In the context of the Aira Fitness Lease Addendum, what is the significance of the 'Lease' date?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
(iii) FRANCHISEE ACCEPTS THE CONDITION OF THE EQUIPMENT AS DELIVERED ON:
| Date: | |--------------| | Franchisee: | | By: | | (Print Name) |
EXHIBIT 1 TO PURCHASE AGREEMENT
List of Initial Fitness Equipment
EXHIBIT G FITNESS EQUIPMENT LEASE
FITNESS EQUIPMENT LEASE AGREEMENT
| THIS LEASE | 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 Fitness Equipment for Franchisee's Aira Fitness | |
| franchise business located at ("Business Premises"). | ||
| WITNESSETH | ||
| WHEREAS, Franchisee | and Franchisor's | |
| owns and operates an Aira Fitness franchise business | ||
| Affiliate | ||
| is in the business of leasing and selling fitness equipment to Aira Fitness franchisees; | ||
| WHEREAS, Franchisor's Affiliatedesires to provide for Franchisee's equipment needs as they | ||
| arise from time to time by supplying it equipment. | ||
| WHEREAS, Franchisee is leasing from Franchisor's Affiliate and Franchisor's Affiliate is | ||
| leasing to Franchisee the equipment listed on Schedule 1 to this Agreement on the terms | ||
| described in this Agreement. | ||
| NOW THEREFORE, intending to be legally bound, the parties agree as follows: | ||
| 1. | Basic Lease Terms. | |
| (a) | Franchisor's Affiliate's Address for Notice: | Pure Gym Equipment LLC |
| 600 Rt. 59 | ||
| Ingleside, IL 60041 | ||
| Attn: Mike Bell | ||
| With a copy of all notices going to: | Huck Bouma PC | |
| (Franchisor's Affiliate) | 1755 S. Naperville Rd., Ste. |
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
According to Aira Fitness's 2025 Franchise Disclosure Document, the 'Lease' date, also referred to as the 'Effective Date,' establishes the commencement of the agreement between Pure Gym Equipment LLC (Franchisor's Affiliate) and the franchisee. This date is crucial because it marks when the terms and conditions of the lease become active, setting the stage for the franchisee's obligations regarding the leased fitness equipment for their Aira Fitness franchise.
The 'Effective Date' triggers several important obligations. For example, the franchisee's guarantor must execute and deliver a Guaranty to Franchisor's Affiliate, ensuring the franchisee's full performance under the agreement. Additionally, the term of the lease, which defines the period during which the franchisee is entitled to use the equipment, is calculated from the Commencement Date and ends on the Expiration Date.
For a prospective Aira Fitness franchisee, understanding the 'Lease' date is essential for managing their responsibilities and planning their business operations. It dictates when lease payments begin, when equipment upgrades might be necessary, and when the lease expires, potentially requiring renewal or equipment return. Furthermore, the franchisee must be aware of the modernization and equipment replacement requirements tied to the Effective Date, ensuring compliance with Aira Fitness's standards and avoiding potential penalties.