How long does City Wide have to pay the purchase price for the assets of a City Wide franchise after agreeing to purchase them?

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Accepted Answer

| Provision |                                                                 | Section in Franchise Agreement | Summary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------|-----------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  |  |  | reasonable attorneys' |
|  |  |  | fees, incurred by CITY |
|  |  |  | WIDE subsequent to termination or expiration in |
|  |  |  | connection with obtaining injunctive or other relief |
|  |  |  | under the Franchise Agreement; provide all signage |
|  |  |  | to CITY WIDE; and take further action as may be |
|  |  |  | required by the Operating |
|  |  |  | Manual or reasonably |
|  |  |  | requested by CITY WIDE; and, if due to your |
|  |  |  | default, forfeit any royalty rebate. |
| j. | Assignment of contract by | Section 13 | No restriction on CITY WIDE's |
|  | Franchisor |  | right to assign. |
| k.        | "Transfer" by you – definition                            | Section 13                           | Includes transfer of contract or assets or change in ownership.                                                                                                                                                                                                                                                                                                                                                                                                                           |
| l.        | Franchisor's approval of transfer by you                     | Section 13                           | CITY WIDE has the right to approve all transfers, but will not unreasonably withhold approval.                                                                                                                                                                                                                                                                                                                                                                                         |
| m.        | Conditions for Franchisor's approval of transfer             | Section 13                           | You must ask CITYWIDE at least 60 days before to approve a transfer; you must pay a Transfer Fee equal to \$25,000 and pay any applicable third-party broker fee; you must be in compliance with the Franchise Agreement and Operating Manual; transferee must meet CITY WIDE's standards, agree to make required upgrades, sign the current form of franchise agreement, and pay all required fees (including Initial Fees).                |
| n.        | Franchisor's right of first refusal to acquire your business | Section 20                           | If you propose to sell the Franchised Business, its assets or part of the ownership of Franchisee, CITY WIDE will have a right of first refusal for 60 days to purchase for the price, terms and conditions offered to you (except CITY WIDE may substitute cash for payment terms).                                                                                                                                                                              |
| o.        | Franchisor's option to purchase your business                | Section 20                           | When the Agreement terminates or expires, CITY WIDE will have an option, but not an obligation, to purchase from you any assets of the Franchised Business and any materials containing the Marks at the lower of fair market value or your cost; CITY WIDE must notify you within 60 days after the termination or expiration. CITY WIDE shall have up to six months to pay the entirety of the agreed upon purchase price.                             |

Source: Item 17 — RENEWAL, TERMINATION, TRANSFER, AND DISPUTE RESOLUTION (FDD pages 44–47)

How long does City Wide have to pay the purchase price for the assets of a City Wide franchise after agreeing to purchase them?

Answer from 2025 FDD Document

What This Means (2025 FDD)

Provision		Section in Franchise Agreement	Summary
			reasonable attorneys'
			fees, incurred by CITY
			WIDE subsequent to termination or expiration in
			connection with obtaining injunctive or other relief
			under the Franchise Agreement; provide all signage
			to CITY WIDE; and take further action as may be
			required by the Operating
			Manual or reasonably
			requested by CITY WIDE; and, if due to your
			default, forfeit any royalty rebate.
j.	Assignment of contract by	Section 13	No restriction on CITY WIDE's
	Franchisor		right to assign.
k.	"Transfer" by you – definition	Section 13	Includes transfer of contract or assets or change in ownership.
l.	Franchisor's approval of transfer by you	Section 13	CITY WIDE has the right to approve all transfers, but will not unreasonably withhold approval.
m.	Conditions for Franchisor's approval of transfer	Section 13	You must ask CITYWIDE at least 60 days before to approve a transfer; you must pay a Transfer Fee equal to $25,000 and pay any applicable third-party broker fee; you must be in compliance with the Franchise Agreement and Operating Manual; transferee must meet CITY WIDE's standards, agree to make required upgrades, sign the current form of franchise agreement, and pay all required fees (including Initial Fees).
n.	Franchisor's right of first refusal to acquire your business	Section 20	If you propose to sell the Franchised Business, its assets or part of the ownership of Franchisee, CITY WIDE will have a right of first refusal for 60 days to purchase for the price, terms and conditions offered to you (except CITY WIDE may substitute cash for payment terms).
o.	Franchisor's option to purchase your business	Section 20	When the Agreement terminates or expires, CITY WIDE will have an option, but not an obligation, to purchase from you any assets of the Franchised Business and any materials containing the Marks at the lower of fair market value or your cost; CITY WIDE must notify you within 60 days after the termination or expiration. CITY WIDE shall have up to six months to pay the entirety of the agreed upon purchase price.