For Beehive Homes, where can the franchisor file security agreements with respect to personal property?
Beehive_Homes Franchise · 2025 FDDAnswer from 2025 FDD Document
15.2. Franchisor's Security Interest. Franchisee hereby acknowledges and agrees, and hereby grants consent to the Franchisor, that in additional to all other rights and remedies granted to the Franchisor pursuant to this Agreement, the Franchisor may file security agreements with respect to the Personal Property with the Secretary of State (or similar public official) for the state in which the Personal Property is located and the Franchisor may record a notice of interest, mortgage, deed of trust or similar security instrument with respect to the Real Property (the Home) with the County Recorder (or similar public official) for the county in which the Real Property is located. Such security instruments may be filed and/or recorded at such times and in such places as Franchisor may determine to be appropriate to protect Franchisor's rights under this Agreement. Franchisee hereby irrevocably appoints Franchisor as its attorney-in-fact to complete the foregoing steps for and on the behalf of the Franchisee.
Source: Item 23 — RECEIPTS (FDD pages 34–123)
What This Means (2025 FDD)
According to Beehive Homes' 2025 Franchise Disclosure Document, Beehive Homes is permitted to file security agreements regarding the franchisee's personal property with the Secretary of State, or a similar public official, in the state where the personal property is located. This action protects Beehive Homes' rights under the franchise agreement.
Additionally, Beehive Homes can record a notice of interest, mortgage, deed of trust, or similar security instrument with the County Recorder, or a comparable public official, in the county where the real property (the Home) is situated. These security instruments can be filed or recorded at times and locations deemed appropriate by Beehive Homes to safeguard its rights as outlined in the agreement.
Furthermore, the franchisee irrevocably appoints Beehive Homes as their attorney-in-fact, granting them the authority to complete these steps on behalf of the franchisee. This arrangement ensures that Beehive Homes has the legal means to protect its financial interests and enforce the terms of the franchise agreement, particularly concerning the franchisee's assets and property.