table_specific

What is the 'Assignor' referring to in the Floyds 99 Conditional Assignment of Lease agreement?

Floyds_99 Franchise · 2025 FDD

Answer from 2025 FDD Document

THIS CONDITIONAL ASSIGNMENT OF LEASE ("Agreement") is made as of this day of
,
20
by
and
between
,
a
("Assignor"), FLOYD'S 99
FRANCHISING, LLC,
a Colorado limited liability
company ("Assignee") and ("Landlord").
A.
Assignor
is
a
tenant
("Tenant")
of
certain
property
generally
known
as
,
located
in
the
City
of
,
State
of
("Property"), pursuant to a lease by and between Landlord and Assignor, dated
, 20 (the "Lease").
B.
Assignor desires to construct, or have constructed by Landlord (whichever is applicable), and
thereafter operate a FLOYD'S 99 Shop under a certain franchise agreement between Assignor and Assignee (the
"Franchise Agreement").
C.
As a condition to the grant of rights under the Franchise Agreement to Assignor, Assignee requires
that Assignor enter into this Agreement.

Source: Item 23 — RECEIPT (FDD pages 58–229)

What This Means (2025 FDD)

According to the 2025 Floyds 99 Franchise Disclosure Document, the Assignor in the Conditional Assignment of Lease agreement is identified as the current tenant of the property. The document states that the Assignor is a tenant of a property, and this property will operate as a Floyds 99 Shop under a franchise agreement between the Assignor and Floyd's 99 Franchising, LLC, the Assignee.

The agreement outlines that the Assignor desires to construct, or have constructed by the Landlord, a Floyds 99 Shop and operate it under a franchise agreement with the Assignee. As a condition for receiving rights under the Franchise Agreement, Floyds 99 Franchising, LLC requires the Assignor to enter into the Conditional Assignment of Lease agreement.

In essence, the Assignor is the party initially leasing the property from the Landlord, who then conditionally assigns the lease to Floyds 99 Franchising, LLC (the Assignee) as part of the franchising process. This assignment becomes effective under specific conditions, such as default by the Assignor under the lease or franchise agreement, or discontinuation of the Floyds 99 Shop operation.

Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.
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