What constitutes sufficient grounds for termination of the Franchise Agreement(s) based on the Bumble Roofing promissory note?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
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- This Note constitutes part performance of a certain written Franchise Agreement(s) between maker and [ENTITY NOTEHOLDER] dated [DATE OF FRANCHISE AGREEMENT(S)] and as such, will be read and interpreted in a manner consistent with the terms of said agreement. Default under the terms of this Note will be sufficient grounds for termination or cancellation of the Franchise Agreement(s) in accordance with the terms of the Franchise Agreement(s).
Source: Item 23 — RECEIPT (FDD pages 53–188)
What This Means (2025 FDD)
According to Bumble Roofing's 2025 Franchise Disclosure Document, a default under the terms of the promissory note constitutes sufficient grounds for termination or cancellation of the Franchise Agreement(s). The promissory note is connected to the Franchise Agreement, and its terms are interpreted consistently with the Franchise Agreement.
This means that if a Bumble Roofing franchisee fails to meet the obligations outlined in the promissory note, such as timely payments, Bumble Roofing has the right to terminate the Franchise Agreement. The specific events that trigger a default are detailed in the promissory note itself, including late payments or failure to pay the outstanding balance.
Prospective Bumble Roofing franchisees should carefully review the terms of the promissory note and understand the potential consequences of defaulting on their payment obligations. It is important to ensure they have the financial capacity to meet these obligations to avoid the risk of losing their franchise.