What agreement is referenced in relation to the operation of a franchised Golden Krust Caribbean Restaurant at the Premises?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
| THIS RIDER dated this day of 20 by and among GOLDEN | |
|---|---|
| KRUST FRANCHISING, INC. (the "Franchisor"), ("Landlord"), and | |
| (,) ("Tenant"). | |
| herein after called the "Lease," relating to the premises described | Landlord and Tenant are parties to that certain Lease Agreement dated as of |
| in the said lease at this address: ("Premises"). | Tenant is a franchisee of Franchisor under a Golden Krust Franchise Agreement between |
| Franchisor and Tenant dated (the "Franchise Agreement") relating to the | |
| operation of a franchised Golden Krust Caribbean Restaurant at the Premises. |
Source: Item 23 — RECEIPT (FDD pages 35–153)
What This Means (2024 FDD)
According to the 2024 Golden Krust Caribbean Restaurant Franchise Disclosure Document, the operation of a franchised Golden Krust Caribbean Restaurant at the Premises is related to both the Franchise Agreement and a Lease Agreement. A rider is established among Golden Krust Franchising, Inc. (the Franchisor), the Landlord, and the Tenant (the franchisee).
This rider modifies the Lease Agreement to protect the Franchisor's interests under the Franchise Agreement. It grants the Franchisor certain rights, such as the right to take possession of the premises upon the Tenant's default under the Lease or Franchise Agreement, or upon the expiration of the Franchise Agreement.
The Landlord is obligated to send copies of all written notices of default to the Franchisor. The Franchisor also has the right to cure any default by the Tenant under the Lease and take immediate occupancy of the Premises. Furthermore, the Tenant can assign its interest in the Lease to the Franchisor without the Landlord's consent if all defaults are cured.
The Landlord and Tenant cannot make any material modifications to the Lease without the Franchisor's prior written consent. In the event of any inconsistency between the terms of the rider and the terms of the Lease, the terms of the rider will take precedence.