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Updated over 4 years ago,
LLC Loan: Documents insisting on waiving rights (state: PA)
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.
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Seeking NON-BANKER input on the meaning and real-world (actual) use and risk of waiving.