What is considered the 'Effective Date' of the Fitness Equipment Lease Agreement for an Aira Fitness franchise?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
| THIS LEASE Premises"). | AGREEMENT (the "Agreement") is made on the day of, 20, (the "Effective Date") by and between Pure Gym Equipment LLC, an Illinois limited liability company ("Franchisor's Affiliate") and, a, (hereinafter called "You" or "Franchisee") for the lease of Pod (as hereinafter defined) Aira Fitness franchise business located at ("Business | for Franchisee's |
|---|---|---|
| WITNESSETH | ||
| Affiliate | WHEREAS, Franchisee is in the business of leasing and selling fitness equipment buildings ("Pods") to Aira Fitness franchisees; WHEREAS, Franchisee is leasing from Franchisor's Affiliate and Franchisor's Affiliate is leasing to Franchisee a Pod on the terms described in this Agreement. NOW THEREFORE, intending to be legally bound, the parties agree as follows: Basic Lease Terms. | owns and operates an Aira Fitness franchise business and Franchisor's and pre-fabricated modular |
| (a) | Franchisor's Affiliate's Address for Notice: | Pure Gym Equipment LLC 521 S. Jade Lane Round Lake, IL 60073 Attn: Mike Bell |
| With a copy of all notices going to: (Franchisor's Affiliate) | Huck Bouma PC 1755 S. Naperville Rd., Ste. 200 Wheaton, IL 60189 Attn: Alissa Carter Verson | |
| (b) | Franchisee's Address for Notice: With a copy of all notices going to: (Franchisee): | |
| (c) | Concurrently with the execution of this Agreement a material inducement of Franchisor's Affiliate's obligations under this Agreement, , who is Franchisee ("Guarantor"), shall execute and shall deliver to Franchisor's Affiliate a Guaranty in the form attached hereto as Schedule 2, guaranteeing Franchisee's full performance under this Agreement. | by Franchisee, as a condition of and currently of |
| (d) | The period commencing on the Commencement Date of the Term and ending on the Expiration Date of the Term, is referred to in this Agreement as the "Term." | |
| (e) | The "Commencement Date" of the Term shall be upon delivery of the Pod, the specifications of which are listed in Schedule 1 to this Agreement. |
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
According to Aira Fitness's 2025 Franchise Disclosure Document, the Effective Date of the Fitness Equipment Lease Agreement is defined within the agreement itself. Specifically, the lease agreement states that it is made "on the day of, 20,", which is designated as the "Effective Date." This date serves as the starting point for the terms and conditions outlined in the lease agreement between Pure Gym Equipment LLC (Franchisor's Affiliate) and the franchisee.
For a prospective Aira Fitness franchisee, this means the actual effective date will be determined when the lease agreement is finalized and signed. This date is crucial because it triggers various obligations and timelines, such as the commencement of lease payments and the schedule for equipment upgrades or replacements. The FDD also mentions that the franchisee is leasing either a Pod or fitness equipment for the Aira Fitness franchise business located at the "Business Premises".
It is important for franchisees to carefully review the lease agreement and confirm the Effective Date before signing. This ensures clarity regarding their responsibilities and the timing of key events related to the leased equipment. Furthermore, the franchisee should understand that a Guaranty, in the form attached as Schedule 2, guaranteeing the franchisee's full performance under the agreement, must be executed concurrently with the execution of this Agreement.