What specific obligations, as stated in the Deka Lash Guaranty, are all individuals signing in any capacity agreeing to perform?
Deka_Lash Franchise · 2024 FDDAnswer from 2024 FDD Document
[Item 23: RECEIPT]
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 FDD, individuals signing the agreement in any capacity, including spouses, are entering a personal joint and several agreement to fulfill all obligations related to the Franchise Agreement. This includes, but isn't limited to, the obligations stated in Paragraphs 11-13, making specified payments, and settling any other debts owed to Deka Lash.
Each guarantor is agreeing to protect Deka Lash against any liability, loss, harm, damage, costs, and expenses, including attorney fees, that Deka Lash may incur if the franchisee fails to meet their obligations. This means that if the franchisee defaults on their financial or operational responsibilities, the guarantor becomes personally liable for those debts and obligations.
The obligations of the guarantor will continue until the franchisee has satisfied all obligations under the Franchise Agreement. The signators also waive any right to demand that Deka Lash first proceed against the other signators before pursuing action against them. This clause ensures that Deka Lash can seek recourse from any or all guarantors without having to exhaust other options first, providing Deka Lash with a direct and efficient path to recover any losses.