A person who makes a legally binding
promise to either pay another person's debt
or perform another person's duty if that
person defaults or fails to perform. The
guarantor gives a "guaranty," which is an
assurance that the debt or other obligation
will be fulfilled.
In a
mortgage the guarantor normally
agrees to do the following:
Perform
and carry out the covenants as
outlined in the mortgage
document
Make such
payments on the dates set out in
the mortgage documents
The guarantor
does not normally receive a release
until all covenants are outlined in
the mortgage document are satisfied.
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