What does the undersigned guarantee to Floyds 99 Franchising, LLC regarding the Developer's obligations?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
In consideration of, and as an inducement to, the execution of the above Development Agreement (the "Agreement") by Floyd's 99 Franchising, LLC (the "Franchisor"), each of the undersigned hereby personally and unconditionally:
Guarantees to Franchisor and its affiliates and their respective successors and assigns, for the term of the Agreement and thereafter as provided in the Agreement, that Developer as that term is defined in the Agreement (the "Developer") shall punctually pay and perform each and every undertaking, agreement and covenant set forth in the Agreement; and agrees to be personally bound by, and personally liable for the breach of, each and every provision in the Agreement.
Each of the undersigned waives the following:
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, the Guaranty and Assumption of Developer's Obligations outlines the personal guarantees made to Floyds 99 Franchising, LLC by the undersigned individual. This guarantee ensures that the Developer will fulfill all obligations outlined in the Development Agreement.
Specifically, the guarantor commits to ensuring that the Developer punctually pays and performs each undertaking, agreement, and covenant detailed in the Development Agreement. This obligation extends for the entire term of the agreement and continues thereafter as specified within the agreement itself.
Furthermore, the guarantor agrees to be personally bound by and liable for any breaches of the provisions outlined in the Development Agreement. This means that if the Developer fails to meet their obligations, the guarantor will be held personally responsible for the Developer's failures. The guarantor also waives certain unspecified rights, indicating a comprehensive commitment to ensuring the Developer's compliance with the Development Agreement.