A guarantor or cosigner is responsible for paying back a loan if the borrower is unable to. This provides an extra measure of protection for the lender. Having a guarantor isn’t required, but it may be requested by the lender, especially if there are concerns about the borrower’s ability to repay the loan.
Successors and Assigns.
This Agreement will inure to the benefit of and be binding on the respective successors and permitted assigns of the Borrower. The Borrower may not assign its rights or delegate its duties under this Agreement without the Lender’s prior written consent.
Joint and Several Liability.
If there is more than one Borrower, the obligation of each Borrower shall be joint under the terms of this Agreement.
This Agreement may not be amended or modified in any way except by express written consent of both the Borrower and Lender.