In the context of the Collateral Assignment of Lease for Management Recruiters, who are the parties involved in the agreement?
Management_Recruiters Franchise · 2024 FDDAnswer from 2024 FDD Document
e final and judgment may be entered upon it in any court having competent jurisdiction.
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- Franchisee shall not bring any litigation, arbitration, administrative action or any other action of any nature against any arbitrator arising from or relating to any arbitration decision involving Franchisee's Office.
This Agreement shall continue in effect until the parties mutually agree in writing to modify or terminate it.
| HQ MRI CORPORATION | FRANCHISEE1 | |
|---|---|---|
| By: | Franchisee1, Individually | |
| Date: | Date: |
Exhibit F Collateral Assignment of Lease
(See attached)
COLLATERAL ASSIGNMENT OF LEASE
THIS COLLATERAL ASSIGNMENT OF LEASE ("Assignment") is made and entered into effective as of the effective date of the Lease (as defined below), by and between HQ MRI CORPORATION, a Florida Limited Liability Company, with its business address located at 111 SPRINGHALL DRIVE, GOOSE CREEK, SC 29445 ("Franchisor"), and whose current principal place of business is [address] ("
Source: Item 23 — RECEIPTS (FDD pages 67–327)
What This Means (2024 FDD)
According to Management Recruiters' 2024 Franchise Disclosure Document, the Collateral Assignment of Lease agreement involves HQ MRI Corporation, identified as the Franchisor, and the Franchisee. The agreement is effective as of the lease date.
The agreement outlines that the Franchisee will operate an MRI Franchise Business at a specific location, leasing the premises from a Lessor under a Lease Agreement. The Franchisee is obligated to deliver the Collateral Assignment of Lease to Management Recruiters, the Franchisor, as per the Franchise Agreement's Section 3.1.
This assignment grants Management Recruiters a security interest in the lease, furniture, fixtures, inventory, supplies, and the franchise itself, serving as collateral for any obligations the Franchisee owes to the Lessor or for any breaches of the Lease or Franchise Agreement. In the event of a breach by the Franchisee, Management Recruiters has the option to consider it a default under the Franchise Agreement and take possession of the office and the Franchisee's rights under the lease.