factual

What are the limitations on the Secured Party's duties or responsibilities with reference to the Collateral for a Deck Medic franchise?

Deck_Medic Franchise · 2024 FDD

Answer from 2024 FDD Document

Franchise Agreement Exhibit 7 Security Agreement

SECURITY AGREEMENT

This Security Agreement ("Security Agreement") is made as of [Date] between [Debtor Name] ("Debtor"), and Deck Medic, Inc. ("Secured Party").

For good and valuable consideration, the receipt and sufficiency of which are acknowledged, Debtor grants to Secured Party a security interest including inventory, accounts, supplies, contracts, and proceeds and products of all those assets and any and all amendments thereto 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). The Collateral described herein falls within the scope of the Uniform Commercial Code enacted in Illinois. 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 43–228)

What This Means (2024 FDD)

I am unable to provide information on the limitations of the Secured Party's duties or responsibilities with reference to the Collateral for a Deck Medic franchise, according to the 2024 Franchise Disclosure Document. While the document includes a Security Agreement exhibit that defines the collateral and the Debtor's obligations, it does not specify any limitations on the Secured Party's duties or responsibilities. A prospective franchisee should ask Deck Medic for more information about the limitations on the Secured Party's duties or responsibilities with reference to the Collateral.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.