Does the Beehive Homes assignment agreement constitute consent to any future transfers of equity interest(s) of Assignee to any Shareholder's/Partner's/Member's trust beneficiaries based on any trust agreement?
Beehive_Homes Franchise · 2025 FDDAnswer from 2025 FDD Document
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- If any [Shareholders/Partners/Members] are trustees or trusts:
- a) the beneficial interests in the trusts may not be assigned, transfers to successor trustees or special trustees may not be made even if the transfer is provided for in any trust agreement, and the trust agreement may not be amended without the prior written consent of Bee Hive Homes;
- b) Exhibit A lists all persons who are trustees of any nature or have beneficial interests in any [Shareholder's/Partner's/Member's] trust(s);
- c) this Assignment is not a consent to any future transfers of equity interest(s) of Assignee to any [Shareholder's/Partner's/Member's] trust beneficiaries based on any
condition including, but not limited to, attainment of a certain age or occurrence of any event. All future transfers or vesting of equity interest(s) of Assignee are subject to this Assignment; and
- d) Bee Hive Homes has not reviewed any trust documents of any [Shareholder's/Partner's/Member's] trust; therefore, this Assignment does not constitute an approval by Bee Hive Homes of any documents relating to any [Shareholder's/Partner's/Member's] trust. If any of those documents conflict with or contradict the provisions of this Assignment or Bee Hive Homes ownership policies, Bee Hive Homes will not be bound by those documents and the provisions of this Assignment will control.
Source: Item 23 — RECEIPTS (FDD pages 34–123)
What This Means (2025 FDD)
According to Beehive Homes' 2025 Franchise Disclosure Document, the assignment agreement does not constitute consent to future transfers of equity interests to trust beneficiaries. Specifically, if any of the Shareholders, Partners, or Members are trustees or trusts, the agreement stipulates several conditions regarding those trusts.
The franchise agreement states that beneficial interests in the trusts cannot be assigned, transfers to successor trustees or special trustees cannot be made, even if the trust agreement allows it, and the trust agreement itself cannot be amended without Beehive Homes' prior written consent. Furthermore, Exhibit A to the agreement must list all persons who are trustees or have beneficial interests in any Shareholder's, Partner's, or Member's trusts.
Beehive Homes clarifies that the assignment does not constitute consent to any future transfers of equity interests to trust beneficiaries based on any condition, including age or specific events. All future transfers or vesting of equity interests are subject to the assignment. Beehive Homes also states that it has not reviewed any trust documents, so the assignment does not represent approval of any documents related to any Shareholder's, Partner's, or Member's trust. If any trust documents conflict with the assignment or Beehive Homes' ownership policies, the provisions of the assignment will take precedence.