What is the repayment schedule 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, the promissory note repayment schedule is not explicitly detailed. While the document mentions a promissory note, it only indicates that the repayment terms are to be inserted in the agreement. The note accrues interest at a rate of 0% per annum on the unpaid balance.
Best Brains allows franchisees to prepay the note, in whole or in part, without incurring any penalties. Additionally, the franchisee is responsible for covering all attorney fees and other costs associated with the collection or enforcement of the note, as well as any expenses related to preserving or disposing of collateral used for payment.
Prospective Best Brains franchisees should carefully review the specific repayment terms outlined in their individual promissory note agreements. It is essential to understand the frequency and amounts of payments, as well as any conditions related to late payments or default. Franchisees should also inquire about any potential collateral requirements associated with the note.