When are Deck Medic franchise and development fees typically paid?
Deck_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
event that any action or legal proceeding is commenced respecting or related to this Release or the enforceability of this Release, the prevailing party in such legal action or proceeding shall be entitled to the recovery of reasonable attorneys' fees.
IN WITNESS WHEREOF, the Releasor has hereunto set Releasor's hand and seal on the date set forth below.
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| Signature | Signature | |
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Franchise Agreement Exhibit 6 Promissory Note for Initial Franchise Fee
PROMISSORY NOTE FOR INITIAL FRANCHISE FEES
1. THE PARTIES.
On [Date] [Borrower Name] of [Borrower Address] referred to as the "Borrower",
HAS RECEIVED AND PROMISES TO PAY: Deck Medic, Inc. an Illinois corporation with a principal place of business located at 966 Lambrecht Road, Frankfort, Illinois 60423 (or its successors or assigns) referred to as the "Lender", the sum of [Total Amount Including Processing Fees] US Dollars referred to as the "Borrowed Money", accruing on the unpaid balance at a rate of [Percentage] per annum, referred to as the "Interest Rate", beginning on [Note Commencement] under the following terms and conditions:
2. PAYMENTS. The full balance of this Note, including any accrued interest and late fees, is due and payable on [Due Date] referred to as the "Due Date". The Borrowed Money shall be repaid via
Source: Item 23 — RECEIPTS (FDD pages 43–228)
What This Means (2024 FDD)
According to Deck Medic's 2024 Franchise Disclosure Document, the franchise fees can be paid via a promissory note. The borrower, or franchisee, promises to pay Deck Medic, Inc. the borrowed money, which includes processing fees, with interest accruing on the unpaid balance beginning on the note commencement date.
The full balance, including accrued interest and late fees, is due by a specified date. Installments are typically made monthly, starting on a specified date, with any remaining balance due on the final due date. Late payments incur a $50 fee for each day the payment is late, and the unpaid amount accrues interest at a specified percentage or the highest rate permitted by law.
This promissory note is secured, meaning Deck Medic has a legal claim on specific assets of the franchisee in case of default. This arrangement allows franchisees some flexibility in managing their initial investment, but it's crucial to understand the interest rates, late payment penalties, and security terms to avoid financial strain. Prospective franchisees should carefully review the promissory note and seek professional financial advice to ensure they can meet the payment obligations.