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Updated over 4 years ago on . Most recent reply

User Stats

113
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10
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Pixel Rogue
  • PA
10
Votes |
113
Posts

LLC Loan: Documents insisting on waiving rights (state: PA)

Pixel Rogue
  • PA
Posted

LLC Loan: Documents insisting on waiving rights (state: PA)

Loan documents I am being asked to complete require signing away many rights.
Lender is stating this is standard language (purchased standard form etc.LaserPro, Ver. 20.2.20.003)
Basically sign away the enclosed rights or we do not furnish the loan.

Waives include:
- right to a jury
- confession of judgement (two different times (one personal, one LLC)
- guarantor waivers

There is no comfort in a standard purchased form when the standard form requires waiving rights.
Not expecting problems meeting obligations of the loan, and yet does not seem right to waive rights to get the loan. 

----
Seeking NON-BANKER input on the meaning and real-world (actual) use and risk of waiving. 

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