In the context of the assignment agreement, who is the assignee for Big Air Trampoline Park?
Big_Air_Trampoline_Park Franchise · 2025 FDDAnswer from 2025 FDD Document
| THIS ASSIGNMENT is entered into this day of, 20, in accordance | |||
|---|---|---|---|
| with the terms of the | Franchise Agreement ("Franchise Agreement") between | ||
| Big Air Franchising, LLC | |||
| ("Franchisee") and | BIG AIR | FRANCHISING, LLC | |
| ("Franchisor"), executed concurrently | with this Assignment, under which Franchisor granted | Franchisee | |
| the right to own and operate | a Big Air Trampoline Business | ("Franchise Business") located at |
Source: Item 23 — RECEIPT (FDD pages 53–255)
What This Means (2025 FDD)
According to the 2025 FDD, in the Collateral Assignment of Lease, the Assignee is BIG AIR FRANCHISING, LLC, which is the Franchisor. The Assignor is the Franchisee. This assignment is related to the Franchise Agreement under which the Franchisor grants the Franchisee the right to own and operate a Big Air Trampoline Business.
This arrangement empowers the Assignee (Big Air Franchising, LLC) to take possession of the premises if the Assignor (Franchisee) defaults under the lease or the Franchise Agreement. The franchisee also cannot alter the lease without the franchisor's consent. This setup protects the franchisor's interest in the location and continued operation of the Big Air Trampoline Park business.
Furthermore, the franchisee must exercise all options to extend or renew the lease at least 30 days before the option expires, unless the franchisor instructs otherwise in writing. If the franchisee fails to do so, the franchisor is irrevocably appointed as the franchisee's attorney-in-fact to exercise the extension or renewal options. This ensures the franchisor can maintain control over the lease and the business location, even if the franchisee fails to act.