Regarding the Learningrx Guaranty, what specific notices are the undersigned waiving, including but not limited to?
Learningrx Franchise · 2025 FDDAnswer from 2025 FDD Document
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- The undersigned further waive presentment, demand, notice of dishonor, protest, nonpayment and all other notices whatsoever, including without limitation: notice of acceptance hereof; notice of all contracts and commitments; notice of the existence or creation of any liabilities under the Agreement and of the amount and terms thereof; and notice of all defaults, disputes or controversies between the Area Developer and Franchisor resulting from the Agreement or otherwise, and the settlement, compromise or adjustment thereof.
Each of the undersigned waives: (i) acceptance and notice of acceptance by Franchisor of the foregoing undertakings; (ii) notice of demand for payment of any indebtedness or non-performance of any obligations hereby guaranteed; (iii) protest and non-performance of any obligations hereby guaranteed; (iv) any right it may have to require that an action be brought against Franchisee or any other person as a condition of liability; and (v) any and all other notices and legal or equitable defenses to which it may be entitled.
Source: Item 23 — RECEIPT (FDD pages 54–209)
What This Means (2025 FDD)
According to Learningrx's 2025 Franchise Disclosure Document, the undersigned, referring to the guarantor, is waiving several specific notices related to the franchise agreement. These waivers are designed to protect Learningrx and ensure the guarantor remains liable for the franchisee's obligations.
The guarantor waives presentment, demand, notice of dishonor, protest, nonpayment, and all other notices. This includes, without limitation, notice of acceptance of the guaranty, notice of all contracts and commitments, notice of the existence or creation of any liabilities under the Agreement and of the amount and terms thereof, and notice of all defaults, disputes, or controversies between the Area Developer and Learningrx resulting from the Agreement or otherwise, and the settlement, compromise or adjustment thereof.
Additionally, the guarantor waives acceptance and notice of acceptance by Learningrx of the undertakings, notice of demand for payment of any indebtedness or non-performance of any obligations guaranteed, protest and non-performance of any obligations guaranteed, and any right to require that an action be brought against the Franchisee or any other person as a condition of liability. The guarantor also waives any and all other notices and legal or equitable defenses to which they may be entitled.
These waivers mean that Learningrx is not obligated to inform the guarantor of various actions or events related to the franchise agreement or the franchisee's performance. The guarantor remains liable even if they are not kept informed of these matters, which is a significant consideration for anyone signing a guaranty. Prospective franchisees should carefully consider the implications of these waivers and seek legal counsel to fully understand their obligations.