On what date was the Illinois guarantee for 360 Painting executed?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
The Guarantor executes this guarantee in Charlottesville, VA on the 28th day of April, 2025.
Guarantor:
Premium Service Brands, LLC
By:
Name: Paul Flick
GUARANTEE OF PERFORMANCE Illinois
For value received, Premium Service Brands, LLC ("Guarantor"), a limited liability company organized under the laws of the State of Delaware and located at 126 Garrett Street, Suite J, Charlottesville, VA 22902, absolutely and unconditionally guarantees to assume the duties and obligations of 360 Painting, LLC, located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 (the "Franchisor"), under its franchise registration in each state where the franchise is registered, and under its Franchise Agreement identified in its 2025 Franchise Disclosure Document, as it may be amended, and as that Franchise Agreement may be entered into with franchisees and amended, modified or extended from time to time. This guarantee continues until all such obligations of the Franchisor under its franchise registrations and the Franchise Agreement are satisfied or until the liability of Franchisor to its franchisees under the Franchise Agreement has been completely discharged, whichever first occurs. The Guarantor is not discharged from liability if a claim by a franchisee against the Franchisor remains outstanding. Notice of acceptance is waived. The Guarantor does not waive receipt of notice of default on the part of the Franchisor. This guarantee is binding on the Guarantor and on its successors and assigns.
The Guarantor executes this guarantee in Charlottesville, VA on the 28th day of April, 2025.
Guarantor:
Premium Service Brands, LLC
By:
Name: Paul Flick
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, the Illinois guarantee of performance was executed on April 28, 2025. The guarantee was executed in Charlottesville, VA. Premium Service Brands, LLC, as the Guarantor, ensures that it will fulfill the obligations of 360 Painting, LLC under the franchise registration within Illinois and under the Franchise Agreement outlined in the 2025 FDD.
This guarantee remains effective until all obligations of 360 Painting, LLC are met or until the liability to its franchisees is completely discharged. The guarantor will not be released from liability if there is an outstanding claim by a franchisee against 360 Painting, LLC. Notice of acceptance is waived, but the guarantor does not waive receipt of notice of default on the part of the franchisor.
This guarantee is legally binding on Premium Service Brands, LLC, including its successors and assigns. The execution of this guarantee by Premium Service Brands, LLC provides an added layer of security for franchisees in Illinois, ensuring that the obligations of 360 Painting, LLC will be met, even if 360 Painting, LLC faces financial or operational difficulties.