What is the effect of the Floyds 99 Lease Addendum on the original Lease agreement?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
aning hereof. This Release may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. If any provision of this Release shall be held by a court of competent jurisdiction to be invalid or unenforceable, such provision shall be deemed modified to eliminate the invalid or unenforceable element and, as so modified, such provision shall be deemed a part of this Release as though originally included. The remaining provisions of this Release shall not be affected by such modification. All provisions of this Release are binding and shall inure to the benefit of the Parties and their respective delegatees, successors and assigns.
[Signature Page Follows]
IN WITNESS WHEREOF, the Parties have caused this Release to be made effective on the day and year first above written.
FLOYD'S 99 FRANCHISING, LLC
Individually Individually AND (if a corporation, limited liability company or partnership) Company Name
EXHIBIT L (TO DISCLOSURE DOCUMENT)
LEASE ADDENDUM AND CONDITIONAL ASSIGNMENT OF LEASE
LEASE ADDENDUM
| This Addendum is attached to and made a part of that certain Lease (the "Lease") by and between ("Landlord") and | |
|---|---|
| ("Tenant") for certain premises located at (the "Premises") in | |
| the ("Shopping Center"). In the event of any contradiction or | |
| inconsistency between the terms and provisions of this Addendum and the terms and provisions of the Lease | |
| to which it is attached, the terms and provisions of this Addendum shall control and be interpreted in such | |
| a manner as to override any provision of the Lease which would prevent the spirit and letter of the terms | |
| and provisions of this Addendum from being given full force and effect. All defined terms not specifically | |
| defined in this Addendum shall be given the same meaning as the defined terms in the Lease. | |
| 1. | |
| BACKGROUND. Tenant will operate a FLOYD'S 99 Barbershop at the Premises | |
| pursuant to the terms of a Franchise Agreement dated, 20 ("Franchise Agreement") | |
| with Floyd's 99 Franchising, LLC ("Franchisor"). |
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, the Lease Addendum is designed to take precedence over the original lease agreement in certain situations. Specifically, if there is any contradiction or inconsistency between the terms of the Addendum and the Lease, the terms of the Addendum will control. This ensures that the provisions of the Addendum are fully enforced, overriding any conflicting provisions in the original lease.
This aspect of the Lease Addendum is crucial for prospective Floyds 99 franchisees because it clarifies the relationship between the franchisee (tenant), the landlord, and Floyds 99 (franchisor). The Addendum is designed to protect Floyds 99's interests and ensure the consistent operation and branding of its franchise locations. By giving the Addendum precedence, Floyds 99 maintains control over key aspects of the leased premises, such as signage and trade dress.
For a potential Floyds 99 franchisee, this means that the terms of the Lease Addendum are just as important, if not more so, than the original lease agreement. Franchisees need to carefully review the Addendum to understand their rights and obligations, as well as the franchisor's rights, concerning the leased property. This includes understanding the conditions under which Floyds 99 can access the property, control alterations, and ensure compliance with franchise standards. The franchisee should seek legal counsel to fully understand the implications of the Lease Addendum and how it affects their rights and responsibilities under the lease.