Where can I find the Conditional Assignment of Lease attachment related to the Fly Fitness franchise agreement?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
FOR VALUE RECEIVED, the undersigned ("Assignor") hereby assigns and transfers to Fly Fitness Franchise, L.L.C., address of 201 North 13th Street, Suite 1A, Lincoln, Nebraska 68508 ("Assignee"), all of Assignor's right, title, and interest as tenant in, to and under that certain lease, a copy of which shall be attached hereto (the "Lease") respecting premises commonly known as a Nebraska limited liability company, with a notice This Assignment is for collateral purposes only and except as specified herein, Assignee shall have no liability or obligation of any kind whatsoever arising from or in connection with this Assignment or the Lease unless Assignee takes possession of the premises demised by the Lease pursuant to the terms hereof and assumes the obligations of Assignor thereunder.
Assignor represents and warrants to Assignee that Assignor has full power and authority to so Assignor's interest in the Lease or the premises assign the Lease and Assignor's interest therein and that Assignor has not previously assigned or transferred, and is not obligated to assign or transfer, any of demised thereby.
Upon a default by Assignor under the Lease or under the franchise agreement for a Fly Fitness outlet between Assignee and Assignor (the "Franchise Agreement"), or in the event of a default by Assignor under any document or instrument securing the Franchise Agreement, Assignee shall have the right and is hereby empowered to take possession of the Premises demised by the Lease, expel Assignor therefrom, and, in such event, Assignor shall have no further right, title or interest in the Lease.
Assignor agrees that it will not suffer or permit any surrender, termination, amendment, or modification of the Lease without the prior written consent of Assignee.
Source: Item 22 — CONTRACTS (FDD pages 44–45)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the Conditional Assignment of Lease agreement is referenced within Item 22, which covers contracts. The document states that a copy of the lease should be attached to the Conditional Assignment of Lease. The franchisee (Assignor) assigns their rights, title, and interest as a tenant to Fly Fitness Franchise, L.L.C. (Assignee). The address for Fly Fitness Franchise, L.L.C. is 201 North 13th Street, Suite 1A, Lincoln, Nebraska 68508.
This assignment serves as collateral, meaning Fly Fitness, as the Assignee, generally has no liability unless it takes possession of the premises and assumes the obligations under the lease. The franchisee confirms they have the authority to assign the lease and have not previously done so.
Upon default by the franchisee (Assignor) under the lease or the franchise agreement, Fly Fitness has the right to take possession of the premises and expel the franchisee. The franchisee also agrees not to alter the lease without Fly Fitness's written consent. The landlord agrees to notify Fly Fitness of any franchisee defaults and allows Fly Fitness the right to cure any default within 30 days of notification. The landlord also consents to the conditional assignment, agreeing to recognize Fly Fitness as the tenant if they assume the lease and cure any defaults. Fly Fitness can further assign the lease to another acceptable party, relieving themselves of obligations once the new assignment is complete.