What is the 'Assignment' defined as in the Amorino Collateral Assignment of Lease?
Amorino Franchise · 2025 FDDAnswer from 2025 FDD Document
| THIS COLLATERAL ASSIGNMENT OF LEASE (this "Assignment") is entered into as of, |
|---|
| 20, between("Franchisee") |
| and |
| CPUSA, LLC, a |
| Delaware limited liability |
| company ("Franchisor") |
| Subject to the provisions hereof, Franchisee, to secure its obligations to the Franchisor under |
| the franchise agreement between the Franchisor and Franchisee for the operation of an Amorino |
| Store or Outlet, dated, 20 (the "Franchise Agreement") and under every |
| agreement between Franchisee and the Franchisor, hereby assigns, transfers and sets over unto |
| Franchisor and/or such person(s)/entity(ies) as Franchisor may from time-to-time designate all of |
| Franchisee's right, title and interest, whether as tenant or otherwise, in, to and under that certain |
| lease (the "Lease"), a copy is attached to this Assignment, dated, 20, between |
| Franchisee and ("Landlord"), respecting |
| that property commonly known as |
| (the "Premises"). The Franchisor shall have no liabilities or obligations of any kind arising from, |
| or in connection with, this Assignment, the Lease or otherwise (including, but not limited to, any |
| obligation to pay rent and/or other amounts) until and unless |
| the Franchisor, at the Franchisor's |
| option and in its sole discretion, takes possession of the Premises pursuant to the terms hereof and |
| expressly (and in writing) assumes the rights and obligations of Franchisee under the Lease. The |
| Franchisor is only responsible for those obligations accruing after the date of such assumption. |
Source: Item 22 — CONTRACTS (FDD pages 80–81)
What This Means (2025 FDD)
According to Amorino's 2025 Franchise Disclosure Document, the Collateral Assignment of Lease, referred to as the "Assignment", is an agreement entered into between the franchisee and CPUSA, LLC, the franchisor, as of a specific date in 20__. This agreement is designed to secure the franchisee's obligations to Amorino under the franchise agreement for operating an Amorino store or outlet. It applies to every agreement between the franchisee and Amorino.
Under this Assignment, the franchisee assigns, transfers, and sets over to Amorino all of the franchisee's right, title, and interest in the lease (referred to as the "Lease"), with a copy of the lease attached to the Assignment. The lease is dated 20__ and is between the franchisee and the landlord, concerning the property commonly known as the "Premises."
Amorino bears no liabilities or obligations arising from this Assignment, the Lease, or otherwise, until Amorino, at its option and discretion, takes possession of the Premises and expressly assumes the rights and obligations of the franchisee under the Lease. Amorino is only responsible for obligations accruing after the date of such assumption.