What other conditions must be met for an Aira Fitness franchise transfer?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
You must have complied with any other conditions that we reasonably require from time to time as part of our transfer policies.
- C.
Conditions of Transfer.
We condition our consent to any proposed transfer, whether to an individual, a corporation, a partnership or any other entity upon the following:
Transferee Qualifications.
The transferee must meet all of our then-current requirements for the franchise we are offering at the time of the proposed transfer.
Payment of Amounts Owed.
All amounts owed by you to us or any of our affiliates, your suppliers or any landlord for the Aira Fitness Business premises and Authorized Location, or upon which we or any of our affiliates have any contingent liability must be paid in full.
Reports.
You must have provided all required reports to us in accordance with Section 10.
Modernization.
You must have complied with the provisions of Section 5.F.
Guarantee.
In the case of an installment sale for which we have consented to you or any Owner retaining a security interest or other financial interest in this Agreement or the business operated hereunder, you or such Owner, and the guarantors, are obligated to guarantee the performance under this Agreement until the final close of the installment sale or the termination of such interest, as the case may be.
Consent to Transfer; General Release.
You, each Owner and each guarantor must execute all transfer documents that we require and in the form we designate, which documents will include a general release
Transaction Terms.
You or the proposed transferee have provided us with all information we have reasonably requested regarding the terms of the proposed transfer, and we are satisfied that the financial terms and conditions of the proposed transfer will not have a materially adverse effect on the business' post-transfer ability to continue in operation and to meet its liabilities as the fall due.
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
According to the 2025 Aira Fitness Franchise Disclosure Document, several conditions must be met to transfer a franchise. The potential transferee must meet all of Aira Fitness's current requirements for franchisees at the time of the proposed transfer. All outstanding payments owed to Aira Fitness, its affiliates, suppliers, or the landlord for the business premises must be paid in full before the transfer can proceed.
Additionally, the franchisee must have submitted all required reports to Aira Fitness as outlined in Section 10 of the agreement. The franchisee must also have complied with the modernization provisions detailed in Section 5.F, which likely involve updating the Aira Fitness location to meet current brand standards. In cases where the seller retains a security interest in the business, they and any guarantors must continue to guarantee performance under the Franchise Agreement until the installment sale is finalized or the interest is terminated.
Furthermore, all parties involved, including the franchisee, owners, and guarantors, must execute all required transfer documents, including a general release of claims. Aira Fitness also requires that the franchisee or the proposed transferee provide all reasonably requested information regarding the terms of the proposed transfer. Finally, the franchisor must be satisfied that the financial terms of the transfer will not negatively impact the business's ability to operate and meet its financial obligations after the transfer.