Who is the payee for the Promissory Note and Security Agreement for Boulder Designs?
Boulder_Designs Franchise · 2025 FDDAnswer from 2025 FDD Document
| $ | , 20 |
|---|---|
| FOR VALUE RECEIVED, | , whose address |
| is ("Debtor", whether one or more) jointly and severally promises | |
| to pay to the order of Boulder Designs Franchising, LLC, a Texas limited liability company, or its affiliates, | |
| successors, | |
| and assigns ("Franchisor" or "PAYEE") at its offices at 2324 N. Robinson Drive, Waco, Texas | |
| 76706, or such other location as PAYEE may hereafter | designate, the principal sum of |
Source: Item 22 — CONTRACTS (FDD page 50)
What This Means (2025 FDD)
According to Boulder Designs' 2025 Franchise Disclosure Document, the payee for the Promissory Note and Security Agreement is Boulder Designs Franchising, LLC, a Texas limited liability company, or its affiliates, successors, and assigns. This entity is also referred to as the "Franchisor" or "PAYEE" in the document.
As the payee, Boulder Designs Franchising, LLC is the entity to whom the franchisee ("Debtor") promises to pay the principal sum, along with interest. The franchisee is obligated to make payments to the order of Boulder Designs Franchising, LLC at its offices located at 2324 N. Robinson Drive, Waco, Texas 76706, or at any other location that Boulder Designs Franchising, LLC may designate.
Furthermore, the document specifies that the franchisee grants a security interest to the Payee (Boulder Designs Franchising, LLC) in its property, including inventory, furniture, fixtures, equipment, and supplies, to secure the debt evidenced by the Promissory Note. This security interest ensures that Boulder Designs Franchising, LLC has a claim on these assets in case of default by the franchisee.