What is the due date for the final installment payment of the Boulder Designs Promissory Note?
Boulder_Designs Franchise · 2025 FDDAnswer from 2025 FDD Document
| This Note is due and payable in 42 | monthly installments of principal and interest. The first of | | 42 | | | payments shall be in an amount of $ commencing, 20, and on the | | | first day of each and every calendar month thereafter, and the 42nd | and final installment shall be due on | | , 20, on which date the entire unpaid principal balance and all accrued and unpaid | | | interest is due and payable in full. Each payment will first be applied to accrued and unpaid interest and | | | then to principal. Any payment not received by PAYEE within ten (10) days of its due date is subject to a | | | late fee of Fifty Dollars ($50). | |
Source: Item 22 — CONTRACTS (FDD page 50)
What This Means (2025 FDD)
According to the 2025 Boulder Designs Franchise Disclosure Document, the promissory note is due and payable in 42 monthly installments. The first of the 42 payments is an unspecified amount commencing in an unspecified month of 20--. The 42nd and final installment is due in an unspecified month of 20--, at which time the entire unpaid principal balance and all accrued and unpaid interest is due and payable in full.
This means that a Boulder Designs franchisee financing a portion of their initial investment with a promissory note will have 42 months to repay the loan. The exact due date of both the first and final payments are not specified in this section of the FDD.
Prospective Boulder Designs franchisees should carefully review the specific terms of the Promissory Note and Security Agreement (Exhibit 9) attached to the FDD, as referenced in Section 5.5, to determine the exact commencement date, the amount of the monthly payments, and the final due date. Understanding these terms is crucial for managing their financial obligations to Boulder Designs.