What notices are waived by the undersigned in the Guaranty and Assumption of Franchisee's Obligations for a Fat Shack franchise?
Fat_Shack Franchise · 2025 FDDAnswer from 2025 FDD Document
- B. Each of the undersigned waives the following:
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- Acceptance and notice of acceptance by FSI of the foregoing undertaking;
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- Notice of demand for payment of any indebtedness or nonperformance of any obligations hereby guaranteed;
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- Protest and notice of default to any party with respect to the indebtedness or nonperformance of any obligations hereby guaranteed;
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- 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
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- Notice of any amendment, modification, deletion or addition of any term or condition of or to any of the obligations hereby guaranteed.
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- Notice of any termination as to future liability of any other guarantor.
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- Any and all other notices and legal or equitable defenses to which he or she may be entitled.
Source: Item 23 — Receipts (FDD pages 53–223)
What This Means (2025 FDD)
According to Fat Shack's 2025 Franchise Disclosure Document, the Guaranty and Assumption of Franchisee's Obligations requires the undersigned to waive certain notices. These waivers are part of the agreement where an individual guarantees the franchisee's performance and financial obligations to Fat Shack.
The specific notices waived include acceptance and notice of acceptance by Fat Shack, notice of demand for payment of any indebtedness or nonperformance of guaranteed obligations, and protest and notice of default to any party regarding the guaranteed indebtedness or nonperformance. Additionally, the guarantor waives any right to require Fat Shack to first bring action against the franchisee or any other person before seeking recourse from the guarantor.
Furthermore, the guarantor waives notice of any changes to the terms of the obligations being guaranteed, including amendments, modifications, deletions, or additions. They also waive notice of any termination regarding the future liability of any other guarantor and any other legal or equitable defenses they may be entitled to. This means the guarantor's obligations are direct and not contingent on Fat Shack pursuing other remedies first. Prospective Fat Shack franchisees should carefully review these waivers with a legal professional to fully understand the extent of their personal liability.