Who is the confession of judgment in favor of for a Corcoran franchise?
Corcoran Franchise · 2025 FDDAnswer from 2025 FDD Document
EXHIBIT D-3 EXHIBIT D-3
SECURITY AGREEMENT
This Security Agreement ("Security Agreement") is made as of , between , ("Debtor"), and Corcoran Group LLC ("Secured Party").
For good and valuable consideration, the receipt and sufficiency of which are acknowledged, Debtor grants to Secured Party a security interest in all accounts receivable and payment intangibles; cash proceeds; contract rights; leases; furniture; furnishings; equipment; fixtures; inventory; commissions; real estate listings, listing agreements and related rights which are located at, utilized by or related to the real estate brokerage business conducted by Debtor and including the proceeds therefrom and any and all amendments or replacements thereto and any rebate/award program (or similar incentive programs) to which Debtor and/or any Co-Debtors may be entitled pursuant to any franchise agreement entered into with Secured Party, together with all such rights and property hereafter acquired by Debtor and Co-Debtors; and all general intangibles (collectively, the "Collateral") as well as all parts, replacements, substitutions, profits, products and cash and non-cash proceeds of the foregoing Collateral (including insurance and condemnation proceeds payable by reason of condemnation of or loss or damage thereto). [Add following only for Security Agreements filed in New Jersey - The Collateral described herein falls within the scope of the Uniform Commercial Code enacted in New Jersey, including N.J.S.A. 12A:9-102 and N.J.S.A. 12A:9-109.] The foregoing Collateral is granted to Secured Party as security for (i) the prompt payment of any promissory notes executed by Debtor in favor of Secured Party, and any renewals, compromises, extensions, modifications, accelerations or other changes in the time for performance or other terms (the "Notes"), and (ii) performance under any franchise agreements between Debtor and Secured Party, as the same may be amended (the "Franchise Agreements"), and (iii) all other agreements between Debtor and Secured Party.
SECTION 1 -- DEBTOR'S OBLIGATIONS. Debtor agrees to the following:
Source: Item 23 — RECEIPTS (FDD pages 75–276)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, the security agreement for a Corcoran franchise is made between the franchisee, identified as the "Debtor," and Corcoran Group LLC, who is identified as the "Secured Party."
This agreement allows the Debtor to grant Corcoran Group LLC a security interest in the Debtor's assets. These assets include accounts receivable, payment intangibles, cash proceeds, contract rights, leases, furniture, fixtures, equipment, inventory, commissions, real estate listings, and general intangibles related to the real estate brokerage business. This collateral secures the franchisee's obligations to Corcoran Group LLC.
The security interest in the collateral is granted to Corcoran Group LLC as security for the prompt payment of any promissory notes executed by the Debtor in favor of Corcoran Group LLC, performance under any franchise agreements between the Debtor and Corcoran Group LLC, and all other agreements between the Debtor and Corcoran Group LLC.