Under the Aerus Secured Promissory Note, who is the 'Payee'?
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 |
Source: Item 23 — Receipts (FDD pages 74–305)
What This Means (2025 FDD)
According to Aerus's 2025 Franchise Disclosure Document, the 'Payee' under the Secured Promissory Note is Aerus Franchising, LLC, a Delaware limited liability company. The document specifies that the franchisee, referred to as "Maker," unconditionally promises to pay to the order of Aerus Franchising, LLC.
This means that Aerus Franchising, LLC is the entity to whom the franchisee owes the principal sum and interest as outlined in the note. The payments are to be made to Aerus Franchising, LLC at their designated address in Dallas, Texas, or any other address they may specify in writing.
This arrangement is typical in franchising, where the franchisor provides financing to the franchisee for various purposes, such as initial franchise fees or equipment purchases. The Secured Promissory Note formalizes this debt, making Aerus Franchising, LLC the recipient of the franchisee's payments.