What is the payment schedule for the brand development fee for a Deck Medic franchise?
Deck_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
forceability 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 | |
| Name (please print) | Name (please print) | |
| Dated | Dated | |
| Signature | Signature | |
| Name (please print) | Name (please print) | |
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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 the 2024 Deck Medic Franchise Disclosure Document, the brand development fee, referred to as Borrowed Money, can be repaid via installments every month on the first of the month, beginning on a specified date, with any remaining balance due on a specific Due Date.
If a Deck Medic franchisee misses a payment, they will be charged a late fee of $50 for every day the payment is late. Additionally, the unpaid amount will accrue interest at a rate equal to the lesser of a specified percentage per annum or the highest rate permitted by applicable law, starting from the day the payment was due until it is made.
The promissory note is secured under unspecified terms. The specific dates, amounts, and interest rates are determined at the time of signing the promissory note.