factual

Is the Bang Cookies Franchisor's right to transfer the agreement unilateral?

Bang_Cookies Franchise · 2024 FDD

Answer from 2024 FDD Document

tement that is addressed to Assignor and the landlord for the Leased Premises, is delivered by Assignee to Assignor and the landlord for the Leased Premises, is signed by an officer of Assignee, and that expressly states that Assignee is assuming all rights and interests in and to the Lease pursuant to this Assignment; and (b) Assignee takes possession of the Leased Premises pursuant to the terms hereof, and Assignee assumes the obligations of Assignor under the Lease.

Assignor represents that Assignor possesses full power and authority to enter into this Assignment and that at no time prior to executing this Assignment has Assignor assigned and/or transferred Assignor's interests and/or rights in or to the Lease and/or the Leased Premises.

Assignee has the right and possesses full power and authority to take possession of the Leased Premises, to eject and expel Assignor from possession and occupancy of the Leased Premises and to terminate Assignor's right, title and interest in and to the Lease in the event of: (a) a default by Assignor under the terms of the Lease and Assignor's failure to timely cure such default, assuming that such default is capable of curing; (b) a default by Assignor (in Assignor's capacity as a Bang Cookies Shop franchisee) under the terms and conditions of the Bang Cookies Shop Franchise Agreement between Assignor, as franchisee, and Assignee, as franchisor (the "Franchise Agreement"), and Assignor's failure to timely cure such default, assuming that such default is capable of curing; (c) upon default of any agreement supporting or guaranteeing the Franchise Agreement; or (d) the expiration or termination of the Franchise Agreement.

Assignor agrees that Assignor will not and shall not permit, grant or suffer any termination, surrender or modification of the Lease without the prior written consent of Assignee. Throughout the term of the

Franchise Agreement, Assignor shall elect and exercise all options to extend the terms of the or renewal of the Lease not less than 120 days prior to the last day that the option must be exercised unless Assignee otherwise agrees in writing. Should Assignor fail to comply with the foregoing, Assignor does hereby appoint Assignee (subject to Assignees acceptance and invocation of such right) to act on behalf of Assignor for the purpose of effectuating extensions and renewals of the Lease.

Name Principal Business Address Telephone Number
George Kuan 550 Industrial Road, Unit D, Carlstadt, New Jersey 07072 888-834-8885

Franchise Agreement – Exhibit 6

Assignment of Telephone Numbers and Digital Media Accounts

ASSIGNMENT OF TELEPHONE NUMBERS AND DIGITAL MEDIA ACCOUNTS

(for the benefit of Bang Cookies Franchise LLC and its assigns)

THIS ASSIGNMENT OF TELEPHONE NUMBERS AND DIGITAL MEDIA ACCOUNTS ASSIGNMENT ("Assignment") is entered into between ___________________ (the "Assignor") and Bang Cookies Franchise LLC and its successors and assigns (the "Assignee").

WHEREAS, Assignee is the franchisor of the Bang Cookies Shop franchise system (the "Bang Cookies Shop Franchise System");

Source: Item 23 — RECEIPTS (FDD pages 56–245)

What This Means (2024 FDD)

According to Bang Cookies's 2024 Franchise Disclosure Document, the document refers to an 'Assignee' and 'Assignor' in the context of transferring rights and interests related to the lease of the Bang Cookies shop. The 'Assignee' (Bang Cookies Franchise LLC) has the right to take possession of the leased premises and terminate the 'Assignor's' (the franchisee) rights under certain conditions, such as a default in the Franchise Agreement or the expiration/termination of the Franchise Agreement.

Bang Cookies, as the 'Assignee', has the discretion to utilize the assignment for its benefit. The franchisee ('Assignor') cannot terminate, surrender, or modify the lease without Bang Cookies's prior written consent and must exercise options to extend or renew the lease, or Bang Cookies can act on their behalf to do so. This assignment becomes effective automatically upon the termination or expiration of the Franchise Agreement, with Bang Cookies's declaration being the sole proof needed for third parties to ensure Bang Cookies maintains control of media and accounts.

This arrangement gives Bang Cookies significant control over the leased premises and associated digital media upon the termination or expiration of the franchise agreement. The terms outlined in the assignment heavily favor Bang Cookies, allowing them to maintain control over key assets and operational aspects of the business, especially concerning the location and digital presence. This ensures business continuity and protects Bang Cookies's interests in the event of franchisee turnover or business failure.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.