Under the Conditional Assignment of Lease, what address is Fly Fitness Franchise, L.L.C. located at?
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.
Source: Item 22 — CONTRACTS (FDD pages 44–45)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, under the Conditional Assignment of Lease, Fly Fitness Franchise, L.L.C. is located at 201 North 13th Street, Suite 1A, Lincoln, Nebraska 68508. This address is listed as the address of the "Assignee" in the assignment of lease agreement.
This means that in the event of a default by the franchisee (Assignor) under the lease or the franchise agreement, Fly Fitness has the right to take possession of the premises. The landlord agrees to notify Fly Fitness of any defaults by the franchisee and allows Fly Fitness the right to cure the default within 30 days.
This agreement protects Fly Fitness by ensuring they can maintain control over the location and continue operating a Fly Fitness franchise at that site if the original franchisee fails to meet their obligations. It also stipulates that Fly Fitness can further assign the lease to another party who is acceptable to the landlord, providing flexibility in managing the franchise location.