In the Chem Dry Collateral Assignment and Assumption of Lease, who is considered the 'Lessor'?
Chem_Dry Franchise · 2024 FDDAnswer from 2024 FDD Document
Vice President of Legal | | & Franchise Administration | | |
Exhibit G-5
EXHIBIT H TO THE FRANCHISE AGREEMENT
COLLATERAL ASSIGNMENT AND ASSUMPTION OF LEASE
THIS COLLATERAL ASSIGNMENT AND ASSUMPTION OF LEASE made, entered into and effective on (the "Effective Date") by and between: (i) (the "Franchisor"); and (ii) (the "Franchisee"). (this "Assignment") is BACKGROUND INFORMATION The Franchisor entered into that certain Franchise Agreement (the "Franchise Agreement") dated (the "Franchised Business") located at as of with the Franchisee, pursuant to which the Franchisee plans to own and operate a franchised business (the "Site"). In addition, pursuant to that certain Lease Agreement (the "Lease"), the Franchisee has leased or will lease certain space containing the Franchised Business The Franchise Agreement requires the described therein from (the "Lessor").
Source: Item 22 — CONTRACTS (FDD page 68)
What This Means (2024 FDD)
According to Chem Dry's 2024 Franchise Disclosure Document, the Collateral Assignment and Assumption of Lease document involves the Franchisor and the Franchisee. The document states that the Franchisee has leased or will lease certain space containing the Franchised Business from the Lessor. The Lessor must consent to, agree with, approve of, and join in with this collateral assignment.