Under what conditions can changes or additions be made to the Promissory Note for a Remax franchise?

According to Remax's 2025 Franchise Disclosure Document, the Promissory Note cannot be modified, amended, or altered except by a written instrument signed by RE/MAX Integrated Regions, LLC. This requirement ensures that any changes to the note are formally documented and agreed upon by both parties, protecting the interests of both the franchisee and the franchisor. This stipulation is typical in franchising to maintain consistency and legal enforceability of agreements.

Additionally, the Promissory Note outlines specific conditions related to waivers. No act or omission by RE/MAX Integrated Regions, LLC shall operate as a waiver of any right unless the waiver is in writing and signed by RE/MAX Integrated Regions, LLC. This provision prevents any informal actions or oversights from being interpreted as a relinquishment of Remax's rights under the note. This clause is crucial for Remax to preserve its legal rights and ensure that all waivers are intentional and documented.

Furthermore, the Promissory Note includes stipulations regarding extensions of time for payment and partial payments. The maker(s) and endorser(s) of the Promissory Note waive and excuse presentment for acceptance and payment, notice of dishonor, and protest of dishonor, and agree to any extension of time of payment and partial payments before, at, or after maturity. This clause provides flexibility in managing payments while maintaining the enforceability of the note. This is a common practice to accommodate unforeseen financial circumstances of the franchisee, while still protecting the franchisor's financial interests.