If the Fat Shack franchisee fails to perform, what is the guarantor required to do?

EXHIBIT V TO FRANCHISE AGREEMENT

GUARANTY AND ASSUMPTION OF FRANCHISEE'S OBLIGATIONS

• A. In consideration of, and as an inducement to, the execution of the above Franchise Agreement ("Franchise Agreement") by FAT SHACK INC. ("FSI"), each of the undersigned hereby personally and unconditionally:
• 1. Guarantees to FSI and its successors and assigns, for the term of the Franchise Agreement, including renewals thereof, that franchisee named on the signature page ("Franchisee") shall punctually pay and perform each and every undertaking, agreement and covenant set forth in the Franchise Agreement; and
• 1. Agrees to be personally bound by, and personally liable for the breach of, each and every provision in the Franchise Agreement, including but not limited to, the terms of the articles and sections pertaining to non-competition during and after the term, confidentiality and the Marks and copyrighted works of FSI.
• B. Each of the undersigned waives the following:
  • 1. Acceptance and notice of acceptance by FSI of the foregoing undertaking;
• 1. Notice of demand for payment of any indebtedness or nonperformance of any obligations hereby guaranteed;
• 1. Protest and notice of default to any party with respect to the indebtedness or nonperformance of any obligations hereby guaranteed;
• 1. Any right he or she may have to require that any action be brought against Franchisee or any other person as a condition of liability; and
• 1. Notice of any amendment, modification, deletion or addition of any term or condition of or to any of the obligations hereby guaranteed.
  • 1. Notice of any termination as to future liability of any other guarantor.
• 1. Any and all other notices and legal or equitable defenses to which he or she may be entitled.
• C. Each of the undersigned consents and agrees that:
  • 1. His or her direct and immediate liability under this guaranty will be joint and several;
• 1. He or she will render any payment or performance required under the Franchise Agreement upon demand if Franchisee fails or refuses punctually to do so;
• 1. His or her liability hereunder will not be contingent or conditioned upon pursuit by FSI of any remedies against Franchisee or any other person; and

Source: Item 23 — Receipts (FDD pages 53–223)