New Mexico Franchise Agreement - Single Location, with Form of Personal Guaranty and Collateral Assignment of Lease

• Category: Franchises - Agreements
• State: Multi-State
• Control #: US-2-01-STP
• Format: Word; Rich Text

Description

This form is a unit franchise agreement. The sample ABC Unit Franchise Agreement is written from the perspective of the franchisor, based on the assumption that the franchisor will normally have prepared the initial draft of the franchise agreement which is included in the Offering Circular. The agreement may or may not be subject to negotiation, depending on state law and the current business practices of the franchisor.

A New Mexico Franchise Agreement — Single Location, with Form of Personal Guaranty and Collateral Assignment of Lease is a legally binding contract that establishes the relationship between a franchisor and a franchisee for a single location in the state of New Mexico. This agreement outlines the terms and conditions under which the franchisee is granted the right to operate a franchise business using the franchisor's brand, trademarks, and business model. The agreement includes a Form of Personal Guaranty, which is a legally binding document signed by the franchisee's owner(s) or key individuals. This form ensures that they are personally liable for any debts or obligations that may arise from the franchisee's operation, providing an added layer of security for the franchisor. Additionally, the agreement includes a Collateral Assignment of Lease, which allows the franchisor to assume control of the leasehold interest if the franchisee defaults on the agreement. This provision safeguards the franchisor's investment and ensures the continuation of the franchise business in case of non-performance by the franchisee. Keywords: New Mexico, Franchise Agreement, Single Location, Form of Personal Guaranty, Collateral Assignment of Lease, franchisor, franchisee, legally binding contract, brand, trademarks, business model, term and conditions, right to operate, debts, obligations, security, leasehold interest, default, investment, non-performance. Different types or variations of the New Mexico Franchise Agreement — Single Location, with Form of Personal Guaranty and Collateral Assignment of Lease might include: 1. Standard New Mexico Franchise Agreement — Single Location: This is the most common and straightforward version of the agreement, encompassing the essential elements of the relationship between the franchisor and franchisee for a single location. 2. New Mexico Franchise Agreement — Single Location with Additional Territories: This agreement indicates the inclusion of provisions allowing the franchisee to expand the franchise operation to additional locations within a specific territory, subject to the franchisor's approval. 3. New Mexico Franchise Agreement — Single Location with Renewal Option: This variation includes a clause that grants the franchisee the option to renew the agreement for an additional term upon meeting certain conditions and performance standards set by the franchisor. 4. New Mexico Convertible Franchise Agreement — Single Location: In certain cases, a franchisor might offer a convertible franchise agreement, allowing the franchisee to convert their single location agreement into a multi-unit franchise agreement, providing an opportunity for expansion without the need for a new agreement. This variation would also include provisions for additional territories and renewal options if applicable. It is important to note that the specific variations and types of New Mexico Franchise Agreement — Single Location, with Form of Personal Guaranty and Collateral Assignment of Lease may vary depending on the individual franchisor's policies, industry, and unique circumstances.