What agreement is referenced as supporting or guaranteeing the Mrcool Franchise Agreement?
Mrcool Franchise · 2025 FDDAnswer from 2025 FDD Document
WHEREAS, Franchisee has entered into a MRCOOL Center Franchise Agreement (the "Franchise Agreement") for the ownership, development and operation of a MRCOOL Center (the "Franchised Business");
WHEREAS, you have received and have thoroughly reviewed the completed Franchise Agreement, including the completed Schedules and Exhibits attached thereto;
WHEREAS, we have recommended that you thoroughly review the Franchise Agreement, this Agreement and all exhibits and schedules to the Franchise Agreement with a lawyer selected and hired by you;
Source: Item 23 — RECEIPTS (FDD pages 55–263)
What This Means (2025 FDD)
According to Mrcool's 2025 Franchise Disclosure Document, several agreements may support or guarantee the Franchise Agreement. One such agreement is the 'Franchise Owner and Spouse Agreement and Guaranty.' This agreement is entered into by the owner of the franchise and their spouse, and it serves as a guarantee for the franchisee's obligations under the Franchise Agreement.
Additionally, for franchisees in specific states like Maryland, Minnesota, New York, and Washington, there are state-specific amendments to the Mrcool Franchise Agreement. These amendments recognize the franchise laws of those states and modify certain provisions of the Franchise Agreement to comply with state regulations. For instance, the New York Franchise and Development Agreement Amendment acknowledges the New York General Business Law, while the Washington State Franchise Agreement Amendment recognizes the Washington State Franchise Investment Protection Act.
Furthermore, if a franchisee and Mrcool both sign the 'Multi-Unit Development Agreement,' this agreement also interacts with and modifies the Franchise Agreement, particularly in states like Maryland and New York. These agreements ensure that the Mrcool franchise adheres to local laws and provides additional support and guarantees for the franchisee, depending on their location and specific circumstances.