Who is the Cool Binz Promissory Note binding upon?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
t is the parties' intent that the provisions of this Promissory Note be judicially enforced to the fullest extent permissible under applicable law. Accordingly, the parties agree that any reduction in scope or modification of any part of the provisions contained here in this Promissory Note shall not render any other part unenforceable.
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- Holder's failure to enforce any rights granted to it under this Promissory Note will not constitute a waiver of such rights.
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- This Promissory Note is binding upon and will insure to the benefit of the parties and their successors, heirs, and assigns.
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- The persons executing this Note on behalf of the Undersigned acknowledge their authority to do so.
**I HAVE READ THE ABOVE NOTE AND UNDERSTAND ITS TERMS.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to the 2025 Cool Binz Franchise Disclosure Document, the Promissory Note is binding upon the parties involved, including their successors, heirs, and assigns. This means that the obligations outlined in the note extend not only to the original signatories but also to anyone who inherits their rights or responsibilities.
Specifically, the document states that the persons signing the note on behalf of the Undersigned acknowledge their authority to do so. This highlights the importance of ensuring that individuals executing the note have the legal capacity and authorization to bind the respective party to its terms. The document also emphasizes that the proceeds from the Promissory Note must be used for starting a Cool Binz franchised business, ensuring the funds are directed towards the intended purpose.
Furthermore, the FDD states that the Promissory Note is personally guaranteed by the franchisee named in the document. This guarantee adds an additional layer of security for Cool Binz, as the franchisee is personally liable for the obligations under the note. The franchisee's signature on the document signifies their understanding and agreement to be bound by its terms, reinforcing the enforceability of the Promissory Note.