What does the Undersigned waive regarding the Cool Binz Promissory Note?

According to Cool Binz's 2025 Franchise Disclosure Document, the Undersigned, referring to the franchisee, waives certain rights and notices related to the Promissory Note. Specifically, the franchisee waives the right to presentation for payment, demand, notice of nonpayment, protest, and all other demands and notices required by law, whether statutory or otherwise. This means that Cool Binz is not obligated to formally present the note for payment, demand payment, provide notice if payment is not made, or engage in a formal protest if payment is not honored.

This waiver has significant implications for a Cool Binz franchisee. By agreeing to these terms, the franchisee essentially relinquishes some of the standard legal protections that would normally be in place with a promissory note. This could potentially expedite the process if Cool Binz needs to take action to collect on the note in the event of a default.

Furthermore, the document states that if the Undersigned defaults on the Promissory Note and legal proceedings are initiated to collect the debt, the Undersigned agrees to cover all associated costs and expenses, including reasonable attorney fees. This provision places the financial burden of any legal action squarely on the franchisee in the event of a default, potentially increasing the financial risk associated with the Promissory Note.