What does the Maker of the Note for Sonesta Simply Suites waive?
Sonesta_Simply_Suites Franchise · 2025 FDDAnswer from 2025 FDD Document
posed assignee or participant all credit and financial data with respect to Maker as may be in the possession of Holder. Maker agrees to provide any additional information that any proposed assignee or participant may reasonably request.
- e. If this Note is collected through an attorney at law, Holder shall be entitled to collect reasonable attorneys' fees and all costs of collection. Each maker, endorser, guarantor or accommodation party liable for this Note waives presentment, demand, notice of demand, protest, notice of protest, notice of non-payment, notice of dishonor and diligence in collection.
Source: Item 23 — RECEIPTS (FDD pages 80–246)
What This Means (2025 FDD)
According to the 2025 Franchise Disclosure Document, each maker, endorser, guarantor, or accommodation party liable for the Note associated with a Sonesta Simply Suites franchise waives several rights. These include presentment, demand, notice of demand, protest, notice of protest, notice of non-payment, notice of dishonor, and diligence in collection.
In simpler terms, this means that those who are responsible for the Note (either as the primary borrower, a co-signer, or a guarantor) give up their rights to require the holder of the Note to formally present the Note for payment, demand payment, or provide notice if payment is not made or the Note is dishonored. They also waive their right to diligence in collection, meaning the Note holder doesn't have to be particularly proactive or careful in pursuing the debt.
Additionally, the Maker and the Holder of the Note both waive their right to a jury trial in any legal action related to the Note. This waiver extends to all claims against all parties involved in such actions or proceedings, even those who are not directly parties to the Note itself. This has significant implications, as any disputes related to the Note will be resolved by a judge rather than a jury, potentially impacting the outcome of legal proceedings.