How must the Lender waive any of its rights, powers and/or remedies under the Aerus Guarantee?
Aerus Franchise · 2025 FDDAnswer from 2025 FDD Document
Lender shall not by any act, delay, omission or otherwise be deemed to have expressly or impliedly waived any of its rights, powers and/or remedies unless such waiver shall be in writing and signed by an authorized officer of Lender.
Any such waiver shall be enforceable only to the extent specifically set forth therein.
A waiver by Lender of any right, power and/or remedy on any one occasion shall not be construed as a bar to or waiver of any such right, power and/or remedy which Lender would otherwise have on any future occasion, whether similar in kind or otherwise.
Source: Item 23 — Receipts (FDD pages 74–305)
What This Means (2025 FDD)
According to Aerus's 2025 Franchise Disclosure Document, the lender cannot verbally waive any of its rights, powers, and/or remedies. To be valid, the waiver must be in writing and signed by an authorized officer of the Lender.
This requirement protects both the lender and the guarantor by ensuring that any waiver is clearly documented and authorized. It prevents misunderstandings or disputes that could arise from verbal agreements or informal conduct. The written waiver must specifically detail the extent of the rights, powers, and/or remedies being waived.
The Aerus FDD specifies that a waiver on one occasion does not set a precedent for future occasions. This means that even if the lender waives a right in a specific instance, they are not obligated to do so again in the future. Each waiver must be evaluated and documented separately.
This clause is typical in franchise agreements to protect the lender's interests and ensure clarity in any modifications to the guarantee. Prospective Aerus franchisees should understand that any deviations from the original guarantee terms must be formally documented and approved by the lender in writing.