If a Floyds 99 developer dies, how does the transfer of the development agreement occur?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
- (i) In the event of Developer's death or disability or the death or disability of one of Developer's owners, such persons interest in this Agreement or in Developer is not assigned as required under 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 death or disability of a developer or one of the developer's owners can trigger specific requirements regarding the assignment of interests in the Development Agreement or the developer entity.
Specifically, if such an event occurs, the interest in the agreement or the developer entity must be assigned as required under the agreement. Failure to properly assign the interest as required can result in the termination of the Development Agreement by Floyds 99.
This provision underscores the importance of succession planning for Floyds 99 developers. Prospective developers should carefully review the Development Agreement and related documents to understand the specific requirements for assigning interests in the event of death or disability, and they should consult with legal and financial advisors to ensure that their estate plans are aligned with these requirements.