When is the first installment due for the Clear Pest Pros promissory note?
Clear_Pest_Pros Franchise · 2025 FDDAnswer from 2025 FDD Document
-
- Should the undersigned transfer or assign their franchise rights to a third party prior to the pay-off of this Promissory Note, said Promissory Note must be paid in full before Holder will approve such transfer or assignment.
-
- The Undersigned hereby confirms that the proceeds of this Promissory Note will be used for the business purpose of starting up a Clear Pest Pros franchised business.
As provided in this Franchise Agreement this Promissory Note is personally guaranteed by
Source: Item 22 — CONTRACTS (FDD pages 67–68)
What This Means (2025 FDD)
The 2025 Franchise Disclosure Document for Clear Pest Pros does not specify when the first installment is due on the promissory note. The document does mention the promissory note in the context of transferring franchise rights, stating that if a franchisee transfers their rights before the note is paid off, the note must be paid in full before Clear Pest Pros approves the transfer.
Additionally, the FDD confirms that the proceeds from the promissory note are to be used for starting up a Clear Pest Pros franchised business. The promissory note is also personally guaranteed as provided in the Franchise Agreement.
To determine the due date of the first installment, a prospective Clear Pest Pros franchisee should review the full promissory note agreement and/or ask the franchisor directly for clarification.