What is the definition of 'Lease' in the context of the Aira Fitness franchise agreement?
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, a 'Lease' in the context of the franchise agreement refers to an agreement between Pure Gym Equipment LLC, identified as the Franchisor's Affiliate, and the franchisee. This lease specifically pertains to the rental of a pre-fabricated modular building referred to as a 'Pod' for the franchisee's Aira Fitness business. The location of this business is specified as the 'Business Premises' within the lease agreement.
The document outlines key components of the lease agreement, including the effective date, the involved parties, and their respective addresses for notices. It also highlights that a guarantor, identified as the Franchisee, must execute and deliver a guaranty to the Franchisor's Affiliate, ensuring the franchisee's full performance under the lease agreement. This guaranty is a condition for the Franchisor's Affiliate to fulfill its obligations under the agreement.
The lease term commences upon the delivery of the Pod, with the specifications of the Pod detailed in Schedule 1 of the agreement. This arrangement ensures that Aira Fitness franchisees have access to suitable premises for operating their fitness centers, while also establishing clear terms and conditions for the lease of these facilities. The lease is a separate agreement from the franchise agreement.