What is the purpose of this Fast Fix Jewelry And Watch Repairs addendum?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
CONDITIONAL ASSIGNMENT AND ASSUMPTION OF LEASE
CONDITIONAL ASSIGNMENT AND ASSUMPTION OF LEASE
This Conditional Assignment and Assumption of Lease (the "Assignment") is made, entered into and effective as of the effective date of the Lease (as defined herein below), by Jewelry Repair Enterprises, Inc., a Pennsylvania corporation, with its principal place of business at 6413 Congress Avenue, Suite 240, Boca Raton, Florida 33487 ("we," "us" or "our") and, a(n){corporation, limited liability company}, with its principal place of business at ("you" or "your"). BACKGROUND INFORMATION We entered into that certain Franchise , 20 with you, pursuant to which you plan to own and operate a franchise to operate a Agreement (the "Franchise Agreement") dated as of jewelry and watch repair business, which offers products and services from a kiosk or Inline Store (the "Service Center") located at that certain site approved by us pursuant to Sections 3.1 and 7.1 of the Franchise Agreement ("Site"). In addition, pursuant to that certain Lease Agreement (the "Lease"), you have leased or will lease certain space containing the Service Center described therein from (the "Landlord"). The Franchise Agreement requires you to deliver this Assignment to us as a condition to the grant of a franchise.
OPERATIVE TERMS
We and you agree as follows:
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- Background Information: The background information is true and correct.
This Assignment will be interpreted by reference to, and construed in accordance with, the background information.
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- Incorporation of Terms: Terms not otherwise defined in this Assignment have the meanings as defined in the Lease.
Source: Item 22 — CONTRACTS (FDD page 37)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs's 2025 Franchise Disclosure Document, the addendum in question is a Conditional Assignment and Assumption of Lease. This addendum is an agreement between Jewelry Repair Enterprises, Inc. (the franchisor) and the franchisee. It is effective as of the lease date. The document outlines the conditions under which the lease for the Service Center location will be assigned to the franchisor.
The addendum references a Franchise Agreement dated a specific date between the franchisor and franchisee, which allows the franchisee to operate a jewelry and watch repair business from a kiosk or in-line store (the Service Center) at a site approved by the franchisor. It also mentions a Lease Agreement where the franchisee leases space for the Service Center from a Landlord. The Franchise Agreement requires the franchisee to deliver this Assignment to the franchisor as a condition for being granted the franchise.
The purpose of this addendum is to ensure that if the franchisee defaults on the lease or the franchise agreement is terminated, Fast Fix Jewelry And Watch Repairs has the option to take over the lease and continue operating at that location. This protects the brand's presence and minimizes disruption to customers. The addendum states that the background information provided within it is true and correct and that the agreement will be interpreted in accordance with this background information. Terms not defined in the addendum will have the meanings defined in the Lease.
For a prospective Fast Fix Jewelry And Watch Repairs franchisee, this means understanding the conditions under which the lease can be assigned to the franchisor is crucial. It highlights the importance of maintaining a good relationship with the landlord and adhering to the terms of both the Franchise Agreement and the Lease. It also demonstrates the franchisor's interest in securing prime locations and ensuring business continuity.