Under the Aerus Secured Promissory Note, who is the 'Maker'?
Aerus Franchise · 2025 FDDAnswer from 2025 FDD Document
ckey, President | | | Date of Execution: | | | FRANCHISEE: | | | , | | | a | | | By: | | | Name: | | | Date of Execution: | | | OPERATING PRINCIPAL: | | | , | | | | | | Individually as Operating Principal | | | Date of Execution: |
EXHIBIT 3
SECURED PROMISSORY NOTE, SECURITY AGREEMENT, GUARANTEE
SECURED PROMISSORY NOTE
| $ |
|---|
| 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 |
Source: Item 23 — Receipts (FDD pages 74–305)
What This Means (2025 FDD)
According to the 2025 Aerus Franchise Disclosure Document, the 'Maker' in the Secured Promissory Note is identified as the undersigned in the document. Specifically, the document states, "FOR VALUE RECEIVED, the undersigned,, a ("Maker"), hereby [jointly, severally and] unconditionally promises to pay to the order of AERUS FRANCHISING, LLC..." This indicates that the individual or entity signing the note as the 'Maker' is the one who is promising to pay Aerus Franchising, LLC, the 'Payee'.
In simpler terms, the 'Maker' is the borrower—the Aerus franchisee who is receiving financing from Aerus Franchising, LLC. By signing the Secured Promissory Note, the franchisee commits to repaying the loan amount, along with interest, according to the schedule outlined in the note. The note specifies the principal sum, interest rate, and payment schedule, including monthly installments and a final payment date.
Furthermore, the Secured Promissory Note is secured by a Security Agreement, which means that Aerus has a claim on certain assets of the franchisee ('Maker') in case of default. The FDD also includes a list of potential default events, such as bankruptcy, failure to discharge attachments, or any default as defined in the Franchise Agreement. Therefore, the 'Maker' has a legal obligation to repay the debt, and Aerus has legal recourse if the 'Maker' fails to meet their obligations.