FRANCHISEE MAY NOT ASSIGN WITHOUT APPROVAL OF BDI Sample Clauses

FRANCHISEE MAY NOT ASSIGN WITHOUT APPROVAL OF BDI. The franchise is personal to FRANCHISEE and neither the franchise (except as hereinafter provided with respect to assignment to a partnership or a corporation) nor any part of the ownership of FRANCHISEE may be voluntarily, involuntarily directly or indirectly assigned, subdivided, subfranchised or otherwise transferred by FRANCHISEE or its owners (including Will, declaration of or transfer in trust or the laws of intestate succession) without the prior written approval of BDI and any such assignment or transfer without such approval shall constitute a breach hereof. BDI shall not unreasonably withhold its approval of an assignment or transfer of the franchise to proposed assignees are transferees who meet BDI'S then applicable standards for franchisees and who are willing to execute and be bound by all provisions of BDI'S then current form of Franchise Agreement, which shall provide for the then applicable rates of recurring franchise fees, advertising trust fund contributions payable thereunder and a term equal to the remaining term of the franchise. BDI shall not charge such assignee an initial franchise fee for the franchise, but will charge FRANCHISEE a transfer fee of Two Thousand Five Hundred ($2,500.00) Dollars. Any and all obligations of FRANCHISEE hereunder shall be fully paid and satisfied prior to BDI'S approval of an assignment or transfer.
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