Can the lender renew or extend payments on the Beverly Anns Cookie loan?
Beverly_Anns_Cookie Franchise · 2025 FDDAnswer from 2025 FDD Document
A. Additional Waivers By Borrower. In addition, I, and any party to this Note and Loan, to the extent permitted by law, consent to certain actions you may take, and generally waive defenses that may be available based on these actions or based on the status of a party to this Note.
(1) You may renew or extend payments on this Note, regardless of the number of such renewals or extensions.
Source: Item 22 — CONTRACTS (FDD page 57)
What This Means (2025 FDD)
According to the 2025 Beverly Anns Cookie Franchise Disclosure Document, the lender has the option to renew or extend payments on the loan. The FDD states that the lender may renew or extend payments on the loan, regardless of the number of such renewals or extensions. This clause protects the lender and gives them flexibility in managing the loan.
This provision means that Beverly Anns Cookie franchisees may find that the lender is willing to work with them if they are experiencing financial difficulties. The lender is not obligated to renew or extend payments, but they have the option to do so. This can be a valuable safety net for franchisees who are struggling to make their loan payments.
However, franchisees should not rely on the lender to renew or extend payments. It is important to manage their finances carefully and make every effort to make their loan payments on time. Additionally, the franchisee, and any party to the note and loan, to the extent permitted by law, consents to certain actions the lender may take, and generally waives defenses that may be available based on these actions or based on the status of a party to the note.