What is the document called that Deck Medic will provide for the amount financed?

According to Deck Medic's 2024 Franchise Disclosure Document, if Deck Medic offers direct financing for the initial franchise fee, they will provide a document called a promissory note, or "Note", for the amount financed and any financing charges. If the franchisee is a corporation, each member, shareholder, partner, and their spouses must sign the Note. The franchisee is required to return an original signed copy of the Note to Deck Medic, and Deck Medic has the right to assign the Note to a third party. If the note is for a new Deck Medic business, the business must open within six months of receiving the funding. A copy of the Promissory Note for Initial Franchise Fees is attached as Exhibit 6 of the Franchise Agreement.

The financing terms offered by Deck Medic include direct financing for the initial franchise fee, where $20,000 may be financed after a $10,000 down payment. The term is 36 months with an 8% APR, resulting in monthly payments of $626.73. Security for the note includes a personal guaranty, a security agreement, and a UCC-1 filing. Failure to repay the loan could result in the loss of the franchise and other remedies available to Deck Medic under the Franchise Agreement, security agreement, and note. The franchisee also waives various notices, rights, and defenses and confesses judgment.

Deck Medic may also offer indirect financing through third parties, and the terms will vary. If a franchisee requests indirect financing, Deck Medic may receive a referral fee from the third-party financing provider. Deck Medic does not guarantee any note, lease, or obligation. The franchisee must also sign a security agreement for all of the franchised business's assets, including after-acquired property, and Deck Medic will file a UCC-1 financing statement. Deck Medic has the right to require additional forms of security.