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Franchisor Surety Bond FSB - Minnesota
| Franchisor Surety Bond Form. This is a Minnesota form and can be used in General Blue Sky Secretary Of State . |
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BOND NO. ________________________ STATE OF MINNESOTA FRANCHISOR SURETY BOND KNOW ALL MEN BY THESE PRESENTS, THAT __________________________________________ (Name of Franchisor)a ______________________________________________________________________ _____________________ (Description or form of business organization, including State of Incorporation, if applicable, e.g., a Minnesota Corporation) with business office at ________________________________________________________________________ ____________ (Address) as Principal and _________________________________________________, a co rporation duly (Name of Surety) organized under the laws of the State of ___________________________, and authorized to do business in the State of Minnesota, as Surety, are hereby held and firmly bound to the State of Minnesota, in the sum of ________________________________________________ ________ Thousand Dollars ($_____,000.00). For the payment of this sum, Principal and Surety bind themselves, their representatives, successors and assigns, jointly and severally by these presents. The parties further agree that: 1. The purpose of this obligation is to secure the compliance by Principal with its franchise contract(Registration Number ____________) in accordance with Minnesota Statutes, Section 80C.05 and Minnesota Rules, Part 2860.1900. 2. This bond is for the benefit of the State of Minnesota and all persons purchasing franchises fromprincipal. 3. If Principal shall violate the franchise contract by failing to provide real estate, improvements,equipment, inventory, training or any other items included in the offering, prior to the time of the opening of thefranchise business, the Commissioner of Commerce of the State of Minnesota, as well as any franchisee damaged as a result of such violation, shall have, in addition to all other legal remedies, a right of action on this Bo nd in thename of the injured party for loss sustained by the injured party. 4. This bond shall become effective at __________on __________________________________ (time of day) (date)It may be cancelled by Surety and Surety relieved of liability with respect to franchise agreements entered into byPrincipal after the effective date of cancellation. Cancellation is effective 30 days after the Commissioner of Commerce and Principal receive written notice from Surety of cancellation. Notwithstanding any such cancellation,coverage under this bond remains effective with respect to any franchise agreements entered into by Principal priorto the effective date of cancellation. _________________________________________ ____________________________ ____________________ (Name of Surety) (Na me of Franchisor)By: _____________________________________ By:_______________________________________________ (Signature of Attorney in Fact) (Signature of Officer, Partner, or Sole Proprietor)************************************************************************ ************************************************************** FOR OFFICE USE ONLY Approved as to form and execution. _____________________________________ __________________________ ________ Special Assistant Attorney General Date American LegalNet, Inc. www.USCourtForms.com<<<<<<<<<********>>>>>>>>>>>>> 2 Instructions: 1. This side is to be completed by a notary public for both the Principa l and the Surety. 2. Please attach the Power of Attorney and Certified Copy of the Corporate Resolution for the Surety listed herein. STATE OF _________________________) ) ss. ACKNOWLEDGEMENT OF PRINCIPAL COUNTY OF _______________________) (INDIVIDUAL PROPRIETORSHIP) The foregoing instrument was acknowledged before me this _______ day of _______________________, 20____, by ______________________________________________. (Name of Person Acknowledged) (CORPORATION) The foregoing instrument was acknowledged before me this ________ day of _____________________, 20____, by ________________________________________________ President of (Name of Corporation President) ____________________________________________, a ________________________ ______________ (Name of Corporate Acknowledging) (State of Incorporation) corporation, on behalf of the corporation. (PARTNERSHIP) The foregoing instrument was acknowledged before me this ________ day of ______________________, 20____, by ________________________________________________ , a partner on behalf of (Name of Acknowledging Partner) ____________________________________________, a partnership. (Name of Partnership) _______________________________________ Notary Public NOTARY SEAL Cty:____________________ Comm. Exp:_____ STATE OF _________________________) ) ss. ACKNOWLEDGEMENT OF SURETY COUNTY OF _______________________) The foregoing instrument was acknowledged before me this ________ day of _____________________, 20____, by ______________________________________________________ of (Name and Title of Officer or Agent) ____________________________________________, a ________________________ ______________ (Name of Corporation Acknowledging) (State of Incorporation) corporation, on behalf of the corporation. ________________________________ Notary Public NOTARY SEAL Cty:__________________ Comm. Exp:_______ American LegalNet, Inc. www.USCourtForms.com
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