Who is the guarantor of 360 Painting's obligations under its franchise registration and Franchise Agreement?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
For value received, Premium Service Brands, LLC, a Delaware limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 (the "Guarantor"), absolutely and unconditionally guarantees to assume the duties and obligations of 360 Painting, LLC, a limited liability corporation 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 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 the 2025 Franchise Disclosure Document, Premium Service Brands, LLC, a Delaware limited liability corporation, guarantees 360 Painting's obligations under its franchise registration in each state where the franchise is registered and under its Franchise Agreement. This guarantee, executed in Charlottesville, VA on April 28, 2025, ensures that Premium Service Brands, LLC will fulfill the duties and obligations of 360 Painting, LLC. Paul Flick represents Premium Service Brands, LLC as the guarantor.
This guarantee remains in effect until all obligations of 360 Painting under its franchise registrations and the Franchise Agreement are satisfied or until 360 Painting's liability to its franchisees under the Franchise Agreement has been completely discharged, whichever occurs first. The guarantee specifies that Premium Service Brands, LLC will not be released from liability if a franchisee has an outstanding claim against 360 Painting.
Prospective franchisees should note that this guarantee provides an added layer of security, as Premium Service Brands, LLC is committed to ensuring 360 Painting fulfills its obligations. This arrangement is binding on Premium Service Brands, LLC and its successors and assigns. The guarantor does not waive receipt of notice of default on the part of the Franchisor.