Under the Virginia guarantee, what obligations of 360 Painting are guaranteed?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
For value received, absolutely and unconditionally guarantees the performance by Premium Service Brands, LLC, a Delaware limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 (the "Guarantor") of all the obligations of 360 Painting, LLC, limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 under its franchise registration in the State of Virginia and of its franchise agreements. This guarantee continues until all such obligations of 360 Painting, LLC under its franchise registration and franchise agreements are satisfied. Premium Service Brands, LLC is not discharged from liability if a claim by the franchisee against 360 Painting, LLC remains outstanding. Notice of acceptance is waived. Notice of default on the part of 360 Painting, LLC is not waived. This guarantee is binding on Premium Service Brands, LLC and on its successors and assigns.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 FDD, the Virginia Guarantee of Performance states that Premium Service Brands, LLC, as the Guarantor, absolutely and unconditionally guarantees the performance of all obligations of 360 Painting, LLC. These obligations stem from 360 Painting's franchise registration in the State of Virginia and its franchise agreements.
This guarantee remains in effect until all obligations of 360 Painting, LLC under its franchise registration and franchise agreements are fully satisfied. Premium Service Brands, LLC remains liable even if a franchisee has an outstanding claim against 360 Painting, LLC.
The guarantee specifies that notice of acceptance is waived, but notice of default on the part of 360 Painting, LLC is not waived. This guarantee is binding on Premium Service Brands, LLC, as well as its successors and assigns, ensuring continuity of the guarantee even if the company changes ownership or structure.