For Boulder Designs, what must a franchisee do after the Approved Location is designated if the site is to be leased or purchased?

Before opening the Franchised Business and commencing business, Franchisee must:

i. fulfill all of its obligations pursuant to the other provisions of this Section 5.6;

• ii. furnish Franchisor with copies of all insurance policies required by this Agreement and by the lease (if the Approved Location is leased), or such other evidence of insurance coverage and payment of premiums as Franchisor may request;
• iii. complete initial training to the satisfaction of Franchisor;
• iv. hire and train the personnel necessary or required for the operation of the Franchised Business;
• v. obtain all necessary permits and licenses;
• vi. purchase all Opening Project inventory not purchased pursuant to Section 5.4, as stated in Section 8.2;
• vii. if Franchisee is a business entity, Franchisee has caused each of its stock certificates or other ownership interest certificates to be conspicuously endorsed upon the face thereof a statement in a form satisfactory to Franchisor that such ownership interest is held subject to, and that further assignment or transfer thereof is subject to, all restrictions imposed upon transfers and assignments by this Agreement; and
• viii. pay in full all amounts due to Franchisor, or execute the Promissory Note and Security Agreement (attached hereto as Exhibit 9, if applicable) for any amounts due Franchisor.

Source: Item 22 — CONTRACTS (FDD page 50)