In the Collateral Assignment of Lease for an Aw franchise, what information is required to be filled in for the 'By:' section related to the franchisee?
Aw Franchise · 2025 FDDAnswer from 2025 FDD Document
| day of, 20 | IN WITNESS WHEREOF, Assignor and Assignee have affixed their signatures hereon this |
|---|---|
| Rayyan Pizza Franchise LLC | FRANCHISEE: |
| An Illinois limited liability company | |
| By: | By: |
| Its: | Its: |
| STATE OF | |
| ) | |
| ) SS. | |
| COUNTY OF | |
| ) | This Collateral Assignment of Lease was acknowledged before me by , President of, a, on behalf of the IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal at,, this day of, 20 |
| Notary Public |
Source: Item 22 — CONTRACTS (FDD pages 39–40)
What This Means (2025 FDD)
According to the 2025 Aw Franchise Disclosure Document, the Collateral Assignment of Lease requires specific information to be filled out by both the franchisor and the franchisee. For the franchisee's section, which is labeled 'FRANCHISEE,' there is a 'By:' field that needs to be completed. While the document does not explicitly state what information is required here, it is common practice to include the signature of an authorized representative of the franchisee, along with their title, to legally bind the franchisee to the assignment.
In addition to the 'By:' field, the document also includes fields for the franchisee's name, business address, and the date of the agreement. The franchisor, Rayyan Pizza Franchise LLC, also has a corresponding 'By:' field, along with fields for their name, title, and date. Both parties must also provide the state and county where the document is being executed, along with a notary public acknowledgment.
Prospective Aw franchisees should carefully review the Collateral Assignment of Lease with legal counsel to ensure they understand their obligations and that all required information is accurately completed. This will help avoid any potential disputes or legal issues in the future. It is also important to note that the specific requirements for the Collateral Assignment of Lease may vary depending on the location of the franchise and any applicable state laws.