What is the deadline for closing the transfer if Azal Coffee exercises its right of first refusal?
Azal_Coffee Franchise · 2024 FDDAnswer from 2024 FDD Document
If we exercise our right of first refusal, the Transfer between Seller and us will be closed by the later of: (a) ninety (90) days after exercise of the right of first refusal; or (b) thirty (30) days after any necessary determinations of equivalent or substitute cash consideration. We will be entitled to customary warranties, closing documents, and post-closing indemnification.
Source: Item 22 — CONTRACTS (FDD page 51)
What This Means (2024 FDD)
According to Azal Coffee's 2024 Franchise Disclosure Document, if Azal Coffee exercises its right of first refusal regarding a franchise transfer, the closing of the transfer between the seller (the franchisee) and Azal Coffee must occur by the later of two dates.
The first potential deadline is ninety (90) days after Azal Coffee exercises its right of first refusal. The second potential deadline is thirty (30) days after any necessary determinations of equivalent or substitute cash consideration.
Azal Coffee is entitled to customary warranties, closing documents, and post-closing indemnification as part of the transfer process.