SURETY AGREEMENT

 

1.            _____________________________________, hereinafter  referred

            to as "Surety", who resides at         

                        , agrees to act as surety for the debt of  __________________________________________________, hereinafter  referred to as "Principal", who resides at ___________________________________________________________.

2.         Surety holds the following assets:           

                                                .

3.         Surety and Principal are bound to __________________________

(OBLIGEE), who resides at _________________________________, for the sum of _____________________________________ Dollars ($ __________ ).  The Principal and Surety are and shall remain jointly and severally liable to the Obligee for  the amount stated in this paragraph. 

4.         This indebtedness arises from a written contract entered

into by Principal and Obligee which was executed on the ______ day of ____________________, 19 ____, in the City of ___________________, County of ______________, and State of ___________________, a copy of which is attached hereto and incorporated into this Surety Agreement by reference. 

5.         The Surety's liability shall terminate upon the Surety's

giving written notice of such termination to the  Obligee. The Surety, in such case, shall remain liable  to the

Obligee for any obligation which may have arisen  prior to the receipt of such written notice by the  Obligee. 

6.         This surety is solely for the debt noted in the  contract

described herein, for the amount of ________________________________ Dollars ($  ___________ ), with interest of __________( ____%)  percent from the date of Principal's failure to make  timely payment until the Obligee is paid in full.

7.         Obligee must first give written notice of demand for

payment to the Principal.  Only after giving such notice to Principal, and upon Principal's failure to pay, may  the Obligee make demand for payment upon Surety. 

8.         This agreement, shall be construed and enforced in

accordance with the laws of the State of  ________________. The parties herein waive trial by  jury and agree to submit to the personal jurisdiction  and venue of a court of subject matter jurisdiction  located in ___________ County, State of  ________________.  In the event that litigation results  from or arises out of this Agreement or the performance  thereof, the parties agree to reimburse the prevailing  party's reasonable attorney's fees, court costs, and all  other expenses, whether or not taxable by the court as  costs, in addition to any other relief to which the prevailing party may be entitled.  In such event, no

action shall be entertained by said court or any court  of competent jurisdiction if filed more than one year subsequent to the date the cause(s) of action actually accrued regardless of whether damages were otherwise as  of said time calculable. 

9.         Unless specifically disallowed by law, should litigation

arise hereunder, service of process therefor may be

obtained through certified mail, return receipt  requested; the parties hereto waiving any and all rights  they may have to object to the method by which service  was perfected. 

10.  This Agreement shall be binding on the Surety, his successors, assigns and legal representatives. 

IN WITNESS WHEREOF, Principal and Surety have executed

this Agreement at  ___________ ______________________ on the  ______ day of ____________________, 19 ___.

            Signed, sealed and delivered in the presence of:

______________________________            ______________________________

Witness                           "PRINCIPAL"

______________________________

Witness

______________________________            ______________________________

Witness                           "SURETY"

______________________________

Witness

STATE OF  ____________________

COUNTY OF  ___________________

            BEFORE ME personally appeared  ____________________________, to me well known and  known to me to be the person who executed the foregoing  instrument, and acknowledge to and before me that he/she  executed said instrument for the purposes therein expressed.

WITNESS my hand and official seal this ______ day of 

___________________, 19 ___.

______________________________ Notary Public

                        (SEAL)            State of _____________________

My Commission Expires: ______________________________

STATE OF  _________________________

COUNTY OF  ________________________

            BEFORE ME personally appeared   ___________________________, to me well known and  known to me to be the person who executed the foregoing  instrument, and acknowledge to and before me that he/she  executed said instrument for the purposes therein expressed.

WITNESS my hand and official seal this ______ day of 

___________________, 19 ___.

______________________________ Notary Public

                        (SEAL)            State of _____________________

My Commission Expires: ______________________________

 

STATE OF  __________________________ COUNTY OF  ________________________