What is the address to which payments should be sent for the Best Brains Promissory Note?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
For and in consideration of good and valuable consideration, the undersigned promises to pay to the order of Best Brains, Inc. ["Holder"] at 135 E. Algonquin Road, Suite B, Arlington Heights, Illinois 60005, or at Holder's option, at such other place as may be designated from time to time by Holder, the amount stated above, together with interest at the rate of 0% per annum on the unpaid balance computed from the date provided above, payable as follows:
[insert repayment terms]
Interest under this Note will be calculated on the basis of a 360-day year consisting of twelve 30-day months.
The undersigned represents and warrants to Holder that the loan evidenced by this Note is being made for business, commercial or investment purposes. The undersigned may prepay this Note, in whole or in part, without penalty, at any time.
The undersigned agrees to pay all attorney fees and other costs and expenses that Holder may incur in connection with the collection or enforcement of this Note or the preservation or disposition of any collateral for the payment of this Note.
Source: Item 23 — RECEIPTS (FDD pages 42–190)
What This Means (2025 FDD)
According to the 2025 Best Brains Franchise Disclosure Document, payments for the Promissory Note should be sent to Best Brains, Inc. at 135 E. Algonquin Road, Suite B, Arlington Heights, Illinois 60005. However, Best Brains retains the option to designate a different payment location at their discretion.
This means that as a Best Brains franchisee, you are initially obligated to send payments to the specified address. However, the franchisor has the right to change this address, and you would be responsible for ensuring that you have the correct payment information to avoid any late payment penalties or other issues. It is important to stay in communication with Best Brains to remain aware of any changes to the payment address.
This clause protects Best Brains by allowing them to consolidate or change payment processing locations as needed for their operational efficiency. For a franchisee, it introduces a degree of uncertainty, as the payment address could change during the term of the agreement. Therefore, it is advisable to confirm the payment address periodically and maintain records of any notifications regarding changes to payment procedures.