Does the Holder of the Note for Americas Best Value Inn waive any legal or equitable rights?
Americas_Best_Value_Inn Franchise · 2025 FDDAnswer from 2025 FDD Document
party to an agreement with the Holder. Should an Acceleration | | Event occur, the unamortized Principal shall become immediately due and payable without further notice. Maker | | may prepay this Note at any time without penalty. | | 5. | | General. |
- a. This Note is not intended to be exhaustive in nature, nor is it intended to set forth all of Holder's rights. It does not modify, replace, or affect any other rights, default or termination notices under the Agreement, or any other agreement with Holder regarding Maker's Hotel. Holder does not waive any of its legal or equitable rights (including the right to specify additional defaults) or remedies.
- b. No failure or delay by Holder to insist on strict performance of any term of this Note or exercise any right or remedy upon the occurrence of an Acceleration Event or any other breach of this Note, is a waiver of any term or agreement or of any breach or precludes Holder from exercising any right or remedy at any later time unless in writing. If Holder accepts any payment after its due date, this act will not be a waiver of Holder's
right to receive payment of all other amounts or to declare a default for the failure to make any other payment when due. Any partial payments under this Note may be applied to pay interest, the principal amount, or costs as Holder, in its sole discretion determines. No amendment to or modification of this Note shall be binding on Holder unless in writing and signed by Holder.
- c.
Source: Item 22 — CONTRACTS (FDD page 71)
What This Means (2025 FDD)
According to the 2025 Americas Best Value Inn Franchise Disclosure Document, the Holder of the Note does not waive any legal or equitable rights. Specifically, the Note does not modify, replace, or affect any other rights, default or termination notices under the Franchise Agreement, or any other agreement with the Holder regarding the franchisee's hotel. The Holder retains all legal and equitable rights and remedies, including the right to specify additional defaults.
Furthermore, any failure or delay by the Holder to insist on strict performance of any term of the Note or to exercise any right or remedy upon the occurrence of an Acceleration Event or any other breach of the Note does not constitute a waiver of any term or agreement. This also does not prevent the Holder from exercising any right or remedy at a later time, unless such waiver is explicitly made in writing. Acceptance of any payment after its due date does not waive the Holder's right to receive payment of all other amounts or to declare a default for failure to make any other payment when due.
Moreover, the Maker and the Holder waive trial by jury in any action or proceeding to which the Maker and the Holder may be parties, arising out of or in any way pertaining to the Note. This waiver constitutes a waiver of trial by jury of all claims against all parties to such actions or proceedings, including claims against parties who are not parties to the Note.