Common use of Franchise Clause in Contracts

Franchise. It shall be the Buyer’s sole responsibility to deal with the franchisor of the Property for the assumption of the existing franchise agreement or the negotiation for a new franchise agreement for the Property. The Buyer must pay for (i) all application fees and costs for such assumption of or negotiation for the franchise, and shall be solely responsible for any costs or fees for the Product Improvement Plan (“PIP”) required by the franchisor for said assumption or new franchise. The Buyer hereby indemnifies and holds harmless the Seller for any costs, loss, damage, fees or expense the Seller incurs by reason of the transfer of the existing franchise or the issuance of a new franchise to Buyer or Buyer’s agents or assigns, including but not limited to application fees, PIP fees and costs associated thereby, assumption fees, and termination fees claimed by the Seller’s franchisor against the Seller. This indemnity shall survive closing.