Under the Advanced Mobile Iv And Amiv Guaranty, who is bound by the Guaranty agreement?
Advanced_Mobile_Iv_And_Amiv Franchise · 2023 FDDAnswer from 2023 FDD Document
______________________ 3. Signatures ("we/us"): ADVANCED MOBILE IV, LLC By: _______________________________ Print Name: ________________________ Title: ______________________________ (jointly and severally "you"): By:________________________________ _________________, an individual By: _______________________________ Print Name: ________________________ Title: ______________________________
60 – ADVANCED MOBILE IV FRANCHISE AGREEMENT
SCHEDULE 3 OWNER'S GUARANTY
| THIS OWNER'S GUARANTY ("Guaranty") is made as of the, by | ||
|---|---|---|
| (each and if more than one, "Guarantor"), who have an interest in, | ||
| a ("Franchisee") in connection with that certain Advanced Mobile IV Franchise | ||
| Agreement dated as of | (the "Franchise Agreement") between Franchisee and | |
| ADVANCED MOBILE IV, LLC, a Utah limited liability company ("Franchisor"). This Guaranty is hereby | ||
| incorporated in and made a part of the Franchise Agreement and shall be annexed thereto. All terms not | ||
| defined herein shall have the meaning provided in the Franchise Agreement. |
-
- Acknowledgments.
Source: Item 23 — RECEIPTS (FDD pages 54–202)
What This Means (2023 FDD)
According to Advanced Mobile Iv And Amiv's 2023 Franchise Disclosure Document, the Guaranty agreement is made by each Guarantor who has an interest in the Franchisee. If there is more than one Guarantor, they are all bound by the agreement. The Franchisee is connected with the Advanced Mobile IV Franchise Agreement between the Franchisee and Advanced Mobile IV, LLC, the Franchisor. The Guaranty is incorporated into the Franchise Agreement and becomes a part of it. All terms not specifically defined in the Guaranty have the same meaning as provided in the Franchise Agreement.
For Advanced Mobile Iv And Amiv, the term "Franchisee" can refer to an individual, corporation, partnership, limited liability company, or another legal entity. The definition extends to any corporation, partnership, limited liability company, individual, or combination of individuals that owns a majority interest in the Franchisee or in which the Franchisee owns a majority interest.
Furthermore, the term "Franchisee" includes all owners, managers, officers, directors, partners, principals, and holders of a beneficial interest in the Franchisee, as well as any legal entity directly or indirectly controlling the Franchisee. The term also encompasses all persons who succeed to the Franchisee's interest through transfer or by operation of law. This broad definition ensures that various parties associated with the Franchisee are bound by the terms of the agreement.