What is the date of final payment for the Canopy Lawn Care promissory note?
Canopy_Lawn_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
dersigned 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 which it is recognized that holder will incur as a result of the late payment.
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- All payments, as of the date they are received, will first be credited to any late charges due; the balance, if any, will then be credited to the outstanding interest balance; and the balance, if any, will then be credited to the outstanding principal balance.
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- In the event holder elects under 4A above to demand payment in full of the entire unpaid balance, holder will first provide maker with written notice of its election, demanding payment in full within 10 days. In the event a default exists after the 10-day notice period has expired, maker promises and agrees:
- A. That the entire outstanding principal and interest balances, including late charges, will bear inte
Source: Item 23 — RECEIPT (FDD pages 55–199)
What This Means (2025 FDD)
According to the 2025 Canopy Lawn Care FDD, the promissory note outlines the payment schedule. The franchise agreement states that on the date of final payment, the entire outstanding principal and interest balances must be paid in full if not paid sooner.
Canopy Lawn Care requires all payments to be made through preauthorized Automated Clearinghouse transactions (ACH) or another reasonable method directed by the holder at a bank specified by the maker in writing to the holder. If a payment is late, defined as not received within 10 days of the due date, Canopy Lawn Care has the option to declare the entire unpaid principal and interest immediately due or accept the late payment with a charge of 10% of the late payment amount.
In the event that Canopy Lawn Care demands full payment due to default, they will provide written notice, allowing 10 days for the payment. After this period, the outstanding balance will accrue interest at a default rate of 18% per year from the original due date of the missed payment. Additionally, the maker is responsible for covering Canopy Lawn Care's attorney fees and costs associated with collection efforts resulting from the default. The FDD does not specify the exact date of the final payment, only that it will be listed on the promissory note.