Does the Aira Fitness Guaranty specify the date on which the Guaranty is made?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
nchise Agreement executed within the Development Area, the Franchise Agreement shall have precedence and superiority over this Agreement.
| AIRA FITNESS | | | |---------------------|--------|--------------------| | MUDA 2025 | - 15 - | | | FRANCHISOR INITIALS | | DEVELOPER INITIALS |
15. OWNER GUARANTY.
This Agreement must be personally guaranteed and the obligations hereunder assumed by all of the Owners of the Developer, and all such Owners must execute the Guaranty and Assumption of Obligations which is attached hereto as Exhibit C concurrently with the execution
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
According to Aira Fitness's 2025 Franchise Disclosure Document, the Owner Guaranty requires all owners of the Developer to personally guarantee the agreement and assume the obligations. The owners must execute the Guaranty and Assumption of Obligations, which is included as Exhibit C, concurrently with the execution of the agreement by the Developer. The document also states that the agreement includes signature lines for both the Franchisor and the Developer, with a space for the date to be entered next to each signature. This indicates that the Guaranty is intended to be dated at the time of signing.
This means that all owners are committing to uphold the responsibilities and financial obligations outlined in the franchise agreement from the date they sign the guaranty. This is a standard practice in franchising, ensuring that the franchisor has recourse to the personal assets of the franchisee's owners if the business fails to meet its obligations. The concurrent execution requirement ensures that the guaranty is in place from the beginning of the franchise relationship.
Prospective franchisees should carefully review Exhibit C and understand the full scope of the obligations they are personally guaranteeing. They should also ensure that the date on the Guaranty matches the date of the franchise agreement to avoid any potential disputes about the effective date of their personal guarantee.