If there is more than one Assignee, what must they designate for a Caption By Hyatt franchise?
Caption_By_Hyatt Franchise · 2025 FDDAnswer from 2025 FDD Document
provided further that, in the event there is more than one Assignee, such Assignees shall have (y) designated one representative to receive notices, negotiate on behalf of and bind each such Assignee in connection with this Comfort Letter and any Assignment thereof, and (z) acknowledged that Hyatt shall be entitled to rely on such designation and deal solely with such representative without the necessity of notifying, negotiating with, or obtaining the consent of, each such Assignee.
Source: Item 23 — Receipts (FDD pages 85–349)
What This Means (2025 FDD)
According to the 2025 Caption By Hyatt Franchise Disclosure Document, if there is more than one Assignee, they must designate one representative. This representative is authorized to receive notices, negotiate, and bind all Assignees in connection with the Comfort Letter and any related Assignment. Hyatt is entitled to rely solely on this designated representative without needing to notify, negotiate with, or obtain consent from each individual Assignee.
This requirement streamlines communication and decision-making processes when multiple parties hold interest in the loan documents. By designating a single point of contact, Caption By Hyatt aims to avoid administrative complexities and ensure efficient handling of matters related to the Comfort Letter.
For a prospective Caption By Hyatt franchisee, this means that if their lender sells or transfers the loan documents to multiple Assignees, these Assignees must coordinate to appoint a representative. This ensures that Hyatt can effectively communicate and manage the Comfort Letter agreement without dealing with multiple individual parties.