What is the address of Brown's Chicken, LLC, as stated in the Security Agreement?
Browns_Chicken Franchise · 2025 FDDAnswer from 2025 FDD Document
| This Security Agreement dated is by and between | |
|---|---|
| Brown's Chicken, LLC, an Illinois corporation, of 55 E. Park Boulevard, Villa Park, Illinois 60181 | |
| ("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 operates business as "Brown's Chicken & Pasta" pursuant to the Franchise | |
| Agreement, | |
| at | |
| the | |
| following | |
| location: | |
| ("Premises"). | |
| 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 Brown's | |
| Chicken & Pasta Store at the Premises identified in Paragraph B of the Recitals. | |
| 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"). |
Source: Item 22 — Contracts (FDD page 43)
What This Means (2025 FDD)
According to the 2025 Browns Chicken Franchise Disclosure Document, the Security Agreement states the address for Browns Chicken, LLC is 55 E. Park Boulevard, Villa Park, Illinois 60181. This address is listed as the principal place of business for Browns Chicken, LLC, acting as the Secured Party in the agreement. The Security Agreement outlines the terms under which the franchisee (Debtor) grants Browns Chicken a security interest in the franchisee's assets as collateral for their obligations under the Franchise Agreement.
This agreement is a standard practice in franchising to protect the franchisor's interests. It ensures that Browns Chicken has a legal claim on the franchisee's business assets in case of default or failure to meet the obligations outlined in the Franchise Agreement. The collateral includes a wide range of assets, such as equipment, furniture, inventory, and accounts receivable, all located at the Browns Chicken & Pasta store.
Prospective franchisees should carefully review the Security Agreement and understand the implications of granting a security interest in their assets. It is crucial to be aware of the conditions under which Browns Chicken can exercise its rights under the agreement, such as a default on payments or a breach of the Franchise Agreement. Franchisees should seek legal counsel to fully understand their obligations and the potential risks associated with the Security Agreement.