What rights do all signatories waive under the Deka Lash Guaranty?
Deka_Lash Franchise · 2024 FDDAnswer from 2024 FDD Document
In addition, the signatures of all individuals below, in any capacity, including spouses, also constitute their personal joint and several agreement to perform all the obligations in and relating to this Agreement, including, but not limited to, the obligations stated in Paragraphs 11-13 above, the obligation to make specified payments, and pay any other debts due to us. Each Guarantor agrees to guarantee us against all liability, loss, harm, damage, costs, and expenses (including attorney fees) that we may incur because of your failure to observe your obligations. The liabilities and obligations of each Guarantor will not be released, discharged, or affected by our release or discharge of or dealing with you under any of these agreements; or by anything we do, suffer, or allow to be done in relation to you; or by change, alteration, or modification of any of the agreements; or by any compromise, arrangement, or plan of reorganization affecting you; or by your bankruptcy or insolvency; or by any other act or proceeding in relation to you or any of the agreements by which any Guarantor might otherwise be released. The liabilities and obligations of each Guarantor pursuant to this Guarantee will be continuing in nature and will terminate only on the satisfaction of your obligations under this Agreement. All Signators below waive any right to presentment, demand, notice of non-performance, or the right to require us to proceed against the other Signators.
Source: Item 23 — RECEIPT (FDD pages 63–234)
What This Means (2024 FDD)
According to the 2024 Deka Lash Franchise Disclosure Document, all signatories to the Guaranty, including spouses, agree to perform all obligations related to the Franchise Agreement. This includes the obligation to make specified payments and pay any other debts owed to Deka Lash. Each Guarantor is responsible for guaranteeing Deka Lash against any liability, loss, harm, damage, costs, and expenses, including attorney fees, that Deka Lash may incur due to the franchisee's failure to meet their obligations.
The liabilities and obligations of each Guarantor will remain in effect and will not be released or affected by various circumstances, such as Deka Lash releasing or dealing with the franchisee, changes or modifications to the agreements, compromises or reorganizations affecting the franchisee, or the franchisee's bankruptcy or insolvency. The Guarantor's obligations continue until the franchisee has fully satisfied their obligations under the Agreement.
Furthermore, all signatories waive specific rights. They waive any right to presentment, which is the right to demand payment or performance. They also waive the right to receive notice of non-performance, meaning they will not be formally notified if the franchisee fails to meet their obligations. Finally, they waive the right to require Deka Lash to take action against other signatories before pursuing them.