Where in the Coffee News Franchise Agreement can I find the Coffee News promissory note schedule?
Coffee_News Franchise · 2025 FDDAnswer from 2025 FDD Document
the right to exercise the right at any other time. Upon realizing the security granted herein, Holder has the right and power to sell the Franchise that was granted to Debtor in the foregoing Coffee News Franchise Agreement.
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- If the Promissory Note is not paid when due and shall be placed by the Holder in the hands of any agent or attorney for collection through legal proceedings or otherwise, the undersigned shall pay to the Holder the costs and reasonable expenses of collection, including without limitation, reasonable attorney's fees.
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- This Schedule B and the Promissory Note contained herein shall be governed by and construed according to the laws of the State of Maine.
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- Nonperformance of either party shall be excused to the extent that performance is rendered impossible by strike, fire, flood, governmental acts, orders or restrictions, or any other reason where failure to perform is beyond the control and not caused by the negligence of the non-conforming party.
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- The parties agree that neither party may assign or transfer any rights and obligations under this Schedule B, directly or indirectly except upon the prior written consent of the other party. Subject to the foregoing, this Schedule B shall be binding upon and inure to the benefit of the parties hereto, their successors and assigns.
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- If any provision of this Schedule B is held to be invalid by a court of competent jurisdiction, then the remaining provisions shall nevertheless remain in full force and effect.
The undersigned hereby acknowledges receipt of a filled-in copy of this Schedule B, the Promissory Note, and Exhibit A to this Promissory Note (the Guaranty of Performance), which is incorporated as party of this Schedule B by reference. The undersigned acknowledges and agrees that he/she has read and understand the entire Schedule B and that he/she has been offered an opportunity to obtain legal consultation in connection with the Schedule B and the Promissory Note contained herein before his/her signature.
Source: Item 23 — Receipts (FDD pages 36–118)
What This Means (2025 FDD)
Based on the 2025 Coffee News Franchise Disclosure Document, Schedule B contains the Coffee News promissory note. The document confirms that upon signing Schedule B, the franchisee acknowledges receipt of a filled-in copy of Schedule B, the Promissory Note, and Exhibit A (the Guaranty of Performance), which is incorporated as part of Schedule B by reference. The franchisee also acknowledges understanding the entire Schedule B and having the opportunity to seek legal consultation before signing.
Schedule B outlines several key terms related to the promissory note. It specifies that the schedule and promissory note are governed by the laws of Maine. It also states that the franchisee is responsible for covering collection costs and reasonable attorney's fees if the promissory note is not paid when due and is placed in the hands of an agent or attorney for collection.
Furthermore, Schedule B addresses circumstances that excuse nonperformance by either party, such as strikes, fires, floods, governmental actions, or any other reasons beyond their control and not caused by their negligence. The schedule also restricts the assignment or transfer of rights and obligations by either party without the prior written consent of the other. These provisions protect both Coffee News and the franchisee under specific circumstances.