Kingdom","flag-uk","In England and Wales, a guaranty is enforceable as a contract and a release requires consideration or must be executed as a deed to be binding without it. The Statute of Frauds 1677 requires guaranties to be in writing. Creditors are under no general obligation to release a guarantor before the underlying obligation is discharged, but the Consumer Credit Act may apply where guarantors are individuals acting outside a business context. Scottish law applies different principles under Scots contract law, so guaranties with Scottish connections should be reviewed by Scottish-qualified solicitors.",{"code":497,"name":498,"flag_asset_id":499,"note":500},"eu","European Union","flag-eu","Guaranty and surety law varies significantly across EU member states — French law distinguishes between cautionnement simple and cautionnement solidaire, each with different release rules. German law (Bürgschaft) requires the guaranty to be in writing and imposes proportionality requirements on scope and duration. Several member states have consumer protection rules that limit the enforceability of personal guaranties given by individuals for business debts. GDPR considerations may arise when personal financial data of the guarantor is processed as part of the release review.",[239,502,503,504,505,506,503,507,508,509,510,511],"general-release-and-settlement-agreement-D12554","secured-lumpsum-promissory-note-agreement-D13041","promissory-note-D434","demand-letter-D13262","letter-of-default-on-promissory-note-D431","forbearance-agreement-D12966","lease-agreement-D1179","asset-purchase-agreement-for-a-retail-business-D931","partnership-dissolution-agreement-D901","indemnification-agreement-D13016",[513,514],"understanding-personal-guaranties-in-business-lending","how-to-negotiate-a-loan-modification",{"emit_how_to":203,"emit_defined_term":203},{"primary_folder":98,"secondary_folder":517,"document_type":518,"industry":519,"business_stage":520,"tags":521,"confidence":526},"guaranties-and-collateral","letter","general","all-stages",[522,523,524,525],"guaranty-release","personal-liability","creditor-correspondence","legal-notice",0.92,"\u003Ch2>What is a Request Release of Personal Guaranty?\u003C/h2>\n\u003Cp>A \u003Cstrong>Request Release of Personal Guaranty\u003C/strong> is a formal legal document submitted by a guarantor to a creditor, lender, or landlord seeking a written discharge from the personal liability they assumed under a prior guaranty agreement. When a business owner, partner, or executive signs a personal guaranty, they pledge their own assets as security for a debt or lease obligation belonging to another party — typically their company. This request initiates the formal process of unwinding that personal exposure by presenting grounds for release, supporting financial evidence, and proposed conditions to the creditor, culminating in the creditor's countersigned acknowledgment of discharge.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>A personal guaranty does not expire automatically, does not transfer with a business sale, and does not dissolve when a partner leaves a company — it remains fully enforceable against the original signatory until the creditor formally releases it in writing. Without a structured, documented release request, guarantors who have sold their business, retired from a partnership, or significantly paid down the underlying debt remain personally exposed to collections, judgments, and asset seizure for obligations they no longer control. An undocumented verbal assurance from a banker or landlord has no legal standing. This template gives guarantors a credible, professionally structured request that moves through a creditor's underwriting process efficiently — identifying the right legal grounds, attaching the right evidence, and delivering the operative release language the creditor needs to execute. The difference between a request that is approved in 30 days and one that stalls for six months is almost always preparation, specificity, and documented consideration.\u003C/p>\n",1778773564533]