What is the initial principal sum of the Bumble Roofing promissory note?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
umwater, WA 98501 360-902-8760 | | Wisconsin | Commissioner of Securities | Department of Financial Institutions Division of Securities 4822 Madison Yards Way, North Tower Madison, WI 53705 |
EXHIBIT H
BUMBLE ROOFING FRANCHISOR, LLC
PROMISSORY NOTE
[$AMOUNT] Date: [DATE]
FOR VALUE RECEIVED, the undersigned maker of this Note promises to pay to the order of [ENTITY NOTEHOLDER] located at 2426 Old Brick Road, Glen Allen, Virginia 23060, the prin
Source: Item 23 — RECEIPT (FDD pages 53–188)
What This Means (2025 FDD)
According to the 2025 Bumble Roofing FDD, the promissory note requires the franchisee to pay the franchisor a specified principal sum, along with interest. The exact amount of the principal sum is indicated by "[$AMOUNT] ($AMOUNT)" in the document. The franchisee will make payments on the [DAY/DATE OF MONTH] of each [WEEK/MONTH] thereafter, in the sum of [$AMOUNT].
This means that the actual dollar amount of the initial principal sum is not specified in this section of the FDD. A prospective Bumble Roofing franchisee needs to determine the exact amount to be financed through the promissory note, as well as the interest rate, payment dates, and any conditions for late payments or prepayment.
It is important for a potential Bumble Roofing franchisee to fully understand the terms of the promissory note, including the interest rate, payment schedule, and any penalties for late payments or default. They should also consider the implications of the clause that allows the franchisor to declare the entire unpaid balance immediately due and payable if a payment is late. Consulting with a financial advisor is recommended to assess the financial obligations associated with the promissory note.