What is the 'Shopping Center' referenced in the Floyds 99 Lease Addendum?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
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- EXCLUSIVE. Throughout the Term, as it may be extended under the terms of this Lease, Tenant shall have the exclusive right in the Shopping Center to operate a retail hair care business which provides hair care services and sells related hair care products.
Landlord agrees that it shall not enter 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.
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 ensures certain protections and rights for the franchisee within a specific shopping center. The "Shopping Center" refers to the property where the Floyds 99 barbershop is located, and the addendum outlines specific agreements between the landlord, the tenant (franchisee), and Floyds 99 Franchising, LLC.
The Lease Addendum includes an exclusivity clause, granting the franchisee the exclusive right to operate a retail hair care business within the Shopping Center. This means the landlord cannot lease space to another business that derives more than 5% of its gross sales from haircuts or hair care products. If the landlord violates this exclusivity, the franchisee has the right to terminate the lease with 30 days' written notice.
The addendum also addresses signage, allowing the franchisee to display Floyds 99's trade and service marks, as well as promotional banners like "Coming Soon" or "Grand Opening." Additionally, it specifies that any changes to the lease, such as cancellation or modification, require the franchisor's written consent to protect Floyds 99's interests. This addendum ensures that Floyds 99 can protect its brand and the franchisee's business within the defined shopping center environment.