Does the Best Brains FDD include Promissory Notes as an exhibit?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
I have received a disclosure document dated May 27, 2025 that included the following Exhibits:
Exhibit A State Administrators and Agents for Service of Process
Exhibit B Franchise Agreement
Schedule 1-Franchise Location
Schedule 2-Lease Rider
Schedule 3-ACH Authorization Form
Schedule 4-Initial Inventory Agreement
Schedule 5-State Law Addenda to the Franchise Agreement
Exhibit C Promissory Notes Exhibit D Option Agreement Exhibit E List of Franchisees
Source: Item 22 — CONTRACTS (FDD page 42)
What This Means (2025 FDD)
According to the 2025 Best Brains Franchise Disclosure Document, Exhibit C includes Promissory Notes. This means that the FDD contains a sample of the promissory note that a franchisee might be required to sign.
A promissory note is a legal document in which a borrower promises to repay a certain sum of money to a lender at a specified date or according to a defined schedule. In the context of a franchise, a promissory note might be used to finance the initial franchise fee, equipment, or other startup costs. It outlines the terms of repayment, including the interest rate, payment schedule, and any penalties for late payment or default.
As a prospective Best Brains franchisee, it is important to carefully review the Promissory Notes exhibit to understand the obligations and risks associated with financing part of the franchise investment through a promissory note. You should seek legal and financial advice to fully understand the terms of the note and how it will impact your financial situation. Understanding the conditions under which Best Brains might require a promissory note, and the remedies Best Brains has if the franchisee defaults, is crucial before signing any agreement.