What is the address of BAB Systems, Inc., the 'COMPANY' in the Big Apple Bagels assignment agreement?
Big_Apple_Bagels Franchise · 2025 FDDAnswer from 2025 FDD Document
| This Security Agreement dated is by and between | ||
|---|---|---|
| BAB Systems, Inc., an Illinois corporation, of 500 Lake Cook Road, Suite 475, Deerfield, Illinois | ||
| 60015 | ("Secured Party") and | |
| , whose principal place of business is ("Debtor"). RECITALS | ||
| A. | Debtor is a franchisee under a Franchise Agreement dated ("Franchise Agreement") with Secured Party as Franchisor, pursuant to which Franchise Agreement Debtor has ongoing monetary and non-monetary obligations to Secured Party. | |
| B. | Debtor has locations at which Debtor operates businesses known as "Big Apple Bagels" ("BAGELS Stores"), pursuant to the Franchise Agreement; the addresses of the locations are listed on Schedule "A" attached hereto and incorporated herein by reference. | |
| C. | Debtor is giving Secured Party a security interest in the collateral described in this | |
| Agreement. | NOW THEREFORE, in consideration of the several and mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: | |
| 1. | The Recitals set forth above shall be incorporated into this part of the Agreement as though they were fully set forth herein. | |
| 2. | Description of Collateral: the following property located at or relating to the BAGELS Stores noted on Schedule A: all equipment, furniture, fixtures, inventory, personal property, supplies, general intangibles, accounts receivable, accounts, contract rights, chattel paper and instruments, now owned or hereafter acquired by the Debtor, and all additions and accessions to, and all proceeds and products of the foregoing ("Collateral"). | |
| 3. | Debtor hereby grants to Secured Party a security interest in the Collateral described in |
Source: Item 22 — CONTRACTS (FDD pages 86–87)
What This Means (2025 FDD)
According to the 2025 Big Apple Bagels FDD, BAB Systems, Inc., an Illinois corporation, is located at 500 Lake Cook Road, Suite 475, Deerfield, Illinois 60015. This address is specified in the context of a security agreement between BAB Systems, Inc. as the Secured Party and the franchisee (Debtor). The security agreement outlines the collateral that the franchisee provides to Big Apple Bagels as security for their obligations under the Franchise Agreement. This collateral includes property located at the Big Apple Bagels stores, such as equipment, furniture, fixtures, inventory, and accounts receivable.
The security agreement ensures that Big Apple Bagels has a secured interest in the franchisee's assets, which can be enforced in case of a default by the franchisee. This is a common practice in franchising to protect the franchisor's investment and brand standards. The agreement also references a schedule (Schedule A) that lists the addresses of the Big Apple Bagels store locations, further tying the collateral to specific business sites.
For a prospective franchisee, this information is crucial as it clarifies the physical location of BAB Systems, Inc., which is the entity they will be dealing with for franchise-related matters. It also highlights the legal and financial obligations that franchisees undertake, including providing collateral to secure their commitments under the franchise agreement. Understanding these aspects is essential for making an informed decision about investing in a Big Apple Bagels franchise.