What is the 'Property' referring to in the Floyds 99 Conditional Assignment of Lease agreement?
Floyds_99 Franchise · 2025 FDDAnswer 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 term 'Property' in the Conditional Assignment of Lease agreement refers to the physical location where the Floyds 99 shop will operate. The agreement is established among the assignor (current tenant), Floyds 99 Franchising, LLC (assignee), and the landlord.
The document specifies that the assignor is a 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").' This indicates that the 'Property' is the specific real estate or premises that is currently leased by the assignor and will be used for the Floyds 99 shop.
This definition is crucial because the Conditional Assignment of Lease outlines the conditions under which the lease can be transferred to Floyds 99 Franchising, LLC. It ensures that all parties—the current tenant, the franchisor, and the landlord—are in agreement regarding the location and terms of the lease, which is fundamental for the operation of the Floyds 99 franchise at that site.