What is the full legal name of the company receiving the rights in this assignment agreement for Baya Bar?
Baya_Bar Franchise · 2024 FDDAnswer from 2024 FDD Document
| property known as | to that Conditional Assignment of Lease from (Assignor) to Baya Bar Franchise Systems, LLC (Assignee) dated for the |
|---|---|
| The undersigned Landlord under the aforedescribed Lease further hereby: | |
| (a) | Agrees to notify Assignee in writing of and upon the failure of Assignor to cure any default by Assignor under the Lease; |
| (b) | Agrees that Assignee shall have the right, but shall not be obligated, to cure any default by Assignor under the Lease within 30 days after delivery by Landlord of notice thereof in accordance with paragraph (a) above; |
| (c) | Consents to the foregoing Conditional Assignment and agrees that if Assignee takes possession of the Premises demised by the Lease and confirms to Landlord the assumption of the Lease by Assignee as tenant thereunder, Landlord shall recognize Assignee as tenant under the Lease, provided that Assignee cures within the 30-day period the non-monetary defaults, if any, of Assignor under the Lease; |
| (d) | Agrees that Assignee may further assign the Lease to a person, firm or corporation who shall agree to assume the tenant's obligations under the Lease and who is reasonably acceptable to Landlord and upon such assignment Assignee shall have no further liability or obligation under the Lease as assignee, tenant or otherwise. |
| (e) | Permits Assignee to enter upon the Premises without being guilty of trespass or any other crime or tort to de-identify the Premises as a Baya Bar outlet if Tenant fails to do so following termination of the Franchise Agreement or Lease, provided that Assignee shall repair any damage caused thereby. |
| DATED: | LANDLORD: |
Source: Item 22 — CONTRACTS (FDD page 56)
What This Means (2024 FDD)
According to the 2024 Baya Bar Franchise Disclosure Document, in a Conditional Assignment of Lease, the company receiving the rights as the assignee is Baya Bar Franchise Systems, LLC. This means that in certain lease agreements, the rights can be conditionally assigned to Baya Bar Franchise Systems, LLC.
This assignment is conditional, meaning it depends on certain conditions being met. The landlord agrees to notify Baya Bar Franchise Systems, LLC if the current tenant (assignor) defaults on the lease and Baya Bar Franchise Systems, LLC has the right, but not the obligation, to correct the default within 30 days. If Baya Bar Franchise Systems, LLC takes possession of the premises and confirms they will assume the lease, the landlord must recognize them as the tenant, provided they fix any non-monetary defaults within the 30-day period.
Furthermore, Baya Bar Franchise Systems, LLC can further assign the lease to another party who agrees to take on the tenant's obligations, provided the landlord finds this new party reasonably acceptable. If this subsequent assignment occurs, Baya Bar Franchise Systems, LLC will no longer have any liability under the lease. Baya Bar Franchise Systems, LLC is also permitted to enter the premises to remove any Baya Bar branding if the tenant fails to do so after the franchise agreement or lease is terminated, and they must repair any damage caused during this process.