Are there any dependencies related to the Fast Fix Jewelry And Watch Repairs addendum?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
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 the 2025 Fast Fix Jewelry And Watch Repairs FDD, the Conditional Assignment and Assumption of Lease addendum is dependent on the Franchise Agreement and the Lease Agreement.
The Conditional Assignment and Assumption of Lease states that it is effective as of the effective date of the Lease. The background information section of the addendum indicates that Fast Fix Jewelry And Watch Repairs and the franchisee entered into a Franchise Agreement, pursuant to which the franchisee plans to own and operate a franchise to operate a jewelry and watch repair business. It also states that the franchisee has leased or will lease space for the Service Center from a Landlord, according to the Lease Agreement.
Furthermore, the addendum specifies that the Franchise Agreement requires the franchisee to deliver the Assignment as a condition to the grant of a franchise. The addendum also states that it will be interpreted by reference to, and construed in accordance with, the background information, and that terms not otherwise defined in the Assignment have the meanings as defined in the Lease. These clauses highlight the interconnectedness of these agreements.