What does each Guarantor agree to guarantee Advanced Mobile Iv And Amiv against?
Advanced_Mobile_Iv_And_Amiv Franchise · 2023 FDDAnswer from 2023 FDD Document
The liabilities and obligations of each Guarantor pursuant to this Guarantee will be continuing in nature and will terminate only on the satisfaction of your obligations under this Agreement.
A fresh cause of action will arise in respect of each breach by you producing a liability of any Guarantor.
The Guarantors agree that it will not be necessary for us or our assigns to institute suit or exhaust our legal remedies against you in order to enforce this guaranty. Guarantors agree that we may from time to time extend the time for performance or otherwise modify, alter, or change this Agreement, may extend the time for payment of all sums guaranteed, and may receive and accept notes, checks, and other instruments for the payment of money made by you and extensions or renewals without in any way releasing or discharging Guarantors from their obligations. This guaranty will not be released, extinguished, modified, or in any way affected by our failure to enforce all the rights or remedies available to it under this Agreement. Our release of one or more Guarantor will not operate as a release of the other Guarantors.
Source: Item 23 — RECEIPTS (FDD pages 54–202)
What This Means (2023 FDD)
According to the 2023 Franchise Disclosure Document, each Guarantor's liabilities and obligations under the guarantee are ongoing and will only end once the franchisee has fulfilled their obligations under the Franchise Agreement with Advanced Mobile Iv And Amiv. This means the guarantor's responsibility continues for the entire duration of the agreement.
Additionally, the document states that each breach of the agreement by the franchisee will create a new cause of action against the guarantor. This implies that the guarantor is responsible for each individual instance of non-compliance or violation of the agreement terms by the franchisee.
The Guarantors also waive the requirement for Advanced Mobile Iv And Amiv to first sue the franchisee or exhaust all legal remedies against them before enforcing the guarantee. The franchisor can directly pursue the guarantors without initially targeting the franchisee. The guarantors remain obligated even if Advanced Mobile Iv And Amiv extends the time for performance, modifies the agreement, or accepts various payment instruments from the franchisee. The guarantor's obligations are not released even if Advanced Mobile Iv And Amiv fails to enforce its rights fully under the agreement or releases one guarantor; this will not release the other guarantors.