What is the role of the Landlord in the Floyds 99 Conditional Assignment of Lease agreement?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
ined by Landlord and Tenant to cancel, terminate (including Tenant's voluntary surrender), modify or amend the Lease including, without limitation, Franchisor's rights under this Addendum. Any attempted cancellation, termination, modification, acceptance of surrender or amendment without Franchisor's consent shall be null and void and have no effect as to Franchisor's interest thereunder.
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- RELATIONSHIP OF TENANT AND FRANCHISOR. Landlord acknowledges that Tenant is not an agent or employee of Franchisor and Tenant has no authority or power to act for, or to create any liability on behalf of, or to in any way bind Franchisor or any affiliate of Franchisor, and that Landlord has entered into this Addendum with the full understanding that it creates no duties, obligations or liabilities of or against Franchisor or any Franchisor Party.
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- BENEFITS AND SUCCESSORS. The benefits of this Addendum inure to Franchisor and to its successor and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.
LANDLORD: TENANT: Address: Address: Phone: Phone:
CONDITIONAL ASSIGNMENT OF LEASE
| 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. |
| NOW, THEREFORE, for and in consideration of the sum of Five Dollars and other good and valuable |
| consideration, the receipt of which is hereby acknowledged, the parties agree as follows: |
| 1. |
| Assignor hereby assigns all of its right, title and interest in and to the Lease and the FLOYD'S 99 |
| Shop to Assignee. Although it is the intention of the parties that this Agreement is a present assignment, it is expressly |
| understood and agreed that until an event described in Section 2 below has occurred and Assignee has exercised its |
| remedies hereunder, Landlord shall look to Assignor for full performance of Assignor's obligations under the Lease. |
| 2. |
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, the Landlord is a party to the Conditional Assignment of Lease agreement. The landlord consents to the terms of the agreement and the conditional assignment of the lease to Floyds 99 Franchising, LLC, the 'Assignee'.
The Landlord agrees that the Assignee can sublease to any Floyds 99 franchisee without further consent from the Landlord. The Assignee can also further assign the lease to another party who agrees to fulfill the tenant's obligations, provided this new tenant is reasonably acceptable to the Landlord. Upon such assignment, the Assignee is released from any further liability under the lease, and the Landlord will enter into a new Conditional Assignment of Lease Agreement with the new tenant.
During the lease term, the Landlord must provide Floyds 99 written notice of any defaults by the Assignor (the original tenant) at the same time they notify the Assignor. The Landlord also agrees to give Floyds 99 a 30-day period (or the period provided to the Assignor in the lease, if longer) to cure any default. The Landlord is also subject to certain restrictions, such as not allowing any surrender, amendment, modification, or termination of the lease without the prior written consent of the Assignee (Floyds 99).