What is the Owners Agreement for Core Group Restoration Franchising?
Core_Group_Restoration_Franchising Franchise · 2025 FDDAnswer from 2025 FDD Document
| As a condition to the execution by CORE Group Restoration Franchising, LLC ("we" or "us"), of | |
|---|---|
| a Franchise Agreement with ("CORE Member"), each of the | |
| undersigned individuals ("Owners"), who constitute all of the owners of a direct or indirect beneficial | |
| interest in CORE Member, as well as their respective spouses, covenant and agree to be bound by this | |
| Owners Agreement ("Owners Agreement"). | |
| Acknowledgments. | |
Owners acknowledge and agree that we have granted the Franchise Agreement to CORE Member in reliance on Owners' business experience, skill, financial resources and personal character. Accordingly, Owners agree: a) not to sell, encumber, assign, transfer, convey, pledge, merge or give away any direct or indirect interest in this CORE Member, unless Owners first comply with the sections in the Franchise Agreement regarding transfers and assignment, and b) that any attempt to do so will be a material breach of this Owners Agreement and the Franchise Agreement.
- a. Method of Notice. Any notices given under this Owners Agreement shall be in writing and delivered in accordance with the provisions of the Franchise Agreement.
- b. Notice Addresses. Our current address for all communications under this Owners Agreement is:
CORE Group Restoration Franchising, LLC 720 Brazos Street, Suite 1200 Austin, TX 78701
The current address of each Owner for all communications under this Owners Agreement is designated on the signature page of this Owners Agreement. Any party may designate a new address for notices by giving written notice to the other parties of the new address according to the method set forth in the Franchise Agreement.
- f. Effect of Owner's Death. Upon the death of an Owner, the estate of such Owner will be bound by the obligations in this Section 4, but only for defaults and obligations hereunder existing at the time of death; and the obligations of any other Owners will continue in full force and effect.
Source: Item 22 — CONTRACTS (FDD page 55)
What This Means (2025 FDD)
According to Core Group Restoration Franchising's 2025 Franchise Disclosure Document, the Owners Agreement is a contract that binds all individuals who have a direct or indirect beneficial interest in the CORE Member, as well as their spouses, to the terms of the agreement. This agreement is a condition for Core Group Restoration Franchising to execute a Franchise Agreement with the CORE Member. The Owners Agreement ensures that all owners are bound by the obligations and covenants outlined in the agreement.
The Owners Agreement includes provisions regarding transfers of ownership interests. Owners acknowledge that Core Group Restoration Franchising granted the Franchise Agreement to the CORE Member based on the owners' business experience, skills, financial resources, and personal character. Therefore, owners must comply with the transfer and assignment sections in the Franchise Agreement before selling, encumbering, assigning, transferring, conveying, pledging, merging, or giving away any direct or indirect interest in the CORE Member. Failure to comply with these provisions constitutes a material breach of both the Owners Agreement and the Franchise Agreement.
The agreement also addresses notices and enforcement. Any notices under the Owners Agreement must be in writing and delivered according to the Franchise Agreement's provisions. The CORE Group Restoration Franchising's address for communications is 720 Brazos Street, Suite 1200, Austin, TX 78701. The owner's current address for communications is designated on the signature page of the Owners Agreement. The document further stipulates that the estate of a deceased owner remains bound by the obligations in Section 4 of the agreement, but only for defaults and obligations existing at the time of death, while the obligations of any other owners will continue in full force and effect.