Where should notices be sent according to the Deck Medic Security Agreement?
Deck_Medic Franchise · 2024 FDDAnswer 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)
Based on the 2024 Deck Medic Franchise Disclosure Document, the provided excerpts do not contain information regarding where notices should be sent according to the Deck Medic Security Agreement. While Exhibit 7 is a sample Security Agreement, it does not specify the addresses for sending notices.
As a prospective franchisee, it is crucial to understand the proper channels for communication, especially concerning legal and contractual obligations. Knowing where to send official notices ensures that you fulfill your responsibilities under the Security Agreement and maintain clear communication with Deck Medic.
To gain clarity, a prospective Deck Medic franchisee should ask the franchisor for the specific contact information and addresses designated for sending notices related to the Security Agreement. This information should include the physical address, email address, and any other relevant contact details for both routine communications and legal notices to ensure compliance and avoid potential disputes.