ACQUISITION OF A SUCCESSOR FRANCHISE Sample Clauses
The "Acquisition of a Successor Franchise" clause outlines the conditions under which a franchisee may acquire a new franchise agreement to continue operating after the original agreement ends or is terminated. Typically, this clause details eligibility requirements, application procedures, and any fees or obligations the franchisee must meet to qualify for a successor franchise, such as maintaining good standing or updating to current system standards. Its core function is to provide a clear pathway for franchisees to continue their business under the franchisor’s brand, ensuring continuity and minimizing disruption for both parties.
ACQUISITION OF A SUCCESSOR FRANCHISE. Upon expiration of the term of this Agreement, if you (and each of your owners) have substantially complied with this Agreement during its term, subject to the terms and conditions set forth in this Article 13, you will have the right to acquire a successor franchise to operate the BUSINESS as a NETSPACE(R) business on the terms and conditions of the franchise agreement we are then using in granting successor franchises for NETSPACE(R) businesses, provided you add or replace equipment and otherwise modify the BUSINESS as we require to bring it into compliance with specifications and standards then applicable for NETSPACE(R) businesses and provided you pay our successor franchise fee of Two Thousand Five Hundred ($2,500) Dollars.