When is the final installment due for the Aerus Secured Promissory Note?
Aerus Franchise · 2025 FDDAnswer from 2025 FDD Document
| $ |
|---|
| As of, |
| Dallas, Texas |
| FOR VALUE RECEIVED, the undersigned,, a |
| ("Maker"), hereby [jointly, severally and] unconditionally promises to pay to the order of AERUS |
| FRANCHISING, LLC, a Delaware limited liability company ("Payee"), at 14841 Dallas Parkway, |
| Suite 500, Dallas, Texas 75254, or such other address as the holder hereof may, from time to time, |
| designate in writing, the principal sum of AND/100 DOLLARS |
| ($), in lawful money of the United States of America, together with interest on the |
| unpaid principal balance from day-to-day remaining, computed from the date of advance until |
| maturity at a rate per annum equal to percent (%) (the "Fixed Rate"). |
| Reference |
| is |
| hereby |
| made |
| to |
| that |
| certain |
| Franchise |
| Agreement |
| dated |
| by and between Maker and Payee ("Franchise Agreement"). |
| For purposes of calculating interest accrued hereon at the Fixed Rate, interest on this Note |
| shall be calculated on the basis of the actual days elapsed over a 360-day year. |
| Principal and accrued interest on this Note, computed as aforesaid, shall be due and payable |
| as follows: |
| (i) in equal monthly installments, each in the amount of |
| Dollars ($), commencing on, and continuing thereafter on |
| the first (1st) day of each succeeding calendar month, and (ii) in one final installment on |
Source: Item 23 — Receipts (FDD pages 74–305)
What This Means (2025 FDD)
According to Aerus's 2025 Franchise Disclosure Document, the final installment on the Secured Promissory Note is due on a specific date. The exact date is indicated by a blank space in the document, represented as " , 20". The final payment will include the entire unpaid principal balance along with any accrued and unpaid interest that has accumulated up to and including that date.
In practical terms, this means that an Aerus franchisee taking out a Secured Promissory Note must make equal monthly installments, beginning on the first day of the month after the note is issued. The franchisee will continue making these payments on the first day of each subsequent month until the final installment date. On that final date, the franchisee is responsible for paying off the remaining principal and any outstanding interest.
It's important for prospective Aerus franchisees to carefully review the terms of the Secured Promissory Note, including the interest rate, the amount of the monthly payments, and the final installment date. Understanding these details is crucial for managing their finances and ensuring they can meet their obligations under the agreement. Franchisees should also be aware of potential late charges, which, according to the document, amount to five percent of any monthly payment not received within ten days of the due date.