How should any notice be given to another party regarding the Crawlspace Medic agreement?
Crawlspace_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
In addition, Franchisor shall have the right, in its sole discretion, to reduce the scope of any covenant set forth in this Agreement or any portion thereof, without Covenantor's or Franchisee's consent, effective immediately upon receipt
by Covenantor of written notice thereof, and Covenantor agrees to forthwith comply with any covenant as so modified.
3. General.
a. Franchisee shall take full responsibility for ensuring that Covenantor acts as required by this Agreement.
b. Covenantor agrees that in the event of a breach of this Agreement, Franchisor would be irreparably injured and be without an adequate remedy at law.
Source: Item 22 — CONTRACTS (FDD page 42)
What This Means (2024 FDD)
According to Crawlspace Medic's 2024 Franchise Disclosure Document, in certain situations, the franchisor has the right to modify covenants within the agreement. If Crawlspace Medic decides to reduce the scope of any covenant, it becomes effective immediately once the franchisee receives written notice. The franchisee must then comply with the modified covenant.
In the context of a collateral assignment of lease, if the landlord intends to terminate the lease due to the tenant's (franchisee's) failure to cure defaults, the landlord must provide Crawlspace Medic with written notice. This notice should specify the defaults that the tenant has not corrected and offer Crawlspace Medic the option to assume the tenant's lease interests.
Similarly, if the franchise agreement is terminated, Crawlspace Medic has the option to assume the tenant's interest in the lease, which is exercised through written notice to both the landlord and the tenant. Furthermore, if the lease contains renewal or extension rights that the tenant does not exercise, the landlord must notify Crawlspace Medic in writing, giving Crawlspace Medic the option to exercise these renewal rights.