In the context of the Floyds 99 Lease Addendum, what does 'Premises' refer to?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
r into any lease of space or permit any tenant to sublease or assign its lease, or sell any premises, within the Shopping Center or on any adjacent land owned or controlled by Landlord or its partners, to a person or entity with the following use: (i) a retail hair care business deriving more than 5% of its gross sales from the sale of haircuts or hair care products; or (ii) a wholesale business deriving more than 5% of its gross sales from the sale of hair care products. If Landlord violates the terms and spirit of the exclusivity granted to Tenant above and, if such a violation occurs, in addition to any other remedies Tenant may have at law or in equity, Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice.
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- FRANCHISOR'S MARKS & SIGNAGE. Notwithstanding any sign criteria contained in the Lease, Landlord hereby grants and approves the following:
- a. Marks. Tenant has the right to display Franchisor's trade and service marks in accordance with the specifications required by Franchisor, subject only to the provisions of applicable law, for the term of the Lease.
- b. Opening Signage. Tenant shall have a license to display "Coming Soon," "Now Hiring" or "Grand Opening" banners on or near the Premises during such period from the date the Lease is executed and continuing until the date that is eight (8) weeks following the opening of the Premises; and
- c. Permanent Signage. Tenant shall be able to erect the exterior signage and awning as described in Exhibit B attached hereto and incorporated herein by this reference. Subject to Tenant's receipt of required approvals by appropriate regulatory bodies, Tenant shall be allowed to: (a) place appropriate signage on the entrances to the Premises advertising Tenant's hours of operation and other information; (b) display its logo on signage displayed at the Premises; (c) display tasteful signage on sandwich board signs within the areas adjacent to the Premises during Tenant's regular business hours;
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, the term 'Premises' in the context of the Lease Addendum refers to the physical location where the Floyds 99 barbershop will operate. This is evident in several clauses outlining the rights and responsibilities related to that specific space.
For example, Floyds 99 franchisees have the right to display 'Coming Soon,' 'Now Hiring,' or 'Grand Opening' banners on or near the Premises during the period leading up to and following the shop's opening. Furthermore, franchisees are allowed to erect exterior signage and awnings as described in Exhibit B of the addendum. The franchisee also has the right to use the Premises for operating a retail hair care business, providing hair care services, and selling related products.
Floyds 99 also retains unrestricted access to the Premises to inspect the location and the franchisee's business operations. Upon termination or expiration of the lease, the franchisee has a period of fifteen days to remove their property and trade dress from the Premises. These stipulations ensure that both the franchisee and franchisor have clear guidelines regarding the use, maintenance, and branding of the physical space where the Floyds 99 barbershop operates.