What is the number of monthly payments for the loan detailed in the Benjamin Franklin Plumbing contract?
Benjamin_Franklin_Plumbing Franchise · 2025 FDDAnswer from 2025 FDD Document
AMORTIZATION SCHEDULE TO PROMISSORY NOTE
[insert amortization schedule]
GUARANTEE
In consideration of the willingness of Benjamin Franklin Franchising SPE LLC ("Holder") to permit ("Maker") to pay a portion of the Franchise Fee owed to Holder in connection with a BENJAMIN FRANKLIN PLUMBING Franchise Agreement and pursuant to the foregoing Promissory Note ("Note"), the undersigned ("Guarantors"), hereby personally and unconditionally: (1) guarantee to Holder and its successors and assigns that Maker shall punctually pay and perform each and every undertaking set forth in the Note; and (2) agree personally to be liable for Maker's Default under the Note.
Source: Item 22 — CONTRACTS (FDD pages 87–88)
What This Means (2025 FDD)
According to the 2025 Benjamin Franklin Plumbing FDD, the document includes a section for an amortization schedule to a promissory note. This note pertains to instances where Benjamin Franklin Plumbing permits a franchisee to pay a portion of their franchise fee over time. The FDD includes a guarantee agreement related to the promissory note, ensuring that a guarantor will cover the franchisee's obligations if they default on the loan.
However, the specific details of the amortization schedule, including the number of monthly payments, interest rate, and total loan duration, are not specified within the provided excerpts. The FDD only indicates that an amortization schedule will be inserted into the promissory note document.
Prospective Benjamin Franklin Plumbing franchisees should carefully review the full promissory note and amortization schedule to fully understand their repayment obligations if they choose to finance a portion of their franchise fee. It is essential to clarify the number of monthly payments, the interest rate, any associated fees, and the consequences of defaulting on the loan before signing any agreements.