Will revocation of the Aplus Guaranty apply to indebtedness becoming due under agreements entered into prior to the revocation?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
Such revocation shall apply only to such agreements, leases, extensions of credit, or other indebtedness or obligations entered into or created at least ten (10) days after the date of receipt of such notice of revocation, and shall not apply to Indebtedness thereafter becoming due and payable under agreements, leases, sales or other obligations entered into prior to such revocation.
Any payments made after receipt of such notice of revocation shall be applied as Sunoco may elect.
GUARANTOR agrees that in order to revoke this Guaranty, GUARANTOR shall send notice to SUNOCO by certified mail or overnight delivery to the following address: Sunoco Retail LLC, 3805 West Chester Pike, Newtown Square, PA, Attn: Steve Jones.
Source: Item 23 — RECEIPT (FDD pages 68–302)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, the revocation of the Guaranty will not apply to indebtedness that becomes due under agreements, leases, sales, or other obligations entered into before the revocation.
Specifically, the Guarantor's revocation of the Guaranty is only effective for agreements, leases, extensions of credit, or other indebtedness or obligations entered into or created at least ten days after Sunoco receives the written notice of revocation. This means that any financial obligations or agreements already in place before this ten-day window remains subject to the Guaranty, even after the revocation notice is given.
To revoke the Guaranty, the Guarantor must send a notice to Sunoco via certified mail or overnight delivery to Sunoco Retail LLC, 3805 West Chester Pike, Newtown Square, PA, Attn: Steve Jones. Any payments made after Sunoco receives the revocation notice will be applied as Sunoco chooses.