Which exhibit in the Aerus Franchise Disclosure Document contains the Secured Promissory Note?
Aerus Franchise · 2025 FDDAnswer from 2025 FDD Document
I received a franchise disclosure document dated May 15, 2025 that included the following exhibits:
State Addenda (California, Illinois, Maryland, Minnesota, New York, North Dakota, South Dakota, Virginia, Washington, Wisconsin)
Exhibit 1 – Financial Statements
Exhibit 2(a) – Franchise Agreement (Standard Program), Lease Rider, Software License Agreement and Consigned Products Security Agreement
Exhibit 2(b) – Franchise Agreement (Associate Program), Lease Rider, Software License Agreement and Consigned Products Security Agreement
Exhibit 2(c) – Beyond Addendum
Exhibit 3 – Secured Promissory Note, Security Agreement and Guaranty
Exhibit 4 – List of State Administrators
Exhibit 5 – List of Agents for Service of Process
Exhibit 6 – List of Aerus Businesses and List of Aerus Businesses Who Have Left the System
Exhibit 7 – Commitment Letter
Exhibit 8 – Manual Table of Contents
Source: Item 22 — Contracts (FDD page 74)
What This Means (2025 FDD)
According to Aerus's 2025 Franchise Disclosure Document, the Secured Promissory Note is included as part of Exhibit 3. This exhibit also contains the Security Agreement and Guaranty.
Item 10 of the FDD discusses financing options that Aerus or its affiliates may offer to franchisees for various expenses, including initial fees, security deposits, accessories, and the purchase of existing Aerus businesses. The availability and terms of financing can vary based on the Aerus Business's performance, goodwill, and the franchisee's creditworthiness.
If a franchisee obtains financing from Aerus, they will be required to sign a secured promissory note. This note formalizes the debt obligation and outlines the repayment terms. The inclusion of the Secured Promissory Note in Exhibit 3 allows prospective franchisees to review the terms and conditions associated with financing from Aerus before entering into a franchise agreement.