If an Aerus franchisee transfers their franchise, what agreement options does the transferee have?

Franchisee will pay, at the time of the request for Transfer, a Transfer Fee as described in Schedule 3 to reimburse Company for Company's reasonable expenses associated with reviewing the application to Transfer.

The transferee will (as Company directs): (i) execute, for a term ending on the expiration date of this Agreement and with such renewal term as may be provided by this Agreement, the standard form franchise agreement then being offered to new system franchisees and other ancillary agreements as Company may require for the Franchised Business, which agreements will supersede this Agreement and Attachments in all respects and the terms of which agreements may differ from the terms of this Agreement, provided, however, that the transferee will not be required to pay any Initial Franchise Fee; or (ii) enter into a written agreement, in a form satisfactory to Company, assuming full, unconditional, joint and several liability for, and agreeing to perform from the date of the Transfer, all obligations, covenants and agreements contained in this Agreement and Attachments; and, if transferee is a business entity, transferee's shareholders, partners, members or other investors, as applicable, will execute such agreement as transferee's principals and guarantee the performance of all such obligations, covenants and agreements; and transferee will provide to Company any other evidence deemed necessary by Company to determine that the terms of the agreements described above have been or will be satisfied and are true and correct on the date of Transfer; the transferor will remain liable for all of the obligations to Company in connection with the Franchised Business incurred prior to the effective date of the Transfer and will execute any and all instruments Company reasonably requests to evidence such liability;

Source: Item 23 — Receipts (FDD pages 74–305)