How are payments owed under the Sonesta Simply Suites Note to be made?
Sonesta_Simply_Suites Franchise · 2025 FDDAnswer from 2025 FDD Document
099-C, Cancellation of Debt, may be filed by Holder with the Internal Revenue Service, with a copy provided to Maker. If this Note is accelerated and not paid in full wi
Source: Item 23 — RECEIPTS (FDD pages 80–246)
What This Means (2025 FDD)
According to Sonesta Simply Suites's 2025 Franchise Disclosure Document, all payments owed under the Note must be made in U.S. dollars. These payments are to be remitted via ACH (Automated Clearing House) to an account designated by the Holder, which is Sonesta RL Hotels Franchising Inc. Alternatively, the Holder may specify another payment method in writing.
This means that as a Sonesta Simply Suites franchisee, you will likely need to set up electronic funds transfers from your business bank account to Sonesta's designated account for any payments due under the Note. It is important to maintain clear records of these transactions and to ensure that the ACH transfers are set up correctly to avoid any late payment issues.
It is also important to note that Sonesta Simply Suites retains the right to change the payment method, but they must notify you in writing if they decide to do so. Therefore, franchisees should pay close attention to any communications from Sonesta regarding payment procedures to ensure compliance and avoid potential penalties or disruptions.