AWS is baked into the labor laws, even if you don't have a collective bargaining agreement through a union. So in that sense, OT is waived if your AWS agreement is 10 or 12 hour days, but you're still entitled to OT after 10 or 12 hours, or 40 hours in a week.
Lunch can never be truly waived...you can skip taking it, but you'd be paid for time + a meal break penalty (1.5x i think), which is substantial enough over a period of time that most employers will force the meal break. I do not believe an employer can require you to waive your lunch away unilaterally.
Most chains have come into compliance with this by now, these rules were promulgated in 17 years ago and most of the class action lawsuits for non-compliance have shaken out already.