What is the city and state of the Americas Best Value Inn Issue Date?
Americas_Best_Value_Inn Franchise · 2025 FDDAnswer from 2025 FDD Document
s attached to the | | | MAKER: | | | | | | | | | | | | | | | | | [] | | | | | | | | | | | | | | | By: | | | | | | | | | | | | | | | Date: | | | | | | | | | | | |
EXHIBIT C-2
DEVELOPMENT INCENTIVE PROMISSORY NOTE
DEVELOPMENT INCENTIVE PROMISSORY NOTE
| $ Newton, Massachusetts Issue Date: | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Source: Item 22 — CONTRACTS (FDD page 71)
What This Means (2025 FDD)
According to the 2025 Americas Best Value Inn Franchise Disclosure Document, the issue date location is Newton, Massachusetts. This information is likely related to a promissory note, which is a written promise to pay a certain sum of money to Sonesta RL Hotels Franchising Inc., the franchisor, under specific terms outlined in the franchise agreement.
For a prospective Americas Best Value Inn franchisee, this detail might appear in the context of financial obligations or legal agreements associated with the franchise. The promissory note likely covers a portion of the initial franchise fee. The note includes details such as the principal amount, repayment terms tied to the hotel's opening date (or a specific date in 202-), and conditions for acceleration, such as a breach of the franchise agreement or termination of the agreement.
The note also specifies that if it is accelerated and not paid within ten days, the outstanding principal balance will bear interest at a rate of 18% per annum or the highest rate allowed by applicable law. The location of the issue date, Newton, Massachusetts, could be significant for legal or administrative purposes related to the note. It is also important to note that the maker is responsible for any tax consequences and that a Form 1099-C, Cancellation of Debt, may be filed by the Holder with the Internal Revenue Service, with a copy provided to the Maker.