What happens if I fail to cure any defaults under the Fitstop lease?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
- 9.3.4 You will be liable to pay all amounts owing in connection with the Lease and Premises governed thereby, and your failure to cure any defaults you have with respect to Tenant's (or its guarantors) monetary or non-monetary obligations under the Lease within the applicable cure periods set forth therein shall constitute a material default and, if the Lease is terminated or subject to termination, grounds for immediate termination of this Agreement by us upon written notice to you.
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, if you fail to cure any defaults related to your lease agreement, it constitutes a material default, potentially leading to the immediate termination of your Franchise Agreement. Fitstop requires franchisees to secure a lease for their premises, and this lease must include specific provisions outlined in the Fitstop manuals. Franchisees are responsible for adhering to all terms of the lease, including timely payments.
Specifically, if you fail to meet your monetary or non-monetary obligations as a tenant (or guarantor) under the lease within the cure periods specified in the lease, it is considered a significant breach of the Franchise Agreement. This failure gives Fitstop the right to terminate the Franchise Agreement immediately upon written notice.
This condition underscores the critical importance of carefully negotiating and managing your lease agreement. Prospective Fitstop franchisees should understand the lease terms thoroughly and ensure they can meet all obligations to avoid potential termination of their franchise.