Who must sign a guaranty for a Bor Restoration franchise?

According to Bor Restoration's 2024 Franchise Disclosure Document, if the franchise is owned by an entity other than a natural person, both the franchisee and all equity owners must sign a Guaranty. This requirement applies at any time during the initial term, or any renewal or extension of the franchise agreement. The guarantors are bound by all restrictive covenants within the agreement, including those found in Articles 6 and 15.

The Guaranty of Franchisee's Obligations is effective from the date it is signed by all parties, including the Franchisor (BOR Franchising, LLC), the Franchisee, and the Guarantors. The Guarantor(s) agree to fully guarantee the payment and performance of the Franchisee under the Franchise Agreement as an inducement to the Franchisor for granting the franchise rights.

The Guarantor(s) guarantee that the Franchisee will timely pay any amount required by the Franchise Agreement and will perform every undertaking, agreement, and covenant under the Franchise Agreement, including any amendments or addenda. The Guarantor(s) also agree to be personally bound by every term of the Franchise Agreement, as amended or renewed, and liable for any breach. This Guaranty is one of payment and performance, not just collection.

By signing the Guaranty, each Guarantor agrees to be subject to all restrictive covenants in the Franchise Agreement, including those in Articles 6, 14, 15, and 16. The Guarantor(s) also waive certain rights, such as acceptance or notice of acceptance, notice of demand for payment, protest and notice of default, and the right to require that action be brought against the Franchisee first.