What waivers are included in the Big O Tires Guaranty of Sublease agreement?
Big_O_Tires Franchise · 2025 FDDAnswer from 2025 FDD Document
Each of the undersigned further waives presentment, demand, protest, nonpayment and all other notices whatsoever, including without limitation notice of all defaults, disputes or controversies between Tenant and Landlord resulting from such Lease.
The undersigned jointly and severally agree to pay all expenses paid or incurred by Landlord in attempting to enforce the Obligations and this Guaranty against Tenant and against the undersigned and in attempting to collect any amounts due thereunder and hereunder, including reasonable attorneys' fees if such enforcement or collection is by or through an attorney-at-law. Any waiver, extension of time or other indulgence granted from time to time by Landlord or its agents, successors or assigns, with respect to the foregoing Obligations, shall in no way modify or amend this Guaranty, which shall be continuing, absolute, unconditional and irrevocable.
Source: Item 23 — RECEIPTS (FDD pages 102–535)
What This Means (2025 FDD)
According to the 2025 Big O Tires Franchise Disclosure Document, the Guaranty of Lease agreement includes specific waivers from the guarantor. The guarantor waives their right to presentment, demand, protest, nonpayment, and all other notices. This encompasses a broad range of potential notifications, including but not limited to, notices of defaults, disputes, or controversies arising between the tenant (sublessee) and the landlord (Big O Tires) related to the lease.
These waivers mean that Big O Tires is not obligated to inform the guarantor of various actions or issues related to the sublessee's performance under the lease. This includes instances where the sublessee defaults on payments or violates other terms of the lease agreement. The guarantor remains liable for the sublessee's obligations even if they are not kept informed of these issues.
Furthermore, the guarantor agrees to cover all expenses incurred by Big O Tires in enforcing the obligations and the guaranty, including reasonable attorney's fees, if such enforcement or collection requires legal action. The guaranty remains in effect regardless of any waivers, extensions of time, or other allowances granted by Big O Tires, ensuring that the guaranty is continuing, absolute, unconditional, and irrevocable.