What does the Commercial Sub-Lease Agreement define as the 'Subleased Premises' for the Crave franchise?
Crave Franchise · 2025 FDDAnswer from 2025 FDD Document
| THIS AGREEMENT made, entered and executed this | day of ,2024, by |
|---|---|
| and between, | |
| Crave WM Franchising LLC a Wyoming Limited Liability Company, located 159 | |
| N. Wolcott St. Suite 133, Casper, WY 82601 | herein after "Sublessor", and |
| , | Liability |
| a | Company located |
| Limited | at |
| , hereinafter called "Sublessee". Sublessor and Sublessee | |
| contract and agree as follows: | |
| Article I Sub-Leased Premises Sublessor hereby leases unto Sublessee the following space which consists of approximately Sublessor as Wal-Mart Store The subleased Premises is depicted on Exhibit A, attached hereto, (hereinafter "the subleased property"). | square feet of floor space located in the store commonly referred to by in the city of in the state of |
| Article II | |
| Delivery Window | |
| Delivery Window is between This Subleased premises will | |
| be delivered to Sublessee (as is). |
Source: Item 22 — CONTRACTS (FDD pages 62–63)
What This Means (2025 FDD)
According to Crave's 2025 Franchise Disclosure Document, the Commercial Sub-Lease Agreement defines the 'Subleased Premises' as a specific area within a Wal-Mart store. The agreement, made in 2024, involves Crave WM Franchising LLC as the Sublessor and the franchisee as the Sublessee. The subleased premises consist of approximately a certain amount of square feet of floor space inside the Wal-Mart store, the specific amount of square feet and location details are to be depicted on Exhibit A of the sublease agreement. The premises are delivered to the Sublessee in 'as is' condition.
This definition is important for prospective Crave franchisees because it establishes the physical space they will be operating their franchise within. The franchisee needs to understand the size, location, and condition of the subleased premises, as these factors directly impact the restaurant's operations and potential profitability. Exhibit A, which should provide a detailed depiction of the subleased property, is a crucial document for the franchisee to review and understand before signing the agreement.
The franchisee should pay close attention to the 'as is' condition of the premises, as they will likely be responsible for any necessary improvements or repairs to meet Crave's brand standards and operational requirements. Furthermore, the franchisee must ensure that the square footage and location within the Wal-Mart store are suitable for their business needs and comply with all applicable regulations and Wal-Mart's standards, as outlined in Exhibit E regarding insurance coverage.
Understanding the specifics of the subleased premises is essential for a Crave franchisee to assess the feasibility of the location, estimate startup costs, and project potential revenue. It is also important to understand the terms of the original lease between Crave WM Franchising LLC and Walmart INC, as the Sublessee shall comply with all the terms of the original lease between Landlord and Sublessor.