Under what condition is an amendment to the Note binding on the Holder for Sonesta Select Sonesta Essential?
Sonesta_Select_Sonesta_Essential Franchise · 2025 FDDAnswer from 2025 FDD Document
No amendment to or modification of this Note shall be binding on Holder unless in writing and signed by Holder.
Source: Item 23 — RECEIPTS (FDD pages 84–261)
What This Means (2025 FDD)
According to the 2025 FDD, an amendment to or modification of the Note for Sonesta Select Sonesta Essential is only binding on the Holder if it is in writing and signed by the Holder. This means that any verbal agreements or understandings regarding changes to the Note are not enforceable against the Holder.
This provision protects the Holder by requiring a formal, written agreement for any changes to the Note. This ensures clarity and avoids potential disputes over the terms of the Note. For a prospective Sonesta Select Sonesta Essential franchisee, this means that they should ensure any modifications to the Note are documented in writing and signed by the Holder to be considered valid.
This requirement for written and signed amendments is a common practice in financial agreements to ensure both parties are clear on the terms and any changes made to them. It is important for the franchisee to understand this clause to protect their interests and ensure any agreed-upon changes are legally binding.