What financial obligations must a Bor Restoration franchisee satisfy before a transfer can be approved?

• c.

As a condition of any Transfer otherwise permitted under this Franchise Agreement, you agree as follows,

• i. you will notify us of a Proposed Transfer by sending written notice to us and enclosing a copy of the written offer from the Proposed Transferee;

• ii. you will also notify the Proposed Transferee of our rights to review and consent to the Proposed Transfer;

• iii. you must be in Compliance with this Franchise Agreement and not be in default at the time you request the transfer;

• iv. all accounts payable and other monetary obligations to any Affiliate or us must be paid in full;

• v. you must have timely submitted all required reports, financial statements, and other documents;

• vi. the terms and conditions of the Proposed Transfer must be provided in writing to us;

• vi. if approved, the Proposed Transferee must sign the then-current form of the franchise agreement, which may contain terms, covenants, and conditions that are significantly different from those found in this Franchise Agreement;

• vii. the Proposed Transferee must attend training and pay tuition (if any) that is then being charged to new franchisees.

The Proposed Transferee will also pay for their travel, room, and board expenses for such training;

• viii. the Proposed Transferee, or you must pay the Transfer Fee upon execution of the franchise agreement by the Proposed Transferee;

Source: Item 23 — Receipts (FDD pages 40–202)