What is the significance of the date on page 1 of the Exit franchise agreement in relation to Schedule 3?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
SCHEDULE 4 GUARANTY AND AGREEMENT TO BE BOUND BY THE TERMS AND CONDITIONS OF THE FRANCHISE AGREEMENT
For good and valuable consideration, the undersigned, for themselves, their heirs, successors, and assigns, do jointly, individually and severally ("Guarantor" whether one or more) guarantee payment of all amounts and the performance of the covenants, terms and conditions in the Franchise Agreement dated [insert date from page 1]
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the date on page 1 of the franchise agreement is significant because it is referenced in Schedule 4, which is the Guaranty and Agreement to be Bound by the Terms and Conditions of the Franchise Agreement.
Schedule 4 states that the guarantor agrees to be bound by the terms and conditions in the Franchise Agreement dated "[insert date from page 1]" between the Subfranchisor and Franchisee. This means the guarantor's obligations are tied to the specific version of the franchise agreement in effect as of that date.
For a prospective Exit franchisee, this highlights the importance of carefully reviewing the franchise agreement and all its schedules before signing, as the guarantor's obligations are directly linked to the terms and conditions outlined in those documents as of that specific date. This ensures that all parties, including the guarantor, are clear on their responsibilities and liabilities under the agreement.