When does the Basecamp Fitness rent agreement end?
Basecamp_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
RENT: The Agreement shall commence upon the Rent Commencement Date and shall end upon full performance by Customer in observance of all terms, conditions, and covenants set forth at the Agreement and any extension thereof. Rent shall be paid in advance and in the amount and frequency as provided herein plus any applicable taxes and fees including but not limited to sales tax, use tax, property tax, equipment protection fees, and late charges. The first such rental payment shall be due on the Rent Commencement Date and each subsequent payment will be due on the same day of each subsequent month or other frequency as explicitly provided for. Owner will have the right to apply all sums received from Customer to any amounts due and owed to Owner under the terms of this Agreement or any other Agreement between Owner and Customer. Customer agrees that Customer owes Owner additional pro rata rent calculated as one-thirtieth (1/30h) of the monthly rental amount per day from the earlier of the date of Equipment delivery or the date of advanced funding to Supplier until the Rent Commencement Date and the Agreement begins. Provided no events of default have occurred, Owner will allow Customer to pay off the Agreement early for an amount equal to the sum of all remaining unpaid rental payments, discounted to a net present value at a rate up to five percent (5%), plus the purchase option price.
monthly rental amount per day from the earlier of the date of Equipment delivery or the date of advanced funding to Supplier until the Kent Commencement Date and the Agreement begins.
Provided no events of default have occurred, Owner will allow Customer to pay off the Agreement early for an amount equal to the sum of all remaining unpaid rental payments, discounted to a net present value at a rate up to five percent (5%), plus the purchase option price.
Source: Item 23 — RECEIPTS (FDD pages 62–248)
What This Means (2025 FDD)
According to Basecamp Fitness's 2025 Franchise Disclosure Document, the rent agreement commences on the Rent Commencement Date and concludes upon the customer's full performance and adherence to all terms, conditions, and covenants outlined in the agreement, including any extensions. Rent is to be paid in advance, with the amount and frequency specified in the agreement, along with any applicable taxes and fees. The initial rental payment is due on the Rent Commencement Date, with subsequent payments due on the same day of each following month or as otherwise specified.
Basecamp Fitness's agreement automatically extends on a month-to-month basis unless the customer provides written notice of their intention to terminate at least thirty days before the original term's end. If the customer fails to remit the purchase option amount or return the equipment as stipulated, the monthly payment becomes due. This clause ensures that Basecamp Fitness maintains a continuous revenue stream unless explicitly notified otherwise by the customer.
Prospective Basecamp Fitness franchisees should carefully review the terms of their lease agreement to understand the specific conditions for termination and renewal. Paying close attention to the notice period required for termination and the implications of failing to return equipment or pay the purchase option amount is crucial. Understanding these terms will help franchisees avoid unexpected costs or obligations at the end of the lease term.