How does the
Jersey_Mikes Franchise · 2025 FDDAnswer from 2025 FDD Document
[Item 22: CONTRACTS]
| a. | Maker's | Representations | and Warrant | ies. | Maker | represents | and | warrants | that |
|---|---|---|---|---|---|---|---|---|---|
| [] holds [] percent ([]%) of the [membership | |||||||||
| interests/outstanding stock] of the Maker and [] holds [] | |||||||||
| percent ([]%) of the [membership interests/outstanding stock] of the Maker and | |||||||||
| covenants that such ownership shall not change while this Note remains outstanding unless | |||||||||
| the Holder consents. |
[Item 22: CONTRACTS]
[Signature Page Follows]
By executing this Agreement, the parties intend to be legally bound by its terms and agree this Agreement shall take effect on the date of its execution by Franchisor (the "Effective Date").
By: Peter Cancro, Chief Executive Officer Date: _________________________________________________ (Effective Date of Franchise Agreement) FRANCHISEE: By: [Name/Title] Date: _________________________________________________
FRANCHISOR: A SUB ABOVE, LLC
EXHIBIT B-1 TO THE FRANCHISE AGREEMENT
SEARCH AREA DESCRIPTION
Franchise Agreement Effective Date: The Search Area in which Franchisee will locate the Franchised Restaurant shall be as follows: FRANCHISOR: A SUB ABOVE, LLC Peter Cancro, Chief Executive Officer Name/Title
EXHIBIT B-2 TO THE FRANCHISE AGREEMENT
GUARANTY AND ASSUMPTION OF OBLIGATIONS
[Item 22: CONTRACTS]
A SUB ABOVE, LLC CONSENT AND GENERAL RELEASE
This Consent and General Release (this "Release") is entered into, between A Sub Above, LLC ("We" or "Us") and You (as defined on the Summary Page. This Release shall take effect upon its execution and dating by Us (the "Effect
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, Item 22 provides information on the various contracts a Jersey Mikes franchisee might encounter. These contracts cover a range of topics, including financing, security interests, consent and general release agreements, and area development agreements. Several exhibits are referenced, such as Exhibit B-1 for search area descriptions and Exhibit B-2 for guaranty and assumption of obligations, which are part of the franchise agreement.
The contracts also outline the franchisee's obligations and representations, particularly regarding ownership and control of the franchise entity. For instance, the franchisee represents the percentage of ownership held and covenants that such ownership will not change without the franchisor's consent. Additionally, the documents detail the franchisor's rights and remedies in the event of default, including the ability to take possession of collateral and sell it to cover outstanding debts.
Prospective Jersey Mikes franchisees should carefully review all contracts and exhibits outlined in Item 22 with legal counsel. Understanding the terms, conditions, and obligations within these agreements is crucial for a successful and compliant franchise operation. The contracts define the relationship between the franchisee and franchisor, and outline the financial and operational commitments involved.