If a Petro Stopping Center franchisee leases any of the collateral, what must they sign and deliver?
Petro_Stopping_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
You must not sign any Lease or renewal of a Lease unless you and the lessor and/or sublessor (if applicable) have also signed our Lease Assignment and the Memorandum of Right of First Refusal attached thereto.
We reserve the right to revise or add provisions to the Lease Assignment based on the terms of your Lease.
Failure to provide a fully executed copy of the Lease Assignment within three (3) business days of full execution of your Lease is a breach of the Franchise Agreement by you.
Source: Item 14 — Other investments (FDD pages 131–208)
What This Means (2025 FDD)
According to Petro Stopping Center's 2025 Franchise Disclosure Document, if a franchisee signs a lease or lease renewal, they must also sign Petro Stopping Center's Lease Assignment and the Memorandum of Right of First Refusal attached to it. The franchisee must ensure that the lessor or sublessor also signs these documents.
Furthermore, the franchisee is obligated to deliver a copy of the fully executed lease, along with the fully executed Lease Assignment, to Petro Stopping Center within three business days of the lease's full execution. Failure to provide the Lease Assignment within this timeframe constitutes a breach of the Franchise Agreement.
Petro Stopping Center retains the right to revise or add provisions to the Lease Assignment based on the terms of the franchisee's lease. This ensures that Petro Stopping Center can adapt the Lease Assignment to specific lease conditions, protecting their interests and the integrity of the Petro System. The franchisee is also responsible for covering any leasing review fees and legal costs incurred by Petro Stopping Center during the review and negotiation of the lease and related documents.