What is the significance of time in relation to the Aira Fitness Multi-Unit Development Agreement?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
Developer is obligated under this Agreement to develop, open and operate a minimum of three (3) Aira Fitness centers. On or before the date set forth below, Developer is obligated by this Agreement to have signed Franchise Agreements, signed leases or purchase agreements, and commenced operating Aira Fitness Centers:
Last date for Execution of Lease or Date for Execution of Purchase Agreement for Commencement Franchise Agreement Franchisor Approved Site of Operations Upon the execution of this Agreement DEVELOPER: AIRA FITNESS [ENTITY NAME] FRANCHISING LLC An Illinois limited liability Franchisor A Dated: Dated: AIRA FITNESS MUDA 2025 - 18 - DEVELOPER INITIALS FRANCHISOR INITIALS
EXHIBIT C TO THE MULTI-UNIT DEVELOPMENT AGREEMENT
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
According to Aira Fitness's 2025 Franchise Disclosure Document, time is a significant factor in the Multi-Unit Development Agreement. The agreement requires the developer to adhere to a specific development schedule, obligating them to develop, open, and operate a minimum of three Aira Fitness centers. This schedule dictates the timeframe within which the franchisee must sign Franchise Agreements, secure leases or purchase agreements, and commence operations for each Aira Fitness center. The specific dates for these milestones are determined upon the execution of the agreement.
Furthermore, the term of the Multi-Unit Development Agreement is tied to the signing of Franchise Agreements for the last franchise to be developed under the agreement. The agreement's term is not related to the term of any franchise agreement, lease, or other agreement related to any Aira Fitness Center. Upon completion of the development schedule and termination of the franchisee's exclusive rights to the development area, the franchisee may have a right of first refusal to establish additional franchised businesses within the development area, subject to certain conditions and timelines.
Additionally, if the Authorized Location is not known when the agreement is signed, the franchisee has 90 days from the Effective Date of the agreement to acquire an acceptable site. The franchisee also has modernization and equipment replacement obligations with specific deadlines. For example, the franchisee must modernize the Aira Fitness Business within five years of the Effective Date and replace all fitness equipment within three years of the Effective Date. These timelines are crucial for maintaining the standards and competitiveness of the Aira Fitness Business.