What notices does each Cicis Guarantor waive under the Guaranty?
Cicis Franchise · 2025 FDDAnswer from 2025 FDD Document
Each Guarantor waives: (i) all rights to payments and claims for reimbursement or subrogation which any Guarantor may have against Developer arising as a result of the Guarantor's execution of and performance under this Guaranty; and (ii) acceptance and notice of acceptance by us of Guarantor's undertakings under this Guaranty, notice of demand for payment of any indebtedness or non-performance of any obligations hereby guaranteed, protest and notice of default to any party with respect to the indebtedness or nonperformance of any obligations hereby guaranteed, and any other notices to which he or she may be entitled.
Source: Item 23 — RECEIPTS (FDD pages 65–263)
What This Means (2025 FDD)
According to the 2025 Cicis Franchise Disclosure Document, each Guarantor waives specific rights related to notices under the Guaranty. This includes waiving the right to acceptance and notice of acceptance by Cicis of the Guarantor's obligations under the Guaranty.
Specifically, the Guarantor waives the right to receive notice of demand for payment regarding any guaranteed debt or notice of non-performance of any guaranteed obligations. They also waive the right to protest and receive notice of default from any party concerning the guaranteed debt or non-performance.
In essence, these waivers mean that Cicis is not obligated to provide the Guarantor with formal notifications about acceptance of the guaranty, demands for payment, or instances of default by the Developer. This places a greater responsibility on the Guarantor to proactively monitor the Developer's compliance with the Area Development Agreement, as they may not receive direct notice from Cicis regarding any issues.