How can the terms of the Note be waived, modified, or amended for Canopy Lawn Care?
Canopy_Lawn_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
No term of this Note may be waived, modified, or amended, except by an instrument in writing signed by the maker and the holder.
Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.
No failure by the holder to exercise and no delay in exercising any right, remedy, or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, or power hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, or power.
The rights, remedies, and powers herein provided are cumulative and not exclusive of any other rights, remedies, or powers provided by law.
Source: Item 23 — RECEIPT (FDD pages 55–199)
What This Means (2025 FDD)
According to Canopy Lawn Care's 2025 Franchise Disclosure Document, the terms of the Promissory Note can only be waived, modified, or amended through a written instrument. This instrument must be signed by both the maker and the holder of the Note. This requirement ensures that any changes to the original agreement are formally documented and agreed upon by all parties involved, providing a clear record of the modifications.
This provision is typical in financial agreements to prevent misunderstandings or disputes over alleged verbal agreements or informal communications. By requiring a written and signed amendment, Canopy Lawn Care ensures that all parties are fully aware of any changes to the terms of the Note and have formally consented to them. This protects both the franchisee and the franchisor by providing a clear and enforceable record of any modifications.
The FDD also specifies that any waiver of terms is only effective in the specific instance and for the specific purpose given. This means that a one-time waiver does not set a precedent for future situations. For example, if Canopy Lawn Care waives a late payment fee once, it does not obligate them to waive such fees in the future. This clause protects the franchisor's rights and ensures that they can enforce the terms of the Note in subsequent instances.
Furthermore, the FDD states that failure or delay by the holder to exercise any right or remedy does not operate as a waiver. This means that if Canopy Lawn Care does not immediately enforce a term of the Note, they do not lose the right to enforce it later. The rights, remedies, and powers provided in the Note are cumulative and not exclusive of any other rights, remedies, or powers provided by law, offering Canopy Lawn Care multiple avenues for recourse in case of default or breach of contract.