What documents and instruments must a Fly Fitness franchisee deliver to Fly Fitness to perfect title and possession of assets being purchased or assigned?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
Franchisee shall provide Franchisor or Licensor with all assignments, affidavits, documents, information and assistance Franchisor or Licensor reasonably requests to fully vest in Franchisor or Licensor all such rights, title, and interest in and to the Intellectual Property, including all such items as are reasonably requested by Franchisor or Licensor to register, maintain, and enforce such rights in the Intellectual Property.
Upon a default by Assignor under the Lease or under the franchise agreement for a Fly Fitness outlet between Assignee and Assignor (the "Franchise Agreement"), or in the event of a default by Assignor under any document or instrument securing the Franchise Agreement, Assignee shall have the right and is hereby empowered to take possession of the Premises demised by the Lease, expel Assignor therefrom, and, in such event, Assignor shall have no further right, title or interest in the Lease.
Assignor agrees that it will not suffer or permit any surrender, termination, amendment, or modification of the Lease without the prior written consent of Assignee.
Please return signed receipt to Fly Fitness Franchise, L.L.C. 201 N. 13th Street Lincoln, Nebraska 68508
EXHIBIT I
RECEIPT
This Franchise Disclosure Document summarizes certain provisions of the Franchise Agreement and other information in plain language. Read this Franchise Disclosure Document and all exhibits carefully.
If Fly Fitness Franchise, L.L.C. offers you a franchise, it must provide this Disclosure Document to you 14 calendar-days before you sign a binding agreement with, or make a payment to, the franchisor or an affiliate in connection with the proposed franchise sale.
Source: Item 22 — CONTRACTS (FDD pages 44–45)
What This Means (2024 FDD)
Based on the 2024 Fly Fitness Franchise Disclosure Document, a franchisee must provide Fly Fitness with assignments, affidavits, documents, information, and assistance that Fly Fitness reasonably requests. This is to fully vest all rights, titles, and interests in the intellectual property to Fly Fitness. These items are requested by Fly Fitness to register, maintain, and enforce rights to the intellectual property.
Additionally, if a franchisee defaults under the lease or the franchise agreement, Fly Fitness has the right to take possession of the premises. In such an event, the franchisee loses all rights to the lease. The franchisee also agrees not to surrender, terminate, amend, or modify the lease without Fly Fitness's prior written consent.
Furthermore, the franchisee must return a signed receipt to Fly Fitness acknowledging they received the Franchise Disclosure Document. This receipt confirms that the franchisee received the document, which summarizes the Franchise Agreement and other information, at least 14 calendar days before signing any binding agreement or making any payment. This ensures compliance with federal and state laws regarding franchise disclosure.