Under what conditions can a Creative World School promissory note be assumed?

Based on the 2025 Creative World School Franchise Disclosure Document, the conditions for assuming a promissory note related to a franchise agreement are not explicitly detailed in the provided excerpts. While there is a mention of a promissory note and its connection to the franchise agreement, the document does not specify the circumstances under which this note can be assumed by another party. The FDD mentions that the loan represented by the note is subject to the terms and conditions of the Creative World School Franchise Agreement.

However, there is a reference to a "Conditional Assignment and Assumption of Lease" which suggests that under certain conditions, leases can be transferred or assumed. This indicates that Creative World School does have processes for transferring certain obligations, but it is unclear if this extends to promissory notes. The addendum included in the excerpts addresses "affiliation" between the franchisor and franchisee and states that the franchisee and franchise system must meet all SBA eligibility requirements.

To fully understand the conditions under which a Creative World School promissory note can be assumed, a prospective franchisee should consult the full Franchise Agreement and any related addenda. It would be prudent to directly ask the franchisor about the specific requirements and procedures for assuming a promissory note, including any necessary approvals, financial qualifications, and potential fees or restrictions. Understanding these conditions is crucial for anyone considering taking over an existing Creative World School franchise or otherwise assuming financial obligations related to a franchise agreement.