What is the relationship between SEB Franchising Guarantor LLC (SFG) and 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.
GUARANTOR:
SEB FRANCHISING GUARANTOR LLC
James Goniea Its: Secretary
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 61)
What This Means (2025 FDD)
According to the 2025 Basecamp Fitness Franchise Disclosure Document, SEB Franchising Guarantor LLC (SFG) plays a crucial role in guaranteeing the obligations of Basecamp Fitness Franchisor LLC. SFG provides a guaranty of performance, ensuring that Basecamp Fitness Franchisor fulfills its duties and obligations under the franchise registration in each state where the franchise is registered, as well as under the Franchise Agreement and Area Development Agreement. This guarantee remains in effect until all obligations of Basecamp Fitness Franchisor are satisfied or the liability to its franchisees is completely discharged.
Specifically, SEB Franchising Guarantor LLC absolutely and unconditionally guarantees to assume the duties and obligations of Basecamp Fitness Franchisor LLC under its franchise registration, Franchise Agreement, and Area Development Agreement as identified in the 2025 Franchise Disclosure Document. This includes any amendments, modifications, or extensions made to these agreements over time. The guarantor is not released from liability even if a franchisee's claim against the franchisor remains outstanding, and notice of acceptance is waived.
This guarantee is binding on SEB Franchising Guarantor LLC and its successors and assigns, and it was signed in Woodbury, Minnesota, on March 28, 2025, by James Goniea, as Secretary of SEB Franchising Guarantor LLC. Furthermore, the 2025 Basecamp Fitness FDD includes the audited financial statements of SEB Franchising Guarantor LLC for the fiscal years ended December 31, 2022, December 31, 2023, and December 31, 2024, as Exhibit D. A copy of the guaranty of SFG is attached as Exhibit J.