What is the latest amendment date for the note related to the Exit franchise territory in Michigan?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
| Balance before Restructure | Advances | Debt Reduction | Balance after Restructure | |
|---|---|---|---|---|
| Franchise territory – IL | $ 702,045 | $ 277,019 | $ (606,327) | $ 372,737 |
| Franchise territory – MN | 60,106 | 127,745 | (17,430) | 170,421 |
| Franchise territory – WI | 467,232 | 70,518 | (192,906) | 344,844 |
| Franchise territory – MI | 1,088,526 | 46,973 | (458,523) | 676,976 |
| Total | $ 2,317,909 | $ 522,255 | $ (1,275,185) | $ 1,564,978 |
Included in advances is an escalation of the Illinois territory addition of $198,629, financing
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the note for the Michigan franchise territory was last amended on September 12, 2023. This note is related to financing for the franchise territory in Michigan. The original date of the note is August 1, 2021.
The note is payable in monthly installments ranging from $4,675 to $7,546 through September 2033. Interest accrues on the note at a rate of 3.00% per annum. As of December 31, 2024, the balance of the note was $628,349.
Prospective franchisees should be aware of the terms of any financing arrangements, including amendment dates, interest rates, and repayment schedules, as these factors can significantly impact the overall cost and profitability of the franchise. Understanding the financial obligations associated with territory notes is crucial for making informed decisions about investing in an Exit franchise.