Does the Best Brains Promissory Note require any collateral for the payment of the note?

According to the 2025 Best Brains Franchise Disclosure Document, the promissory note outlines terms related to attorney fees and costs associated with the collection, enforcement, preservation, or disposition of any collateral. This implies that the Best Brains promissory note may, under certain circumstances, involve collateral. However, the document does not explicitly state that collateral is always required.

The language in the promissory note indicates that if collateral is involved, the person signing the note agrees to cover any legal fees Best Brains incurs while dealing with that collateral. This could include actions taken to secure, maintain, or sell the collateral if the franchisee defaults on the note. The agreement also includes waivers of certain legal protections, such as homestead exemptions, which could further impact a franchisee's financial obligations in case of default.

Prospective Best Brains franchisees should carefully review the specific terms of the promissory note they are asked to sign, paying close attention to any clauses related to collateral. It would be prudent to seek legal counsel to fully understand the implications of these clauses and the potential risks associated with providing collateral for the note. Franchisees should also inquire with Best Brains about the circumstances under which collateral is required and what types of assets may be used as collateral.