Can the terms of the Deck Medic loan note be modified verbally?

According to Deck Medic's 2024 Franchise Disclosure Document, the promissory note for the initial franchise fees cannot be verbally modified. The FDD states that there must be a written agreement signed by both the borrower and the lender to modify or amend the note. This protects both parties by ensuring that any changes to the loan terms are documented and agreed upon in writing, preventing potential misunderstandings or disputes.

This requirement for written modifications is a standard practice in lending agreements to provide clarity and legal certainty. It means that any verbal promises or understandings regarding changes to the payment schedule, interest rate, or other terms of the Deck Medic loan note are not legally binding. Franchisees should ensure that any desired modifications are formally documented in a written amendment to the note, signed by both Deck Medic as the lender and the franchisee as the borrower.

The integration clause further reinforces this by stating that there are no verbal or other agreements that modify or affect the terms of the note. This clause emphasizes that the written note represents the complete and exclusive agreement between the parties, superseding any prior discussions or understandings. Therefore, a prospective Deck Medic franchisee should be aware that the written terms of the promissory note are controlling, and any changes must be formalized in writing to be effective.