For Cicis, by what deadline must a fully executed lease be received to satisfy the requirements of the Development Agreement?

According to Cicis's 2025 Franchise Disclosure Document, to meet the requirements of the Development Agreement, Cicis must receive a fully executed copy of the lease, including all exhibits, by the end of the Development Period. This lease must also be approved by Cicis, in accordance with the applicable Franchise Agreement.

For a prospective Cicis developer, this means ensuring that a suitable site is located, the lease is negotiated and fully executed by all parties, and Cicis approves the lease, all within the defined Development Period. The Development Period is determined by the development schedule outlined in Attachment A of the Development Agreement. Failing to meet this deadline could result in not fulfilling the development obligations under the Development Agreement.

It is important for developers to understand the specific timelines outlined in their Development Schedule and to proactively manage the site selection, lease negotiation, and approval processes to ensure compliance with these requirements. Missing the deadline for submitting the fully executed lease could potentially lead to a breach of the Development Agreement and possible termination of the agreement by Cicis.