In what currency must the Principal Amount be paid to Benjamin Franklin Plumbing?
Benjamin_Franklin_Plumbing Franchise · 2025 FDDAnswer from 2025 FDD Document
Sole and proper venue for any action shall be in the state and federal courts in Maryland.
- E. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto.
| DEBTOR: |
|---|
| --------- |
By: Its:
EXHIBIT A TO SECURITY AGREEMENT
Premises:
PROMISSORY NOTE
[FRANCHISE ID]
[For Conversion Incentive Program]
| Principal Amount: $ |
|---|
| (The Principal Amount is the Franchise Fee, plus any applicable Additional Population Fee, less the |
| Conversion Down Payment of $5,000.) |
| Effective Date: |
| 1. |
| Principal Amount. For value received, the undersigned ("Maker") hereby unconditionally |
| promises to pay to the order of Benjamin Franklin Franchising SPE LLC, a Delaware limited liability |
| company with its principal offices located at 7120 Samuel Morse Drive, Suite 300, Columbia, M |
Source: Item 22 — CONTRACTS (FDD pages 87–88)
What This Means (2025 FDD)
According to Benjamin Franklin Plumbing's 2025 Franchise Disclosure Document, the Principal Amount, which represents the Franchise Fee, Additional Population Fee (if applicable), less the Conversion Down Payment of $5,000, must be paid in lawful money of the United States of America.
The document specifies that the franchisee, referred to as "Maker," unconditionally promises to pay Benjamin Franklin Franchising SPE LLC, referred to as "Holder," the Principal Amount in U.S. dollars. This obligation is detailed within a Promissory Note associated with the Benjamin Franklin Plumbing franchise agreement.
The Promissory Note outlines that payments will be made in 48 equal monthly installments. The note also mentions that the attached amortization schedule reflects the payment schedule and is incorporated into the note. The franchisee is responsible for all costs and expenses incurred in connection with the electronic funds transfer.
This requirement ensures that all financial transactions between the franchisee and Benjamin Franklin Plumbing are conducted in a standardized and legally recognized currency, simplifying accounting and reducing potential exchange rate risks. Prospective franchisees should carefully review the Promissory Note and Electronic Funds Transfer Agreement to fully understand their payment obligations and associated costs.