On what day of each month is a payment due for the Bumble Roofing promissory note?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
ndersigned maker of this Note promises to pay to the order of [ENTITY NOTEHOLDER] located at 2426 Old Brick Road, Glen Allen, Virginia 23060, the principal sum of [AMOUNT] ($AMOUNT) in the currency of the United States of America together with interest from the date of this Note at the rate of [INTEREST RATE] (INTEREST RATE%) per annum.
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- On the [PAYMENT DATE], and on the [DAY/DATE OF MONTH] of each and every [WEEK/MONTH] thereafter, the sum of [$AMOUNT] will be due and payable in full.
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- On the [DATE OF FINAL PAYMENT], the then entire outstanding principal and interest balances owing under this Note, if not sooner paid, will be due and payable in full.
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- All payments shall be made by preauthorized Automated Clearinghouse transactions ("ACH") or by such other reasonable method as holder directs at a bank specified by maker in writing to the holder as specified above.
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- Any payment is late if not received by holder within 10 days after it is due. If a payment is late, holder may, in its sole discretion elect to;
- A. Declare the entire unpaid principal and interest balances immediately due and payable; or
- B. Accept the late payment along with a late charge in the amount of 10% of the amount of the late payment. The late charge will be for the purpose of compensating holder for additional expenses
Source: Item 23 — RECEIPT (FDD pages 53–188)
What This Means (2025 FDD)
According to Bumble Roofing's 2025 Franchise Disclosure Document, the specific day of the month that a payment is due on the promissory note is determined by the information provided on the [DAY/DATE OF MONTH] within the note itself. The exact date will be filled in on the individual note agreement.
This means that the franchisee and Bumble Roofing will agree upon a specific date for the first payment, and subsequent payments will be due on that same day each month. It is important to carefully review the promissory note to understand the due date and ensure timely payments.
If a payment is not received within 10 days of the due date, it is considered late, and Bumble Roofing has the option to declare the entire unpaid balance immediately due or accept the late payment with a charge of 10% of the late payment amount. All payments are first applied to late charges, then to outstanding interest, and finally to the principal balance.