In the context of the Floyds 99 Lease Addendum, who is considered the 'Landlord'?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
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provisions which, to the extent not incorporated into the Lease, are set forth herein.
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- ASSIGNMENT PROVISIONS. Tenant shall have the right to assign this Lease or sublet the Premises, without charge and without Landlord's consent being required: (i) to Franchisor, its parents, subsidiaries or affiliates, (ii) to duly authorized franchisees of Franchisor, (iii) in connection with a merger, acquisition, reorganization or consolidation, or (iv) in connection with the sale of Tenant's corporate stock or assets. In the event of such an assignment, Tenant shall automatically be released from all obligations under this Lease. Landlord understands and agrees that, in connection with Tenant's assignment or subletting of the Lease to a duly authorized franchisee of Franchisor, Franchisor shall be permitted to charge "additional rent" or "percentage rent" or other charges to its franchisee as part of its regular plan of franchising, and Landlord shall not be entitled to any consideration or additional rent as a result of any fees paid to Franchisor by franchisee pursuant to the Lease or otherwise.
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- NOTICE TO FRANCHISOR. Prior to the enforcement of any remedies under the Lease, Landlord agrees to provide Franchisor with written notice of Tenant's default under the Lease. Franchisor shall have ten (10) days after such notice to cure monetary defaults and thirty (30) days after such notice to cure non-monetary defaults. Notice to Franchisor shall be addressed as follows:
Floyd's 99 Franchising, LLC Attn: Leasing/Real Estate 7900 E. Berry Place Greenwood Village, CO 80111
Franchisor shall have the right, but not the obligation, to succeed to Tenant's rights upon Tenant's default by taking an assignment of Tenant's interest under this Lease and curing such default.
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- NO RADIUS CLAUSE. Any radius restriction in the Lease related to Tenant or the operation of a FLOYD'S 99 barbershop shall be null and void.
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- NO RELOCATION CLAUSE. Any right in the Lease which allows Landlord to relocate Tenant is hereby deleted.
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- EXCLUSIVE. Throughout the Term, as it may be extended under the terms of this Lease, Tenant shall have the exclusive right in the Shopping Center to operate a retail hair care business which provides hair care services and sells related hair care products.
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, the 'Landlord' in the context of the Lease Addendum refers to the entity that owns or controls the property where the Floyds 99 franchise is located. The Lease Addendum outlines specific rights and obligations of the Landlord, Tenant (the franchisee), and Floyds 99 Franchising, LLC (the franchisor) to protect the interests of all parties.
The Landlord's responsibilities include providing notice to Floyds 99 of any Tenant defaults under the lease, and agreeing not to enforce remedies without first giving Floyds 99 the opportunity to cure the default. The Landlord also consents to the assignment of the lease to another Floyds 99 franchisee or to Floyds 99 Franchising, LLC itself under certain conditions. Additionally, the Landlord agrees to allow the franchisee to display Floyds 99's trade and service marks and opening signage, subject to applicable laws.
The Lease Addendum also restricts the Landlord from relocating the Tenant or imposing radius restrictions that would prevent the Tenant from operating a Floyds 99 barbershop. Furthermore, the Landlord must not lease space to competing hair care businesses within the shopping center or adjacent land controlled by the Landlord. These provisions are designed to protect the franchisee's investment and the integrity of the Floyds 99 brand.
Overall, the Lease Addendum ensures that the Landlord is aware of the relationship between the franchisee and Floyds 99, and that the Landlord agrees to certain conditions that support the successful operation of the Floyds 99 franchise. This addendum is a critical component of the franchise agreement, providing a framework for the lease that protects the interests of all parties involved.