When did the Guarantor sign the guarantee for Basecamp Fitness?
Basecamp_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
For value received, SEB Franchising Guarantor LLC, a Delaware limited liability company (the "Guarantor"), located at 111 Weir Drive, Woodbury, Minnesota 55125, absolutely and unconditionally guarantees to assume the duties and obligations of Basecamp Fitness Franchisor LLC, located at 111 Weir Drive, Woodbury, Minnesota 55125 (the "Franchisor"), under its franchise registration in each state where the franchise is registered, and under its Franchise Agreement and Area Development Agreement identified in its 2025 Franchise Disclosure Document, as it may be amended, and as that Franchise Agreement and Area Development Agreement may be entered into with franchisees and amended, modified or extended from time to time. This guarantee continues until all such obligations of the Franchisor under its franchise registrations and the Franchise Agreement and Area Development Agreement are satisfied or until the liability of Franchisor to its franchisees under the Franchise Agreement and Area Development Agreement has been completely discharged, whichever first occurs. The Guarantor is not discharged from liability if a claim by a franchisee against the Franchisor remains outstanding. Notice of acceptance is waived. The Guarantor does not waive receipt of notice of default on the part of the Franchisor. This guarantee is binding on the Guarantor and its successors and assigns.
The Guarantor signs this guarantee at Woodbury, Minnesota, on the 28th day of March 2025.
Source: Item 23 — RECEIPTS (FDD pages 62–248)
What This Means (2025 FDD)
According to Basecamp Fitness's 2025 Franchise Disclosure Document, the Guarantor, SEB Franchising Guarantor LLC, signed the guarantee on March 28, 2025. The guarantee ensures that the Guarantor will assume the duties and obligations of Basecamp Fitness Franchisor LLC under its franchise registration in each state where the franchise is registered, as well as under its Franchise Agreement and Area Development Agreement.
This guarantee remains in effect until all obligations of Basecamp Fitness Franchisor LLC under its franchise registrations and the Franchise Agreement and Area Development Agreement are satisfied, or until the liability of the Franchisor to its franchisees under these agreements has been completely discharged. Importantly, the Guarantor is not released from liability if a franchisee's claim against the Franchisor remains outstanding.
This arrangement provides a level of security for prospective Basecamp Fitness franchisees, as it ensures that another entity, SEB Franchising Guarantor LLC, is responsible for fulfilling the franchisor's obligations. This type of guarantee is common in franchising, especially when the franchisor is a newly formed entity or has a limited operating history. It is binding on the Guarantor and its successors and assigns.